Skip to Main Content

Live Oak Bank Review 2025

Updated January 31, 2025
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

Overview

Small-business owners looking for financing or consumers looking for high-yield personal deposit products may want to consider opening an account at Live Oak Bank. Without monthly fees or minimum opening or minimum balance requirements, Live Oak’s deposit offerings are highly accessible to savers. Accounts can be opened online by consumers nationwide, but for being an online-only bank, Live Oak’s mobile app receives rather low scores.

Highlights:

High APY Top CD Rates No Min Balance
3.8
Rating: 3.8 stars out of 5
Bankrate Score
Info Icon

CDs

Rating: 3.9 stars out of 5
3.9 /5

Savings

Rating: 4.9 stars out of 5
4.9 /5
4.3
Rating: 4.3 stars out of 5
Customer Score
Info Icon
See all 22 consumer reviews Arrow Right Icon
Sponsored offers
Info Icon

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
3.70
%
APY
APY
Info Icon
As of 2/21/2025
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info Icon
As of 2/21/2025
Rating: 4.6 stars out of 5
$5,000
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.
Bank logo
Member FDIC
Savings Account
3.90
%
APY
APY
Info Icon
As of 2/21/2025
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:

Overall

Pros

  • Checkmark Icon

    Live Oak Bank offers CDs and a savings account with competitive rates.

  • Checkmark Icon

    The savings account has no minimum balance requirement.

  • Checkmark Icon

    Smartphone users can manage external accounts from other banks through the Live Oak mobile app.

Cons

  • Personal banking offerings are limited to a savings account and CDs.

  • Live Oak has no branches, and its app receives low scores.

  • Customers do not have access to a debit card.

CTA We want to know what you think about Live Oak Bank

We want to know what you think about Live Oak Bank

Do you have experience with Live Oak Bank? Let us know your thoughts.

4.9
/5
Rating: 4.9 stars out of 5
SCORE BREAKDOWN
APY offering:
4.20%
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Access to funds:
Good
Rating: 4 stars out of 5
4/5
Info Icon

Pros

  • Checkmark Icon

    The account offers a highly competitive APY.

  • Checkmark Icon

    There is no minimum opening or balance requirement.

  • Checkmark Icon

    The account does not charge a monthly maintenance fee.

  • Checkmark Icon

    Live Oak’s Savings Account doesn’t require a minimum opening deposit.

  • Checkmark Icon

    There’s no withdrawal limit.

Cons

  • A few banks still offer higher APYs.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Live Oak Bank
APY
APY
Info Icon
National average APY
How do we get this data?
Info Icon
3.9
/5
Rating: 3.9 stars out of 5

Pros

  • Checkmark Icon

    Competitive CD rates are available to consumers nationwide.

  • Checkmark Icon

    CDs can be opened online.

  • Checkmark Icon

    There’s a large range of terms to choose from.

  • Checkmark Icon

    Interest can be automatically disbursed monthly.

Cons

  • A minimum opening deposit of $2,500 is required.

  • No specialized CDs are offered, such as no-penalty CDs, bump-up CDs or IRA CDs.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Live Oak Bank
APY
APY
Info Icon
National average APY
Caret Down Icon
How do we get this data?
Info Icon

How Live Oak Bank compares to other banks

Selected bank
Live Oak Bank savings account
Live Oak Bank Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info Icon
Most comparable
Ally Bank savings account
Ally Bank Logo
Member FDIC
Bankrate score
Rating: 4.4 stars out of 5
4.4
Info Icon
Read review
Search for or select a bank:
Caret Down Icon
Bankrate score
Info Icon
Read review
APY
Info Icon
4.20% 3.70%
Minimum balance for APY
$100,000.00 $0.00
Estimated earnings
Info Icon
$2,100 $1,850
Live Oak Bank’s online savings account consistently offers highly competitive annual percentage yield (APY). The account doesn't require a minimum opening deposit, nor does it charge a monthly account fee. Ally Bank consistently offers a competitive yield on its Online Savings Account. The online bank doesn’t have the absolute highest yield, but it offers a competitive one and doesn’t have a minimum balance requirement or a monthly service fee. The bank offers mobile deposit, but you’ll need to transfer money to the Ally checking account or money market account if you want to access money in your savings from an ATM.
  • Live Oak Bank offers a competitive yield on its savings account.
  • There’s no minimum balance requirement.
  • The account does not charge a monthly maintenance fee.
  • Ally Bank offers a competitive yield on its Online Savings Account.
  • Ally Bank has savings tools, such as Surprise Savings where Ally Bank looks at your linked checking account for savings opportunities.
    N/A
  • You can earn a higher APY at some other online banks.
  • After six transactions have been made in a statement cycle, the bank charges $10 for each additional transaction.
  • Ally Bank doesn’t offer ATM access directly from its savings account.
  • Some other online banks offer a higher yield than Ally Bank.
    N/A
APY offering:
4.20%
5/5
Info Icon
Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
Info Icon
APY offering:
3.70%
4/5
Info Icon
Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
Info Icon
Info Icon
Info Icon
Info Icon
Info Icon
Info Icon
Bankrate does not currently track additional product details for this bank.

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fee None
Out-of-network ATM fee None
Excessive transaction fee None
Returned item fee $10

Customer experience

Caret Down Icon

u/NorthAltResearch
Sep 7, 2023
Live Oak Bank
I've used Live Oak for about four months now, and I would say they're a solid bank, FDIC insured, and one of the few banks that offer high-yield savings accounts for small businesses. I tend to use the interest income to cover some of my operational costs. I don't know anything about their app, but the customer service is solid.
via Reddit
blatheringasphalt
Apr 1, 2023
Live Oak Bank
Have been with Live Oak for almost two years, no complaints. Easy and simple. Only caveat is that all deposits have a seven-day hold, so keep that in mind.
via Reddit

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Live Oak Bank customer reviews

CTA Live Oak Bank has 22 reviews

Live Oak Bank has 22 reviews

Dive into community reviews below and see what others think about Live Oak Bank.

4.3 Star Icon
22 ratings
Info Icon
Score breakdown
5 stars
59%
4 stars
18%
3 stars
18%
2 stars
0%
1 star
5%
Score by category
Overall Rating 4.3 / 5
Competitiveness of APY 4.1 / 5
Amount of fees 4.1 / 5
Customer support 4.4 / 5
Website / Mobile app 4.1 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about Live Oak Bank.
Search Icon
Caret Down Icon
Anonymous account holder
September 13, 2024
It was a great experience to be honest. Customer service reactions.
Score by category
Amount of fees 1 / 5
Competitiveness of APY 1 / 5
Customer support 2 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
They care about their customers greatly and you won’t be disappointed. Prompt service great banking. I was referred by a co worker and I loved it ever since.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Their customer service department is very knowledgeable of their products and very helpful. My brother has account there and recommended it.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
They have very good interest rates on their loans. It was close to my house, they have very good reviews, and they offer free checking.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
The most important aspect people should know about when considering this bank is that it allows you to control your money in all aspects. You don't need a certain amount to withdraw, you are capable of being in the negative without a fee. Factors that influenced my decision to choose Live Oak Bank would be that the bank itself allows you to contact in any time of day for assistance. They really get to know you like family, and also they are an amazing help if you are ever in need.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
It should be used only for saving money, as they keep it safe. It was a great app - responsive on even the slowest of phones.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Don’t really use like that but it’s been an ok experience. Same as other banks just a little behind on upgrades.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 4 / 5
Website / Mobile app 2 / 5
Anonymous account holder
September 13, 2024
Very good and reliable. My parents use it.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
I believe interests and rewards. Zero maintenance fees was the catch with Live Oak.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
The bank is friendly if you need anything and great around my neighborhood. Customer support.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 3 / 5
Website / Mobile app 3 / 5