Live Oak Bank Review: Savings and CDs

Chanelle BessetteSeptember 30, 2020
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Overall bank rating

Live Oak Bank
  • Savings

    Savings

  • CD rates

    CD rates

  • Banking experience

    Banking experience

4.0

NerdWallet rating 

The bottom line: 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.

Pros

  • Solid 0.60% interest rate on savings.

  • No monthly fees.

  • No minimum balance on savings.

Cons

  • Somewhat high $2,500 minimum opening deposit for CDs.

  • Only one physical location, which may be challenging for customers who prefer face-to-face service.

  • No cash deposit.

Full review

Live Oak Bank High-Yield Online Savings

Live Oak Bank High-Yield Online Savings

4.5

NerdWallet rating 
APY

0.60%

With $0 minimum balance

Live Oak Bank’s savings account has a 0.60% interest rate that is higher than at most traditional brick-and-mortar banks; the national average is just 0.05%. 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 CD

Live Oak Bank CD

4.0

NerdWallet rating 
1-year APY

0.70%

3-year APY

0.60%

5-year APY

1.00%

Minimum Deposit

$2,500

The one-year, three-year and five-year CDs at Live Oak Bank have decent rates, although you’ll find higher rates elsewhere. There’s also a fairly large minimum opening deposit of $2,500.

Live Oak Bank offers CDs for businesses as well.

Banking experience

3.0

NerdWallet rating 

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. 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 app has decent star ratings, but Android ratings are lower and include complaints of app instability.

Live Oak Bank has one physical location only, in North Carolina, so nonlocal customers will have to be comfortable with using online services.

Live Oak Bank High-Yield Online Savings

Live Oak Bank High-Yield Online Savings

4.5

NerdWallet rating 
APY

0.60%

With $0 minimum balance

Live Oak Bank’s savings account has a 0.60% interest rate that is higher than at most traditional brick-and-mortar banks; the national average is just 0.05%. 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.

How does Live Oak Bank compare?

Member FDIC

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
APY

0.60%

With $0 minimum balance

APY

0.01%

With $0 minimum balance

APY

0.50%

With $0 minimum balance

Bonus

N/A

Bonus

$150

Requirements to qualify

Bonus

N/A

RATING 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). Ratings are rounded to the nearest half-star.