Live Oak Bank Reviews 2023: Features, Cost & Alternatives
Reviewed by Jeffrey Christo
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Live Oak Bank is a digital bank based in Wilmington, North Carolina, providing specialized financial services to small businesses in various industries.
Pros
- 3.5% Annual Percentage Yields
- No Monthly maintenance fee
- No Minimum Deposit
Cons
- No Debit Card
- No ATM Access
Live Oak Bank operates as a digital bank, offering lending and deposit products through online and mobile channels. Customers can apply for loans and manage their accounts online.
Live Oak Bank provides specialized lending and deposit products to small businesses, with a focus on industries such as healthcare, agriculture, and technology.
Live Oak Bank is a digital bank based in Wilmington, North Carolina, that specializes in providing lending and deposit products to small businesses. Founded in 2008, the bank has grown rapidly and now serves a variety of industries, including healthcare, agriculture, and technology.
Live Oak Bank has a strong focus on customer service and strives to provide a streamlined and efficient lending experience. Its online platform allows customers to apply for loans, manage their accounts, and access resources and tools to help them grow their businesses. The bank also provides industry-specific expertise and guidance to its customers, helping them navigate the complex regulatory and financial landscape of their respective fields.
One of Live Oak Bank’s key strengths is its lending products. The bank offers a range of loan options, including SBA loans, conventional loans, and equipment financing, and it has a reputation for fast and reliable underwriting. This makes it an attractive option for small businesses that may struggle to access financing through traditional banks.
In addition to its lending products, Live Oak Bank offers a range of deposit accounts, including checking, savings, and money market accounts. The bank also offers online and mobile banking services, making it easy for customers to manage their accounts and access their funds.
Overall, Live Oak Bank has established itself as a leader in digital banking for small businesses. Its customer-centric approach and focus on specialized lending and deposit products have helped it to stand out in a crowded marketplace, and it is well positioned for continued growth.
Live Oak Bank Advantages
Live Oak Bank’s best features include its specialized lending products, fast and reliable underwriting, industry expertise, excellent customer service, and online and mobile banking services, making it an attractive option for small businesses in need of financing and deposit accounts.
- Good Interest Rates In Savings: Live Oak Bank offers competitive interest rates on its deposit accounts and a range of fixed and variable rates on its lending products.
- No Monthly Fees: There are no monthly maintenance fees with Live Oak Bank savings account.
- Savings Account With No Minimum Balance: There are no balance requirements at Live Oak Bank, so anyone can start accounts at any time. This makes the bank a good solution for those just beginning to build an emergency fund or saving for the future. They do not charge monthly fees, and do support ACH transfer.
Live Oak Bank Features
One of Live Oak Bank’s key strengths is its lending products. The bank offers a range of loan options, including SBA loans, conventional loans, and equipment financing, and it has a reputation for fast and reliable underwriting. This makes it an attractive option for small businesses that may struggle to access financing through traditional banks.
High-Yield Online accounts
Live Oak Bank offers a high yield savings account with no monthly maintenance fees, no balance requirements, and competitive interest rates, making it an attractive option for individuals looking to save money.
Certificates of Deposit (CDs)
Certificates of Deposit (CDs) are another good feature. A Live Oak Bank CD has a range of terms and competitive interest rates. Live Oak Bank’s CDs require a minimum opening deposit of $2,500 and CD rates are competitive. Like traditional CDs, you can choose from terms ranging from six months to five years with the money being available at the maturity date.
Other Financial Products
In addition to its lending and deposit products, Live Oak Bank also offers online payment processing and cash management services to small businesses. The bank also provides resources and educational materials to help its customers grow and manage their businesses more effectively.
Live Oak Bank Quick Overview
Best Overall Value
- 3.5% Annual Percentage Yields
- No Monthly maintenance fee
- No minimum opening deposit
Live Oak Bank Customer Reviews
Here are some Live Oak Bank reviews from Trustpilot:
I’ve been a customer of Live Oak for over a year. I have tried a lot of different online banking over the years, and I can say I find them very customer friendly. Contacting customer support for questions about CD’s, transfer have been very smooth. The only problem I have is that they lag behind other online banks for simple interest rates. But I do feel secure with them holding my cash.
Char
I was having trouble with a PPP loan during the covid19 pandemic. I had applied to two large banks and had been given the run around. And I called Live Oak and Thomas Rutherdord took care of every thing. I’m very grateful for the wonderful service. He was straight up amazing. I hope to be able to use Live Oak for banking services in the future.
Jack
We opened our first account 7 months ago and several after the first. Any problems we have had were adressed lighting fast by calling customer service. I only wish we could move to North Carolina, the people who work at this bank have been awesome to deal with.
James
Live Oak Bank Service Review
Review of Live Oak Bank
| Overall Pricing and Value | 90%
| 90% |
| Cost Value | 90%
| 90% |
| Customer Support | 88%
| 88% |
| Ease of Use | 92%
| 92% |
| Included Features | 90%
| 90% |
Live Oak Bank is a financial institution that offers various banking products and services to customers, including business loans, deposit accounts, and treasury management services.
Is Live Oak Bank Right For You?
This online savings account offers a good annual percentage yield APY (3.50%) with no balance requirements and no monthly service fee. Live Oak is FDIC insured, and the company does have some – although limited – options for additional personal or business savings. Live Oak Bank CD rates range from 6 months to 5 years. The bank does have a dormant account fee, but this will not overdraw the account. You can start with account balances of only $10 with a new account.
Cost Value
Live Oak Bank offers competitive rates on its business loans, which can help businesses save money on their borrowing costs. Their APY rates are higher than the national average.
Customer Service
Live Oak Bank has consistently high customer satisfaction ratings, indicating that customers are happy with the bank’s products and services.
Ease of Use
Live Oak Bank is a good bank with mobile apps available via Google Play and other mobile app stores. You can use the platform for transferring money between accounts, and small business owners have specific tools that can help with business loans. Live Oak’s website is simple to navigate, and they use technology to automate many of its processes, which helps it operate more efficiently and offer a better customer experience.
Included Features
Live Oak Bank specializes in lending to small businesses, which allows it to offer customized loan products that meet the unique needs of small business owners. The bank uses a streamlined loan process that allows borrowers to complete their loan applications quickly and easily. This saves borrowers time and reduces the stress of the loan application process.
Overall
Overall, the Live Oak Banking Company focus is on small business lending, streamlined loan process, competitive rates, easy transfer funds compared to other banks, industry expertise, technology-driven approach, and high customer satisfaction ratings make it a good choice for businesses looking for banking services. You can transfer money from other banks, use mobile check deposit, and get a monthly statement cycle.
Live Oak Bank High-Yield Online Savings Alternatives
| SoFi | Discover Bank | Live Oak Bank | |
| Rating | 4.3/5 | 4.4/5 | 4.5/5 |
| Advantages | No Monthly Fee Competitive APY FDIC Insured Debit Card | No Monthly Fee Competitive APY 24/7 Access Debit Card | 3.5% Annual Percentage Yields No maintenance fee No minimum opening deposit Debit Card |
| Detail | Read Review | Read Review | Read Review |
| Link |
SoFi Checking and Savings
SoFi is an online bank offering savings and checking accounts with fee-free banking, competitive rates, no account minimums, and a mobile app for easy account management. SoFi’s Money accounts are member FDIC-insured up to $1.5 million, and customers can access additional benefits such as budgeting tools, cashback rewards, and free ATMs worldwide. Joint Account, no penalty CDs, and a checking account options are available but there are few physical locations. You can withdraw funds as soon as you open an account and start a support request any time.
Discover Bank Online Savings
Discover Bank Account Online Savings account offers a competitive interest rate, no monthly fees, no account minimums, and 24/7 online account access. Funds are FDIC-insured up to the maximum amount allowed by law, and customers can set up automatic savings plans and link to external bank accounts for easy wire transfers.
Read more: Best Online High-Yield Savings Accounts 2023
Conclusion
Personal finance is the management of an individual’s financial resources, including income, expenses, savings, investments, and debt, to achieve financial goals and long-term financial security. Personal finance involves making informed financial decisions that reflect personal values and priorities, and can include activities such as budgeting, saving for emergencies and long-term goals, investing in stocks or real estate, managing credit and debt, and planning for retirement or other life events. Live Oak Bank offers competitive rates on its business loans, which can help businesses save money on their borrowing costs. The bank has expertise in specific industries, such as healthcare, veterinary, and agriculture. This allows it to offer specialized loan products and services to businesses in these industries. Live Oak Bank has consistently high customer satisfaction ratings, indicating that customers are happy with the bank’s products and services.
Frequently Asked Questions (FAQs)
This is a financial institution that is insured by the Federal Deposit Insurance Corporation (FDIC).The FDIC is a U.S. government agency that provides deposit insurance to protect depositors in case a bank or credit union fails. The FDIC insures deposits up to $250,000 per depositor, per insured bank or savings institution, for each bank account ownership category. The FDIC also regulates and supervises many of the nation’s bank or credit union and other financial institutions to ensure that they operate in a safe and sound manner and comply with consumer protection and fair lending laws. Overall, the FDIC plays a critical role in maintaining confidence in the U.S. banking system and protecting the financial well-being of consumers.
Money market accounts and high interest savings accounts are similar in that they typically offer higher interest rates than traditional savings accounts. However, money market accounts often have higher balance requirements and more limitations on withdrawals, while high interest savings accounts may have lower minimum balance requirements and more flexibility.
You can expect a high yield savings deposit account to have at least an annual maintenance fee; some external accounts also include monthly fees or monthly service fees if the balance falls below a certain amount. In addition to the monthly maintenance fee, you may see changes to the interest rate, which aren’t monthly maintenance fees but will affect your earnings if the balance reaches certain thresholds. Some accounts also have minimum balance fee requirements in addition to the monthly maintenance fee.
High yield online savings accounts often require a minimum opening deposit to ensure that the business savings account online holder is serious about maintaining a balance and to cover the costs of managing the savings account.
A banking statement cycle is a period of time during which physical or online banks issue a statement of a customer’s savings account activity. This is typically done monthly.
The term “external bank” can have different meanings depending on the context, but generally refers to a bank that is separate from an individual or organization’s main bank or financial institution.
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+ 7 sources
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- Certificates of Deposit (CDs) | Investor.gov. www.investor.gov. Accessed February 21, 2023. https://www.investor.gov/introduction-investing/investing-basics/investment-products/certificates-deposit-cds
- Live Oak Bank is rated “Average” with 2.8 / 5 on Trustpilot. Trustpilot. Accessed February 21, 2023. https://www.trustpilot.com/review/www.liveoakbank.com
- Live Oak Bank. Live Oak Bank | Small Business Loans, Personal Banking & More. Liveoakbank.com. Published 2016. Accessed February 21, 2023. https://www.liveoakbank.com/
- Better Banking is Here with SoFi Checking and Savings. SoFi. Published March 13, 2019. Accessed February 21, 2023. https://www.sofi.com/banking/
- Online Savings Account – High Interest & No Monthly Fees | Discover. Discover Bank. Accessed February 21, 2023. https://www.discover.com/online-banking/savings-account/
- FDIC Insurance – How It Works and Why It Matters. resources.liveoakbank.com. Accessed February 21, 2023. https://resources.liveoakbank.com/blog/how-fdic-insurance-works
- FDIC: Deposit Insurance. www.fdic.gov. Accessed February 21, 2023. https://www.fdic.gov/resources/deposit-insurance/