Live Oak Bank Review [2025]: Competitive Savings + CD Rates, But That's It

What is Live Oak Bank?

Live Oak Bank was founded in 2008 and is based in Wilmington, North Carolina. Live Oak is a cloud-based bank that primarily serves small business owners. In fact, it is the largest loan provider (in terms of dollar amount) offering Small Business Administration 7(a) loans designed to provide small businesses with working capital.

Live Oak Bank also offers FDIC-insured savings accounts and certificates of deposit to consumers. Because the accounts are FDIC-insured, depositors are protected from loss as long as they remain under the FDIC's $250,000 per person, per account limits.

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5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

• Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY¹ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.² <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p>
• No account, overdraft, or monthly fees³ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
• Get your paycheck up to two days early⁴ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
• Access additional FDIC insurance up to $3 million⁵ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Open an account with SoFi® here

Live Oak Bank savings account

• Annual Percentage Yield (APY): 4.10% (as of 5/1/25)⁶ <p>Rate is current as of May 1, 2025. No minimum opening balance or deposit required to open. Rates may change at any time without prior notice, before or after the account is opened. No minimum balance to open, but customers must have a balance of $0.01 to earn interest. You may make up to 6 withdrawals from your Live Oak Bank Savings account per statement cycle, including pre authorized, automatic and telephone transfers. Fees may reduce earnings.</p>
• Account minimum: None
• Monthly maintenance fees: None

Live Oak Bank offers a competitive 4.10% (as of 5/1/25) APY on its personal savings account. This is well above the national average rate and beats out many competitors, including some other providers of high-yield savings accounts.

Live Oak Bank pays this APY as long as you have $0.01 in the account. It doesn't have a minimum balance required, it doesn't charge any monthly maintenance fees, and your funds are FDIC-insured.

Here are the only potential fees you could incur:

• $25 fee for stopped payments
• $10 fee for returned items
• $19 outgoing wire-transfer fee
• $50 minimum fee for legal actions taken against your account, such as wage garnishments
• An unspecified dormant account fee if you have less than $10.01 in the account and no account activity for a 2-year period.

You can open your Live Oak Bank online savings account directly online and mail a check or deposit funds via an ACH transfer to get started. The bank offers North Carolina-based customer service via phone but has no local branches.

You also don't get a debit card for ATM access. If you need money, you'll need to transfer funds out of the account electronically.

Consumers don't rate its mobile banking app highly, citing connectivity issues and limited features.

Live Oak Bank CDs

• APY: 2.00%-4.10% (as of 04/22/25)
• Account minimum: $2,500
• Terms available: 3 months to 5 years

Live Oak Bank also offers CD rates of 2.00%-4.10% (as of 04/22/25).

There are no maintenance fees for a Live Oak Bank CD, but you must make a minimum $2,500 deposit and the account maximum is $250,000. You will pay early withdrawal penalties if you take money out of your CD early. The penalties are:

• 90 days of simple interest if you take money out early and your CD has a term of less than 24 months
• 180 days of simple interest if you take money out early and your CD has a term of 24 months or more.

A CD can be opened online, and when your CD matures, you have the option to withdraw the funds or allow the CD to automatically renew at the prevailing interest rate at the time of the renewal. You have 10 days from the time your CD matures to take out the money available to you before it is automatically reinvested.

Other Live Oak Bank offerings

In addition to the personal savings account and CDs, Live Oak Bank also offers accounts geared toward business customers. Options include:

• A small business checking account
• A savings account
• 1031 exchange banking services
• Small business loans backed by the Small Business Administration (SBA)
• Loans backed by USDA to enhance economic opportunity in rural areas
• Commercial loans

How to get started with Live Oak Bank

Opening a new account with Live Oak Bank is easy. Here's how the process works.

1. Go to the bank's website and click "Get Started."

After clicking the button, you will choose "Personal Banking," "Business Banking," or "Contact a Lender."

2. Choose your product

If you select personal banking, you will be taken to a page where you can choose between a savings account and a CD. Pick which one you'd like, and click "Open Now" under the relevant financial product.

3. Input your personal information

For both the CD and savings account, you will need to provide the following information:

• Your first, middle, and last name
• Your current address (and mailing address, if it differs)
• Your Social Security number
• Your date of birth
• Whether you are a citizen
• Whether you are subject to backup withholding
• Your employment status

4. Provide funding details and complete the account opening process.

For a CD account, you will need to make a minimum $2,500 deposit. There is no minimum for the personal savings account. You can fund your account with an external bank account by using an ACH transfer or by sending a check.

If you suspect you may run into trouble, consider opening your online account between the hours of 8:00 a.m. and 8:00 p.m. Eastern Monday through Friday, as these are the hours that customer support is available to you.

Alternatives to Live Oak Bank

Live Oak Bank is one of the best savings accounts available due to its high APY, no minimum account balance, and no account fees. But there are other great alternatives as well.

Both Current and Quontic Bank are worth considering. Here's how these alternatives compare.

Live Oak stands apart from these competitors because it offers a 4.10% (as of 5/1/25) savings rate without the requirement of a direct deposit or a high minimum deposit. Consider Quontic Bank instead of Live Oak Bank if you're looking for a full-service institution with everything from checking and savings to loans, or Synchrony Bank if you want a high-yield savings account that offers ATM access.

Move your money to this little-known (but highly powerful) account ASAP

Quontic Bank Benefits

• Earn 3.85% (as of 5/9/25) APY⁷ <p>**High Yield Savings (APY is Annual Percentage Yield). Ask for details. Additional terms, conditions, fees &amp; exclusions may apply. Rates may change without notice. $100 required to open account. There is a $10.00 excess transaction fee for every transaction over six for preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or similar transactions from your account per account statement cycle. If the account is closed before interest and/or bonus is credited, accrued interest and/or bonus may be forfeited for that statement cycle. Fees could reduce earnings. Information is as of Sept. 1, 2022.</p> with this high yield savings account
• Accrue an APY⁷ <p>**High Yield Savings (APY is Annual Percentage Yield). Ask for details. Additional terms, conditions, fees &amp; exclusions may apply. Rates may change without notice. $100 required to open account. There is a $10.00 excess transaction fee for every transaction over six for preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or similar transactions from your account per account statement cycle. If the account is closed before interest and/or bonus is credited, accrued interest and/or bonus may be forfeited for that statement cycle. Fees could reduce earnings. Information is as of Sept. 1, 2022.</p> that’s over 14x⁸ <p>*National Average APY information as of Sept. 1, 2022, according to the FDIC National Rates and Rate Caps.</p><p><br></p> higher than the national average
• Your eligible deposit accounts are protected and Quontic is a member FDIC⁹ <p>*** FDIC insurance is applicable to eligible deposit accounts and up to the maximum allowed by law. Learn more at FDIC: Deposit Insurance*National Average APY information as of Sept. 1, 2022, according to the <a href="https://www.fdic.gov/resources/bankers/national-rates/index.html" target="_blank" rel="noopener noreferrer">FDIC National Rates and Rate Caps</a>.</p><p class=""><br></p>
• No monthly service or overdraft fees

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FAQs

Bottom line

Live Oak Bank is a great option if you want an all-digital bank offering a competitive rate and you opt for either the savings account with no minimum balance requirements or you have at least $2,500 to open a CD. But if this financial institution isn't right for you, you can find many other great options by checking out this list of the best banks.

Reach Your Savings Goals Faster

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

• Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY¹ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.² <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p>
• No account, overdraft, or monthly fees³ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
• Get your paycheck up to two days early⁴ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
• Access additional FDIC insurance up to $3 million⁵ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Open an account with SoFi® here