|APY||ACCOUNT TYPE||ACCOUNT NAME|
1.25% - Ally Bank Online Savings Account
|1.80%||1-year CD||1 Year CD|
1.60% - Ally Bank No Penalty 11-Month CD
|1.85%||18-month CD||18 Month CD|
1.75% - Ally Bank High Yield 18-Month CD
Live Oak Bank is headquartered in Wilmington and is the 9th largest bank in the state of North Carolina. It is also the 368th largest bank in the nation. It was established in 2008 and as of September of 2017, it had grown to 473 employees at 1 location. Live Oak Bank's savings rates are 3X the national average, and it boasts an A+ health rating.
I opened an account less than a month ago and needed (unexpectedly) to pull most of my money out. I called and got personal EXCELLENT help and they exceeded their promises. I have accounts with several other banks and had to call all of them for the same help. LiveOakBank was TOPS in responsiveness and help. I will continue to do business (and recommend them to everyone) due to their amazing website, ease of use, helpfulness, and delivery. I can't say enough good about them!
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.
As folks have posted, losing 3-4 days or more of interest when transferring money to Live Oak either through a push or pull is a deal breaker. It effectively lowers the interest earned. When transferring money for example into Pure Point Bank from an external bank it posts the transaction the same day and you're earning interest immediately.
UPDATE - Learning that Live Oak had changed the firm handling their ACH transfers I decided to try them. The posting of deposits is much longer than other banks. So bad that it appears to be intentional in order to hold your money interest free.
Opening the savings account meant uploading my driver’s license, my tax return (or social security card), and my utility bill.
Pushing in deposits from an external bank appears to take a few days. When the money finally appears in the account balance it still does not appear in the transaction activities until another day has passed.
Pulling in a deposit from an external bank also takes a few days to post.
Only three external banks may be linked.
The web site does not show a changing balance along side each transaction activity therefore making it more work to determine whether it's accurate.
Customer service by messaging, or email, is attentive, helpful, and timely.
|FDIC Certificate #||58665|
|Return on Assets - YTD||1.88%|
|Return on Equity - YTD||20.56%|
|Annual Interest Income||$75.5MM|
|Assets and Liabilities|
|Assets||Q3 2017vs Q3 2016||$2.35B$1.60B|
|Loans||Q3 2017vs Q3 2016||$1.86B$1.10B|
|Deposits||Q3 2017vs Q3 2016||$2.08B$1.42B|
|Equity Capital||Q3 2017vs Q3 2016||$222.4MM$137.9MM|
|Loan Loss Allowance||Q3 2017vs Q3 2016||$21.3MM$15.2MM|
|Unbacked Noncurrent Loans||Q3 2017vs Q3 2016||$0$16.00K|
|Real Estate Owned||Q3 2017vs Q3 2016||$2.2MM$2.2MM|
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Always verify rates and promotions with the bank or credit union. We are not Live Oak Bank; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.40%||$2,500||$250k||5 Year CD|
|2.40%||$2,500||$250k||5 Year Business CD|
|2.20%||$2,500||$250k||4 Year CD|
|2.20%||$2,500||$250k||4 Year Business CD|
|2.10%||$2,500||$250k||3 Year CD|
|2.10%||$2,500||$250k||3 Year Business CD|
|2.00%||$2,500||$250k||2 Year CD|
|2.00%||$2,500||$250k||2 Year Business CD|
|1.85%||$2,500||$250k||18 Month CD|
|1.85%||$2,500||$250k||18 Month Business CD|
|1.80%||$2,500||$250k||1 Year CD|
|1.80%||$2,500||$250k||1 Year Business CD|
|1.40%||$2,500||$250k||6 Month CD|
|1.40%||$2,500||$250k||6 Month Business CD|
|Live Oak Bank Locations|
|Live Oak Banking Company||1757 Tiburon Drive||Wilmington, NC 28403|