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Live Oak Bank Review 2022

Published August 2022 by Mary Wisniewski

AT A GLANCE
4.2

Bankrate Score

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High APYs

No Minimum Balance

Top CD rates

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.

  • Savings
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    5.0
  • CDs
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    4.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Citizens Access

    Member FDIC

    Savings account

    2.35 % APY

    $ 5,000

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    SoFi

    Member FDIC

    Savings account

    2.00 % APY

    $ 0

    Min. balance for APY

    Overall

    4.2

    Bankrate Score

    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.

    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

    • 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.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Citizens Access

    Member FDIC

    Savings account

    2.35 % APY

    $ 5,000

    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.

    • The account does not charge a monthly maintenance fee.

    What we don't

    • 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.

    CD rates

    4.7

    Bankrate Score

    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

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

    • No specialized CDs are offered, such as no-penalty CDs, bump-up CDs or IRA CDs.

    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.