Live Oak Bank is the 173rd largest bank in the nation. It was established in 2008 and as of June of 2022, it had grown to 863 employees. Live Oak Bank's savings rates are 8X the national average, and it has an A health rating.
Related Posts
11/22 - Live Oak Bank Raises Savings To 3.10% APY
11/11 - Live Oak Bank 1-Year CD Rate Jumps Upward
11/10 - Live Oak Raises One Yr CD To 4.5% With $2,500 Minimum
11/10 - Rate Change
10/25 - Live Oak Bank Increases Savings Rate To 2.75% APY
10/4 - Live Oak Bank Increases Savings Rate To 2.30% APY
8/30 - Live Oak Bank Savings Account Earns 2.00% APY Eff. 8/30/22
8/5 - Live Oak Bank To 1.75% APY
7/11 - Live Oak Bank Savings From 1.05% To 1.40% (APY)
6/9 - Savings Increase To 1.05% APY Effective 6/10/22
5/10 - Live Oak Bank Online Savings From 0.60 To 0.80
5/6 - Live Oak Bank Substantially Boosts Rates On All CDs
4/14 - Live Oak Bank Substantially Increases All CD Rates
3/4 - Live Oak Bank Offers $200 Bonus For New Savings Accounts
3/1 - Earn A $200 Bonus When You Deposit $25,000 In A New Live Oak Savings Account.
2/5 - Live Oak Bank Ups Rates On All CDs To Market-Leading Levels
1/19 - Live Oak Bank Increases Rates On All CDs
7/21 - Live Oak Plans To Restrict Online Access To Text Authentication Only
6/8 - Savings Rate Lowered
4/23 - Live Oak Bank Savings Rate Drops To 0.55%
11/13 - Live Oak Bank Increases 5-Year CD Rate
9/9 - Live Oak Bank Personal Savings Rate Falls To 0.70% APY Eff. 9/10/2020
8/6 - Early Withdrawal Penalty Waived On CD Accounts
8/5 - Rate Drops To .85% APY Starting On 6 Aug 2020
7/7 - Live Oak Savings Rate Drops To 1% From 1.15%
6/17 - Live Oak Joins The Pack
5/14 - Live Oak Drops Savings Rate To 1.35% APY Effective 5/15/20
4/23 - Live Oak Drops 1-Year CD To 1.60% From 1.90%.
4/22 - Savings Rate Dropping To 1.55% Effective 4/23/20.
4/22 - Live Oak Savings Drops To 1.55%
4/10 - Live Oak Bank 1-Year and 18-Month CDs Offer Top Rates
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
2/23/19 - Live Oak Bank Savings Account Now Earns 2.30% APY
2/22/19 - Savings Account Increase
2/15/19 - Downward CD Movement
1/11/19 - Live Oak Bank Savings Account Rises to 2.25% APY
1/9/19 - Live Oak Savings Moves Up To 2.25%
11/30/18 - Live Oak Bank 1-Year Nears The Top With New APY
11/28/18 - Live Oak Ups Saving Rate To 2.10
11/16/18 - Live Oak Bank Nudges 1-Year CD Rate Again
11/8/18 - Live Oak Bank Nudges 1-Year CD Rate
10/24/18 - Live Oak Bank's Savings Account Reaches 2.00% APY
10/24/18 - Live Oak Ups Savings Rate
10/10/18 - Live Oak Bank 1-Year CD Has A New APY
10/10/18 - Minor Increases
8/24/18 - Live Oak Lowers CD Rates
8/11/18 - Live Oak Bank (Internet Bank) 1-Year CD Rate Raised
8/9/18 - Slight CD Increase
7/18/18 - Live Oak Bank Increased Savings Account Rate To 1.80%
7/6/18 - Live Oak Bank (Internet Bank) 1-Year CD Rate Jumps
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
3/22/18 - Live Oak Bank Savings Account APY Climbs
3/21/18 - Savings Now At 1.70%
3/15/18 - Live Oak Bank Once Again Pulls Ahead In The Rates Race
3/15/18 - Another Bump Up At Live Oak
3/7/18 - CD Rates Up As Of 3/7/18
1/31/18 - Live Oak Bank Pushes CD Rates Upward
1/17/18 - Live Oak Bank Takes The Lead In One Year CD Rate 2.10%
1/17/18 - Live Oak Bank Ups 1-Year CD And Savings Account Rates
1/11/18 - Live Oak Bank's 1-Year CD Joins The 2% APY Club
1/10/18 - CD Rate Increases
12/14/17 - Live Oak Bank's Savings Account Is Now Top Rate Leader
12/14/17 - CD Rates Increases
12/1/17 - Savings Account Now Earning 1.45% APY
11/1/17 - CD Rates Increases
8/8/17 - Live Oak Bank Ups Savings Account Rate
8/8/17 - Savings APY Increased To 1.40%
7/7/17 - Live Oak Bank (Internet Bank) Ups Savings Account Rate
7/6/17 - Savings Account APY Increased To 1.35%
6/22/17 - CD Rate Increases
6/13/17 - Live Oak Bank (Internet Bank) Adds Savings Account
6/12/17 - Savings Account
3/22/17 - Live Oak Brokered CDs
3/15/17 - 1-Year CD Rate Increase
1/25/17 - Live Oak Bank (Internet Bank) Increases Short-Term CD Rates
1/25/17 - Live Oak Bank Increases 1-Year And 18-Month CD Rates
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 (Internet Bank) Raises Rates On All Its CDs
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
5/19/15 - Live Oak Bank Offers Limited-Time, Top Rate 24-Month CD - Online Only
4/22/15 - Live Oak Bank Has Limited-Time, Top Rate 12-Month CD
4/20/15 - Top Rate 1.40% APY 1 Year CD, Live Oak Bank. Quick Look.
4/2/15 - Live Oak Bank Offers Limited Time, Top-Rate 24-Month CD
4/1/15 - 1.50% APY 24 Month CD At Live Oak. Quick Look.
3/10/15 - Live Oak Bank's 5-Year CD Special Is Back For A Limited Time
2/19/15 - Top 5-Year CD Rate at Live Oak Bank
2/28/13 - Top Money Market and CD Rates at Live Oak Bank - North Carolina Only
Currently A Customer
I've been a customer of Live Oak for over a year. I have tried a lot of different online banking over the years, and I can say I find them very customer friendly. Contacting customer support for questions about CD's, transfer have been very smooth.
The only problem I have is that they lag behind other online banks for simple interest rates. But I do feel secure with them holding my cash.
No Problems For A Few Years, Closed My Account Easily
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.
Bonus Amount Not Reported On Form 1099-INT
Just a FYI to folks who got the $200 bonus for opening a $25000 account at Live Oak Bank in 2022 - Live Oak Bank is not reporting that bonus in your interest income on Form 1099-INT for 2022.
I called them to ask about this and they said that the amount was not reportable since it is below $600. I don't think Live Oak Bank is handling this properly since all the other banks that have paid me bonuses for depositing funds have reported the bonus amounts as interest on form 1099-INT for the year that the bonus was paid.
So if you do your taxes and rely on the amounts that Live Oak Bank initially reported on 1099-INT there is a chance that Live Oak Bank will send a corrected form 1099-INT in the future forcing you to file an amended tax return.
Their Cds Interests Nosedived
Their CDs interests nosedived from 4.6% to 4.45%. As Fed. increased rates, Live Oak reduced its rates, this left no incentive to invest in CDs with them.
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58665 |
| Year Established | 2008 |
| Employees | 863 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.9% |
| Return on Equity - YTD | 11.63% |
| Annual Interest Income | $191.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $9.03B$8.15B |
| Loans | Q2 2022vs Q2 2021 | $6.99B$6.45B |
| Deposits | Q2 2022vs Q2 2021 | $8.25B$6.55B |
| Equity Capital | Q2 2022vs Q2 2021 | $650.6MM$575.6MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $65.9MM$57.8MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $5.7MM$15.9MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $191.00K$1.8MM |