Pros Explained

• Decent interest rates: As of May 16, 2025, Live Oak Bank features a 4.10% annual percentage yield (APY) on its personal savings accounts, which is considerably higher than the 0.41% national average rate for deposit accounts as of April 21, 2025. However, this rate is a bit lower than some of the 澳洲幸运5官方开奖结果体彩网:best high-yield savings accounts out there.
• No monthly maintenance fees: There are no monthly account fees. However, if you keep a balance that falls below $10.01 and your account is inactive for 24 months straight, you’ll be charged a dormant account fee. This fee will be either $10 or whatever remains in the account—whichever is less.
• No minimum amount to open an account and no minimum balance: You don’t need to put money into this account to have it. However, do remember the time limit of 24 months of inactivity that could trigger a dormant account fee and reset your balance to zero.

Cons Explained

• No personal loans: Live Oak offers SBA loans, USDA loans, and "Live Oak Express" loans for businesses, but not 澳洲幸运5官方开奖结果体彩网:personal loans.
• No personal checking accounts: Live Oak Bank provides personal savings accounts and certificates of deposit (CDs), but the only checking accounts available are for business customers.

Who Is Live Oak Best For?

Live Oak Bank should appeal to consumers who are looki♌ng for a digital bank in wh๊ich to stash their cash and earn some interest. It’s particularly fitting for those who:

• Want to do without monthly maintenance fees 
• Don’t want to worry about minimum balance requirements 
• Want a safe option to grow their money in a liquid account 
• Are looking for a bank in which to park their money 

What Does Live Oak Bank Offer?

Live Oak Bank offers one thing and one thing only: Federal Deposit Insurance Corporation (FDIC)-backed deposit accounts.

Personal accounts:

• High-yield savings
• 澳洲幸运5官方开奖结果体彩网:Certificates of deposit

Business accounts:

• Business checking
• Business savings
• Business CDs
• Business loans

High-Yield Online Savings

Live Oak Bank’s personal 澳洲幸运5官方开奖结果体彩网:high-yield savings account has a more-than-acceptable 4.10% APY. Account holders don’t have to worry about paying a monthly maintenance fee, nor are there 🎐any minimum balance requirements. Returned items cost $10. Should there be a stop payment, you’re looking at coughing up $25. 

High-Yield CDs

CDs provide a means to save your money for a given period of time. They typically have higher interest rates than sa♎vings accounts, meaning your money can grow faster. Live Oak Bank’s CDs don’t have any monthly account fees. The terms are anywhere f𝔉rom three months to five years. However, the amount you need to open a CD is $2,500, and the max❀imum balance is $250,000.

There is a fee if you need to pull money before the CD matures. The early withdrawal penalty is a portion of the in𓃲terest earned, and it depends on the length of the CD. For CDs with a term that’s less than 24 months, the early withdrawal penalty is 90 days of simple interest. For CDs with a term that’s over 24 months, you’ll be ch༺arged 180 days of simple interest.

What happens once the term of the CD ends and the CD matures? It will automatically renew for the same term at the current interest rate. You do have the option to withdraw your money from your CD, and you have 10 calendar days after the maturity date to do so.

The Live Oak Bank terms and rates for CDs are:

Live Oak Bank Customer Service 

Live Oak Bank’s customer support team is available by phone during weekdays from 8 a.m. to 8 p.m. ET at 1-866-518-0286.

How To Bank With Live Oak Bank 

Accounts can only be opened online or over the phone, and you’ll n🌊eed th𝐆e standard information, such as your contact information, Social Security number, and additional documentation to verify your identity. You’ll also need to provide the info for an external bank to transfer your money to your new account.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected more than 20 data points across more than 80 banks—including products availab🌜le, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.