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


  • June 25, 2021 |

    Online Savings Rates

    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.

  • April 22, 2021 |

    Online Savings Rates

    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.

  • March 29, 2021 |

    Online Savings Rates

    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.

  • February 28, 2021 |

    Online Savings Rates

    Never really sure when interest is going to be posted to the account, otherwise it is excellent.

  • January 27, 2021 |

    Online Savings Rates

    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?

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