-
Financial Rates:
4.5
-
Customer Service:
4.0
-
Website Experience:
4.0
-
Bank Fees:
5.0
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
-
Financial Rates:
4.0
-
Customer Service:
4.5
-
Website Experience:
4.0
-
Bank Fees:
5.0
Pros:
- Dividend Rewards earns great rates
- No monthly maintenance fees
- CDs offer good rates
- Low opening required amounts
Cons:
- Must become a member first
- Tiered interest rates
- High opening amount for Instant Access
- Low daily ATM withdrawal amount
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.
The Dividend Rewards checking account earns competitive interest rates. To earn the most competitive rate has some requirements. You must have 12 debit card purchases each month and have one direct deposit or ACH withdrawal. You must also receive electronic statements. The competitive rate is for any balance from $0.01 to $15,000. Balances over $15,000 earns a lower rate.
First Tech savings and checking accounts do not have monthly fees. There is no minimum balance required to keep in the account to waive the monthly fees. These accounts are free.
The CDs offered through First Tech offer good interest rates. The terms range from six-month to 60-month terms. Each of the terms earns rates slightly lower than other online CDs. Each traditional CD term requires $500 to open.
First Tech has low required amounts to open their accounts. The checking accounts require $0.01 to open. Two of the savings accounts require $0.01 or $5.00 to open. Each of the CD terms requires $500 to open.
To open an account with First Tech, you must be a member of the credit union. You are eligible to be a member if you work for certain tech companies or the state of Oregon. If you live or work in Lane County, Oregon, you are eligible. Immediate family members of members are eligible. You can also become a member by joining the Computer History Museum or the Financial Fitness Association.
The Instant Access savings account with First Tech has tiered interest rates. To earn the most competitive rate, you must have a balance over $250,000. Lower account balances earn interest, just not the most competitive rate.
The Instant Access savings account has a high opening required amount. To open the account requires $5,000. There is no monthly fee for this account. Interest rates for the Instant Access account are tiered.
First Tech members can only withdraw $500 per day, per cardholder, from First Tech ATMs. Other ATMs may allow for a higher withdrawal, but you may face a fee. If you need more than $500 at one time, visit a branch location.
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| Savings (Rate as of 11/18/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/18/2024) | |
| APY | 5.00% |
|---|---|
| Rate | 4.89% |
| Min to Open | $500 |
| Min to Earn APY | $500 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/18/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 4.00% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC It only takes about 5 minutes to open a fee-free account. | |
| Savings (Rate as of 11/18/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
| Savings (Rate as of 11/18/2024) | |
| APY | 4.46% |
|---|---|
| Rate | 4.46% |
| Min to Open | $500 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/18/2024) | |
| APY | 4.50% |
|---|---|
| Rate | 4.50% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC $200 Bonus w/ Tiered Savings Account and Qualifying Activities | |
| Savings (Rate as of 11/18/2024) | |
| APY | 4.60% |
|---|---|
| Rate | 4.50% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/18/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.75% |
| Min to Open | $10 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| FDIC insured at program banks†var. APY a/o 11/8/24. New customers only. Betterment LLC, not a bank | |
| Savings (Rate as of 11/18/2024) | |
| APY | 4.20% |
|---|---|
| Rate | 4.11% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.