About Live Oak Bank
Live Oak Bank was founded in 2008 as a lending company and is headquartered in Wilmington, North Carolina. In 2019, Live Oak entered the banking industry and established Live Oak Bank. Although it has lending offices in California, North Carolina, and Texas, it operates as an online-only bank.
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Live Oak Bank Overview
Live Oak Bank is a full-service online bank that offers CD, checking, and savings accounts. Live Oak Bank allows fee-free access to more than 55,000 Allpoint ATMs nationwide. Many of the bank's CDs offer competitive APYs with a slightly higher minimum opening deposit. As with many online banks, it also offers high-yield savings accounts that offer higher than average APYs.
| Competitive APY on all of its CDs. | Live Oak Bank is an online only bank. |
| Competitive APY on its high-yield savings accounts. | Higher than average minimum opening deposits required on CD accounts. |
| No minimum opening deposits on its checking and savings accounts. | Limited account types. |
Live Oak Bank Offerings
CDs
A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period, known as a term. Live Oak Bank offers CDs with terms ranging from three months to five years. The APYs on most of its CDs are higher than the national averages of 2.60%. Here are the details for some of the bank's CD offerings for May 2025:
Checking Accounts
A checking account is a transactional account intended for everyday expenses. Live Oak Bank offers several different business checking accounts. All of the checking accounts offer APYs that are below the national average of 0.01% for checking accounts. Here are the latest account details for May 2025:
Savings Accounts
A savings account is an interest-bearing account that pays you interest while you save for your financial goals. Live Oak Bank offers a high-yield savings account for both business and personal use. The account offers an APY higher than the national average yield of 1.45% for savings accounts. Here are the latest savings account details for May 2025:
Bank Fees
Overdraft fee: None
Account closure fee: None
Dormant account fee: None
Wire transfer fee: Domestic - Incoming is $0 and outgoing is $19; International - Incoming is $0 and outgoing is $29
Non-network ATM fee: None
Monthly service charge: $10-$25 depending on the account type
Stop payment fee: None
Paper statement fee: None
Live Oak Bank Features
Live Oak Bank's customer service line is available on weekdays from 7 a.m. to 9 p.m. CST and on Saturdays from 8 a.m. to 8 p.m. EST via phone. The 24-hour automated line is also available for basic account information and functions. The bank does not have physical branches as it is an online-only bank, but it does allow fee-free access to more than 55,000 Allpoint ATMs nationwide. The bank has an easy-to-use mobile app that allows customers to check balances, deposit checks, pay bills, and process Zelle transactions.
Live Oak Bank FAQs
Our Take
Live Oak Bank is an online-only bank that offers competitive APYs on most of its CDs when compared to similar CDs offered by national and regional banks. The one drawback is that the minimum opening deposit is higher than at other similar online banks. It also has a high-yield savings account that offers a higher-than-average APY with no monthly service charge and no minimum opening deposit required. Accounts with the bank can be opened online and may be suitable for customers who can meet the higher minimum opening deposit requirements for its CDs and want to earn the higher APYs offered on its accounts.
Methodology
Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.