Live Oak Bank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon

Pros:

  • Competitive interest rates on accounts
  • Some business accounts offered
  • No minimum balance or monthly fees
  • Earn high interest on any amount

Cons:

  • Only savings account and CDs offered
  • Linked external accounts required
  • CDs have large opening required amounts
  • No checks or debit card offered

Favorite Bank Live Oak Bank is one of our favorite banks for their high rates and great services.

What You Need to Know

The interest rates of Live Oak Bank accounts are competitive. They are much higher than your typical brick and mortar bank rates. Account rates are competitive with other online-only accounts.

Live Oak Bank offers a few business accounts. They offer a savings account and CDs. There are seven CD terms offered for small business accounts. The terms range from six months to a five-year CD. The longer the CD term, the higher the interest rate offered.

There is no required amount to keep in a Live Oak savings account. There is no monthly fee. If your account gets to $10.01 and is inactivated for 24 consecutive months, you will be charged a fee. Live Oak Bank will then close the account. If you make more than six withdrawals per month, you will be charged $10 for each transaction.

Live Oak Bank savings account and CDs offer competitive interest rates. You earn the highest interest rates on any amount deposited in the accounts. There is no set balance required to earn the highest interest rates offered.

The only accounts offered are a savings account and CDs. These are the only accounts offered for personal banking, as well as business banking. There are seven different CD terms available. The terms range from six-months to five-years.

To open a Live Oak Bank, you must link an external checking account. Live Oak Bank does not offer a checking account. To make electronic transfers requires a linked checking account.

Live Oak Bank CDs have a large opening amount for each term. The opening amount required is $2,500 for each CD term. The different CD terms range from a six-month term to a five-year term.

There are no checks or debit cards available for Live Oak Bank accounts. The only way to access your money is to make an electronic transfer. Once you make the transfer online, the money will be available within one to two business days. Anything transferred after 4:00 p.m. is processed the next business day. Federal regulations only allow for six withdrawals each billing cycle.

Cool Things

Live Oak Learning Lab

During the summer, Live Oak Bank hosts industry-specific programs. Students learn more about the business side with real-life applications. Some of the topics include basic finance, marketing strategies, and networking. View the sessions through Facebook, Instagram, and Twitter. Live Oak Bank currently offers the Learning Labs for veterinary and pharmacy industries.

Resource Center

Live Oak Bank has a resource center on their website. This offers financial articles to customers and small business owners. These articles help people find answers to different financial questions. There are resources for senior care and automotive care. Banking resource and self-storage resources are available.

History

Live Oak Bank is a digital bank founded in 2008. The headquarters for the company are in Wilmington, North Carolina. They have over 6,000 small business loans.

Live Oak was originally founded as a lender focused mainly on veterinary practices. Since it opened, they have added agriculture, pharmacy, healthcare, and other industries. Each time they add a new industry, they add an expert to lead the team with their knowledge of that area.

They have spent their focus on small businesses loans. Their savings account and CD terms have been added. Their total deposit amount is $2.3 billion.

Awards and Recognition

  • Named "One of the Nation's Best Choices for Online Savings Account" in 2018, by BankRate.com
  • "Best Bank to Work For" by American Banker Magazine in 2014, 2015, 2016, and 2017

Giving Back

In 2017, Live Oak Bank employees volunteered over 4,700 hours in service. They awarded 32 grants and 46 different organizations received funds. There were 20 different events sponsored throughout the year. More than 70 percent of the money was given to human services. The rest of the money went to organizations helping with health and education. The bulk of the money was given locally, with only 13 percent not given to local organizations.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. Live Oak Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

Electronically transfer money to your linked external account. You can also transfer money between your different Live Oak Bank accounts.

Does this bank offer mobile banking?

Yes. With the Live Oak Bank mobile app, you can manage accounts and deposit checks. You can transfer funds between other Live Oak accounts and linked accounts.

Is this a good bank?

The interest rates are competitive with other online-only accounts. There are no monthly maintenance fees for any of their accounts. Everything for your account is online. The only branch location is their headquarters in North Carolina. Only a savings account and CDs are available through Live Oak Bank.

Is this bank free?

Yes. There are no monthly maintenance fees for the Live Oak savings account. The CDs only have a fee if you withdraw your money before the term reaches maturity.

Is this bank secure online?

Live Oak Bank uses anti-virus and anti-malware tools to protect suspicious activity. They have firewalls in place and SSL encryption. They require multi-factor authentication for your security.

Does this bank offer competitive interest rates?

Yes. The interest rates for all Live Oak Bank accounts are competitive. Their rates are much higher than your typical brick and mortar bank rates. The rates are competitive with other online-only accounts.

Can I use this bank for my business accounts?

Live Oak Bank offers a savings account and CDs for small businesses. They also offer loans to small businesses.

How is the online bank different from the online banking my bank offers?

The interest rates on Live Oak Bank accounts are much higher than your typical brick and mortar bank rates. Everything for your account is online. The only branch location is their headquarters in North Carolina.

Do their checking accounts pay interest?

Live Oak Bank does not offer a checking account. The only accounts offered are a savings account and CDs.

How do I reach customer service?

By phone, email, mail, or fax.

Does this bank offer bill pay?

Live Oak Bank does not offer a checking account. Since no checking accounts are available, there is no bill pay option offered.

Can I deposit cash?

No. Live Oak Bank does not accept cash deposits. Deposits can be made by electronic transfers between accounts. You can mail a check or upload a check through the app.

How long do transfers take?

Mobile check deposits made after 4 p.m. are processed the next business day. Money deposited through the app must stay in the account for four business days. Other deposits must stay for five business days.

Can I sign up for direct deposit to this account?

Transfer money electronically from your linked account to Live Oak Bank savings account. Direct deposit is not specifically listed on the website.

Bank Contact Information

Live Oak Bank
1741 Tiburon Dr
Wilmington, NC 28403

1-866-518-0286

Open Account with Live Oak Bank.

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