2. Live Oak Bank

Live Oak Bank


Overview / Commentary
www.liveoakbank.com
866-518-0286
1741 Tiburon Drive
Wilmington, NC 28403

Live Oak Bank is the 246th largest bank in the nation. It was established in 2008 and as of September of 2019, it had grown to 539 employees. Live Oak Bank's savings rates are 4X the national average, and it boasts an A+ health rating.

Related Posts

Live Oak Bank Online Savings Cuts To 1.85% APY - 11/26/2019

Just got email that "online savings account will change from 2.00% to 1.85% APY" as of tomorrow, 11/27/19.

CD Rate Cut 15 Basis - 11/8/2019

1 to 3 year CD rates cut from 2.3% to 2.15%

Savings Account Rates Drop From 2.15% To 2.00% - 10/2/2019

Just got an email from LOB informing me that starting on October 3rd, their rates will be dropping down to 2.00% from 2.15%. No further reductions to their CD rates so far.

View all posts from:


Reviews (78)

Live Oak Bank - Excellent Rates, Service And Website

Posted by: tbc3 | Sep 18, 2019

After using Live Oak Bank for a few years, I figured it was time to provide some feedback to the depositaccounts.com community:

Over the past 2 years, Live Oak Bank has remained competitive with their interest rates - sometimes tops sometimes not, but reasonable. As a result, I don't have to worry about continuously monitoring and chasing rates - saving me time and stress that I had when utilizing other online banks. In addition, I can use either the LOB website/app to deposit and withdraw funds, or have them pushed/pulled from another institution using ACH - a feature I use often.

I have only had 2-3 customer service interactions, all via messaging on their website. Fast response time and excellent customer service.

I really enjoy both the Live Oak Bank website and the Live Oak Bank app. Easy to navigate, view interest rate, account and routing numbers, rename account "nicknames", transfer money, and more. My favorite feature is that they allow you to edit CD renewal preferences online easily, changing maturity instructions with ease. It is a huge incentive to why I open additional CDs with them.

There are a few things I wish they would integrate:

1. Electronic 1099-INT Forms (historically these are sent via physical mail)
2. Fix a few minor app crashes, such as when changing CD renewal instructions (needed to edit via website instead of app)
3. Add Interest Accrued / Interest YTD on the website - I like this feature at other banks so I can see right away how much interest I have paid without needing to go into statements.

Other than that, I have had a great experience with Live Oak Bank and would recommend them to anyone looking for a competitive online savings account.

12

Impossible To Log On To Account

Posted by: shay2020 | Sep 14, 2019

I purchased two CDs from this bank because they had some good rates. When I tried to log on to my account, there was some problems with my web browser. I called for 3 days in a row and no one was able to correct the problem. I have an account with them and I want to purchase more CDs from them but it is impossible to log on to conduct business with them. Really bad for an internet only bank.
Also I wanted to add my wife as a co-owner but they said she had to have her own email address to do that. She only uses my email to conduct business so this makes it more difficult to do business with them.

8

Five Day Hold With No Interest For Transfers!

Posted by: Tekka | Jun 23, 2017

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.

64

Ridiculuous Hassle To Get Your Money Out

Posted by: cjcarle | Oct 2, 2019

My CD is coming due, and Live Oak requires me to give them the login credentials at my other bank in order to ACH the funds there. That's absurd, there is NO reason to have to provide that to set up an external account or do an ACH transfer.

Basically, they WILL NOT give me my funds unless I give them the login credentials at my other bank.

Will never use this bank again.

23
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Health
A+

Data as of Q3 2019

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #58665
Year Established2008
Employees539
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.54%
Return on Equity - YTD4.94%
Annual Interest Income$175.1MM
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$4.58B$3.40B
LoansQ3 2019vs Q3 2018$3.30B$2.26B
DepositsQ3 2019vs Q3 2018$4.03B$2.95B
Equity CapitalQ3 2019vs Q3 2018$478.1MM$391.7MM
Loan Loss AllowanceQ3 2019vs Q3 2018$42.9MM$27.0MM
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$3.6MM$1.1MM
Real Estate OwnedQ3 2019vs Q3 2018$5.7MM$1.4MM
  User-submitted Promotions & Notices

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.

Live Oak Bank Online Savings Cuts To 1.85% APY

SYC   |  
Just got email that "online savings account will change from 2.00% to 1.85% APY" as of tomorrow, 11/27/19.
9

CD Rate Cut 15 Basis

MikeG   |  
1 to 3 year CD rates cut from 2.3% to 2.15%
4

Rates
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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.

Live Oak Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.85%-$5mSavings Account
1.10%-$5mBusiness Savings

Live Oak Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$2.5k$250k2 Year CD
2.20%$2.5k$250k2 Year Business CD
2.15%$2.5k$250k1 Year CD
2.15%$2.5k$250k18 Month CD
2.15%$2.5k$250k1 Year Business CD
2.15%$2.5k$250k18 Month Business CD
2.10%$2.5k$250k3 Year CD
2.10%$2.5k$250k5 Year CD
2.10%$2.5k$250k4 Year CD
2.10%$2.5k$250k3 Year Business CD
2.10%$2.5k$250k4 Year Business CD
2.10%$2.5k$250k5 Year Business CD
1.90%$2.5k$250k6 Month CD
1.90%$2.5k$250k6 Month Business CD
Locations

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

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.