Live Oak Bank Review 2026
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Edited by
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At a glance
Overview
Small-business owners looking for financing or consumers looking for high-yield personal 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 Top CD Rates No Min BalanceHighlights:
CDs
Savings
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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 Savings rating = 4.2/5
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 Savings rating = 4.1/5
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 which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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.
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 annual percentage yields (APYs), Live Oak Bank offers a competitive savings account and certificates of deposit (CDs). 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 checks or a debit card.
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Live Oak bank products
Live Oak Personal Savings account
Pros
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The account offers a competitive APY.
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There is no minimum opening or 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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No checks or debit card.
Unlike at some banks, you don't have to maintain a high minimum balance to receive the Personal Savings account's consistently competitive APY. In fact, there's no minimum balance required to open the account or keep it open, and there are no maintenance fees to chip away at your earnings. Plus, Live Oak doesn’t limit the number of withdrawals you can make per month. While Live Oak Bank doesn't have ATMs, you can deposit checks by mail or via its app, or by an ACH transfer or wire.
Rate history for Live Oak Bank Personal Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Live Oak Bank certificates of deposit
Pros
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Above-average CD rates are available to consumers nationwide.
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CDs can be opened online.
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Terms range from three months to five years.
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Interest can be automatically disbursed monthly.
Cons
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A minimum opening deposit of $2,500 is required.
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No specialized CDs are offered, such as no-penalty CDs, bump-up CDs or IRA CDs.
Live Oak Bank offers traditional CDs across nine terms, ranging from three months to five years. The $2,500 minimum deposit is higher than at some online banks, but the bank pays above-average rates on all terms. Its nine-month, 18-month and 1-year terms are especially competitive. A special perk of opening a CD at Live Oak Bank is that interest can be automatically disbursed monthly, making accessing your growing funds easy.
Rate history for Live Oak Bank's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
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 Jan. 29, 2026 and Feb. 4, 2026.
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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. |
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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 Jan. 29, 2026 and Feb. 4, 2026.
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| 3.80% | 3.30% | |
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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 $50,000 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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| $1,900 | $1,650 | |
| Live Oak Bank’s online savings account consistently offers a competitive annual percentage yield (APY). The account doesn't require a minimum opening deposit, nor does it charge a monthly account fee. | Ally Bank consistently offers a strong yield on its Online Savings Account. It’s not usually the absolute highest yield, but it is competitive and there’s no minimum balance requirement and no monthly service fee. The bank offers mobile deposit but you’ll need to transfer money to your checking account or Ally’s money market account if you want to access your savings from an ATM. | |
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Bankrate does not currently track additional product details for this bank.
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APY offering:
3.30%
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 for APY:
$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.
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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.
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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 11 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 short.
The above images were last updated on March 14, 2024.
Featured customer reviews
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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 and CD accounts 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.
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.
