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 257th largest bank in the nation. It was established in 2008 and as of June of 2019, it had grown to 502 employees. Live Oak Bank's savings rates are 4X the national average, and it boasts an A+ health rating.

Related Posts

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.

CD Rate Drops At Live Oak Bank - 9/26/2019

As expected, CD rates at Live Oak Bank dropped a little while after the Federal Reserve's decision to cut the federal funds rate by 0.25 last week. New rates are: 6Mos: 1.7% (from 2%) 1Yr: 2.3% (from 2.35%) 18Mos: 2.3% (from 2.35%) 2Yr: 2.3% (from 2.4%) 3Yr: 2.3% (from 2.4%) 4Yr: 2.35% (from 2.4%) 5Yr: 2.35% (from 2.45%)

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Reviews (76)

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.

11

Live Oak Bank Is Tops In On-Line Service

Posted by: PopPop | Jan 26, 2019

Upon retiring I had to make my money work harder for me, I built my CD ladder at about a dozen banks and credit unions that were offering top rates.

They all had pretty much the same account opening processes, but that is were the similarities ended.

Once your first CD account at Live Oak Bank, adding a second / third.... takes under a minute and is painless. Most other banks make you go through the whole opening process again, taking days. Its like they don't even know you.

At LOB, you can control virtually any aspect of your CD online with ease. Beneficiary / Joint Owner / Monthly interest can be sent back to your home bank, what to do when the CD matures, etc. Other banks require a call to their customer service, exchange of forms through the mail, it's an unnecessary bother.

All of LOB's great online service would not be with it if their interest rates were not at the top of the heap, but the consistently are. It's a win / win situation for CD investors. Top rates and top customer service.

Little wonder why most of my money goes to work at Live Oak Bank.

23

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.

7

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.

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Health
A+

Data as of Q2 2019

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #58665
Year Established2008
Employees502
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.61%
Return on Equity - YTD5.49%
Annual Interest Income$109.6MM
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$4.26B$3.42B
LoansQ2 2019vs Q2 2018$3.05B$2.28B
DepositsQ2 2019vs Q2 2018$3.74B$3.00B
Equity CapitalQ2 2019vs Q2 2018$468.3MM$374.4MM
Loan Loss AllowanceQ2 2019vs Q2 2018$38.0MM$29.5MM
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$3.3MM$1.7MM
Real Estate OwnedQ2 2019vs Q2 2018$6.0MM$1.7MM
  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.

CD Rate Cut 15 Basis

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

Savings Account Rates Drop From 2.15% To 2.00%

Dosko   |  
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.
4

CD Rate Drops At Live Oak Bank

tbc3   |  
As expected, CD rates at Live Oak Bank dropped a little while after the Federal Reserve's decision to cut the federal funds rate by 0.25 last week.

New rates are:

6Mos: 1.7% (from 2%)
1Yr: 2.3% (from 2.35%)
18Mos: 2.3% (from 2.35%)
2Yr: 2.3% (from 2.4%)
3Yr: 2.3% (from 2.4%)
4Yr: 2.35% (from 2.4%)
5Yr: 2.35% (from 2.45%)
3

CD Rates Drop Again

tbc3   |  
Prior to the announcement of the target Fed Rate, Live Oak Bank has reduced CD interest rates by at least 5bps across the board for certificates 1 Year or longer:

1Yr: 2.35% (from 2.4%)
18Mos: 2.35% (from 2.45%)
2Yr: 2.4% (from 2.45%)
3Yr: 2.4% (from 2.45%)
4Yr: 2.4% (from 2.45%)
5Yr: 2.45% (from 2.5%)
5

Savings Drops To 2.15% APY

tbc3   |  
Following a ton of other rate drops, Live Oak Bank reduced their savings rate 15bps from 2.3% to 2.15% APY.
10

Rates
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Live Oak Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%-$5mSavings Account
1.10%-$5mBusiness Savings

Live Oak Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.25%$2.5k$250k5 Year CD
2.25%$2.5k$250k5 Year Business CD
2.20%$2.5k$250k4 Year CD
2.20%$2.5k$250k4 Year Business CD
2.15%$2.5k$250k1 Year CD
2.15%$2.5k$250k18 Month CD
2.15%$2.5k$250k2 Year CD
2.15%$2.5k$250k3 Year CD
2.15%$2.5k$250k1 Year Business CD
2.15%$2.5k$250k18 Month Business CD
2.15%$2.5k$250k2 Year Business CD
2.15%$2.5k$250k3 Year Business CD
1.75%$2.5k$250k6 Month CD
1.75%$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 fe[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.