Live Oak Bank is the 177th largest bank in the nation. It was established in 2008 and as of March of 2021, it had grown to 626 employees. Live Oak Bank has a B+ health rating.
I also had the privilege of speaking with James Pate recently, which was a real treat. It is a rare thing these days to connect with someone who truly understands and performs great customer service. Good to know this kind of service is possible from Live Oak Bank.
UPDATED: Live Oak no longer puts the hold I described years ago on funds that are transferred in and out. I have continued to use this bank as their rates are better than others even now in this terrible environment. Their customer service is responsive, too. Sometimes it takes them a while to provide statements at the end of the month, but they do eventually show up.
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.
Good customer service and loved the ability to assign and delete beneficiaries within my online account. You can even print a copy for your records. I wish all banks had that feature. However, I think I stayed too long. Throughout the three years I had accounts with this bank, found errors in totals on two occasions. Then I realized that the savings account activity page did not give me the balance after each transaction, which made it very difficult to trace if your deposits are being added correctly. That did it: No more business with them.
I opened a savings account with Live Oak Bank two months ago because they were offering the highest APY available at the time. Two weeks later they dropped the APY. And then 1 month later, they dropped the interest rate AGAIN, each time effective with only two days notice, even though we're clearly in a rising interest rates environment. It's apparent that they were only temporarily propping up their rates to get people in the door with the intention of dropping them later as soon as people were onboarded.
Frankly, their poor online portal and terrible customer service is enough of a disincentive to get me to move away when they aren't setting themselves apart on rates. But in any case, any company that engages in such a bait and switch doesn't deserve benefit of the doubt. I'd recommend using one of their larger counterparts (Citi, Marcus, etc) instead if they aren't going to set themselves apart on rates.
|FDIC Certificate #||58665|
|Return on Assets - YTD||1.99%|
|Return on Equity - YTD||30.42%|
|Annual Interest Income||$88.1MM|
|Assets and Liabilities|
|Assets||Q1 2021vs Q1 2020||$8.34B$5.20B|
|Loans||Q1 2021vs Q1 2020||$6.48B$3.78B|
|Deposits||Q1 2021vs Q1 2020||$6.33B$4.65B|
|Equity Capital||Q1 2021vs Q1 2020||$539.2MM$484.4MM|
|Loan Loss Allowance||Q1 2021vs Q1 2020||$52.4MM$35.9MM|
|Unbacked Noncurrent Loans||Q1 2021vs Q1 2020||$22.1MM$3.2MM|
|Real Estate Owned||Q1 2021vs Q1 2020||$4.2MM$6.7MM|
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|
|0.50%||-||$5m||High Yield Online Savings|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.70%||$2.5k||$250k||2 Year CD|
|0.70%||$2.5k||$250k||3 Year CD|
|0.70%||$2.5k||$250k||5 Year CD|
|0.70%||$2.5k||$250k||4 Year CD|
|0.70%||$2.5k||$250k||Business 2 Year CD|
|0.70%||$2.5k||$250k||Business 3 Year CD|
|0.70%||$2.5k||$250k||Business 4 Year CD|
|0.70%||$2.5k||$250k||Business 5 Year CD|
|0.65%||$2.5k||$250k||18 Month CD|
|0.65%||$2.5k||$250k||Business 18 Month CD|
|0.60%||$2.5k||$250k||1 Year CD|
|0.60%||$2.5k||$250k||Business 1 Year CD|
|0.25%||$2.5k||$250k||6 Month CD|
|0.25%||$2.5k||$250k||Business 6 Month 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