Live Oak Bank


Overview / Commentary
866-518-0286
1757 Tiburon Drive
Wilmington, NC 28403

Live Oak Bank is the 149th largest bank in the nation. It was established in 2008 and as of March of 2024, it had grown to 936 employees. Live Oak Bank's savings rates are 8X the national average, and it has an A health rating.

Related Posts

Live Oak Bank Savings Now Earns 4.40% APY - 11/1/2023

Received email stating Savings account will earn 4.40% APY as of November 1, 2023. https://www.liveoakbank.com/personal-banking/

Live Oak Bank CD Rate Changes For 9-23-2023 - 9/23/2023

Live Oak Bank CD rate changes for 9-23-2023 include: 6-month @ 5.20% (was 5.00%) 9-month @ 5.35% (was 5.10%) 12-month @ 5.40% (was 5.20%) 18-month @ 5.10% (no change) For all Live Oak Bank CD rates see: https://www.liveoakbank.com/personal-banking/

18 Month CD Raised - 9/5/2023

Live Oak Bank's 18 month CD raised from 2.00% to 5.10%.

View all posts from:

11/24/20 - Rate Reduced To 0.60% APY For Savings
9/9/20 - Live Oak Bank Personal Savings Rate Falls To 0.70% APY Eff. 9/10/2020
8/6/20 - Early Withdrawal Penalty Waived On CD Accounts
8/5/20 - Rate Drops To .85% APY Starting On 6 Aug 2020
7/7/20 - Live Oak Savings Rate Drops To 1% From 1.15%
6/17/20 - Live Oak Joins The Pack
5/14/20 - Live Oak Drops Savings Rate To 1.35% APY Effective 5/15/20
4/23/20 - Live Oak Drops 1-Year CD To 1.60% From 1.90%.
4/22/20 - Savings Rate Dropping To 1.55% Effective 4/23/20.
4/22/20 - Live Oak Savings Drops To 1.55%
11/26/19 - Live Oak Bank Online Savings Cuts To 1.85% APY
11/8/19 - CD Rate Cut 15 Basis
10/2/19 - Savings Account Rates Drop From 2.15% To 2.00%
9/26/19 - CD Rate Drops At Live Oak Bank
9/18/19 - CD Rates Drop Again
9/11/19 - Savings Drops To 2.15% APY
3/20/19 - CD Rate Drops
2/22/19 - Savings Account Increase
2/15/19 - Downward CD Movement
1/9/19 - Live Oak Savings Moves Up To 2.25%
11/28/18 - Live Oak Ups Saving Rate To 2.10
10/24/18 - Live Oak Ups Savings Rate
10/10/18 - Minor Increases
8/24/18 - Live Oak Lowers CD Rates
8/9/18 - Slight CD Increase
7/18/18 - Live Oak Bank Increased Savings Account Rate To 1.80%
7/4/18 - Higher CD Rates
5/9/18 - Live Oak Bank - Confirm Your Account Info Is Correct
5/9/18 - 2-Year CD Rate Cut
4/26/18 - Live Oak Bank Lowers Rates On 2 Year And 18 Month CD's
4/18/18 - Increase In 1-Year CD Rate
3/21/18 - Savings Now At 1.70%
3/15/18 - Another Bump Up At Live Oak
3/7/18 - CD Rates Up As Of 3/7/18
1/17/18 - Live Oak Bank Takes The Lead In One Year CD Rate 2.10%
1/10/18 - CD Rate Increases
12/1/17 - Savings Account Now Earning 1.45% APY
11/1/17 - CD Rates Increases
7/6/17 - Savings Account APY Increased To 1.35%
6/22/17 - CD Rate Increases
6/12/17 - Savings Account
3/22/17 - Live Oak Brokered CDs
3/15/17 - 1-Year CD Rate Increase
8/3/16 - Competitive 12 Month CD At Live Oak, 1.30% APY.
8/1/16 - Live Oak Drops 4- And 5-Year CD Rates
2/25/16 - 6-Month CD Added
2/1/16 - Live Oak Bank 1Yr CD 1.3%APY More Terms Available
6/2/15 - End Date Extended On 24-Month CD, 1.50% APY
4/20/15 - Top Rate 1.40% APY 1 Year CD, Live Oak Bank. Quick Look.
4/1/15 - 1.50% APY 24 Month CD At Live Oak. Quick Look.

Reviews (127)

Great Service

Posted by: |

This is my favorite bank to do business with. Customer service is always friendly and accessible, and they bend over backwards to help whenever there is a problem. Very competitive rates on CD and savings as well, and the web interface is very good.

No Problems For A Few Years, Closed My Account Easily

Posted by: |

I had a Live Oak savings account for a couple years and it was a mostly smooth process opening and funding my account, and doing ACH transfers. Website and app are simple but easy to use. For awhile, it wasn't working with Mint, but that was eventually fixed.

I ended up deciding to close my account, trying to simplify and consolidate my accounts and get slightly higher interest elsewhere. The closing process was VERY easy, talked to a couple customer service reps who were great, knowledgeable, and processed the closure fairly quickly and on the schedule they promised. That has not been my experience with other banks, so Live Oak Bank gets some bonus points for that.

Five Day Hold With No Interest For Transfers!

Posted by: |

UPDATED: Live Oak no longer puts the hold I described years ago on funds that are transferred in and out. I have continued to use this bank as their rates are better than others even now in this terrible environment. Their customer service is responsive, too. Sometimes it takes them a while to provide statements at the end of the month, but they do eventually show up.
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I opened a Savings account with this bank this past week. I already had a CD there. The CD provides no statements, just an online list of transactions and a 1099-Int. The interest rate was good at the time I opened it, so no big deal.

However, it turns out that there is a 5 day hold on the money I deposited in my savings account. The money came out of my other bank account on Thursday but the CSR says I won't see it in my account until the next Wednesday. Meanwhile, the CSR confirmed and that I am NOT going to earning any interest on that money during that hold period.

There will also be a five day hold on any withdrawals. The CSR said this is because they use an "intermediary bank" for transfer transactions.

This was not made clear in any way before I opened the account. Despite the nice interest rate I won't be moving in any more money. That hold coming and going effectively lowers the interest rate paid.

Worst Bank - Avoid Like The Plague.

Posted by: |

Should be named Live Hoax Bank. They accumulate deposits with high APY's and then screw customers in every way imaginable. LOB technology platform is an oxymoron and the bank's staff is completely ignorant of basic banking. It is incomprehensible that this organization was granted a banking charter and participates in the FDIC insurance program. This is a bank waiting to fail and unfortunately U.S. taxpayers will be fitting the bill. Do yourself a favor and bank with a competent institution with knowledgable staff unlike Live Oak Bank.

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Health
A

Data as of Q1 2024

Capitalization grade does not factor in PPP loans and the use of the PPP Liquidity Facility.
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #58665
Year Established2008
Employees936
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.99%
Return on Equity - YTD13.55%
Annual Interest Income$192.2MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$11.43B$10.25B
LoansQ1 2024vs Q1 2023$9.08B$8.11B
DepositsQ1 2024vs Q1 2023$10.46B$9.52B
Equity CapitalQ1 2024vs Q1 2023$890.8MM$665.4MM
Loan Loss AllowanceQ1 2024vs Q1 2023$139MM$108.2MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$24.5MM$10.7MM
Real Estate OwnedQ1 2024vs Q1 2023$8.6MM$0
Rates
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Live Oak Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.40%$0$5mPersonal Savings
4.00%$0$5mBusiness Savings

Live Oak Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%$2.5k$250k1 Year CD
5.00%$2.5k$250kBusiness 1 Year CD
4.90%$2.5k$250k9 Month CD
4.90%$2.5k$250kBusiness 9 Month CD
4.80%$2.5k$250k6 Month CD
4.80%$2.5k$250kBusiness 6 Month CD
4.75%$2.5k$250k18 Month CD
4.75%$2.5k$250kBusiness 18 Month CD
3.00%$2.5k$250k3 Month CD
3.00%$2.5k$250kBusiness 3 Month CD
2.00%$2.5k$250k2 Year CD
2.00%$2.5k$250k3 Year CD
2.00%$2.5k$250k5 Year CD
2.00%$2.5k$250k4 Year CD
2.00%$2.5k$250kBusiness 2 Year CD
2.00%$2.5k$250kBusiness 3 Year CD
2.00%$2.5k$250kBusiness 4 Year CD
2.00%$2.5k$250kBusiness 5 Year CD
Locations

Live Oak Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 1757 Tiburon Drive - Wilmington, NC 28403

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.