Live Oak Bank

Overview / Commentary

www.liveoakbank.com

866-518-0286

1741 Tiburon Drive
Wilmington, NC 28403

Live Oak Bank is the 183^rd largest bank in the nation. It was established in 2008 and as of June of 2021, it had grown to 666 employees. Live Oak Bank has a B+ health rating.

Live Oak Plans To Restrict Online Access To Text Authentication Only - 7/21/2021

Existing customers have probably received notification of an online "upgrade." I have received an email clarification of what this entails: "A mobile phone number is required for text message authentication. Text message authentication is a more secure method of verification. The new system will require a mobile phone number to access your online banking portal." The fallacy of this logic was discussed at some length on the DA blog on the roll out of ZYNLO, which has the same policy. The issue can be summarized as follows: In a SIM swapping scam, criminals convince your mobile phone carrier that you lost your phone and you need to put your phone number onto a new SIM card they control. After they take over your phone number, they can go through the 'forgot password' process with your online accounts where they're able to receive authentication codes sent to your mobile number. source: https://thefinancebuff.com/vanguard-2fa-yubikey-google-voice.html*4ac7d3e2-6b0f-44fe-9fd7-fbd80b3a9

Savings Rate Lowered - 6/8/2021

Live Oak has posted a savings rate reduction effective 6/10/21, New rate is 0.50%, was 0.55%.

Live Oak Bank Savings Rate Drops To 0.55% - 4/23/2021

Received email from Live Oak Bank that starting April 22, 2021, the savings account will earn 0.55% Annual Percentage Yield (APY)

View all posts from:

2021
2020
2019
Earlier

7/21 - Live Oak Plans To Restrict Online Access To Text Authentication Only
6/8 - Savings Rate Lowered
4/23 - Live Oak Bank Savings Rate Drops To 0.55%

11/24 - Rate Reduced To 0.60% APY For Savings
11/13 - Live Oak Bank Increases 5-Year CD Rate
9/9 - Live Oak Bank Personal Savings Rate Falls To 0.70% APY Eff. 9/10/2020
8/6 - Early Withdrawal Penalty Waived On CD Accounts
8/5 - Rate Drops To .85% APY Starting On 6 Aug 2020
7/7 - Live Oak Savings Rate Drops To 1% From 1.15%
6/17 - Live Oak Joins The Pack
5/14 - Live Oak Drops Savings Rate To 1.35% APY Effective 5/15/20
4/23 - Live Oak Drops 1-Year CD To 1.60% From 1.90%.
4/22 - Savings Rate Dropping To 1.55% Effective 4/23/20.
4/22 - Live Oak Savings Drops To 1.55%
4/10 - Live Oak Bank 1-Year and 18-Month CDs Offer Top Rates

11/26 - Live Oak Bank Online Savings Cuts To 1.85% APY
11/8 - CD Rate Cut 15 Basis
10/2 - Savings Account Rates Drop From 2.15% To 2.00%
9/26 - CD Rate Drops At Live Oak Bank
9/18 - CD Rates Drop Again
9/11 - Savings Drops To 2.15% APY
3/20 - CD Rate Drops
2/23 - Live Oak Bank Savings Account Now Earns 2.30% APY
2/22 - Savings Account Increase
2/15 - Downward CD Movement
1/11 - Live Oak Bank Savings Account Rises to 2.25% APY
1/9 - Live Oak Savings Moves Up To 2.25%

Reviews (95)

Great Experience With Live Oak Bank

Posted by: dduffey | Jun 28, 2021

I am puzzled with some of the experiences others have talked about...This is my third CD that I have had with Live Oak, I closed the two prior and in both instances I received the proceeds promptly into my account.
I just opened a new CD account and with 5 minutes I was completed and awaiting the transfer of funds from my account. I thought is was extremely easy, I though the website was easy to navigate.

Comment

Five Day Hold With No Interest For Transfers!

Posted by: Tekka | Jun 23, 2017

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.

Not Recommended

Posted by: Ginaz21 | Feb 2, 2021

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.

Must Have Cell Phone To Use!!

Posted by: kc925trvl | Sep 7, 2021

I WAS a new customer in spring 2021....then in August 2021, Live Oak 'upgraded' their system. Account not available for several day and routing number changed! I tried to access my account after the 'upgrade' and I needed to have a cell phone for them to send me a code. They sent a code via email- was only 5 digits, needed 6 digits, then hung up on me. I closed the account. They NEVER indicated I needed to provide a cell phone number to get into my account. The hackers have it easier.

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Health

B+

Data as of Q2 2021

Capitalization grade does not factor in PPP loans and the use of the PPP Liquidity Facility.

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	58665
Year Established	2008
Employees	666
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	1.83%
Return on Equity - YTD	27.21%
Annual Interest Income	$176.0MM

Assets and Liabilities
Assets	Q2 2021vs Q2 2020	$8.15B$8.19B
Loans	Q2 2021vs Q2 2020	$6.45B$5.58B
Deposits	Q2 2021vs Q2 2020	$6.55B$5.88B
Equity Capital	Q2 2021vs Q2 2020	$575.6MM$503.6MM
Loan Loss Allowance	Q2 2021vs Q2 2020	$57.8MM$44.1MM
Unbacked Noncurrent Loans	Q2 2021vs Q2 2020	$15.9MM$7.0MM
Real Estate Owned	Q2 2021vs Q2 2020	$1.8MM$5.7MM

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.50%	-	$5m	High Yield Online Savings
0.50%	-	$5m	Business Savings

APY	MIN	MAX	ACCOUNT NAME
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