Live Oak Bank Reviews

Average Rating:
Based on 127 review

Adding Funding Account

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I've had this account for a while (since 2017.) My funding account was a credit union which closed operations in my town, and all the members' accounts were closed including mine. So I went with another credit union.

Well, I have yet to get LOB to accept my new credit union account for funding. I've tried a few times. I was told to mail a voided check. Uh no, I don't want to do that. That is too risky for me.

Well, the last couple of times that I've tried, they have a new system where you search for your institution by name and login to it. I was not a fan of doing that, but I did it. Yes, you login to your other account (username and password) from the LOB platform. I think it was called PLAID or something. In theory, it is supposed to help them verify, and then they will send you a couple of micro deposits.

The first time, no micro deposits came. I think that was the time I reached out and was told to just mail a voided check. I'm not doing that.

Time went by. Months maybe a year or more, I can't remember. I tried again. This time I actually got the micro deposits in my funding account. I was so excited. So I logged back into LOB, and there was absolutely NO WHERE to type in the amounts to complete the verification.

So again, more time has elapsed. I tried again tonight. I hope that it works this time. I can't get money in nor out of this account. And get this... I actually live in Wilmington NC!

I've never tried going to their HQ here in Wilmington. I'm not sure they are a retail bank like that. I've seen pictures of their facilities, and they have some sweet digs though. But as for showing up in person, I shouldn't have to do that. It's 2024 for goodness sake.

**Update** It seems that my review here was noticed by LOB, and a customer service rep named Tabitha called me the next business day. Tabitha was amazing, very friendly and understanding. I really enjoyed talking with her about all this. She is a gem.

But with all her help, I was again not able to receive any micro deposits. She suggested that I email a copy of my credit union statement to show that I am indeed the owner of that funding account. She even said that I could email her a redacted copy.

I still don't feel comfortable doing that. So I thought about it. I have a 2nd checking online account that I never use. It is a well known bank, not a credit union. So I decided to try to link that account to LOB. Well, PLAID wouldn't even let me log in to that account.

I don't think this is LOB's fault. This is a PLAID issue. I did some research online, and this sort of thing is a big issue with PLAID. Also, looking through the other reviews here, I can see it is a PLAID issue.

When my original CU closed down in 2022, I had to make changes to all my other accounts. Being the weirdo I am, I have several online HYSA, a couple of brokerage accounts, a Money Market, and the 2nd checking account mentioned above. They all were changed very easily, except for LOB and another HYSA from DSD.

DSD won't do an online verification at all for any secondary funding account. I have no idea why, but they want me to send them a voided check, which I'm not doing. But of all the accounts that did let me change my info easily, the common thing is that they did NOT use PLAID. They just asked me for my routing and account number, did the micro deposits, etc. So it has to be this PLAID system that is holding up my LOB setup.

So what to do? I have decided to just leave the money in there. It's not much, and it is earning interest. Maybe one day, PLAID will work, or LOB will move to a different system or do it like it was when I originally opened my account there. It's not a big deal to me. There's not much in there anyway. I will just try again in the future, maybe once or twice a year.

I will say that this bank has awesome customer service. Please do not let my experience dissuade you from trying them out. But if you've ever had trouble with the PLAID system, be aware that LOB uses PLAID. You can still get on LOB, but you may have to email them proof of your funding account.

Tabitha, if you read this, thank you again for your excellent customer service and for trying to help me. I really do appreciate it.

Oh, I also wish they offered an ATM card.

Awful Online Bank, Loaded With Bugs They Won't Fix

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iPhone app cannot deposit mobile checks. Can you imagine that for an online bank? Lots of other bugs and issues that they do not care to even fix. It's kind of mind boggling that an online bank would have such a crapp online experience. They do well in other areas. They just simply don't care to have their app and online site work well. Don't care to fix it. Don't waste your time or headache.

Red Tape Bank

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I should have known from the silly, time consuming application process that this would not be the bank for me. But I jumped through the hoops, in search of their (at the time) very good savings and CD interest rates, and their live customer service. What good is human customer service if the bank itself has the reps' hands tied with cumbersome and unfriendly procedures? I have a one person business and I travel full time. I can't even tell you how many times I have been unable to access my money because they've shut me off for some silly "fraud" thing or other (like asking for your balance at at ATM before withdrawing money - seriously, that gets a fraud flag). They're not open nights or weekends, and have no fraud department, and when you call the customer service people they can't even see any flag. The reps have to "reach out to the team" for the most basic answer, and when you complain they tell you the issues are because this is a "new product." Everything seems to require a verification letter. Transferring money to external accounts is always fraught with some kind of issue, and they always blame it on the other institution. But it was when I lost my wallet containing everything - all my debit cards, my IDs, everything - that I lost all hope that they'd ever straighten out. I requested that they expedite me a debit card, and they told me that while they could request that it be expedited, I should not realistically expect it for 10 days. I'm contacting a bank that has all my money, I've got about 10 bucks to my name, I'm 3000 miles from home, I don't know anyone... and they want me to wait ten days? There's no option to get it faster even by paying a fee. They offered to wire me my money but of course you can't pick it up without an ID, and mine was in the wallet I lost. Another bank suggested I add the card to Apple Wallet, but they had shut it off already so that wasn't going to work. My other bank gave me a virtual card to use with Apple Wallet and that's what saved me - not something Live Oak would ever have done. Their slogan is that they want to be America's business bank. How about you learn how to service business customers and stop punishing them for giving you their money?

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.

Liveoakbank Is Absolutely Terrible

Absolutely, the worst bank I've ever dealt with. They wasted so much of my time. In addition to all the problems in my first month, Live Oak Bank automatically closed my account because I do a small amount of international business. They didn't like that I get an occasional wire transfer. You know, that standard thing that all banks handle.

In addition to that, there's all kinds of "fun" surprises you'll learn once they have your money. Like, they restrict how and when you can move money around. They don't tell you this upfront.

I only found out because I transferred some money from a LiveOak account to a Chase account. LiveOak manually canceled my transfer between the linked accounts because "they didn't want it to move there". To be clear, Chase was a verified and linked account within the Live Oak system, and LiveOak would let me transfer the money to a different bank account, just not the one I wanted it to go to. I was told by their customer service rep that "as our relationship gets established, I'll have more freedom to transfer my money between MY accounts". WTF????

Anyway, this bank is way more trouble than it's worth. Don't waste your time, or they'll waste yours.

Too Little Too Late

After 5+ years as a customer I dropped them which I did not want to do but.... CD rates at 2% across the board except for the 1 year. There are dozens of others over well 4% and 5%+ now for 2+ years. Savings rate just upped to 4% when dozens of others are well over 4% and have been for months now while LOB languished for months on end at 3.50%. They used to be top 5 in rates consistently but as soon as rates began to climb LOB seems to be content to not even crack the top 20. Also their 7 - 10 day hold time (yes 10 days hold depending on what day of the week funds were transferred in) was not worth it anymore. Their Customer Service was always Stellar though for sure. I really do not know what happened to them (other than their stock price being down over 50% in the last 1 year). It WAS a really good online bank but I can see over the last 8 - 10 months they really are not going to do anything to separate themselves from the middle of the pack. I am sad to have left but my money has been working A LOT harder for me over the past few months.

Their Cds Interests Nosedived

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Their CDs interests nosedived from 4.6% to 4.45%. As Fed. increased rates, Live Oak reduced its rates, this left no incentive to invest in CDs with them.

Bonus Amount Not Reported On Form 1099-INT

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Just a FYI to folks who got the $200 bonus for opening a $25000 account at Live Oak Bank in 2022 - Live Oak Bank is not reporting that bonus in your interest income on Form 1099-INT for 2022.

I called them to ask about this and they said that the amount was not reportable since it is below $600. I don't think Live Oak Bank is handling this properly since all the other banks that have paid me bonuses for depositing funds have reported the bonus amounts as interest on form 1099-INT for the year that the bonus was paid.

So if you do your taxes and rely on the amounts that Live Oak Bank initially reported on 1099-INT there is a chance that Live Oak Bank will send a corrected form 1099-INT in the future forcing you to file an amended tax return.

A Good Bank Teetering On Greatness

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I have two HYSA business accounts and a personal HYSA with Live Oak. It is not easy finding a good bank that offers HYSA for businesses. Their on-line platform works flawlessly; their communications are always prompt; their transfers to external accounts are exceptional. I have transferred six figures from LOB to external accounts in the morning, and the money is in these external accounts the next day. Due to the nature of my businesses, that is important to me. What would make LOB a great bank is a more competitive savings rate. Its not bad, but not the best. I'm sure greatness comes with an economic cost, and perhaps that explains why LOB isnt in the top tier of personal HYSA.

A Good Bank With Timely Transfer Problems

I've had LOB accounts for several years and overall, I like this bank.Their customer service has always been responsive. ACH transfers are usually quick and easy. The current savings account rate (3.50%) is good but not great. Regarding wire transfers, they need to provide reasonable security without overcomplicating and delaying the process. I gave up trying to fund a new account at another bank via a LOB wire transfer. Providing an "account verification letter" for an account that hasn't been funded can be difficult.

Application Process A Nightmare

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I'm a 60 year old dude who sold his home and have money to invest that earns more than 0.013% from local banks. I have seamlessly invested money in, without problem. Because of FDIC insurance rules, wanted to diversify. Saw the good rates at Live Oak Bank, and gave it a shot. Submitted my application. First rejection e-mail received said my SS card was not acceptable, need to submit a photo of "color" SS card. What I submitted was "color", but it's 60 years old, right? It was color! So I resubmitted. Next rejection e-mail I received stated that the credit card invoice I submitted as proof of my address was not acceptable, as it was not a "utility bill". I am currently renting, after selling my home, and am not responsible for utility bills. Which is why I submitted my credit card bill. Hmmm.... which invoice do you suppose carries more weight? A credit card bill or an invoice from your waste disposal vendor? Regardless, Live Oak Bank, which should actually be names Dead Oak Bank, rejected my application. I'm done. These guys are amateurs. Put your money in

Currently A Customer

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I've been a customer of Live Oak for over a year. I have tried a lot of different online banking over the years, and I can say I find them very customer friendly. Contacting customer support for questions about CD's, transfer have been very smooth.
The only problem I have is that they lag behind other online banks for simple interest rates. But I do feel secure with them holding my cash.

Very Good Bank

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Recently opened a business savings account, and I have found the application process, as well as customer service, to be great! We have had no issues whatsoever! As long as this bank continues to be top-notch with a strong savings interest rate for their businesses, we plan to stick with them.

Friendly And Incompetent

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Customer service is friendly, polite, cordial and yes incompetent. Call at least 3 times w question to get two like answers to that question, before relying on an answer. Funds are welcomed and easy to bring in, transferring out, barricades and road blocks abound. Attempt a wire out, be prepared for for an array of hoops to jump through. As in: incomplete/wrong info from CS as to whats needed, letter from receiving institution verifying your account, written instructions to LOB sent by a secure web site to LOB, refusal of wire department to let me speak w supervision and as I recall a Docusign verifying the transaction. So I missed a time sensitive wire out of funds, costing me money. Certified letter to bank CFO and CBO about the Chinese fire drill at CS and the wire department--no reply.

I've About Given Up On This Bank.

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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.

Live Oak Bank Problem

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So I cannot open an account because in trying to confirm my primary/only email address, it sends a code to your email address first to confirm. Live Oak Bank can't send emails to addresses.

I phoned Live Oak and the attendant said yep it is a problem that has been reported to us in the past. We cannot send emails through comcast and therefore cannot open you an account

Convenient Savings With Good Rates

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I’ve had a high-yield savings account with them for years. Easy access. Great bank!

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.

Security Risk?

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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.

Late On Coupon Payment

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I bought a brokered CD from Live Oak through my Schwab account. The Coupon payment was due July 1st. Today is the 13th and the payment still has not shown up. Schwab is supposedly looking into it.

Does Not Work With Mint

Bank still does not work with Mint, when they originally changed to their new interface back in August of last year, I waited about 3 months to see if they would fix, they did not, so I withdrew all of my money from their bank.

Fast forward 10 months and they STILL do not have a working connection, that's unbelievable. I was considering taking advantage of their new rates, but won't even bother since that connectivity is still broke.

Very Good Customer Service, So Far.

I've had two interactions with LiveOak Bank Customer Service Reps, and was impressed with both individuals. They were professional, polite and quickly solved the problems. I've been with this bank for only a couple months, and so far, so good.

Data Collection TRAP--Avoid This Bank At All Cost

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A friend of mine has been with LiveOak for a few years so he recommended me to open a CD account there. My experience was horrible and I thought to caution others about what's going on there. This bank seems to be going downhill--big time!

It is an Internet-only bank, but is worse than a brick-and-mortar bank. Neither they have common sense nor they have technology to swiftly and expeditiously process an online application. My account opening took almost TWO WEEKS, and eventually I got fed up and told them to cancel my application. (If I had physically gone to a brick-and-mortar bank, this would have been over in half an hour!!) Their requirements are so onerous that it feels like they are treating you like a criminal!

I applied online on May 20, 2022. As per their requirement, I uploaded a copy of my driver's license and a copy of my utility bill. I didn't have my SS card with me then, so I uploaded a copy of it the next day. Then, by May 24, they had made two microdeposits in my external account, which I also correctly verified. Please note that their software asks you to provide log-in details of your external account!! (Yes, your log-in details!!) They do have an option to manually link the external account via account number and routing number, but they make it extremely difficult to find that option on their website. Luckily, I found it after some hard work!! I did NOT give them my log-in details for account at another bank.

Anyway, after all of these things, I received emails from their support staff that now they need COLOR copies of my driver's license and ss card, AND the most recent statement of my external bank account. (Remember that their application process does NOT require such color copies. Also remember that neither IRS nor our judicial courts require COLOR copies of such important documents.) Anyway, I had submitted black-and-white copies of DL and SS card during application, and had already verified their microdeposits. So, I decided to speak with the customer service to get their explanation of WHY they need such additional details. I got to speak with a manager who appeared to be well-trained in parroting the corporate talking points without any ability to cogently explain what she is talking about. According to her, such requirements are there to prevent fraud! (Seriously??) Because she did not explain HOW these demands prevent fraud, I had to explain to her that I am submitting a ton of my personal information to LIveOak, and I am giving money TO the bank, not taking money FROM the bank...Who is defrauding whom here?? I spoke with her on two occasions--May 31 and June 2, 2022--without success. All was a waste of time...They take so much time (counted in "business days" as per the manager) to respond to a simple query.

Sensing their rigidity, I eventually requested the manager to cancel my application and delete my personal information from their system and confirm the deletion to me via an email. She has promised me to take care of that--again--in a "couple of business days"! (They can't even close an application on the same day!!) Will update my review as to what I heard back from them and when.

Final thought: I am a foreign-born US citizen. If they requested all of these stuff from me because of my foreign-sounding name, then it will be clearly discriminatory and despicable. However, if they do this to ALL their new clients, then it is simply asinine and bad business practice in today's Internet world where other online banks can wrap up the whole thing in a few hours and WITHOUT any submission of documents. LiveOak appears to be either technically backward or intentionally fishing for more and more personal information from a customer. Either way, we lose! (Remember, they have NOTHING to lose in this fishing expedition...)

Anyway, although I wasted almost two weeks for nothing, I am glad I am out of this nonsense. If someone else wants to be a sucker, then it is his/her choice. I just can't keep satisfying their unreasonable demands. There is a limit to data collection...I will keep the readers posted of how fast they close my account and how securely they safeguard/destroy my personal information. AVOID this bank at all cost...There are many equal or better alternatives online.

LOB Stock Down 60+%

While the competition is down ~30%, LOB is down twice that. Should we worry?

The Only "Internet Only" Bank I Trust.

I have been with Live Oak For a while now. I have never had a single issue with the bank. I have both savings and CDs here. Their savings rates are always at the top of list and the CD rate blow away the competition. The latest app has issues remembering fingerprint login. Rates are easy to find on the website and they are quick to react to fed changes. It's too bad they only offer savings products for personal customers, as this would be my main bank if they offered all services.

From Very Good To Very Poor

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I opened an account with this bank in the fall of 2017 largely because it had one of the highest rates I could find. During the subsequent (nearly) 4 years (up until the August 23, 2021 "upgrade") I was very satisfied with this bank. Granted, interest rates gradually fell (as did those of other financial institutions), but still remained "near the top of the pack". I accessed my account totally online to park my reserve savings and was able to easily move money to and from my other financial institutions. Customer service was easy to reach and friendly. The website gave me all the information I needed (ie: routing number, interest rate, etc.),
That was BEFORE the "upgrade". Now things have "gone down the toilet". The website is totally "bare bones". You can't find the current interest rates, their routing number, and little meaningful online help. They place a longer time delay on financial transfers, and don't keep up with current interest rates (you can find rates 40% higher elsewhere). The only thing this "upgrade" (more properly labeled "desperate cost saving measure") has accomplished is to funnel more of your hard earned dollars into the pockets of those in charge of Live Oak Bank. I recommend finding another financial institution to lend your money to.

Not Disconnected

Just tried the phoe number and it works ....

Phone Number Is Disconnected

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I tried to contact this bank on behalf of my mother. Phone number 866-518-0286 listed on the contact page is disconnected. Another number found on google search 866-438-9393 is also disconnected! There is no sign in button or dialog box on the How can anyone get their money?

Bait & Switch

What a Joke. Opened a CD account online at 0.75 percent. Five days later I received a telephone call from Live Oak customer service stating there was a problem opening the account online and I needed to cancel my application and try again. When I did this I found out the interest rate had dropped. I questioned why I could not get the interest rate that I had when I first applied online and the answer was " sorry" the interest rate has dropped.

Must Have Cell Phone To Use!!

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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.

Great Experience With Live Oak Bank

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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.


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Absolutely infuriating. I am a banker myself and I am absolutely appalled at this company and how it treats its clients. I opened an account due to the high APY. Month after month they drop my interest rate by .05-.10 percentage points. This is perhaps the most deceitful financial institution I have ever dealt with and they should be investigated for "bait and switch tactics." It is NOT normal for a financial institution to constantly lower its APY... this is typically done an an annual or semi-annual basis and is based on the current economic conditions. With an economy that is booming, it is absolutely mind-boggling that this "bank" would be lowering its rates month after month. I will be closing my account as soon as it's a zero balance.

Bait And Switch

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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.

Live Oak Bank ~ James Pate

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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.

Excellent Follow Up James Pate! Your Awesome!

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Excellent additional Customer Service provided me by James Pate! I will for sure come back to this Bank no question! Its hard to find just simple GOOD Customer Service! But with Live Oak it's happening! might I add...Kelsey deserves a raise and does James Pate!


Just Go To A Credit Union

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Let's get it out of the way that Live Oak has one of the worst user interfaces I have ever seen: the accounts do not update accurately, nor is it user-friendly by any means, but the greatest issue I've had is how inconsistent the transfer process is. Live Oak has no problem taking payments from external accounts on time but as far as transferring from Live Oak it is hit or miss that your other account will receive funds as scheduled.

If you are going to set up the account and forget it, Live Oak is fine, if not overhyped as I've gotten more competitive rates from credit unions. If you actually need to use your bank or want to transfer between savings accounts, find something else. I'll be closing my account.

Poor Hours Not Worth The Benefits; And Other Comments

The actual "real person" people were okay during their selected business hours, but the hours are not good. One would think that , with the money they are saving by not having any branches near me, they could have 7-day, 24 hour customer service on line or by phone, or something like that.
They only have Mon-Fri hours; and no late-hours. The site was not easy to navigate, and if you get stuck, you must wait until the next business day to find someone to move along the CD process. Moreover, I did not like the way they set up an external bank, using that "Plaid" system. They seem to bring the external bank into their site; and I don't like that occurrence. Why not a simple transfer with routing number and account number? For the few dollars I gain, it's not worth trying this bank; I'll stick with one of my established banks for CD's; where I can work with live people on the weekends.

Impossible To Create Account

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Keeps asking for and then asking for changes to but then not accepting security codes, login codes, passwords, around and around the same sites repeatedly. Could not straighten out with customer representative. I retired from the banking business
and do online banking without many problems elsewhere.

Trouble Transferring Funds

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I started the process transferring of funds from my Live Oak Bank savings account to a large bank in Houston, TX on Monday, March 15, where I have had an account for 23 years.. I went through the trial deposit experience using the website and reported the amounts. When I tried to transfer the funds I was told I needed verification because it was a new account. I have had a CD account with Live Oak since 2016, but the savings account was a place to deposit CD funds because CD rates were so low. That information established, I tried again. This time I was told that they needed an electronic bank statement from the receiving bank. By then it was Wednesday. I sent the statement. I called back today. I was told that the transfer will occur either tomorrow or Monday. I have transferred funds from 2 other online banks this week, one with a new account. I didn't have to go through all this. Very frustrating. Were they trying to keep my money, a fairly substantial amount? Monday will be the 6th business day since I initiated the transfer.

Not Recommended

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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.

Look Out Below! Rates Falling, But No One Around

I've been had! Signed up for an account with Live Oak Bank with banners on nearly every page promising 1.75% interest, but it seems by the time I clicked submit to fund the account, it had dropped nearly half a percent. Despite more banners showing what you'd get than with any bank I've ever seen, it never came close to the promised amount. Numerous emails to them were completely ignored. Eventually, I called and was told "Well it was a variable rate account" and "We answer emails everyday as part of our jobs". I expressed my disappointment and was told I'd need to talk to another customer service rep before they could close it. I reminded Jennifer that I'd requested in email some time ago to close the account, and was eventually told they'd accept that in lieu of the added interview, but would not send me any confirmation of the account closure. Why do I have the feeling this will continue to be a nightmare? If you sign up with them, be prepared for whiplash and a nose bleed due to falling interest rates!

Such A Bizarre Bank

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I opened a savings account because of the rate they offered at the time 1.70%... well that did not last long, several days later they lowered it to 1.55%.

During the signup process one security question was unusual. Which of these streets is close to the street you lived in back in year xxxx?
From the options given there was no way to select "none of the above". In my case none of the streets given was near nor do I ever remember seeing any such streets. I even pulled Google maps to no avail. I just picked one randomly and I was still able to open the account.

Creating a user account was a chore. Plaid would hide the account number until you allowed it to link to an external account. Fighting Plaid to let me bypass it was impossible. Even when I followed another users instructions, some of his suggestions to do certain steps did not exist. There was never an offer from Plaid to help as he stated.

I finally gave up and let Plaid link to a seldom used checking account that I have with less then $10 to complete the signup process. I then linked from my preferred hub F.I. to Live Oak Bank. When the accounts linked I was able to delete the external bank link created by Plaid.

The most bizarre thing and the one that bothers me the most is that the Transaction Summary is not updated daily, but instead after several days in my case 5 or more days later. The total in the account is correct but it never shows you who or what the source of these funds was until days later.

With the now lower rate offered, and the transaction not being updated daily, I'm moving all funds out and closing this account.

Customer Service Via Telephone Call Great

A very Super helpful lady that I could totally understand.

PLAID Funding System Does Not Work

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Got thru the timed security questions - half of them required a "Not listed above" answer. The one about the closest road was a main road several miles away!!!
They use a new funding system called PLAID. It tries to log into the account you want to withdraw the money from to validate the account. Took my login info fine but then wanted me to enter a text message code it sent me. Chewed on it for quite a while and failed. After that I was locked out from retrying or using a different bank
Wish they still used the old test deposit method.
Also there is no way to set up a joint account when creating the account.

No Way To View CD Principal Amount

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When you log in and look at your CD on their webpage, there's no way to view the principal amount. What you see is the current value which includes principal plus accrued interest; and of course that changes every day. I phoned and asked them: when the CD matures and principal is returned, how much money will that be? They couldn't tell me.

A (Mostly) Good Experience So Far

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After doing a fair amount of research, I opened a Live Oak account last Saturday.

The process was fairly smooth, although when it came to answering the 4 random questions to verify who I was, one of the questions asked me in what city an obscure side street is located. I knew the answer (the city in which I currently live), but only because I happen to briefly date someone who lived there a decade ago. (That was easily the most obscure question I have ever had to answer to open an account.)

The application process now warns people that the questions must be answered in a limited amount of time, but fails to say how much time, which is really annoying.

The final part of the application process was to link an external bank account to fund my new Live Oak account. As other people have stated, you will be prompted to enter the user name and password of the external bank account you want to link.

I consider that option to be strictly unacceptable. Anyone who is tempted to do that really needs to ask themselves if they understand the basics of internet security. That information is gathered by some obscure company called plaid, which has existed for less than 10 years. Do you really think it is a wise decision to give some startup company your banking credentials?

I looked for an option to bypass that request and do the standard micro deposit method which I knew Live Oak supported. I finally gave up, wrote an email to customer support (which is only open Monday through Friday) asking for a way to bypass Plaid and instead use micro deposits, and then went to bed.

The next morning, I decided to try bypassing Plaid again, and eventually found a way to trigger the micro deposit option. (To bypass Plaid, do not exit the dialogue attempting to force you to use Plaid. Instead, just skip past every offer to "help" you select your bank, and eventually Plaid will give up and allow you to do micro deposits.)

On Monday morning, I got a response to my email to customer support. Instead of providing me the information I wanted, it just told me that Plaid was the Live Oak preferred option, which I already knew by how much Live Oak was trying to force me to use Plaid. A nonconstructive response by customer support is not a great way to start a business relationship.

This morning, the micro deposits appeared in my primary bank account, and it was painless to enter the values and complete my account creation by funding my account.

I called customer support on the phone, and asked about the statement cycle (which is thankfully the standard first/last day of the month), and the ACH transfer limits ($250,000). The wait time was minimal and the customer representative was great, which makes up for the failure of the email support.

All in all, not a perfect start, but I have certainly had worse experiences.

Avoid Live Oak

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After jumping through many hoops to open a business savings account, I was told that their "Loss Prevention" team did not want to do business with me. That was after I deposited a large sum of money with Live Oak. They are impossible to deal with and are not returning my money in a timely and professional manner. Avoid this bank!

Not Worth It; Run!

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Good luck trying to get your money out. Was told it would be faster to just initiate a pull from another financial institution rather than rely on them to release the funds!!

So I when I went and tried to link my account to another institution (who uses Plaid to do instant verification), Live Oak Bank was not an institution that it could connect to so you have to resort to waiting for deposits to be made and verify them.

Usually not a problem, but 4 days later, I still don't see the deposits. Their entire savings platform is built on top of Salesforce, so I don't know what sort of hokey thing they are doing but what a pain in my rear!

Incompetent And Irresponsible

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An 18 month CD matured and they transferred the balance to a savings account. A week later I requested an ACH inter-bank transfer to another bank, and arranged this with them 3 days before they were to do the transfer. There was an urgent need for the funds to be there on time after the transfer date. But the night after the transfer was to occur they sent an email saying they are unable to process the transfer. I was distraught with worry all night because I would suffer a penalty if the funds were not delivered the next day as they promised. When I finally spoke to them the next day, they gave a phony excuse that the savings account was new. Yes it was newly opened 10 days ago to receive the same funds that had been there for 18 months! I'm not a new depositor and this wasn't new incoming money. They full well knew who I am and if they wanted to roadblock me they had 3 days beforehand to do it. Also, be forewarned that they place a hold of 4 or 5 business days on any deposits received by ACH transfer from another bank. Ally and Sallie Mae Bank free up those deposits after one day.

Ridiculuous Hassle To Get Your Money Out

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My CD is coming due, and Live Oak requires me to give them the login credentials at my other bank in order to ACH the funds there. That's absurd, there is NO reason to have to provide that to set up an external account or do an ACH transfer.

Basically, they WILL NOT give me my funds unless I give them the login credentials at my other bank.

Will never use this bank again.

Live Oak Bank - Excellent Rates, Service And Website

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After using Live Oak Bank for a few years, I figured it was time to provide some feedback to the community:

Over the past 2 years, Live Oak Bank has remained competitive with their interest rates - sometimes tops sometimes not, but reasonable. As a result, I don't have to worry about continuously monitoring and chasing rates - saving me time and stress that I had when utilizing other online banks. In addition, I can use either the LOB website/app to deposit and withdraw funds, or have them pushed/pulled from another institution using ACH - a feature I use often.

I have only had 2-3 customer service interactions, all via messaging on their website. Fast response time and excellent customer service.

I really enjoy both the Live Oak Bank website and the Live Oak Bank app. Easy to navigate, view interest rate, account and routing numbers, rename account "nicknames", transfer money, and more. My favorite feature is that they allow you to edit CD renewal preferences online easily, changing maturity instructions with ease. It is a huge incentive to why I open additional CDs with them.

There are a few things I wish they would integrate:

1. Electronic 1099-INT Forms (historically these are sent via physical mail)
2. Fix a few minor app crashes, such as when changing CD renewal instructions (needed to edit via website instead of app)
3. Add Interest Accrued / Interest YTD on the website - I like this feature at other banks so I can see right away how much interest I have paid without needing to go into statements.

Other than that, I have had a great experience with Live Oak Bank and would recommend them to anyone looking for a competitive online savings account.

Impossible To Log On To Account

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I purchased two CDs from this bank because they had some good rates. When I tried to log on to my account, there was some problems with my web browser. I called for 3 days in a row and no one was able to correct the problem. I have an account with them and I want to purchase more CDs from them but it is impossible to log on to conduct business with them. Really bad for an internet only bank.
Also I wanted to add my wife as a co-owner but they said she had to have her own email address to do that. She only uses my email to conduct business so this makes it more difficult to do business with them.

Easy Application, Prompt And Efficient Customer Service

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I had a heck of a time opening an online savings account, partly because I have a fraud alert on my account, and partly just because that's the way things are! Live Oak Bank came through quickly and easily.

I tried HSBC Direct which made me fill out a huge form only to just simply say "nope".

I tried Vio Bank and had to go through a manual override process that they never followed through with after over a month of waiting.

I tried SFGI Direct. They confirmed they received my application. Then, crickets. They didn't inform me that they don't accept applicants with fraud alerts on their account until I waited several weeks and called them.

I was able to completely open my account with Live Oak in less just a day.

Like another reviewer said, they ask some weird questions to identify you, like what hospital out of 5 is closest to you. Since I didn't recognize any of the hospitals they listed (none of them were the closest hospital to me), that part of the ID process timed out, so I had to upload some documents. I had to call CS a couple of times to clarify what type of documents to send them to verify my identity, but they responded and acted quickly, and the upload process was easy.

I haven't tried their full banking features yet, but the interface seem good and the rate for their online savings account is competitive.

I'll update the review if anything goes awry, but so far, I'm super-happy with the experience and customer service.


Just moronic. Undisclosed timed questions about what streets and hospitals are close to you? Is this a joke? They obviously are not looking for a steady increase of customers. Incidentally, such questions are NOT going to prevent a scammer/hacker from answering them correctly. They're only going to confuse the hell out of legitimate customers and waste their time unnecessarily. I'm already with 4 other financial institutions, opening an account should not be like pulling your teeth out. I don't mind being asked real questions that I would know, but these are truly pointless questions that have never been stored in my memory. Like most people, I only remember major roads near me that I actually USE.

Good App...........................................................

good app.........................................................

Security Verification Inconvenient (Make Sure Google Maps Is Ready!)

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As someone else stated,their identity verification questions are inconvenient. I didn't want to get the question wrong about the hospital locations, so it took a couple of minutes to verify, and due to the time sensitive questions, it locked me out and requires three (3) separate forms of ID, one of which is a social security card. Out of principle, I don't appreciate a runaround. Going with a different bank.

Easy Process.

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I followed the online process to open and fund a one year CD last week and every step was very clear. I called by phone once to make certain that everything was in order and their representative "Abby" was very knowledgeable, professional, and personable and my account was quickly funded. Easy Peasy.

Good bank

Couldn't be any easier from typing in info, linking accts and adding my wife as co-owner. Outstanding rates, solid ratings and great service. I am a fan.

This Bank Understands The Real World

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Easy, seamless application process. These guys are in touch with reality. No complicated pointless BS.

Be Prepared With Google Maps To Open Your Account

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Their identity verification questions are so annoying. What 30 something year old knows off the top of their head what hospitals are closest to them?! And not telling me the questions were time sensitive?

And then to ask for 3 separate forms of ID, one of which a lot of renters don't have?? Way too much hassle for a 0.1% boost, especially because if you've put this little thought into your customers first impression it speaks badly for how future stuff will be. I'm going to stick with my other banks that had spent two seconds thinking about customer experience.

Live Oak Bank Is Tops In On-Line Service

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Upon retiring I had to make my money work harder for me, I built my CD ladder at about a dozen banks and credit unions that were offering top rates.

They all had pretty much the same account opening processes, but that is were the similarities ended.

Once your first CD account at Live Oak Bank, adding a second / third.... takes under a minute and is painless. Most other banks make you go through the whole opening process again, taking days. Its like they don't even know you.

At LOB, you can control virtually any aspect of your CD online with ease. Beneficiary / Joint Owner / Monthly interest can be sent back to your home bank, what to do when the CD matures, etc. Other banks require a call to their customer service, exchange of forms through the mail, it's an unnecessary bother.

All of LOB's great online service would not be with it if their interest rates were not at the top of the heap, but the consistently are. It's a win / win situation for CD investors. Top rates and top customer service.

Little wonder why most of my money goes to work at Live Oak Bank.

Super Easy To Open A CD

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I opened a CD in Dec 2018. It was by far the easiest and done in less than 10 minutes. The bank allows monthly interest transfers. Very easy process and professional.

Savings Account Rates

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I have had several CDs with Live Oak Bank with never a problem. I am considering opening a savings account, but wondered one thing. Each time they raise their interest rates on savings accounts, will already established accounts be raised at the current rate?

Easy Sign Up

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Read through negative feedbacks and called CSR. He walked me through sign up process. No soft nor hard pull on your credit. Not a concern if you have your credit frozen at three major reporting agencies.

Decided to give it a try. To my surprise, it was quite simple and straight forward. It may be somewhat difficult if you are not used to online banking. As CSR explained, if identification questions are answered correctly, sign up process shall be easy.

Adding a co-owner requires three pieces of identifications. This is different from other online banks.

Let us see how long will it take to fund my account.

Good Experience

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Good experience in online account setup and funding...

Too Little, Too Late.

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I don’t know why some online banks look to want to be competitive but yet allow themselves to fall off the radar screen for the longest time. Online shoppers like myself are some of the most proactive and alert clients out there. We consistently check the interest rates on a regular basis on google and websites like this to be sure we are not missing out on good deals. Live Oak bank once offered the highest available rates back in the days of 1.5%, but then they sat around for a long time languishing at uninspiring rates as other banks readily increased their rates and passed them by. And I’m not a fool to chase banks with the highest rates every other week which rest on shaky foundations and provide poor customer service. I’m talking about shopping banks with a strong foundation which offer high rate and I can feel comfortable with. While LiveOak Bank is a good bank, there are just as fine choices out there to choose from with substantially better rates. Once I do pull the trigger and go ahead and transfer 100K or 200K out of that bank stuck at the low rates to put it with a PurePoint or Cit Bank savings account, there is little reason for me to go back to that smaller bank. If a bank is desiring to cater to the locals of a town with their brick & morter bank branches, then this makes more sense to me. But as far as online interest rates, their finally raising rates to 2% after many months of lower rates is a yawn and a matter of offering too little too late. There is no reason for me to leave banks at 2.15% who also have a history of raising their rates sooner than later.

Satisfied Customer

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I've had a savings account with them for a year now. The website and app work well. You can sync external accounts if you'd like, though the balance info sometimes takes several days to update. I had to call them once to do a wire transfer. There were several layers of security and they double checked everything, including calling the recipient to verify the wiring instructions. Very thorough and secure.

Solid Online Bank For Business Accounts

I went with Live Oak for my business savings account & CDS because there are very few online banks that accept business accounts. They have a nice website, mobile apps, competitive rates. They do not integrate with QuickBooks but that is OK since the accounts do not have that many transactions.

Easy Enough

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I have a few bank accounts for various reasons (mostly the benefits associated) and opening a Live Oak Bank account was just normal compared to others. I'm not sure why people have a complex relationship with a bank set up primarily for savings and CDs. Deposit money and let sit. So what if it takes a few days to deposit? Whenever I transfer between my banks it takes several days, just expect that. If you need immediate trx, maybe try a bank enrolled in Zelle (and look up horror stories about money going to wrong people and never coming back).

I like them

I like this bank because they are helpful when I have a problem no matter what they even help on line when I need them to help out even on Saturday

More Trouble Than Its Worth

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When I began filling out the information to open new savings and CD accounts I thought the complainers were wrong and that it wasn't any more difficult than Synchrony, Ally, and other banks I use. Now, I too know why people have difficulty. When I set out to verify my identity all went well until they asked me to click on the street nearest my home from a list provided. Problem was that, although I have lived in this neighborhood for 38 years, neither I nor my wife recognize any of the streets listed and there was no way to give that response. Quickly, the screen went blank and I was asked to provide photos of my drivers license and other documents to prove my identity (using equipment I do not possess). I tried phoning them to see if there was any alternative. There was not. So, like others I'll remain with Synchrony and Ally where life is simple.

Highest APY Online savings account.

Live oak provides a feature-rich, modern banking experience for the savvy customer who wants the highest possible APY. If you want someplace to store some cash and not lose all of it towards inflation all the while dealing with a fresh and modern app and website, Live oak is probably what you're looking for.

One Of The Best

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I've had a savings account with Live Oak Bank for 1 year now and have had no problems. They are very good at staying at or near the top on their savings/cd rates and are one of the most trustworthy banks on the net. Their website is also top-notch.

Routinely the best savings rates in the country

I have a savings account with Live Oak Bank. Opening an account online was simple. They have very responsive online staff that you can leave chat messages for at any time and I really value not having to call banks and wait in hold queues. They routinely have the best the best savings account interest rates in the country and have no minimums or fees outside of the usual for bounced items. Really can't lose with them.

Great customer service.

I've been banking with Live Oak Bank for three years. The employees, tellers specifically are why I keep going back. I believe they have good rates and good people. I have 2 CDs with Live Oak and so do my parents. I only use this bank for investment related matters. I don't use it for checking because there are relatively few Automated Teller Machines across the nation. I've always felt very welcome at Live Oak and I'm receiving around 2.5% on the CDs. When they mature, I plan to reinvest the compounded interest.

Interest Rate Increase!

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Several internet banks raised interest rates on their savings accounts by 20 percentage points following the Feds rate hike. Why doesn't Live Oak Bank do the same?!

Excellent CD Rates

I chose Live Oak Bank for a CD because their rates were excellent. I wanted a two year CD, and I shopped around for the highest interest rates for quite some time before deciding to go with them. At the time, the rates on CDs were very low. Most banks were only offering 1% or less for two year CDs. However, Live Oak Bank offered an interest rate of 1.25%, which was the highest I could find. The process was very simple, and the customer service at the bank was great. I thought their website was not very user-friendly, mainly because it was so simple and some transactions could not be completed online. But, that could have changed since my CD has now been cashed out. I would certainly open another CD account with them because my experience was positive.


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I just opened a money market account with Live Oak Bank and I had my concerns considering there were a few 1 and 3 stars.

I feel that the process went very very smoothly for me. I opened the account on a Monday and by Wednesday afternoon, everything was approved, confirmed and my funds were already showing.
I called Live Oak Bank this morning to ask about my incoming funds since it still showed a $0 balance but they assured me it would show up the next day or two (which it did). It took less than 5 minutes for me to speak to an agent.

I also feel that the user interface for both the website and the mobile app is very user friendly.
Linking to my external accounts were also fast and painless. One area where I did cringe a little was having to type in my username and password for my external accounts that I wanted to link. Maybe they should have some text somewhere obvious that says the username and password is never stored.

The current money market rate at Live Oak Bank is 1.7% which is very good. I found other online banks offering 1.85% to 1.75% but they only had a B to B+ health report. Live Oak had an A+ which was reassuring.

Overall Im very satisfied with Live Oak Bank so far.

Experience with my bank

I have had good and bad experiences, personally I like this bank for the customer service they give me, it is very personalized, the service is very good, it shows that their staff is highly trained. Also note that they offer quick solutions to problems, the only thing I could say that has made bad experiences is the protocol that they have at the time of offering a resource because that generates arrears many times. Now out of all this if they offer a good service, it seems to me that your cups of interest in some things are not so high and are somewhat accessible, for which I highly recommend this bank, I also recommend it because it offers savings plans excellent, which many banks do not offer.

Smooth As Silk Except For Me

No problem using the website to sign up for a CD. Unfortunately, I listed two different dollar amounts on two consecutive days and that had to be cleaned up.

When I called they were busy, but I left my phone number and they called back within 15 minutes. I used the call back system a couple of times and Live Oak does call back promptly. Sure beats holding on the phone.

Best of all, the representatives had wonderful southern accents which made it even more pleasant to clean up my error.

The link up with my funding bank was simple and worked well. They are an easy ban to work with and have very high CD rates.

Excellent Banking Experience

Opened an account with them to take advantage of their savings rates. Fast and easy process. Very satisfied with my banking experience thus far and have recommended to family and friends.

Fast Account Verification

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I just opened a business savings account and uploaded the final 2 documents required (articles of incorporation) late PM PST ... by 8am PST the next morning my account was active and ready for funding. I'm leaving this review because I had read their approval was slow but I didn't experience this ... so far so good. Looking forward to sweeping my biz deposits at Chase over to LOB. 5 stars for now as everything has been smooth.

Opening CD Account At Live Oak Bank

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I spent several hours today trying to open an account with Live Oak Bank. My wife has a CD account there already, opened over a year ago. However, funding now require giving the login and password of the funding bank which I would then change afterwards. Since I do a lot of banking with the funding banking and theft through computers is a big problem, I stopped there. Withe every other bank, it has been providing the ABA number and my bank account number. That is sufficient for ACH transactions. I have no idea where this ridiculous idea came from. BTW, going through the whole process is not easy, just the opposite - very time consuming. The high rate is not worth it.

So Far, Easy As Can Be!

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So I read about the personal savings account last night offering more than the usual whopping 1/4 of 1 percent that I get from my credit union and decided to give Live Oaks a shot before reading the reviews. Part of it is that I despise the big banks and part of it is that I live in NC so wanted to show a relatively local (still 3 hours away) bank some love.

I went through the process to open an account online and it couldn't have been easier. All my credit reports are frozen so if they checked any of those, it had to have been a soft pull. They asked me a series of 5 multiple choice verification questions such as which of the following people do you know, what street is close to (a street that I used to live on), where did I live in the year (I was born). I had no problems with any of those and was not asked to supply copies of my SS card or DL. Perhaps it is because I have lived at the same address of over 2 years or local to NC or a natural born citizen. But none of the other problems others have talked about.

Initiated a (small) transfer from my primary bank but called this morning to inquire about having part of my paycheck direct deposited. Bracing myself for a long hold time, I got right through -- without having to endure the endless voice prompts that you have to go through to call any other bank. Again, perhaps it was in the morning when fewer people might still be commuting. But person who answered was very pleasant and gave me the information I needed with less hassle than the "too big to fail" banks... I even sent an inquiry via the website last night and had a response within 12 hours.

I'm not a big investor -- I just wanted a bank that was out of the way where I could stash my rainy day fund and let it grow a bit (out of sight, out of mind). I think Live Oaks will help me achieve that purpose -- especially since I can direct deposit into them and those funds will be available immediately.

It won't be my primary bank... but that's not what I'm looking for. It is a place to park some money on a regular basis, forget about it until I need or accumulated enough to move to another investment vehicle.

So, given all the bad reviews I read, I'm very impressed. I'm beginning to think that the other reviews were posted by individuals who have an overly-inflated sense of entitlement and would rather sacrifice security for convenience. In light of the Equifax breach, I'm more than happy to do business with a bank that exercises an over-abundance of caution.

Frustrating And Shady

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I decided to open an online savings account to help me save a little more towards Grad School. Opened up my account at Live Oak with no issues, made a deposit from my checking account, no problems. Attempting to access my account online, however, was a NIGHTMARE! Required verification via email or text message every time, even though the site assured me they were going to verify my device. Downloaded the app and couldn't verify because every time I switched screens to retrieve the code they sent, the app reset and had to log me in again!

Then, I notice my account is $0. My funds were deposited on the 16th of this month. It's now the 23rd. Well past the mandatory4 day waiting period. I call them up and after arguing with the woman who wanted to verify my account via email or text (I was on my cell phone and not at home... so how was I supposed to receive these notifications???) after I had spelled my name, given my DOB, last 4, address. Finally, I got the CSR to tell me when my deposit would be available- the 26th! Asked why ten days and she had no real answer. I asked why the FAQ stated 4 days and I was waiting 10 days, she had no answer. Supposedly I will be getting a call from a supervisor.

The excessive amount of verification leads me to believe they have had issues with others accessing accounts in the past. The entire experience feels shady to me. I will be pulling my money, closing the account, and going with Ally bank, who I should have gone with in the first place.

My personal Experience with Live Oak Bank

While I no longer have accounts with Live Oak Bank, I was with them for some time in the past. Overall, I am happy to share that I had a good experience using them as one of my financial institutions. I had both a personal savings account and a CD account with Live Oak. I found that the interest rates were on par with other banks at the time (I did research, I never jump in blindly) and over time, trusted them enough to invest more money into those accounts.
I've had to deal with customer service with Live Oak on multiple occasions and can honestly say I was satisfied with my experience. The representatives were helpful majority of the time and always did their best to answer questions. I can recall one bad experience with a new rep, but I chalked that up to her not being properly trained. However, she was quick to refer me to someone else who could assist me further.
I would have stayed with Live Oak longer, however I found a local bank when I relocated that offered an interest rate for my accounts that was slightly better. I would easily refer friends and family to Live Oak Bank if they were ever in search of a financial institution they could trust!

So Far So Good!

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I recently moved my online savings to Live Oak from Capital One to take advantage of the higher rate and no minimum. The process was quick and easy. I emailed a few questions regarding their CDs, and received a prompt reply the next day. Since then I've opened several CDs, as well as added a joint account holder, all with no issues. Thus far, I'm a happy customer.

Satisfied Customer

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I have opened two CD's with Live Oak Bank. I have been very satisfied with them. I will continue to use them. When I call them and they can't answer, they return the call very quickly. I am happy with them. Customer Service is very friendly.


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By far the easiest and fastest process to open a CD I have ever encountered. Easy input, no deposits back and forth, great communication each step of the way. As long as their rates remain competitive, I'm a customer. Great Job!

ABYSSMAL Signup Process

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Tried unsuccessfully to sign up three times. Email to verify my email address comes, and when I click the link, the portal opens, but no matter WHAT combination of LETTERS AND NUMBERS, over 8 characters long, the process FAILS, with the same message. Called customer service, was told to follow the password rules, which I HAVE been doing. He even said maybe try adding a special character, which I did, and it STILL FAILS.

Sorry, you lost my business. Get your act together!!

A Satisfied Customer

Highest rates and A+ rating!
I first opened a CD account in April 2016, so am not new to Live Oak Bank.
I recently opened a 1.60% savings account.
I find the customer service reps to be pleasant and accommodating. Yes, the telephone wait can be irritating, but there is an option to have them return your call. They have always done so.
Another complaint that I read on Deposit Account reviews is that it takes a few days for deposits to be credited. My recent experience is that my deposits are credited the same day that they leave my local bank, which is better than I expect.

Consistently Good Experience for 8-9 Years

I've been banking with Live Oak Bank for the last 8 or 9 years. I lived in North Carolina for a while, where their home office is, and stopped by a branch. I felt like I got a better experience there than I did at one of the big chain banks like Bank of America or Chase. The people were very friendly and helpful, but I felt like the online service was great. Their web portal has always worked very well for me and everything is laid out in a way that it's easy to find. The app allows for a similar experience. It's a little jumbled for my taste, so I tend to stick with the online resource via my laptop as opposed to the app on my phone.

I haven't felt like any of the fees were outside of the norm for both a savings and a checking account. I've enjoyed speaking with the customer service representatives and they have always answered my question or called me back with a solution within one business day. I was with Chase while I was in high school and college and had a very hard time getting with someone who could solve any issues I had, so this was a welcomed surprise. I'm not going to sit here and say that I felt like I was apart of the family because at the end of the day it was just a service, but I really have had nothing bad happen while I've been with this bank that would make me feel like I should look at any other companies.


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. This is everything you would need for identity fraud. I don't like all of this floating around out there. They claim it is part of a law yet no other bank does this.

Looking for a explanation from them here.....

Do Not Recommend: Poor Customer Service

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Sure they have great rates (which is why I was willing to give them a shot).

I followed their instructions but was unable to get my external savings account authorized for funding transfers (there are no options that I could find where you could enter in the deposit amounts).

However what really concerned me (prompting this review and also my complete withdrawal of doing business with this bank) was the utter lack of resposnsiveness from their customer service department. In 3 straight days of constant attempts, waiting on hold for long periods of time, I never was able to call and talk to a single representative from this bank. I attempted leaving a voicemail (no response), asking for callbacks (no response) and returning back to the online account message board (they started off ok but never responded to my repeated attempts to reach out).

Thus I can't recommend doing any business with this bank. if I can never get a hold of anyone there from the beginning, why would I trust them with my money when I really need access to it?

Hmmmm.... I'm Starting To Wonder.

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When I opened my online savings account with Live Oak Bank back in mid December all went smooth. I called the bank a few times with any outstanding questions I had, of which all was attended to promptly and courteously by the staff. My initial large deposit was made without a hitch, and I also set up a couple of push-pull links for future ACH transfers if I should decide later to use it. That went smooth too. But I noticed a couple of weeks back in mid January I was left waiting on hold over the phone for over 30 minutes when I called them to ask something minor. I gave up and hung up the phone, as I have other things to do other then be tied to my desk. But, because of the good experience I had back in December with opening my account, I figured it was just a fluke and I let it go. But yesterday Feb 1st, I called to ask them about where I might find PDF statements on my online account for tax purposes. I gave up again after waiting 15 minutes with nobody answering. (this time I actually timed it) Their recording does say that you are welcome to leave a callback number for them to call you, but I have learned during a long life of hard knocks that the majority of the time most companies seldom call you back in a timely matter or will ever call you back at all. If I call, I want to speak to somebody right then or within 5 or 10 minutes maybe, not hours later or tomorrow morning when I least expect it and I'm not available. It is my suspicion that Live Oak is not currently capable of handling an influx of business spurred on by their having raised their interest rates to 1.6% recently......or perhaps they can't handle the influx of folks calling and asking about how to get their tax statements online. Finally, what really got my attention today (Feb2) was when I did my regular quick morning review in the "BankRate" websight. I find that website very helpful in comparing up-to-date interest rates and hikes being offered by many competing banks. There's a page there I've saved that allows me to do a quick up & down glance of all the prevailing rates being offered by the various different banks. I found it very curious that Live Oak Bank had been on that list for many months, but now suddenly they are gone. I don't know if Live Oak themselves requested to be removed from the website because they are having trouble keeping up with the demand on them, or if the website itself removed them due to something going on behind the scenes. (?) I'm not sure what to make of all this. While I don't intend to withdraw my cash just on the basis of jammed phone lines alone, I feel Live Oak should know that they need to do a better job of addressing these issues if their clients are to feel secure about banking with them.

Live Oak Bank Rocks

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I just opened a 1 year CD account with them this month. I did a lot of research and they had great rates but i found several bad reviews so I was a bit concerned. I normally would never do a review but felt this time I should to alleviate concerns others may have with respect to bad reviews on here and other sites.

Opened the account on their website on jan 23, 2018 around noon. Yes I had to use their web interface to upload a picture of my driver license, social security card, and a utility bill. They said it would take two days to verify the account. After two days (26 Jan), I did not get a response so I called them. The person that answered (after 15 minute wait) looked at the application and documents I sent and approved it on the spot.

So I was now ready to fund my account. I waited until late Friday Night to do it. I had a concern with linking account to my bank so I waited until monday (26th) so I could call them. After talking with them, I went online to link my account and make the transfer. It was very easy. The funds posted on the 28th in my LOB account.

The nice surprise, and contrary to many bad reviews, I got interested posted on the account for $51 on the 31st. So with a 100k 1 year CD at 2.1% interest rate, it came out to interest for 9 days which goes back to the day I opened the account online (23rd), well before I even linked my account and initiated a transfer. This I did not expect and hope was not an error on their part.

So if you want a great rate, good customer service, and a great web site, this is the bank for you.

Now that I have that done, i opened a 18 month CD and it took seconds since I already had my bank account linked.

One of the other complaints I saw in the review was adding a joint account holder after you create the account. Yes that is true and was no big deal and simple to do.


Live Oak Bank Fail

Jan 26th, 2018

How can I describe the account setup process with Live Oak bankl? In one word… ridiculous!

I provided all the information they requested to open a $20k CD last Friday. By the following Thursday I still hadn’t heard back from them (in complete contravention of their claimed 2 day response for opening new accounts). So I sent them an email asking what the status was. Later that day I received an email stating they were still reviewing my application and that they still needed some additional paperwork.

Now, I’m a 70 year old, white male, own my own $500k home, 18 acres of land, no mortgage, and I’m retired (used to be a Regional Sales Manager for a Fortune 250 company). Oh yeh, did I mention I have an 822 credit score?

What I don’t have is bills. The electric bill is in my wife’s name (she kept her maiden name because she owns her own company). We don’t have a large electric bill cause we have solar. We don’t have gas, we use oil. And we don’t have a water bill since we have our own well.

So, what’s the problem?

According to Live Oak bank, my Social Security number, house address, bank references and 20 minutes of filling in their application weren’t enough. They needed an electric bill in MY name to prove that was my home address! Really? The alternative, according to their ‘lack of customer service’ department, was to provide them with my IRS tax statement! What!? You want my most personal info to prove the house is mine? In this day and age you can’t figure out how to find out if this is my address? I even offered to provide a copy of my passport. What about a copy of my credit report? Nope. Not acceptable. Electric bill in MY name or my taxes. That’s it!

So, let’s see. That means that any men who have their wives names on the utility bills won’t be able to open an account. Or, god forbid, you have a well instead of city water! But you can ALWAYS provide them with your tax return! Nope. Not happening.

So, frustrated, I contacted Synchrony Bank, filled in their easy (and quick) CD application on-line and had the account ready to go within hours… and they are currently paying 2% on 12 month CD’s. So now Synchrony Bank has my $20k, not Live Oak.

Congrats Synchrony Bank! Major fail Live Oak.

Sleek Website, But Signup Hoops And Unhelpful Staff

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I tried to open an online savings account, but got stuck at the document upload step.

Below are the required documents:
1. Drivers License
2. Social Security Card
3. Utility Bill with your name and address on it

DL was no problem. SS seems a little over the top. Utility bill?! This is especially a problem for myself, since I do not receive any utility bills in my name.

Further, when I reached out to the customer service rep, the chat person on the website never responded, and when I emailed, the response was very curt and unhelpful, simply saying, "If the website says to do it, then you have to do it." This tells me she 1) isn't familiar with the website, 2) isn't sure why the requirements are as they are, and 3) isn't willing to listen, understand my situation, and work towards a solution.

As it is, I cannot proceed further with the signup process, and I'm now not sure if I want to, so I can't comment on the other aspects, but at a savings rate of 1.5%, it's one of the best I've seen.

Reasonable For Savings Account Or CD.

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I opened a savings account because of the rate (currently 1.50% as of this review). Opening process was easy and straight forward. No hard credit pull but they did the usual security questions ("In 1985, what street did you live on" and then presented 4 options).

You can't add joint account holders when you open the account. You have to do it after the fact. The process is straight forward, enter the joint owners name and email address and they get an invitation to join, fill out their personal information (Address, Phone, SSN, etc).

My DW got one of the security questions wrong so they put her account on hold and requested 2 forms of ID and a utility bill to verify her address. All of which could be uploaded from their web site (No need to print and mail anything). Once uploaded it took them 2 or 3 days to verify the information and approve her.

Pros (Outside the rate)
o Quick account opening process, had access to my account in about 15 minutes.
o Good customer service (Had to call once about an account question, they fixed the problem within 4 hours the day after a Holiday)
o Can add up to 6 joint account holders and beneficiaries via their online interface
o Quick Transfers (Generally next day, but there is a hold on funds, see below).
o Large per day ACH limits.

o Web site is slow to get updates. Transactions must be batch processed and don't show up for 24 hours. An ACH push on Monday will show credit in the account balance on Monday, but you won't see the transaction details until Tuesday.
o You can only have 3 linked accounts for ACH transfers
o Any ACH transfer initiated from their site has a 4 day hold. So if you initiate a transfer via their web interface on Monday, funds will be pulled from the external account and deposited on Tuesday but you won't be able to withdraw them until Friday. You do earn interest on funds during the hold period.
o Web site is filled with dynamic Javascript, graphs, etc. That always makes things take longer then they need to.
o You can't setup custom alerts for deposits/withdraws.

Overall, if the rates are competitive, it's a reasonable place to park some cash but the site doesn't have a lot to offer other then reviewing account balances.

Best Rate For Now

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Emailed CS and they said, "For security purposes, funds are held for four business days once received. You still earn interest during this time but they are not available for transfers until after the hold is released." This seems ok as banks are afraid of claw backs.

What irks me (rant) is the web page does not show total earned interest rate anywhere. I called the friendly CS and they said it will only show on monthly statement. Also, it would be nice if the MAIN account web page shows all basic info. like apy/apr, interest earned, account number, etc. To see all that info (minus total earned interest) you need to click on the drop down and click for more info to launch a small pop up window. I'm guessing this bank does not want to be forthcoming with bank info, because if they lower the apy you may not notice for a bit.

Quicken Interface

Currently their website is not compatible with Quicken for downloading account transactions. Wish I had known that before opening account. I was told there is no timetable as to when this will be enabled.

Good Rate!

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They have raised their rate twice now! It was 1.40% when I signed up like (2) months ago, now it is 1.50%. Good customer service and nice website. I highly recommend this account for savings!

Needs Too Much Information!

Something I don't understand is what I'm seeing on opening new online accounts that they NOW require the following.
Opening the savings account meant uploading my driver’s license, my tax return (or social security card), and my utility bill.
Are you freaking kidding, my freakin tax return, utility bill, what's this world coming to? I'll just keep my money where it is.
Can someone who knows why they are asking for such personal & not public information, like a your tax return.


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I currently have personal banking with 9 online institutions and have been a customer of a few more so I have had considerable experience. Synchrony Bank, Ally, Nationwide, Capitol one are all good. Beware of Live Oak Bank. The online access only works sporadically for me and most important-If you call you will get put on hold as if you have all day to wait. In other words the customer service is so bad I would recommend this bank be avoided as there are other better choices. I can't even contact them to give directions on my wishes for a maturing CD. I suppose once they get your money you better be ready to fight to get it back. this is the only bank out of 12 that I can say is terrible with customer service.

Horrible Experience Trying To Fund A New Account

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I've been trying to open a new account for over a day now. It has been very frustrating, and to date this new account still hasn't been funded. I wonder.. if this is my initial experience with a simple ACH transfer, am I looking forward to more frustrating issues?

Like The Competitive Savings Account Rate

I opened an account a few weeks ago. Everything went smoothly. I didn't have to unfreeze my credit! It was easy to speak to a CSR when I had questions. Setting up an external bank was quick and the money posted to my account on the third day (I find that to be the typical time for ACH transfers to post). I'm glad that I'm finally able to earn some interest on my liquid funds!

Amazing Bank

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I opened an account less than a month ago and needed (unexpectedly) to pull most of my money out. I called and got personal EXCELLENT help and they exceeded their promises. I have accounts with several other banks and had to call all of them for the same help. LiveOakBank was TOPS in responsiveness and help. I will continue to do business (and recommend them to everyone) due to their amazing website, ease of use, helpfulness, and delivery. I can't say enough good about them!

Pain Free Opening And Quicker ACH Transfers

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I've never heard of this bank, but with 1.40% it got me to do some research. Its a plus that they are a traded company, but I guess with only one branch thats the reason they can offer such a high rate. The complaints previously were that it took a number of days for ACH pulls from Live Oak Bank to post to the account and depending on the amount could sting more than others. They actually changed from the third party ACH facilitator to clear their own ACH's in-house. After setting up the account, which was a bit odd, needed to add email address and then a link was emailed, I set up an external linked bank, note that the original funding account cannot be deleted so that gives you two external accounts that can be added. The cut off time for next day, and yes it will be in the account next day, is 4pm EST. I set up from Live Oak to pull funds from my Goldman savings account, the next day, the funds were withdrawn from GS Bank and by 5 pm they were posted to the Live Oak account. It does not post first thing in the morning, but rather it is done throughout the day. Also note that ACH pulls from credit cards or anything other than other banks is frowned upon and they may call you to tell you that this account is not meant for everyday transactions even if under the 6 per month. Not a big deal, but good to know beforehand. It seems to be a "small" customer service team, but hopefully I won't need to contact them much in the future. With everything open and external accounts set up, hopefully its continued smooth sailing. BTW, they mentioned that there were not future $$ promotions to open accounts. ACH pulls from other banks are allowed since that bank is the originating bank and they do their own micro deposits to verify ownership.

Simple Process, Best Rate

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The setup and transfer process was very easy, and you can get up with someone immediately if you have a question; A real, live person, that speaks English at that. Savings account rate is the highest in the country, so, since they're FDIC insured for up to $250K, it's a no-brainer.

Annoying Deposit Holds

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Been using this bank for 2 months because of the higher interest, but it does come at a price. Like several reviewers have posted, they sit on your deposits. Claim that they use a 3rd party to process your ACH deposit. They say it posts in 4 days, and then will start earning interest. They additionally say that deposit funds are held an additional 2 days for security and verification. My deposits status have sat in a "in process" for 5-7 days always, so I'm not sure about earning in 4 days. They almost act like they are not a regular bank

Deal Breaker (Update)

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As folks have posted, losing 3-4 days or more of interest when transferring money to Live Oak either through a push or pull is a deal breaker. It effectively lowers the interest earned. When transferring money for example into Pure Point Bank from an external bank it posts the transaction the same day and you're earning interest immediately.

UPDATE - Learning that Live Oak had changed the firm handling their ACH transfers I decided to try them. The posting of deposits is much longer than other banks. So bad that it appears to be intentional in order to hold your money interest free.

Opening the savings account meant uploading my driver’s license, my tax return (or social security card), and my utility bill.

Pushing in deposits from an external bank appears to take a few days. When the money finally appears in the account balance it still does not appear in the transaction activities until another day has passed.

Pulling in a deposit from an external bank also takes a few days to post.

Only three external banks may be linked.

The web site does not show a changing balance along side each transaction activity therefore making it more work to determine whether it's accurate.

Customer service by messaging, or email, is attentive, helpful, and timely.

Wow The Best Experience!

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Only the best people, and they obviously love their bank. Must be why Live Oak is always ranked the best bank to work for in the U.S.! They treated me promptly and with respect. What interest rates on top of it all!!!


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Very bad experience! No interest for the first 7 days after deposit transfer. When you open your account, this bank will not pay you interest for the first 7 to 8 days.

Live Oak Is Awesome!

I've had a CD with Live Oak for many different terms, 6 month, 1 year, etc. They have great customer service and are always willing to help. No problems at all. Online interface is easy to use and simple. Definitely use Live Oak Bank.

No Interest For Many Days After Deposit Transfer

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Really bad experience! No interest for many days after deposit transfer. There will be a few days that no bank will pay you interest!

Piece Of Cake. - Updated

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Called before opening account. Rep answered the phone was pleasant and knowledgable. Answered all my questions. Rep suggested pushing money from external account was faster then initiating transfer from within Live Oak. Opened a account online in less then 10 minutes, was instantly approved, waiting for initial funding transfer. Allows the ability to link 3 external checking or savings accounts. Interest accrued daily and paid monthly. So far the process was easy, painless, and fast. Everything appears to be in order, no problems. Will update once account is funded.


So my account has been open and funded. The initial funding took about four days to post to my Live Oak account. I was told by a rep at Live Oak that pushing money from a external bank is faster (2-3 days compared to 4-5). The website interface is fine and the reps always answer the phone and are knowledgeable. Because of the extended transfer time I take away one star. Besides that no complaints.

Decent bank

Posted by: |

This bank does everything you expect from a bank.The bank does have fees, but they are not too high and they are very well laid out to the customer, so you understand what you are being charged. I think the bank has decent customer service but not the greatest. I feel the wait times when calling in are a little too long, but overall the staff is friendly and will help you out with all of your questions and concerns. The bank does offer many services when it comes to lending money. I would recommend this bank

No Help To Me

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I wanted to open a couple of CD's. Their reviews and rates looked good. I tried to apply online and the automated form kept saying invalid address (at the street address I have lived at for 17 yrs.) Called & spoke to 2 customer service representatives. They were of no help, said if the software did not recognize it as a USPS address I couldn't apply. Have never dealt with a bank so un-eager to take my money. Not good customer service.

No Problems

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Opened 2 add-on CDs and got the interest rate as advertised. Also used add-on option without any issues.

One unusual thing: (probably because they only do CDs and more recently money-market accounts) they do NOT have "statements", paper or electronic. Instead, you can just print out your transaction history online. You will get 1099-INT tax forms and a letter when CD matures.

Because of that, would give them 4.5 / 5

Great banking experience

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I have banked with Live Oak Bank for almost 4 years now. My experience has been excellent. I also have many friends and family that bank with Live Oak Bank. They love their experience with Live Oak Bank as well. I have never have to deal with any serious problems. There have been a few minor problems here and there, but that is expected, no bank is perfect. The issues that I had to deal with were mostly about incorrect numbers that were showing up on my statement, a few got charged to my account that should not have gotten charged at all and I had a small issue getting my husband added to the account. Each problem was addressed correctly and immediately. They were resolved in a timely manner and the customer service representative that I was dealing with each time was always polite and seemed more then happy to fix my problem for me. There have been several occasions that I went over in my account, and I just called in and got the fee waved with no problem. The people that work for this bank are friendly and always gave me the impression that they wanted to help me with my problems and they weren't just doing their job.

Live Oak Bank - Good Rates Plus Good Service

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My experience in dealing with Live Oak Bank was positive all around. Their disclosures were not contradictory and are easy to understand. Paperwork arrived timely and follow up by their staff was professional.

Amazing Experience

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Never had such an amiable exprience with a Bank. I have a lot of exprience with Banks. This past year I was looking to get financing to build a Dental office from scratch. I was turned down by 3 Banks and the 4th Bank (AVIDIA BANK) agreed to finance us, but backed off last min. AVIDIA BANK  backed off after giving us a commitment letter. At this time we had already invested around $230,000 on attorney , Architects, Permits, appraisal etc.

The seller was gracious enough to extend the closing 2 more months after he knew what we had been through with AVIDIA BANK. This is when Live oak Bank came on the scene. My project is in Melrose, MA but  Keith Merklin, senior loan officer flew down to meet us in person to discuss the loan. We had exactly 1 month for closing. This guy is really amazing and he made this miracle of closing on the 28th Feb,the last day of closing. The people who worked with Keith were very effecient and through and it was a totally different experience working with Live Oak Bank. Keith is a straight shooter and he tells you exactly where you stand and what can be done, unlike most bankers. This guy has brought my faith back in bankers.

In Response

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The CD disclosure statements are not contradictory.  APY is based on interest being compounded.  If interest payments are withdrawn during the term it reduces the APY.

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.