Live Oak Banking Company Review

Overview

Live Oak Banking Company started in 2008 with headquarters in Wilmington, North Carolina. It handles $10.72 billion in assets as well as deposits totaling $9.96 billion, classifying it as a large bank. Live Oak Banking Company lacks premium access to support representatives, 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. SmartAsset experts rated Live Oak Banking Company 4.8 out of 5 stars, suggesting it is among the best banks and should be given serious consideration. Live Oak Banking Company offers a choice of banking products, which include savings accounts, checking accounts and CDs. Live Oak Banking Company has a competitive savings rate compared to the average savings account. Using an institution with no-fee checking and a high savings APY is your best option for returning the most income on your deposits alongside convenient access to your funds.

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

Live Oak Banking Company features a savings rate of 4.40%, which is high compared to the national average. Its one-year CD has a rate of 5.40%, and the five-year CD has a rate of 2.00%. Given its competitive savings rate, other banks may not be able to deliver as much for your money. It is important to compare offers before making a decision.

How Live Oak Banking Company's Savings Rates Compare

Live Oak Banking Company charges its customers extremely low fees in comparison to the average U.S. bank. Live Oak Banking Company does not reimburse out-of-network ATM fees, which means you'll have to search for a Live Oak Banking Company ATM or pay the ATM charge.

Live Oak Banking Company has both an online and physical presence, with one total bank location in North Carolina. With mobile and web apps, Live Oak Banking Company makes mobile banking easy, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, Monday through Friday, and 8:00 a.m. to 8:00 p.m. ET. Live Oak Banking Company's online and mobile banking platforms get relatively good scores from customers. The Live Oak Banking Company mobile app has an overall rating of 4.3 out of 5 (with 25 ratings on iOS and Android) compared to the national average of 3.8. You can use Live Oak Banking Company's app to manage your accounts by monitoring account balances, transferring money and reaching customer service. Live Oak Banking Company receives a superb consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Live Oak Banking Company ranks as a large bank with $10.72 billion in assets and $9.96 billion in deposits. Live Oak Banking Company's Texas Ratio is 3.77%, denoting that the bank is in terrific financial health 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.

Products Offered

Live Oak Banking Company has several deposit products, including savings accounts, checking accounts and CDs that provide you with many options to manage your money. Live Oak Banking Company has a competitive savings rate, which means other banks may not be able to deliver as much 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 competitive compared to the national average.

Find a Live Oak Banking Company Near Me

Live Oak Banking Company has one physical location in the U.S.