Savers from coast to coast can earn 15 times the national average, courtesy of an online bank based in Wilmington, North Carolina.
In early July, Live Oak Bank raised the yield on its savings account by one-tenth of a percentage point. Currently, it pays 1.35 percent APY.
That’s the best nationally available savings account rate. It’s five basis points higher than what’s offered by BankPurely, DollarSavingsDirect, UFB Direct and CIT Bank. A basis point is one-hundredth of a percentage point.
There’s no minimum opening balance requirement or monthly service fee. And the most you can deposit is $5 million. That means Live Oak’s savings account is perfect for new and seasoned investors.
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Opening a Live Oak Bank account
To open a Live Oak Bank savings account, you must enter your name and email address into a form on the bank’s website. That’s how you create your username.
Once you receive an email with instructions, you can log into the Live Oak Portal, change your temporary password and complete an online application.
Applicants must meet the following requirements:
- Be at least 18 years old
- Be a U.S. citizen or permanent resident
- Have a Social Security number
- Have a U.S. address
Be prepared to verify your identity by uploading an image of your driver’s license, Social Security card and a recent utility bill.
You can make your initial deposit through an ACH transfer. If you fail to fund your account within 14 days, the bank may close it, according to its terms and conditions.
Interest compounds daily and is credited on a monthly basis.
Consider a CD instead
A savings account may not be the best place for your money to grow, especially if you want a higher yield.
About Live Oak Bank
Established in 2008, Live Oak Bank is a federally-insured financial institution. Supporting small business owners is part of its mission statement.
Live Oak Bank earned five out of five stars on Bankrate’s latest Safe & Sound Ratings, which measures the financial health of banks and credit unions throughout the United States.