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Live Oak Banking Company Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Live Oak Banking Company Savings
2.00% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 2008, Live Oak Banking Company has $3 billion in assets along with $2 billion in deposits, which makes the institution a large bank. Live Oak Banking Company, whose headquarters are in Wilmington, North Carolina, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at a superb 4.8 stars out of 5, Live Oak Banking Company is a top-tier bank that warrants a strong look. Live Oak Banking Company has the average suite of product offerings, including savings accounts and CDs. Live Oak Banking Company has a fair savings rate; other popular banks have higher rates. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same bank is the best bet for getting the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.8/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

5.0
SmartAsset Average: 3.5

With a savings rate of 2.00%, Live Oak Banking Company ranks poorly in comparison to the national average. Live Oak Banking Company's one-year CD has a rate of 2.70% and the five-year CD has a rate of 3.05%. Given Live Oak Banking Company's below average savings rate, you should think about other options to earn more on your deposits.

How Live Oak Banking Company's Savings Rates Compare

Live Oak Banking Company Savings 2.00 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Live Oak Banking Company charges its customers extremely low fees in comparison to the average U.S. bank. Additionally, Live Oak Banking Company has an overdraft fee of $25.00, which is markedly lower than the average U.S. overdraft fee. Live Oak Banking Company does not refund out-of-network ATM fees, which means you will be required to find a Live Oak Banking Company ATM or eat the fee.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $25.00 National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Live Oak Banking Company is a brick-and-mortar bank, with one total branches in North Carolina. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday and 9:00 a.m. to 5:00 p.m. ET. Live Oak Banking Company's online and mobile banking services get reasonably satisfactory scores from customers. The Live Oak Banking Company mobile app rates a 4.3 out of 5 (out of 25 customer reviews on Apple and Android) compared to the national average of 3.8. Live Oak Banking Company's mobile app allows you to manage your funds by checking account balances, transferring funds as well as reaching support representatives. Live Oak Banking Company receives an exceptional consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Live Oak Banking Company is currently a large bank with $3 billion in assets and deposits totaling $2 billion. Its Texas Ratio is 0.39%, suggesting that the bank is in outstanding financial shape and far from failure. Additionally, Live Oak Banking Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Live Oak Banking Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 2.0% APY $1
Certificates of Deposit
  • 12 Month: 2.70% APY
  • 24 Month: 2.80% APY
  • 36 Month: 2.85% APY
  • 48 Month: 2.90% APY
  • 60 Month: 3.05% APY
$2500 for all terms

Live Oak Banking Company offers a basic array of deposit products including savings accounts and CDs. Live Oak Banking Company does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Live Oak Banking Company's CD rates are fair in comparison to the national average.

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Find a Live Oak Banking Company Near Me

Live Oak Banking Company has one locations in the U.S.

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