Live Oak Bank Review: Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Live Oak Bank offers online savings accounts and CDs, and its savings account earns a particularly strong interest rate. The bank also offers a business savings account and business CDs, and doesn’t charge monthly maintenance fees.
No monthly fees.
Competitive rates on savings accounts and some CDs.
No minimum opening deposit on savings accounts.
High minimum opening deposit for CDs.
No cash deposit.
No branch access.
Product reviews
Savings
Live Oak Bank’s savings account earns a 3.80% annual percentage yield. That's higher than what you'll find at traditional brick-and-mortar banks; the national average rate is only 0.38%. This account also has no monthly maintenance fee or minimum opening deposit, and customers can use mobile check deposit or link external bank accounts to fund their account.
Live Oak Bank also has a business savings account that pays interest.
Certificates of deposit
One-year CDs at Live Oak Bank tend to have decent rates when compared to other banks. But longer terms are less competitive. For all CDs, there's a fairly large opening deposit minimum of $2,500.
Live Oak Bank offers CDs for businesses as well.
» See more options: Best CD rates
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 3.00% | $2,500 |
| 6 months | 3.90% | $2,500 |
| 9 months | 4.00% | $2,500 |
| 1 year | 4.10% | $2,500 |
| 1.5 years | 3.90% | $2,500 |
| 2 years | 2.00% | $2,500 |
| 3 years | 2.00% | $2,500 |
| 4 years | 2.00% | $2,500 |
| 5 years | 2.00% | $2,500 |
Live Oak Bank Personal CD
Customer experience & overdraft fees
Customer experience
Live Oak Bank has an easy-to-navigate website with helpful lists of FAQs throughout. If you need more specialized help, you’ll have to call the bank’s customer service reps on weekdays from 8 a.m. to 8 p.m. Eastern Time. Weekend hours are not available. The bank’s mobile apps receive average to poor ratings, with complaints that describe glitchy login experiences.
Live Oak Bank has no branches, so customers will have to be comfortable with using online services.
» COMPARE: Best online banks
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.