Live Oak Bank Review: Savings and CDs
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Overall institution rating
4.1
Live Oak Bank has primarily online services and offers an above-average savings interest rate, along with personal CDs, a business savings account and business CDs. The bank doesn’t charge monthly maintenance fees.
- No monthly fees.
- Competitive rates on savings account and some CDs.
- No minimum opening deposit on savings account.
- Low rates on some CDs.
- High minimum opening deposit for CDs.
- No cash deposit.
- No branch access.
Full review
Full review
Live Oak Bank
Savings
Live Oak Bank High-Yield Online Personal Savings
4.5
/54.5
/5APY
4.10%
With $0.01 min. balance for APY
Bonus
$300
Requirements to qualify
APY
4.10%
With $0.01 min. balance for APY
Bonus
$300
Requirements to qualify
Live Oak Bank’s savings account has a 4.10% interest rate that is higher than at most traditional brick-and-mortar banks; the national average is just 0.41%. This account also has no monthly 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.
Live Oak Bank says:
“Customers must meet all of the following requirements to be eligible for the $300 bonus: New and Existing Customers: The promotion begins on April 14th, 2025. Only one bonus is available per Tax Identification Number per promotional period. Only personal savings accounts are eligible for the bonus offer. Checking accounts, certificates of deposit (CD) accounts and fiduciary accounts (e.g., trusts) are not eligible for this offer. Opening of a new account will be subject to approval by Live Oak Banking Company in its sole discretion. A new account must be opened between April 14, 2025 and May 16, 2025 to be eligible. A new Live Oak Bank personal savings account must be fully funded with at least $20,000 by 11:59 p.m. Eastern Time on 05/16/2025 to be eligible for the bonus. If the account is not fully funded by May 16th, then the account is not eligible for the bonus offer. All funding of the new personal savings account must consist of funds originating from an external financial institution to qualify; deposits or transfers originating from an existing Live Oak Bank account (whether personal or business) via internal transfer, CD redemption, check, ACH transfer, wire, or loan proceeds do not qualify for bonus offer. Beginning on the date in April or May 2025 that the new account attains a balance of at least $20,000, if the balance remains equal to or exceeding $20,000 for 60 consecutive days, then the account will be eligible for the bonus if all other conditions are met. If all eligibility criteria are met, the $300 cash bonus will be deposited to your open, eligible account within 45 days following the expiration of the 60-day period. Your new account must not be closed or restricted at the time of payout in order to receive the bonus. Live Oak Bank reserves the right to withdraw or withhold the bonus offer from any customer, with or without notice, if fraud or other suspicious activity is suspected. Any promotional amounts received may be subject to taxation. Existing Customers: In addition to the other requirements for the bonus offer, existing Live Oak Bank customers must maintain their existing account balances (not including interest accrued but not credited to the account) at or above the end of day balance as of April 13th 2025 11:59:59pm (ET) across their existing personal savings in order to be eligible for the bonus offer.”
Certificates of deposit
Live Oak Bank Personal CD
3.5
/53.5
/51-year APY
4.10%
3-year APY
2.00%
1-year APY
4.10%
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 competitive rates, but not longer-term CDs, when compared to other online banks. However, there’s a fairly large minimum opening deposit 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 during weekdays from 8 a.m. to 8 p.m. Eastern Time. Many financial institutions offer phone support on weekends. Live Oak Bank’s Twitter page shares many resources with customers, but it’s not a main source of customer support. The bank’s iPhone and Android app ratings range from below average to average.
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?
Up to 3.80%
Up to $300
4.10%
N/A
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.