Live Oak Bank is the 146th largest bank in the nation. It was established in 2008 and as of June of 2024, it had grown to 961 employees. Live Oak Bank's savings rates are 8X the national average, and it has an A health rating.
Related Posts
9/23 - Live Oak Bank CD Rate Changes For 9-23-2023
9/5 - 18 Month CD Raised
3/23 - Live Oak Bank Increases Savings Rate To 4.0% APY
11/22 - Live Oak Bank Raises Savings To 3.10% APY
11/11 - Live Oak Bank 1-Year CD Rate Jumps Upward
11/10 - Live Oak Raises One Yr CD To 4.5% With $2,500 Minimum
11/10 - Rate Change
10/25 - Live Oak Bank Increases Savings Rate To 2.75% APY
10/4 - Live Oak Bank Increases Savings Rate To 2.30% APY
8/30 - Live Oak Bank Savings Account Earns 2.00% APY Eff. 8/30/22
8/5 - Live Oak Bank To 1.75% APY
7/11 - Live Oak Bank Savings From 1.05% To 1.40% (APY)
6/9 - Savings Increase To 1.05% APY Effective 6/10/22
5/10 - Live Oak Bank Online Savings From 0.60 To 0.80
5/6 - Live Oak Bank Substantially Boosts Rates On All CDs
4/14 - Live Oak Bank Substantially Increases All CD Rates
3/4 - Live Oak Bank Offers $200 Bonus For New Savings Accounts
3/1 - Earn A $200 Bonus When You Deposit $25,000 In A New Live Oak Savings Account.
2/5 - Live Oak Bank Ups Rates On All CDs To Market-Leading Levels
1/19 - Live Oak Bank Increases Rates On All CDs
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%
11/13/20 - Live Oak Bank Increases 5-Year CD Rate
9/9/20 - Live Oak Bank Personal Savings Rate Falls To 0.70% APY Eff. 9/10/2020
8/6/20 - Early Withdrawal Penalty Waived On CD Accounts
8/5/20 - Rate Drops To .85% APY Starting On 6 Aug 2020
7/7/20 - Live Oak Savings Rate Drops To 1% From 1.15%
6/17/20 - Live Oak Joins The Pack
5/14/20 - Live Oak Drops Savings Rate To 1.35% APY Effective 5/15/20
4/23/20 - Live Oak Drops 1-Year CD To 1.60% From 1.90%.
4/22/20 - Savings Rate Dropping To 1.55% Effective 4/23/20.
4/22/20 - Live Oak Savings Drops To 1.55%
4/10/20 - Live Oak Bank 1-Year and 18-Month CDs Offer Top Rates
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
12/1/17 - Savings Account Now Earning 1.45% APY
11/1/17 - CD Rates Increases
8/8/17 - Live Oak Bank Ups Savings Account Rate
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
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.
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
Great Service
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.
Not Recommended
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.
Dont Use This Bank
Greetings, i had a savings account here and they decided to start charging me a dormant fee for not using it enough.
Who does that?
Well these guys do and they refused to remove the fees.
Closed the account and went on a negative review spree.
100% Satisfied - Best Biz Bank I've Ever Had
Opened a Business Savings Account and 6-Month CD in January of 2023. Easy process. When rates rose, it was reflected in the Savings Account automatically. The CD funds were easily transferred into the savings account at maturity. Moving funds from Live Oak to my external biz account and vice-versa was just too easy through the web interface. Couldn't ask for more.
Data as of Q2 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58665 |
| Year Established | 2008 |
| Employees | 961 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.99% |
| Return on Equity - YTD | 13.14% |
| Annual Interest Income | $390.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $11.79B$10.72B |
| Loans | Q2 2024vs Q2 2023 | $9.4B$8.24B |
| Deposits | Q2 2024vs Q2 2023 | $10.79B$9.96B |
| Equity Capital | Q2 2024vs Q2 2023 | $926.6MM$691.2MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $137.9MM$120.1MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $16.6MM$30.6MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $8MM$0 |