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Live Oak Bank Review 2022

Updated November 15, 2022
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.7 stars out of 5

Savings

Rating: 5 stars out of 5

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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.

Highlights

  • High APY
  • No Min Balance
  • Top CD Rates
Compare offers
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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.

Pros

  • Checkmark

    Live Oak Bank offers CDs and a savings account with competitive rates.

  • Checkmark

    The savings account has no minimum balance requirement.

  • Checkmark

    Smartphone users can manage external accounts from other banks through the Live Oak mobile app.

Cons

  • 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

5.0
Rating: 5 stars out of 5
Bankrate Score

Live Oak Bank savings overview

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.

Pros

  • Checkmark

    The account offers a competitive APY.

  • Checkmark

    There is no minimum balance requirement.

  • Checkmark

    The account does not charge a monthly maintenance fee.

Cons

  • 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.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.2 stars out of 5
InfoHover for more
$0
Min balance for APY

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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.