Live Oak Bank is the 290th largest bank in the nation. It was established in 2008 and as of June of 2018, it had grown to 470 employees. Live Oak Bank's savings rates are 4X 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 don’t know why some online banks look to want to be competitive but yet allow themselves to fall off the radar screen for the longest time. Online shoppers like myself are some of the most proactive and alert clients out there. We consistently check the interest rates on a regular basis on google and websites like this to be sure we are not missing out on good deals. Live Oak bank once offered the highest available rates back in the days of 1.5%, but then they sat around for a long time languishing at uninspiring rates as other banks readily increased their rates and passed them by. And I’m not a fool to chase banks with the highest rates every other week which rest on shaky foundations and provide poor customer service. I’m talking about shopping banks with a strong foundation which offer high rate and I can feel comfortable with. While LiveOak Bank is a good bank, there are just as fine choices out there to choose from with substantially better rates. Once I do pull the trigger and go ahead and transfer 100K or 200K out of that bank stuck at the low rates to put it with a PurePoint or Cit Bank savings account, there is little reason for me to go back to that smaller bank. If a bank is desiring to cater to the locals of a town with their brick & morter bank branches, then this makes more sense to me. But as far as online interest rates, their finally raising rates to 2% after many months of lower rates is a yawn and a matter of offering too little too late. There is no reason for me to leave banks at 2.15% who also have a history of raising their rates sooner than later.
When I opened my online savings account with Live Oak Bank back in mid December all went smooth. I called the bank a few times with any outstanding questions I had, of which all was attended to promptly and courteously by the staff. My initial large deposit was made without a hitch, and I also set up a couple of push-pull links for future ACH transfers if I should decide later to use it. That went smooth too. But I noticed a couple of weeks back in mid January I was left waiting on hold over the phone for over 30 minutes when I called them to ask something minor. I gave up and hung up the phone, as I have other things to do other then be tied to my desk. But, because of the good experience I had back in December with opening my account, I figured it was just a fluke and I let it go. But yesterday Feb 1st, I called to ask them about where I might find PDF statements on my online account for tax purposes. I gave up again after waiting 15 minutes with nobody answering. (this time I actually timed it) Their recording does say that you are welcome to leave a callback number for them to call you, but I have learned during a long life of hard knocks that the majority of the time most companies seldom call you back in a timely matter or will ever call you back at all. If I call, I want to speak to somebody right then or within 5 or 10 minutes maybe, not hours later or tomorrow morning when I least expect it and I'm not available. It is my suspicion that Live Oak is not currently capable of handling an influx of business spurred on by their having raised their interest rates to 1.6% recently......or perhaps they can't handle the influx of folks calling and asking about how to get their tax statements online. Finally, what really got my attention today (Feb2) was when I did my regular quick morning review in the "BankRate" websight. I find that website very helpful in comparing up-to-date interest rates and hikes being offered by many competing banks. There's a page there I've saved that allows me to do a quick up & down glance of all the prevailing rates being offered by the various different banks. I found it very curious that Live Oak Bank had been on that list for many months, but now suddenly they are gone. I don't know if Live Oak themselves requested to be removed from the website because they are having trouble keeping up with the demand on them, or if the website itself removed them due to something going on behind the scenes. (?) I'm not sure what to make of all this. While I don't intend to withdraw my cash just on the basis of jammed phone lines alone, I feel Live Oak should know that they need to do a better job of addressing these issues if their clients are to feel secure about banking with them.
Jan 26th, 2018
How can I describe the account setup process with Live Oak bankl? In one word… ridiculous!
I provided all the information they requested to open a $20k CD last Friday. By the following Thursday I still hadn’t heard back from them (in complete contravention of their claimed 2 day response for opening new accounts). So I sent them an email asking what the status was. Later that day I received an email stating they were still reviewing my application and that they still needed some additional paperwork.
Now, I’m a 70 year old, white male, own my own $500k home, 18 acres of land, no mortgage, and I’m retired (used to be a Regional Sales Manager for a Fortune 250 company). Oh yeh, did I mention I have an 822 credit score?
What I don’t have is bills. The electric bill is in my wife’s name (she kept her maiden name because she owns her own company). We don’t have a large electric bill cause we have solar. We don’t have gas, we use oil. And we don’t have a water bill since we have our own well.
So, what’s the problem?
According to Live Oak bank, my Social Security number, house address, bank references and 20 minutes of filling in their application weren’t enough. They needed an electric bill in MY name to prove that was my home address! Really? The alternative, according to their ‘lack of customer service’ department, was to provide them with my IRS tax statement! What!? You want my most personal info to prove the house is mine? In this day and age you can’t figure out how to find out if this is my address? I even offered to provide a copy of my passport. What about a copy of my credit report? Nope. Not acceptable. Electric bill in MY name or my taxes. That’s it!
So, let’s see. That means that any men who have their wives names on the utility bills won’t be able to open an account. Or, god forbid, you have a well instead of city water! But you can ALWAYS provide them with your tax return! Nope. Not happening.
So, frustrated, I contacted Synchrony Bank, filled in their easy (and quick) CD application on-line and had the account ready to go within hours… and they are currently paying 2% on 12 month CD’s. So now Synchrony Bank has my $20k, not Live Oak.
Congrats Synchrony Bank! Major fail Live Oak.
|FDIC Certificate #||58665|
|Return on Assets - YTD||2.14%|
|Return on Equity - YTD||19.51%|
|Annual Interest Income||$76.2MM|
|Assets and Liabilities|
|Assets||Q2 2018vs Q2 2017||$3.42B$2.12B|
|Loans||Q2 2018vs Q2 2017||$2.28B$1.69B|
|Deposits||Q2 2018vs Q2 2017||$3.00B$1.89B|
|Equity Capital||Q2 2018vs Q2 2017||$374.4MM$182.5MM|
|Loan Loss Allowance||Q2 2018vs Q2 2017||$29.5MM$19.8MM|
|Unbacked Noncurrent Loans||Q2 2018vs Q2 2017||$1.7MM$0|
|Real Estate Owned||Q2 2018vs Q2 2017||$1.7MM$2.1MM|
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|
|3.15%||$2.5k||$250k||5 Year CD|
|3.15%||$2.5k||$250k||5 Year Business CD|
|3.10%||$2.5k||$250k||4 Year CD|
|3.10%||$2.5k||$250k||4 Year Business CD|
|3.05%||$2.5k||$250k||3 Year CD|
|3.05%||$2.5k||$250k||3 Year Business CD|
|3.00%||$2.5k||$250k||2 Year CD|
|3.00%||$2.5k||$250k||2 Year Business CD|
|2.80%||$2.5k||$250k||18 Month CD|
|2.80%||$2.5k||$250k||18 Month Business CD|
|2.75%||$2.5k||$250k||1 Year CD|
|2.75%||$2.5k||$250k||1 Year Business CD|
|2.25%||$2.5k||$250k||6 Month CD|
|2.25%||$2.5k||$250k||6 Month Business CD|
Live Oak Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 1741 Tiburon Drive - Wilmington, NC 28403