Account Basics
Savings
Live Oak Personal Savings accounts earn a competitive 4.40% annual percentage yield (APY). The savings account has no monthly maintenance fees. It also has no minimum deposit requirement. You can open an account in minutes online and access your account online or through the bank’s mobile app.
High-yield savings accounts like this one are a great place to keep an emergency fund. With no monthly fees, all of your earnings stay in your account where they belong.
CDs
Live Oak Bank also offers Live Oak Bank Certificates of Deposit accounts. CDs are available in nine term lengths, ranging from three months to five years.
The Live Oak Bank Certificates of Deposit currently offers APYs of 2.00% to 5.00%. Here are the current rates available:
| CD Term | APY |
|---|---|
|
3 Months
|
3.00%
|
|
6 Months
|
4.80%
|
|
9 Months
|
4.90%
|
|
1 Year
|
5.00%
|
|
18 Months
|
4.75%
|
|
2 Years
|
2.00%
|
|
3 Years
|
2.00%
|
|
4 Years
|
2.00%
|
|
2 Years
|
2.00%
|
The APYs on Live Oak Bank’s CDs are among the best CD rates available right now. You’ll earn relatively high returns regardless of how long you want to invest your funds.
Keep in mind that Live Oak Bank CDs require a minimum deposit of $2,500 to open, higher than many online CDs. There’s also a $250,000 maximum deposit for CDs.
Like most banks, Live Oak Bank doesn’t charge monthly fees on CD accounts. Interest compounds daily and is credited monthly.
Live Oak automatically renews your CD when it reaches maturity. Customers can choose to withdraw funds during the 10-day grace period following maturity.
Depending on the term, Live Oak Bank CDs are subject to penalties of up to 180 days of interest on the principal amount withdrawn if you withdraw funds before the maturity date.
Other Accounts and Services
In addition to its personal banking products, Live Oak Bank also offers a high-yield business savings account and CDs.
It also provides small business loans for a variety of needs. Loans include:
- Small Business Administration loans
- US Department of Agriculture loans
- Commercial loans
As stated in its company LinkedIn profile, Live Oak is “on a mission to be America’s best small business bank.” Live Oak serves small business owners in all 50 states and, Live Oak was recognized for being the most active SBA 7(a) lender by dollar amount for 2023 by the U.S. Small Business Administration.
What Is Live Oak Bank Best For?
Live Oak Bank is best for saving and small business banking. The bank’s only personal accounts are high-interest deposit accounts, so banking through Live Oak only makes sense if you want a place to store funds and earn interest. It’s also a good choice for small business owners looking for a bank that offers specialized support, tax help and financing.
Access on the Go
Live Oak Bank doesn’t have all the bells and whistles offered by other top online banks. But customers can access accounts online or through Live Oak Bank’s mobile app, available for iOS and Android.
Through the mobile app, Live Oak customers can:
- Manage bank accounts
- Deposit checks
- Transfer funds
- View and download bank statements and tax documents
- Manage linked accounts
- Link and view external bank accounts
- Manage account settings
Unfortunately, customers don’t hold Live Oak’s mobile app in the highest regard: It receives average to below-average ratings on both the App Store and Google Play.
Customer Success Managers are available by phone, Monday–Friday, 8 a.m. to 8 p.m. ET at 866-518-0286. Online support includes an extensive FAQ section and an online fillable form for specific support requests.
How Live Oak Bank Stacks Up
Live Oak Bank offers some of the most competitive rates on the market for online savings accounts and CDs. Customers get relatively high and guaranteed earnings with all nine CD term lengths. It’s not often you find short-term CDs with such high CD rates. If you’re interested in maximizing your savings, Live Oak Bank is a great option to consider.
One drawback to Live Oak’s CDs is its $2,500 deposit requirement. Other online banks offer CDs with competitive rates and lower deposit requirements if you don’t want to lock up that much money long-term.
Live Oak Bank is an excellent option for many but won’t appeal to everyone. Individuals looking for in-person banking services will need to find another bank since it’s an online-only bank. With no debit card or ATM access, transaction options are limited for Live Oak savings and CDs. Take time to research the best online banks to find the one that’s right for you.
Live Oak Bank vs. Ally
Ally Bank is a full-service digital bank that offers personal bank accounts, credit cards, investment and retirement solutions and lending. In addition to savings accounts and several types of CDs, Ally offers money market accounts and an interest-bearing checking account (called the Ally Bank Spending Account).
If you’re looking for a CD, choosing between Live Oak and Ally will depend on the term you need and how much you can deposit. Currently, Live Oak pays higher rates on shorter terms while Ally pays higher rates on longer terms. Ally also has no minimum opening deposit requirement. Overall, Ally has a wider range of personal banking products than Live Oak and is likely the better choice for people who want to do all or most of their banking in one place.
Live Oak Bank vs. Synchrony
Online bank Synchrony focuses on savings products and does not offer traditional checking. Both Synchrony’s high-yield savings account and its CDs are fee-free and have no minimum deposit requirements. In addition to standard certificates, Synchrony’s suite features bump-up and no-penalty terms for increased flexibility. Unlike Live Oak, Synchrony also has money market accounts and several credit cards including cash-back and travel cards.
You can’t go wrong parking your money at either bank, but Synchrony is better for cash access, longer CD terms and a more well-rounded banking experience.
Live Oak Bank vs. CIT Bank
CIT Bank is another savings-focused online bank. It has three savings account offerings, a money market account and four types of CDs including no-penalty and jumbo options (its RampUp CDs are not available as new accounts). For those who need checking with cash access, the CIT Bank eChecking offers $30 in monthly ATM reimbursements.
If you want a variety of bank accounts and savings options to choose from, CIT Bank may be a better fit than Live Oak Bank. For CDs, you will need to directly compare rates to find the higher-paying option between CIT Bank and Live Oak.
Methodology
Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of one to five stars, with one star as the poorest rating and five stars as the best.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
Frequently Asked Questions (FAQs)
Is Live Oak Bank FDIC insured?
Yes, Live Oak Banking Company is FDIC insured (FDIC# 58665) up to $250,000 per depositor, for each account ownership category, in the event of bank failure.
Is Live Oak Bank safe?
Live Oak Bank protects customers through various security features, including SSL encryption, virus and malware protection, firewalls and multi-factor authentication. Your money and personal information are well protected.
Live Oak Bank customers can report potential fraud through an online form on its website or by emailing abuse@liveoak.bank.
Does Live Oak Bank have local bank branches?
No, Live Oak Bank is strictly an online bank. There’s also no access to a debit card or ATMs with Live Oak Bank. Bank transactions are limited to online and mobile transfers, wire transfers or deposits by mail.
How do I contact Live Oak Bank?
Live Oak Bank support is available via phone at 866-518-0286, Monday–Friday, 8 a.m. to 8 p.m. ET. You also can get help by filling out a support request on Live Oak’s website.
How do I open an account with Live Oak Bank?
You can open a bank account with Live Oak Bank online through its website or via the mobile app. You’ll need to provide basic personal information (name, address, mobile number, Social Security number) and necessary documents to verify your identity. Once your information is verified, you’ll need to link to an external bank account in order to fund your account.
