Live Oak Bank Review 2023
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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.
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.

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 = 4.7/5
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 = 5/5
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 = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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.
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Customers do not have access to a debit card.
Live Oak Bank banking products
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.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

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 = 4.7/5
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 |
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.
Bank experience
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 fares better on Google Play. The app includes useful functionality for CD customers, including the ability to manage CD maturity options and interest disbursements.
How Live Oak Bank compares to other banks
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.