This is my favorite bank to do business with. Customer service is always friendly and accessible, and they bend over backwards to help whenever there is a problem. Very competitive rates on CD and savings as well, and the web interface is very good.

I had a Live Oak savings account for a couple years and it was a mostly smooth process opening and funding my account, and doing ACH transfers. Website and app are simple but easy to use. For awhile, it wasn't working with Mint, but that was eventually fixed. I ended up deciding to close my account, trying to simplify and consolidate my accounts and get slightly higher interest elsewhere. The closing process was VERY easy, talked to a couple customer service reps who were great, knowledgeable, and processed the closure fairly quickly and on the schedule they promised. That has not been my experience with other banks, so Live Oak Bank gets some bonus points for that.

UPDATED: Live Oak no longer puts the hold I described years ago on funds that are transferred in and out. I have continued to use this bank as their rates are better than others even now in this terrible environment. Their customer service is responsive, too. Sometimes it takes them a while to provide statements at the end of the month, but they do eventually show up.

iPhone app cannot deposit mobile checks. Can you imagine that for an online bank? Lots of other bugs and issues that they do not care to even fix. It's kind of mind boggling that an online bank would have such a crapp online experience. They do well in other areas. They just simply don't care to have their app and online site work well. Don't care to fix it. Don't waste your time or headache.

I should have known from the silly, time consuming application process that this would not be the bank for me. But I jumped through the hoops, in search of their (at the time) very good savings and CD interest rates, and their live customer service. What good is human customer service if the bank itself has the reps' hands tied with cumbersome and unfriendly procedures? I have a one person business and I travel full time. I can't even tell you how many times I have been unable to access my money because they've shut me off for some silly "fraud" thing or other (like asking for your balance at at ATM before withdrawing money - seriously, that gets a fraud flag). They're not open nights or weekends, and have no fraud department, and when you call the customer service people they can't even see any flag. The reps have to "reach out to the team" for the most basic answer, and when you complain they tell you the issues are because this is a "new product." Everything seems to require a verification letter. Transferring money to external accounts is always fraught with some kind of issue, and they always blame it on the other institution. But it was when I lost my wallet containing everything - all my debit cards, my IDs, everything - that I lost all hope that they'd ever straighten out. I requested that they expedite me a debit card, and they told me that while they could request that it be expedited, I should not realistically expect it for 10 days. I'm contacting a bank that has all my money, I've got about 10 bucks to my name, I'm 3000 miles from home, I don't know anyone... and they want me to wait ten days? There's no option to get it faster even by paying a fee. They offered to wire me my money but of course you can't pick it up without an ID, and mine was in the wallet I lost. Another bank suggested I add the card to Apple Wallet, but they had shut it off already so that wasn't going to work. My other bank gave me a virtual card to use with Apple Wallet and that's what saved me - not something Live Oak would ever have done. Their slogan is that they want to be America's business bank. How about you learn how to service business customers and stop punishing them for giving you their money?