Live Oak Bank Review 2021

Published January 2021 by Mary Wisniewski

AT A GLANCE
4.0

Bankrate Score

bank-logo

No Minimum Balance

If you’re a small-business owner looking for financing or a consumer ready to move your savings into an online high-yield account, Live Oak Bank is worth considering.

  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    5.0
  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    CD

    0.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    4.0

    Bankrate Score

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

    What we like

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

    • There are no minimum balance requirements for its savings account.

    • Customers can manage external accounts from other banks through the Live Oak mobile app.

    What we don't

    • The product offerings are limited.

    • You won't have access to branches.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Live Oak consistently offers a top-tier APY to customers with its Online Savings account. While you can find a few online accounts with higher payouts, this account offers one of the highest APYs around.

    The Live Oak Online Savings account has no minimum opening deposit requirement. Nor does it charge a monthly account fee.

    What we like

    • The Online Savings account doesn’t charge a monthly maintenance fee.

    • The account offers a competitive APY.

    • There is no minimum balance requirement.

    What we don't

    • There are still a few banks that offer a higher APY.

    CD rates

    4.2

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    0.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Live Oak Bank offers traditional CDs across seven different terms ranging from six months to five years. According to the bank, accounts can be opened within minutes and managed through the mobile app. The minimum deposit is higher than it is at some online banks, but still relatively low.

    What we like

    • Competitive CD rates are available to consumers nationwide.

    • You can open CDs online.

    What we don't

    • Not all standard CD terms are available.

    • You have to deposit at least $2,500 to open a CD.

    Bank experience

    Live Oak Bank was founded in 2007 and is headquartered in Wilmington, North Carolina. It offers high-yield deposit accounts and targets entrepreneurs in the market for loans that will help them grow their small businesses.

    Banking customers can reach the financial institution on the phone on weekdays from 8 a.m. to 8 p.m. Eastern.

    The bank is known for its interest in technology and innovation. Live Oak prides itself on using technology to streamline the loan application and funding process, for example.

    About Live Oak Bank

    Live Oak Bank was founded in 2007 and is headquartered in Wilmington, North Carolina. It offers high-yield deposit accounts and targets entrepreneurs in the market for loans.

    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.