Live Oak Bank


Overview / Commentary
866-518-0286
1741 Tiburon Drive
Wilmington, NC 28403

Live Oak Bank is the 173rd largest bank in the nation. It was established in 2008 and as of June of 2022, it had grown to 863 employees. Live Oak Bank's savings rates are 6X the national average, and it has an A health rating.

Related Posts

Live Oak Bank Raises Savings To 3.10% APY - 11/22/2022

Just received email: Live Oak Bank raises Savings to 3.10% APY as of November 22nd, 2022

Live Oak Bank 1-Year CD Rate Jumps Upward - 11/11/2022

Live Oak Bank (internet bank) has significantly increased the rate on its nationally available 1-year CD. $2.5k minimum/$250k maximum deposit.

Live Oak Raises One Yr CD To 4.5% With $2,500 Minimum - 11/10/2022

Rate change as of 11-10-2022

View all posts from:

11/26/19 - Live Oak Bank Online Savings Cuts To 1.85% APY
11/8/19 - CD Rate Cut 15 Basis
10/2/19 - Savings Account Rates Drop From 2.15% To 2.00%
9/26/19 - CD Rate Drops At Live Oak Bank
9/18/19 - CD Rates Drop Again
9/11/19 - Savings Drops To 2.15% APY
3/20/19 - CD Rate Drops
2/23/19 - Live Oak Bank Savings Account Now Earns 2.30% APY
2/22/19 - Savings Account Increase
2/15/19 - Downward CD Movement
1/11/19 - Live Oak Bank Savings Account Rises to 2.25% APY
1/9/19 - Live Oak Savings Moves Up To 2.25%
11/30/18 - Live Oak Bank 1-Year Nears The Top With New APY
11/28/18 - Live Oak Ups Saving Rate To 2.10
11/16/18 - Live Oak Bank Nudges 1-Year CD Rate Again
11/8/18 - Live Oak Bank Nudges 1-Year CD Rate
10/24/18 - Live Oak Bank's Savings Account Reaches 2.00% APY
10/24/18 - Live Oak Ups Savings Rate
10/10/18 - Live Oak Bank 1-Year CD Has A New APY
10/10/18 - Minor Increases
8/24/18 - Live Oak Lowers CD Rates
8/11/18 - Live Oak Bank (Internet Bank) 1-Year CD Rate Raised
8/9/18 - Slight CD Increase
7/18/18 - Live Oak Bank Increased Savings Account Rate To 1.80%
7/6/18 - Live Oak Bank (Internet Bank) 1-Year CD Rate Jumps
7/4/18 - Higher CD Rates
5/9/18 - Live Oak Bank - Confirm Your Account Info Is Correct
5/9/18 - 2-Year CD Rate Cut
4/26/18 - Live Oak Bank Lowers Rates On 2 Year And 18 Month CD's
4/18/18 - Increase In 1-Year CD Rate
3/22/18 - Live Oak Bank Savings Account APY Climbs
3/21/18 - Savings Now At 1.70%
3/15/18 - Live Oak Bank Once Again Pulls Ahead In The Rates Race
3/15/18 - Another Bump Up At Live Oak
3/7/18 - CD Rates Up As Of 3/7/18
1/31/18 - Live Oak Bank Pushes CD Rates Upward
1/17/18 - Live Oak Bank Takes The Lead In One Year CD Rate 2.10%
1/17/18 - Live Oak Bank Ups 1-Year CD And Savings Account Rates
1/11/18 - Live Oak Bank's 1-Year CD Joins The 2% APY Club
1/10/18 - CD Rate Increases
12/14/17 - Live Oak Bank's Savings Account Is Now Top Rate Leader
12/14/17 - CD Rates Increases
12/1/17 - Savings Account Now Earning 1.45% APY
11/1/17 - CD Rates Increases
8/8/17 - Live Oak Bank Ups Savings Account Rate
8/8/17 - Savings APY Increased To 1.40%
7/7/17 - Live Oak Bank (Internet Bank) Ups Savings Account Rate
7/6/17 - Savings Account APY Increased To 1.35%
6/22/17 - CD Rate Increases
6/13/17 - Live Oak Bank (Internet Bank) Adds Savings Account
6/12/17 - Savings Account
3/22/17 - Live Oak Brokered CDs
3/15/17 - 1-Year CD Rate Increase
1/25/17 - Live Oak Bank (Internet Bank) Increases Short-Term CD Rates
1/25/17 - Live Oak Bank Increases 1-Year And 18-Month CD Rates
8/3/16 - Competitive 12 Month CD At Live Oak, 1.30% APY.
8/1/16 - Live Oak Drops 4- And 5-Year CD Rates
2/25/16 - 6-Month CD Added
2/1/16 - Live Oak Bank (Internet Bank) Raises Rates On All Its CDs
2/1/16 - Live Oak Bank 1Yr CD 1.3%APY More Terms Available
6/2/15 - End Date Extended On 24-Month CD, 1.50% APY
5/19/15 - Live Oak Bank Offers Limited-Time, Top Rate 24-Month CD - Online Only
4/22/15 - Live Oak Bank Has Limited-Time, Top Rate 12-Month CD
4/20/15 - Top Rate 1.40% APY 1 Year CD, Live Oak Bank. Quick Look.
4/2/15 - Live Oak Bank Offers Limited Time, Top-Rate 24-Month CD
4/1/15 - 1.50% APY 24 Month CD At Live Oak. Quick Look.
3/10/15 - Live Oak Bank's 5-Year CD Special Is Back For A Limited Time
2/19/15 - Top 5-Year CD Rate at Live Oak Bank
2/28/13 - Top Money Market and CD Rates at Live Oak Bank - North Carolina Only

Reviews (112)

Great Service

Posted by: |

This is my favorite bank to do business with. Customer service is always friendly and accessible, and they bend over backwards to help whenever there is a problem. Very competitive rates on CD and savings as well, and the web interface is very good.

Live Oak Easy CD Opening

Opened 2 CD’s this week with no problems. These were my first CDs with Live Oak. They were opened with ACH transfer. I only had to give my external banks routing number and account number. 2 small deposits were deposited into my account which I verified with Live Oak and my accounts were opened. All banks should be so easy. Thank you.

I've About Given Up On This Bank.

Posted by: |

I don’t know what’s going on at this bank. Live Oak has been continually falling behind the APY rates of even the big name conservative online banks. And it’s not like I ever expected 3.5% - 4% from this bank either. (though that would be nice!!) I’ve been with L.O since January, but lately they can’t even keep up with the classic laggards like American Express, Marcus, or Barclay who are all at 3% now. I’m with 7 different online banks, and at 2.75% L.O is the lowest paying APY. And LiveOak is NOT the easiest bank to set up external accounts or initiate ACH transfers either. Barclay, AmEx, and a couple of others I’m with are much easier. I see a pattern with this bank;They will have you sit around and wait while they drag their feet and at the last minute reluctantly play APY catch up with the other lower paying banks I mentioned. So then, why do I need to keep my $200K here? The Fed Reserve will raise rates again in early December and I expect that L.O will still be playing this same game.

Security Risk?

Posted by: |

The rate looks good, but the only way to fund the new account or link external accounts is by giving Live Oak the username and password for your external account. This seems like a major security compromise. It sounded like the Live Oak customer service rep was reading from a script (which he denied -- also concerning...) as he tried to convince me that this verification service has been authorized by my external bank and that only the external bank would see the login information. The thing is, I'd be typing the external bank credentials on the Live Oak website.

I checked with the external bank and they strongly recommended against disclosing the login credentials. I'll take their advice and look for a bank with better security.

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Health
A

Data as of Q2 2022

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 Established2008
Employees863
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.9%
Return on Equity - YTD11.63%
Annual Interest Income$191.9MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$9.03B$8.15B
LoansQ2 2022vs Q2 2021$6.99B$6.45B
DepositsQ2 2022vs Q2 2021$8.25B$6.55B
Equity CapitalQ2 2022vs Q2 2021$650.6MM$575.6MM
Loan Loss AllowanceQ2 2022vs Q2 2021$65.9MM$57.8MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$5.7MM$15.9MM
Real Estate OwnedQ2 2022vs Q2 2021$191.00K$1.8MM
Rates
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Live Oak Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.10%-$5mHigh Yield Online Savings
3.10%-$5mBusiness Savings

Live Oak Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.50%$2.5k$250k1 Year CD
4.50%$2.5k$250kBusiness 1 Year CD
4.25%$2.5k$250k6 Month CD
4.25%$2.5k$250kBusiness 6 Month CD
2.00%$2.5k$250k18 Month CD
2.00%$2.5k$250k2 Year CD
2.00%$2.5k$250k3 Year CD
2.00%$2.5k$250k5 Year CD
2.00%$2.5k$250k4 Year CD
2.00%$2.5k$250kBusiness 18 Month CD
2.00%$2.5k$250kBusiness 2 Year CD
2.00%$2.5k$250kBusiness 3 Year CD
2.00%$2.5k$250kBusiness 4 Year CD
2.00%$2.5k$250kBusiness 5 Year 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.