Live Oak Bank Review 2022
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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.
- High APY
- No Min Balance
- Top CD Rates
For savers interested in basic online accounts without maintenance fees, 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 or ATM card, will need to look elsewhere.
Live Oak Bank offers CDs and a savings account with competitive rates.
The savings account has no minimum balance requirement.
Smartphone users can manage external accounts from other banks through the Live Oak mobile app.
Personal banking offerings are limited to a savings account and CDs.
Live Oak has no branches.
Customers do not have access to a debit or ATM card.
Live Oak Bank bank products
Live Oak Bank savings overview
The account offers a competitive APY.
There is no minimum balance requirement.
The account does not charge a monthly maintenance fee.
A few banks still offer higher APYs.
After six transactions have been made in a statement cycle, the bank charges $10 for each additional transaction.
Live Oak Bank’s banking customers can reach the financial institution by phone 8 a.m. to 8 p.m. Eastern time, weekdays.
Live Oak is known for its interest in technology and innovation to, for example, streamline loan applications and funding. The app gets only middling ratings in Apple’s App Store but fairs better on Google Play. The app includes useful functionality for CD customers, including the ability to manage CD maturity options.
About Live Oak Bank
Live Oak Bank offers high-yield deposit accounts and targets entrepreneurs in the market for loans. Headquartered in Wilmington, North Carolina, the bank was founded in 2007.
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.