Live Oak Bank Savings Account APY Climbs


Deal Summary: Savings Account, 1.70% APY, $5 million maximum deposit

Availability: Nationwide (internet bank)

In December, Live Oak Bank raised the rate on its Savings Account by 5 bps the day after the Fed raised the federal funds rate. Live Oak Bank decided not to wait this time. Just before yesterday’s rate hike by the Fed, Live Oak Bank raised the Savings Account APY by 10 bps to 1.70%. There is no minimum opening deposit requirement or minimum balance requirement to earn the stated APY, although the Savings Account is capped at $5 million.

1.70%-$5mLive Oak BankSavings Account
Rates as of May 22, 2018.

In the nine months since the Savings Account was introduced, the APY has gone from 1.25% to 1.70% in six rate increases.

The Savings Account is quite straightforward, with no unusual requirements or limitations. According to the Terms and Conditions document (page 18),

  • There is a $10 charge for each withdrawal beyond the allowed six per month.
  • If the transaction limitation is exceeded three times in a rolling 12 month period, the account will be closed.
  • While there is no minimum balance requirement, if the account is not funded within 14 days of opening, the Bank may close the account.
  • If the balance is less than $10.01 and there has been no activity for 24 consecutive months, a dormant account fee will be assessed and the account will be closed. The amount of the fee is either the account balance or $10, whichever is less.

The Savings Account FAQs page answers many of the commonly asked questions. For example,

Can I add a beneficiary?

    Yes, you may add up to six beneficiaries to your account. If the beneficiary is a person, he/she must be a U.S. citizen.

The FAQs also states that,

You can move up to $250,000 per transfer.
This applies to both internal and external transfers.

Thanks to DA reader, tbc3, for the Forum post about Live Oak Bank’s latest Savings account rate increase.


Headquartered in Wilmington, North Carolina, Live Oak Bank is an internet bank with no brick-and-mortar branches.

The first step in establishing a new account is the Get Started page. There is no direct link to Live Oak Bank’s online application for new customers.

Clicking on the “Open Your Savings Account Today” button takes you to a simple form that requests your name and email address. As explained on that page, “To begin the account creation process, please complete the information below.” According to CSR, this is the first step in the online application process.

While Live Oak Bank’s online application is fairly uncomplicated, CSR emphasized that there is no "back button," so extra care is needed when filling out the application. CSR also stated that having a copy of your Driver’s License (or other government-issued ID) uploaded on your computer will insure speedy completion of your online application.

Bank Overview

Live Oak Bank has an overall health grade of "A+" at, with a Texas Ratio of 0.39% (excellent), based on December 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $539.97 million, excellent annual growth rate of 46.46%. Please refer to our financial overview of Live Oak Bank (FDIC Certificate # 58665) for more details.

A quickly growing institution, Live Oak Bank currently has $2.67 billion in assets and more than 24,300 customer accounts. In addition to just having marked its 10th anniversary, Live Oak Bank has another reason to celebrate. According to press release issued on Monday,

Live Oak Bank has reached a milestone in closing its 165th self-storage loan in December 2017 providing more than $350 million in loans to self-storage company owner-operators nationwide.

Live Oak was the largest self-storage lender in the nation in 2016, according to data from the U.S. Small Business Administration (SBA), and made its first self-storage loan in 2015.

How the Savings Account Compares

When compared to the Personal Savings accounts tracked by that are available nationwide, Live Oak Bank’s Savings Account APY currently ranks fifth.

The above rates are accurate as of 3/22/2018.

To search for the best Savings account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.

Related Pages: Wilmington savings accounts, savings accounts, nationwide deals, Internet banks


#1 - This comment has been removed for violating our comment policy.
#2 - This comment has been removed for violating our comment policy.
carly   |     |   Comment #3
I started a savings account there awhile back, but really don't like their online set-up. When I log in, all they want to show you is your monthly budget (for a savings account?)--seemingly no access to statements, tax documents, can't get to the rate page from accounts. Hopefully they will improve their account pages.
#6 - This comment has been removed for violating our comment policy.
Lucas   |     |   Comment #8
I have been reading many horrible reviews that require clients to upload driver licence, ss card, utility bill etc. Has this become a norm, I have not opened an account lately, that requires upload all this? Do you need to hand all the info when dealing with local bank in person? What I am thinking is could it be a few banks abuse their rights under the U.S. Patriot Act? I am tthinking about opening a joint account and it has stopped me from doing it.
DCGuy   |     |   Comment #9
I have come across several out of town banks that requested a scanned copy of an ID card or SS card. When applying at local banks, they have to see these items directly because of the Patriot Act to stop money laundering. If they cannot positively identify you, then the bank is supposed to close the account. No exceptions. 9/11 changed a lot of things. TSA did not exist prior to it. Several online bank application process use the credit report information to identify you, so they can skip asking for a photocopy of your ID.
DCGuy   |     |   Comment #10
"Prescribes regulations establishing minimum standards for financial institutions and their customers regarding the identity of a customer that shall apply with the opening of an account at the financial institution."
j-dawg   |     |   Comment #11
I opened an account today. Literally, took 10 mins to set it up.
lucas   |     |   Comment #12
What do you need to upload?
j-dawg   |     |   Comment #13
I didn't need to upload anything. i'd say just go try it out if ur curious. I opened up cd accounts
#14 - This comment has been removed for violating our comment policy.
#15 - This comment has been removed for violating our comment policy.
Live Oak Bank Once Again Pulls Ahead In The Rates Race

UPDATE March 15, 2018: Live Oak Bank has raised most its CD rates. New APYs in italics.

Deal Summary: CDs - 6-month (1.95% APY), 1-year (2.15% APY), 18-month (2.40% APY), 2-year (2.55% APY), 3-year (2.60% APY), 4-year (2.65% APY), and 5-year (2.70% APY). $2.5k minimum deposit, with a maximum $250k per account.

Availability: Nationwide (internet bank)

After increasing its CD APYs today, Live Oak Bank’s CDs are once again leading in the rates race. With the exception of the 1-year CD (which has held steady...

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Live Oak Bank Pushes CD Rates Upward
Deal Summary: CDs - 6-month (1.65% APY), 18-month (2.30% APY), 2-year (2.35% APY), 3-year (2.40% APY), and 4-year (2.45% APY). $2.5k minimum deposit, with a maximum $250k per account.

Availability: Nationwide (internet bank)

The month is ending for Live Oak Bank the same way like it began: with rising CD rates. Of all its CDs, the 18-month (2.30% APY), 2-year (2.35% APY), and 3-year (2.40% APY) are the most competitive. The 18-month CD is especially competitive after today’s 10-bps rate increase. Live Oak Bank requires...

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Live Oak Bank Ups 1-Year CD And Savings Account Rates
Deal Summary: CDs - 1-year (2.10% APY), 18-month (2.20% APY), 2-year (2.30% APY), 3-year (2.35% APY), $2.5k min/$250k max per account. Savings Account, 1.60% APY, $5m maximum deposit.

Availability: Nationwide (internet bank)

A week ago, Live Oak Bank (Live Oak) made DA news when its 1-year CD reached 2.00% APY . Seven days later, Live Oak is again grabbing DA headlines by increasing the rates (10-20 bps) on all its CDs. Any of the CDs can be opened with a $2.5k minimum deposit, and “the maximum is...

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Live Oak Bank's 1-Year CD Joins The 2% APY Club
Deal Summary: 1-year CD (2.00% APY), 18-month CD (2.05% APY), $2.5k minimum deposit. $250k maximum per account

Availability: Nationwide (internet bank)

Live Oak Bank is celebrating its 10th anniversary this month. What better way to mark the occasion, than by raising the rates on all of its CDs. The 1-year CD (2.00% APY) and 18-month CD (2.05% APY) are the most competitive being currently offered.

When I first began to write about Live Oak Bank’s CDs, the Bank offered a variety of CD Specials, which had limited-time...

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Live Oak Bank's Savings Account Is Now Top Rate Leader
Deal Summary: Savings Account, 1.50% APY, no minimum deposit, $5 million maximum deposit

Availability: Nationwide (internet bank)

Just a day after the Fed rate hike, Live Oak Bank raised the rate on its Savings Account by 5 bps to 1.50% APY on all balances. The Savings Account has no minimum opening deposit requirement and no minimum balance requirement to earn the stated APY. The Deposit Services Representative (DSR) stated the balance cap is $5m. In addition to the Savings Account, Live Oak Bank raised its CD rates,...

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