|APY||ACCOUNT TYPE||ACCOUNT NAME|
|2.40%||18-month CD||18 Month CD|
|2.20%||1-year CD||1 Year CD|
Live Oak Bank is the 342nd largest bank in the nation. It was established in 2008 and as of December of 2017, it had grown to 446 employees. Live Oak Bank's savings rates are 3X the national average, and it boasts an A+ health rating.
I just opened a money market account with Live Oak Bank and I had my concerns considering there were a few 1 and 3 stars.
I feel that the process went very very smoothly for me. I opened the account on a Monday and by Wednesday afternoon, everything was approved, confirmed and my funds were already showing.
I called Live Oak Bank this morning to ask about my incoming funds since it still showed a $0 balance but they assured me it would show up the next day or two (which it did). It took less than 5 minutes for me to speak to an agent.
I also feel that the user interface for both the website and the mobile app is very user friendly.
Linking to my external accounts were also fast and painless. One area where I did cringe a little was having to type in my username and password for my external accounts that I wanted to link. Maybe they should have some text somewhere obvious that says the username and password is never stored.
The current money market rate at Live Oak Bank is 1.7% which is very good. I found other online banks offering 1.85% to 1.75% but they only had a B to B+ health report. Live Oak had an A+ which was reassuring.
Overall Im very satisfied with Live Oak Bank so far.
I chose Live Oak Bank for a CD because their rates were excellent. I wanted a two year CD, and I shopped around for the highest interest rates for quite some time before deciding to go with them. At the time, the rates on CDs were very low. Most banks were only offering 1% or less for two year CDs. However, Live Oak Bank offered an interest rate of 1.25%, which was the highest I could find. The process was very simple, and the customer service at the bank was great. I thought their website was not very user-friendly, mainly because it was so simple and some transactions could not be completed online. But, that could have changed since my CD has now been cashed out. I would certainly open another CD account with them because my experience was positive.
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||5.33%|
|Return on Equity - YTD||54.68%|
|Annual Interest Income||$104.1MM|
|Assets and Liabilities|
|Assets||Q4 2017vs Q4 2016||$2.67B$1.70B|
|Loans||Q4 2017vs Q4 2016||$2.01B$1.28B|
|Deposits||Q4 2017vs Q4 2016||$2.32B$1.50B|
|Equity Capital||Q4 2017vs Q4 2016||$307.7MM$159.1MM|
|Loan Loss Allowance||Q4 2017vs Q4 2016||$24.4MM$18.2MM|
|Unbacked Noncurrent Loans||Q4 2017vs Q4 2016||$0$0|
|Real Estate Owned||Q4 2017vs Q4 2016||$1.3MM$1.6MM|
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|
|2.70%||$2,500||$250k||5 Year CD|
|2.70%||$2,500||$250k||5 Year Business CD|
|2.65%||$2,500||$250k||4 Year CD|
|2.65%||$2,500||$250k||4 Year Business CD|
|2.60%||$2,500||$250k||3 Year CD|
|2.60%||$2,500||$250k||3 Year Business CD|
|2.55%||$2,500||$250k||2 Year CD|
|2.55%||$2,500||$250k||2 Year Business CD|
|2.40%||$2,500||$250k||18 Month CD|
|2.40%||$2,500||$250k||18 Month Business CD|
|2.20%||$2,500||$250k||1 Year CD|
|2.20%||$2,500||$250k||1 Year Business CD|
|1.85%||$2,500||$250k||6 Month CD|
|1.85%||$2,500||$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