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Live Oak Bank

Live Oak Bank Reviews

8.6

High APYs for Your Savings

Written by Andrew Omalley

About Live Oak Bank | Read More

LS Score

9.5

Credibility

7.5

Support

Accessibility

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Opening Hours

Mon - Fri 8 am to 8 pm ET

Sat - Sun Closed

Contact Information

866.518.0286
Live Oak Bank Headquarters 1757 Tiburon Drive Wilmington, NC 28403

Social Media

LS Score

9.5

Credibility

7.5

Support

Accessibility

Visit site

Opening Hours

Mon - Fri 8 am to 8 pm ET

Sat - Sun Closed

Contact Information

866.518.0286
Live Oak Bank Headquarters 1757 Tiburon Drive Wilmington, NC 28403

Social Media

Live Oak Bank Online Banking Review

Live Oak Bank aims to make the personal banking process easy and accessible. This FDIC-insured digital bank puts the needs of its customers at the center of all of its operations.

Its goal is to offer flexible products that give you a competitive interest rate and no monthly maintenance fees. This review will look at the savings account and certificates of deposit (CDs) options that are currently available to people in the US through Live Oak Bank.

Live Oak Bank Online Banking Highlight

Yes

Other Fees

Online Banking Savings

Min 3.80%

Min APY Savings

Business Online Banking

Min 3.80%

Min APY Business

Pros & Cons

Desirable APYs for the savings account and CDs
Quick sign-up process & easily accessible savings account
No monthly maintenance fees
Quality mobile banking app

Lacks a checking account
No debit cards available

Account types

Savings
Certificates of Deposit (CD)

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APY's

Account Type	APY
Personal Savings Account	4.30%
Business Savings Account	3.70%
InfraFi Business Savings	3.55%
6-Month Term CD	4.00%
9-Month Term CD	4.10%
12-Month Term CD	4.20%

Features Benefits & Rewards

No Monthly Maintenance Fees: They don’t charge you to keep your money growing strong.
FDIC Insured: Funds are insured up to the maximum allowed by law.
Online Account Opening and Management: They make the process easy and efficient.
No Minimum Balance Requirements: Your money grows in the bank, no matter how much you have.
Manage Beneficiaries Online: Easily add or update through online banking.

Account Types

Live Oak Bank only has two different types of options for individuals. These are savings accounts and CDs with varying maturity durations. Here’s a quick breakdown of what you can expect if you go ahead and sign up with Live Oak Bank for one or more of these products:

Savings Account

The savings account at Live Oak Bank allows you to earn a competitive 3.80% APY on your money, which is a bigger rate than many of its competitors. The calculator on the website allows you to figure out exactly how much you will learn or the sum and period of time you plan to keep your money in the savings account.

Live Oak Bank doesn’t charge monthly maintenance fees or require a minimum balance, so there is no barrier to entry.

You’ll have no limit on the number of transfers you make and the total sum per day that you can move is $250,000. You won’t get access to a debit card or checks through this account option.

Account Type	Key Features	Bonuses( If Available)
Savings Account	No minimum balance requirement Competitive 3.70% APY Mo monthly maintenance fees	None

Personal CDs

This is a good fit for anyone looking to leave their savings untouched for an extended period. The durations available start from three months and go up to five years. The best APY currently offered for a Live Oak Bank CD is 4.20% through a 1-year option.

You won’t have to pay monthly maintenance fees and can easily change your renewal preferences through your Live Oak Bank account. CD holders have ten days after the maturity date to withdraw, add more funds, change the CD term, or close the CD. The monthly interest payment is automatic, and you can easily add beneficiaries.

Currently, the minimum amount you can invest in a CD is $2,500, and the maximum is $250,000 per Live Oak Bank account. The early withdrawal penalties are 90 days of simple interest for CDs with terms of less than 24 months and 180 days of simple interest for terms of 24 months or greater.

Account Type	Key Features	Bonuses( If Available)
Personal CDs	Earn an APY of up to 4.20% Big range of maturity durations No monthly fees	None

Opening an Account With Live Oak Bank

The only way to open a Live Oak Bank account is online and you have to be a US citizen or a permanent resident with a Social Security Number. You just need to go to the website and click on the ‘Get Started’ button. You can then choose the type of product you wish to sign up for.

There are just three steps in the application process. This sees you initially entering a variety of personal information and your contact details, including your full name, home address, Social Security Number, and phone number.

Live Oak Bank will verify the information that you have provided and will sometimes request you to upload a scan of certain documents. Your next step will be to choose a username and password and double-check your mobile number and email address. Live Oak Bank will send you a code by email that you need to enter to verify this address.

Then you can add money to your new account with an ACH transfer. You can send money from another Live Oak Bank account or an external account that you process. It can take 1-2 business days for the money to process.

There’s also the ability to deposit a check through the Live Oak Bank app or to send it by mail. Finally, a typical wire transfer is also an option. Adding a beneficiary or co-owner to the account is possible after you’ve deposited funds.

State Availability

- Available in all states

Written by Andrew Omalley

Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.

FAQ’s

How long does it take to open a personal savings account with Live Oak Bank?

The entire process from start to finish online only takes about ten minutes to complete.

Who can open an individual account with Live Oak Bank?

You need to either be a US citizen or a permanent resident in the country.

Does Live Oak Bank charge monthly fees for personal savings accounts?

You will not have to pay any monthly fees for this type of account.

Customer Support

The Live Oak Bank website is well-designed, allowing you to quickly navigate around the offering and find what you’re looking for. The company provides plenty of clear information about different aspects of its business.

If you want to get a better overview of the operations or find an answer to a particular question, you can check out the help center. The various topics will be broken down into their own distinct sections, allowing you to only focus on what matters most to you.

The most straightforward option for anyone who wants to contact the customer support team at Live Oak Bank is ringing the team. The phone lines are open weekdays between 8 am and 8 pm ET. Otherwise, you can use the live chat email support or message them through one of its social media accounts.

We found the customer support at Live Oak Bank to be pretty good across the board. Responses were swift and the quality of the answers was very high.

Privacy & Security

As mentioned, Live Oak Bank is FDIC-insured, meaning your deposits are covered up to $250,000 if anything goes wrong. This extends as high as $10 million to cover business deposits.

Live Oak Bank has been operating in the sector since 2008 and has built a strong track record. It looks after the needs of people in every state, so no regions are excluded. Live Oak Bank’s parent company is tradable on the NYSE, so all of the subsidiary’s operations are carefully monitored.

It takes the necessary steps to ensure that people’s personal information with Live Oak Bank is kept fully protected at all times.

The digital bank also provides advice on how people can avoid becoming victims of fraud and having top-tier encryption technology to ensure that you’ll be well protected when accessing your Live Oak Bank account.

Its tools include anti-malware and anti-virus protection, firewalls, fraud and threat management systems, SSL encryption, and multi-factor authentication.

In Conclusion

Live Oak Bank is a very good option for anyone who’s looking to get access to a high APY savings account or CDs. Business owners will also have tons of quality options with this digital bank.

With such a good track record of success, you shouldn’t have any concerns about the legitimacy of this company and it makes everything from signing up to answering your questions as seamless as possible.

Brand Disclaimer

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information.