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Charles Schwab Bank VS Live Oak Bank

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Unlimited ATM fee rebates
  • No monthly fees
  • No amounts required in accounts
  • Offer investing products and advice

Cons:

  • Must link checking account to a brokerage
  • Low-interest rates
  • Opening savings account is not online
  • CDs have fees
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
2.30%APY
Savings/MMA
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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
Charles Schwab Bank Review

Charles Schwab refunds any ATM fees acquired worldwide. Unlike other banks, there is no limit to the number of times your ATM fee can be refunded. If you make use of ATMs, this is an ideal benefit.

There are no monthly maintenance fees for Charles Schwab savings or checking accounts. The checking account does have a fee, but the fee is waived when you open the brokerage account. The brokerage account is a requirement for a Charles Schwab savings or checking account.

Charles Schwab does not have a set amount you must keep in their savings and checking accounts. You will earn interest on whatever amount you deposit with no monthly fees.

Charles Schwab has a wide variety of products to help you invest and trade. They offer accounts for trusts, college, retirement, small businesses, and IRA accounts. Their website offers tools and advice in these different areas. This can help ensure you open the right account for you.

When you open a Charles Schwab checking account, you have to open a Schwab One brokerage account. Opening this account waives the checking account fee. There isn't a required amount to keep in either account, but you must open both accounts.

The interest on their checking account is competitive with other banks for low account amounts. The interest on their savings account is slightly higher than typical banks. The savings account rates are significantly lower than other online banks.

To open a savings account, you must download an application, fill it out, and send it back to Charles Schwab. Other banks let you open a savings account all online. You can open a checking account with Charles Schwab online, but not a savings account.

Charles Schwab CDs have a fee. They charge a set amount based on the CD opened. There is also a fee to sell based on a broker-assisted fee. The interest rates for their CDs are competitive with other banks, but there are fees.

Read the full Charles Schwab Bank review.

Live Oak Bank Review

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.

Read the full Live Oak Bank review.

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