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Live Oak Bank Reviews


bestfor-icon High APYs for Your Savings

Written by Andrew Omalley

About Live Oak Bank | Read More


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Opening Hours Opening Hours drop-down-btn
Mon - Fri 8 am to 8 pm ET
Sat - Sun Closed
Contact Information Contact Information drop-down-btn
  • 866.518.0286
  • Live Oak Bank Headquarters 1757 Tiburon Drive Wilmington, NC 28403
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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


Other Fees

Online Banking Savings

Min 4.4%

Min APY Savings

Pros & Cons

  • con-icon Desirable APYs for the savings account and CDs
  • con-icon Quick sign-up process & easily accessible savings account
  • con-icon No monthly maintenance fees
  • con-icon Quality mobile banking app
  • con-icon Lacks a checking account
  • con-icon No debit cards available

Account types

  • Savings
  • Certificates of Deposit (CD)


Account 1 Year 3 Years

5 Years

Savings Account 4.4% APY 4.4% APY 4.4 APY
Personal CDs 5.2% 2% 2%


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.

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

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.



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.