Live Oak Bank Review 2025: Savings and CDs
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Overall institution rating
4.2
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.
Full review
Full review
Live Oak Bank
Savings
4.8
/5APY
4.00%
With $0.01 min. balance for APY
Bonus
N/A
APY
4.00%
With $0.01 min. balance for APY
Bonus
N/A
Live Oak Bank’s savings account earns a 4.00% annual percentage yield. That's higher than what you'll find at traditional brick-and-mortar banks; the national average rate is only 0.40%. 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
Live Oak Bank Personal CD
3.3
/53.3
/51-year APY
3.90%
3-year APY
2.00%
1-year APY
3.90%
3-year APY
2.00%
5-year APY
2.00%
Minimum deposit
$2,500
Show details
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
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
How does Live Oak Bank compare?
4.00%
N/A
Up to 4.50%
$300 + 0.70% APY
3.85%
$300
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). The ratings are incremented in tenths of a star.