Live Oak Bank Review 2024
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At a glance
CDs
Savings
About Bankrate Score
Overview
Small-business owners looking for financing or consumers looking for high-yield deposit products may want to consider opening an account at Live Oak Bank. Without monthly fees or minimum opening or minimum balance requirements, Live Oak’s deposit offerings are highly accessible to savers. Accounts can be opened online by consumers nationwide, but for being an online-only bank, Live Oak’s mobile app receives rather low scores.
Highlights
- High APY
- No Min Balance
- Top CD Rates
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
For savers interested in basic online accounts without maintenance fees and with high yields, Live Oak Bank offers a savings account and CDs that pay competitive rates. Those seeking money market or checking accounts, as well as a debit card, will need to look elsewhere.
Pros
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Live Oak Bank offers CDs and a savings account with competitive rates.
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The savings account has no minimum balance requirement.
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Smartphone users can manage external accounts from other banks through the Live Oak mobile app.
Cons
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Personal banking offerings are limited to a savings account and CDs.
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Live Oak has no branches, and its app receives low scores.
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Customers do not have access to a debit card.
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Live Oak Bank banking products
APY last updated between 5/7 and 5/13.
Live Oak Bank savings overview
To boot, Live Oak doesn’t limit the amount of withdrawals you can make from your savings account per month. The Federal Reserve has indefinitely paused its six-per-month withdrawal limit, but some banks are still choosing to enforce it, often charging fees for going above that limit.
Pros
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The account offers a competitive APY.
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There is no minimum balance requirement.
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The account does not charge a monthly maintenance fee.
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Live Oak’s Savings Account doesn’t require a minimum opening deposit.
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There’s no withdrawal limit.
Cons
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A few banks still offer higher APYs.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Live Oak BankAPYAPY last updated between 5/7 and 5/13.APYAPY last updated between 5/7 and 5/13.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | None |
| Out-of-network ATM fee | None |
| Excessive transaction fee | None |
| Returned item fee | $10 |
Customer experience
Customer support. Live Oak Bank’s banking customers can reach the financial institution by phone 8 a.m. to 8 p.m. Eastern time, weekdays.
Mobile app. Live Oak’s mobile app reviews are mediocre. It receives middling ratings on Apple’s App Store, but slightly higher scores on the Google Play Store. It’s important to note that less than 100 users have rated the app on each platform. The app includes useful functionality for CD customers, including the ability to manage CD maturity options and interest disbursements.
Robust help center. Live Oak’s website maintains an extensive help center with a search function that should point you in the right direction. Moreover, Live Oak maintains a resource center with articles on various financial topics, though the usefulness of each article varies since they tend to be relatively short.
The above images were last updated on March 14, 2024.
Featured customer reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.
Our editor's take
Along with personal deposit products such as CDs and savings, Live Oak Bank offers a host of services for small businesses, including SBA loans and a high-yield savings account for small businesses.
Live Oak customers can initiate ACH transfers from your external bank account through the Live Oak Bank online portal. It may take some time for your funds to show up, since Live Oak takes one to two business days for the funds transfer to process, and up to another five days for Live Oak to go through security and verification.
About Live Oak Bank
Headquartered in Wilmington, North Carolina, Live Oak Bank was founded in 2008. As an online-only bank, Live Oak doesn’t have any branches. As such, customers conduct all banking online and through Live Oak’s mobile app.
Since the bank doesn’t have overhead expenses from physical offices, Live Oak is able to offer high yields without monthly fees for its deposit products — deals which are typically hard to beat. All deposits are FDIC-insured, whether you’re a business or a consumer.
How Live Oak Bank compares to other banks
Compare different account types offered by Live Oak Bank. Annual percentage yields (APYs) shown were updated between May 7, 2024 and May 13, 2024.
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Selected bank
Live Oak Bank savings account
Bankrate score
4.9
Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Ally Bank savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 7, 2024 and May 13, 2024.
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| 4.40% | 4.20% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $1,100 | $1,050 | |
| Live Oak Bank’s online savings account consistently offers one of the highest APYs available. The account doesn't require a minimum opening deposit, nor does it charge a monthly account fee. | Ally Bank consistently offers a competitive yield on its Online Savings Account. The online bank doesn’t have the absolute highest yield, but it offers a competitive one and doesn’t have a minimum balance requirement or a monthly service fee. The bank offers mobile deposit, but you’ll need to transfer money to the Ally checking account or money market account if you want to access money in your savings from an ATM. | |
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APY offering:
4.40%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance to earn interest:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
4.20%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance to earn interest:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
|
Live Oak vs. Ally Bank
Live Oak Bank and Ally Bank are both online-only institutions, meaning they have no physical branches you can visit.
While both banks offer competitive yields for their deposit products, Ally Bank’s offerings usually have the edge here. Moreover, Ally Bank offers a larger array of deposit options — including several types of CDs, money market and checking accounts — whereas Live Oak Bank offers just one savings account and standard CDs for consumers.
Lastly, Ally Bank just has more financial products and services, including credit cards and investing and retirement accounts. As such, if you want to bring your banking under one roof, Ally Bank is the more attractive option.
Live Oak FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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