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Live Oak Banking Company Review

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Live Oak Banking Company Savings
2.00% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Live Oak Banking Company first started operating in 2008 with headquarters located in Wilmington, North Carolina. It manages $3 billion in assets and $2 billion in deposits, ranking it as a large bank. Live Oak Banking Company lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 4.8 out of 5 stars, Live Oak Banking Company should be near the top of your list for your bank search. Live Oak Banking Company provides customers with the basic package of banking products, which include savings accounts and CDs. Live Oak Banking Company has a fair savings rate compared to the average savings account. Locating a checking account with no monthly fee and a savings account with a high APY at the same institution is your best option for getting the most income on your deposits while having convenient access to your money.

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

Live Oak Banking Company has a savings rate of 2.00%, which is fair compared to the national average. Live Oak Banking Company's CD rates are 2.70% and 3.05% for the one-year and five-year term lengths, respectively. Given Live Oak Banking Company's poor 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

Live Oak Banking Company has typically extremely low fees compared to other U.S. banks. Additionally, at $25.00, Live Oak Banking Company's overdraft fee is noticeably lower than that of other U.S. banks. Live Oak Banking Company does not refund out-of-network ATM fees, meaning you will be required to search for a Live Oak Banking Company ATM or accept the cost of withdrawal.

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 an easy mobile-banking experience. It does not have 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 gets fairly high praise from users for its mobile banking services. The Live Oak Banking Company mobile app is rated at 4.3 out of 5 (with 25 customer reviews on iOS and Android) compared to the national average of 3.8. Live Oak Banking Company's mobile app allows you to control your accounts by monitoring current statements, sending and receiving funds and reaching customer service. Live Oak Banking Company gets an exceptional consumer satisfaction score due to comparatively few consumer complaints registered 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 ranks as a large bank owning assets totaling $3 billion and deposits totaling $2 billion. Live Oak Banking Company's Texas Ratio is 0.39%, indicating a negligible chance of 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 has 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 looking 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 other U.S. banks.

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Find a Live Oak Banking Company Near Me

Live Oak Banking Company has one branches across the U.S.

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