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Live Oak Bank Review 2022

Published January 2022 by Mary Wisniewski

AT A GLANCE
4.2

Bankrate Score

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No Minimum Balance

Small-business owners looking for financing or consumers looking to move savings online to a high-yield account may want to consider opening an account at Live Oak Bank.

  • Savings
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    5.0
  • CDs
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    4.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Overall

    4.2

    Bankrate Score

    Live Oak Bank offers online savings accounts and CDs to savers nationwide.

    What we like

    • 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.

    What we don't

    • Product offerings are limited.

    • Live Oak has no branches.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Live Oak’s online savings account consistently offers a top-tier APY, and it would take some digging to find a better rate. The account doesn’t require a minimum opening deposit, nor does it charge a monthly account fee.

    What we like

    • The account offers a competitive APY.

    • There is no minimum balance requirement or monthly maintenance fee.

    What we don't

    • A few banks still offer higher APYs.

    CD rates

    4.7

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Live Oak Bank offers traditional CDs across seven different terms ranging from six months to five years.

    The minimum deposit is higher than it is at some online banks but the bank pays a competitive rate.

    What we like

    • Competitive CD rates are available to consumers nationwide.

    • CDs can be opened online.

    What we don't

    • Not all standard CD terms are available.

    • A minimum opening deposit of $2,500 is required.

    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 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.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. She occasionally writes on fintech trends — a beat she has covered for more than a decade. Mary is a frequent speaker at a variety of leading digital banking events and podcasts, including: Money Next Summit, the Money Experience Summit, the Future of Fintech, Fintech South, Breaking Banks and more. She was named as one of 200 revolutionists in fintech and one of top 100 fintech influencers in 2019. She was also a judge for the Finovate Awards in 2020 and 2019. Previously, Mary covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Her work has appeared in American Banker, Bankrate, the Associated Press, Star Tribune, Billboard, MSN and more. Her stories are referenced in numerous industry reports, like this one by Deloitte. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates.