Live Oak Banking Company:
Online Savings Account - 0.50% APY
•There are no monthly maintenance fees or minimum balance requirements
• No minimum balance to open
• Maximum balance is $5 million (BestCashCow advises remaining within FDIC coverage limits).
• Make up to 6 withdrawals per statement cycle.
• May link your account with up to 3 other accounts and may transfer up to $250,000 either inbound or outbound.
• Fees charged for inbound and outbound wire transfers.
• No trust accounts.
• No ATM access.
Fee and Feature Guide
| Savings Account | |
|---|---|
| Interest Rate | |
| APY | 0.50% |
| Minimum deposit amount | $0.00 |
| Maximum deposit amount | N/A |
| Balance Requirements | |
| Minimum Opening Deposit | $0.00 |
| Minimum Balance to Avoid Fees | $0.00 |
| Minimum Required Balance | $0.00 |
| Fees | |
| Monthly Maintenance Fee | N/A |
| Foreign ATM Fees | N/A |
| Insufficient Funds Fee | N/A |
| Incoming Wires | N/A |
| Statements | |
| Paper Statements | Yes |
| Online Statements | Yes |
| Online and Telephone Banking | |
| Online Banking | Yes |
| Telephone Banking | × |
| Mobile Banking | Yes |
| Deposit Checks with Mobile Device | Yes |
| Free Bill Pay | Yes |
| Online Bill Payments Required | Yes |
| Account Opening | |
| Open Online | Yes |
| Insured by | F.D.I.C. |
Customer Reviews for Live Oak Banking Company
John G
June 25, 2021 |
A clear case of bait and switch advertising there CD rates and then constantly dropping then before anyone can open an acocunt. I have filed a complaint with CFPB.
Is this review helpful? Yes:0 / No: 0
ChicoNC
April 22, 2021 |
This is basically an online bank only. It is unknown here in Eastern NC, even though it claims to serve this area. I was happy to take the risk when the rate was good, After all the small drops, it isn't good any longer.
Is this review helpful? Yes:0 / No: 0
AO516
March 29, 2021 |
Not the smoothest website, but good enough and they are staying competitive. I first opened the account 2 years ago after seeing it advertised here and have no had no reason to close. I have had both savings and CDs.
Is this review helpful? Yes:0 / No: 1
Leo R
February 28, 2021 |
Never really sure when interest is going to be posted to the account, otherwise it is excellent.
Is this review helpful? Yes:0 / No: 0
Difficult to work with
January 27, 2021 |
I've been a depositor since I opened about 2 years ago when they launched and were advertiser here and everywhere. The rates are still competitive, but why can't then issue a 1099 or put it online in a timely manner like everyone else does?
Is this review helpful? Yes:0 / No: 0
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