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Live Oak Bank (Member FDIC) is an online bank with a high-yield savings account and CDs.
Live Oak pays competitive rates, but you may be able to find better rates at other online banks.
You don’t need a minimum opening deposit for the savings account, but you need $2,500 to open a CD.
See Insider’s picks for the best high-yield savings accounts »

This post was last reviewed and updated on July 22, 2021.

The bottom line: Live Oak Bank Online Savings Account is good if you’re searching for an online bank that pays high rates. But because there’s no checking account, so you might want to look elsewhere if you’re worried about accessing your savings quickly.

Overall bank rating

Feature
Insider rating (out of 5)

Savings
4

CD
3.25

Trustworthiness
3

Total:
3.42

Pros and cons

Pros:
Cons:

High rates on savings account
High rates on CDs

No checking account or money market account
$2,500 required to open a CD
Quick access to your savings

Savings
Live Oak Bank Online Savings Account

The Live Oak Bank Online Savings Account doesn’t require a minimum opening deposit or charge monthly fees, and it pays a competitive APY.

Depositing and receiving cash are the tricky parts. Although you can transfer funds into your account and deposit checks digitally, there’s no way to deposit cash. Because Live Oak Bank doesn’t have a checking account, you can’t simply transfer funds from savings into checking and access the money immediately. You’ll have to transfer funds to an external bank account, which can take a couple of business days.

CDs
Live Oak Bank Certificate of Deposit

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Live Oak’s minimum deposit of $2,500 is pretty steep. If you don’t have $2,500 on hand, you can open a CD with less at another online bank.

Live Oak pays competitive rates on CDs, but depending on the term, you may be able to find better rates at other online banks. The bank charges a relatively low early withdrawal penalty if you withdraw funds before your CD matures, especially for longer terms.

How Live Oak Bank works

Live Oak is an online bank with a savings account and CDs. Not many customers have reviewed the mobile app in the Apple or Google Play stores, but the average review ratings so far are mediocre.

Speak to a customer service representative over the phone Monday through Friday, 8:00 a.m. to 8:00 p.m. ET. There’s no customer support available on weekends. There’s no live online chat feature, but you can fill out an online form and wait for a response.

Your deposits are FDIC insured for $250,000, or $500,000 for a joint account.

Is Live Oak Bank trustworthy?

The Better Business grades companies’ trustworthiness, but its current grade for Live Oak Bank is NR, or No Rating. The BBB claims it doesn’t have enough information to give a reliable score.

A good BBB rating won’t guarantee that a bank will be right for you. If you want to get a better picture of whether a bank may be good for you, make sure to get …read more

Source:: Business Insider

      

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