Live Oak Bank
Live Oak Bank Review: Savings and CDs
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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.
- 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
Live Oak Bank
Savings
Live Oak Bank High-Yield Online Personal Savings
APY
4.20%
With $0.01 min. balance for APY
Bonus
$300
Requirements to qualify
Live Oak Bank’s savings account has a 4.20% 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.
Certificates of deposit
Live Oak Bank Personal CD
1-year APY
4.30%
3-year APY
2.00%
5-year APY
2.00%
Minimum deposit
$2,500
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.
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.
How does Live Oak Bank compare?
APY
3.80%
With $0 min. balance for APY
Bonus
$300
Earn up to $300 with direct deposit. Terms apply.
Chanelle Bessette
Chanelle Bessette is a personal finance writer at NerdWallet covering banking.
She specializes in checking and cash management accounts.