Live Oak Bank is the 296th largest bank in the nation. It was established in 2008 and as of September of 2018, it had grown to 479 employees. Live Oak Bank's savings rates are 4X the national average, and it boasts an A+ health rating.
I don’t know why some online banks look to want to be competitive but yet allow themselves to fall off the radar screen for the longest time. Online shoppers like myself are some of the most proactive and alert clients out there. We consistently check the interest rates on a regular basis on google and websites like this to be sure we are not missing out on good deals. Live Oak bank once offered the highest available rates back in the days of 1.5%, but then they sat around for a long time languishing at uninspiring rates as other banks readily increased their rates and passed them by. And I’m not a fool to chase banks with the highest rates every other week which rest on shaky foundations and provide poor customer service. I’m talking about shopping banks with a strong foundation which offer high rate and I can feel comfortable with. While LiveOak Bank is a good bank, there are just as fine choices out there to choose from with substantially better rates. Once I do pull the trigger and go ahead and transfer 100K or 200K out of that bank stuck at the low rates to put it with a PurePoint or Cit Bank savings account, there is little reason for me to go back to that smaller bank. If a bank is desiring to cater to the locals of a town with their brick & morter bank branches, then this makes more sense to me. But as far as online interest rates, their finally raising rates to 2% after many months of lower rates is a yawn and a matter of offering too little too late. There is no reason for me to leave banks at 2.15% who also have a history of raising their rates sooner than later.
I opened a Savings account with this bank this past week. I already had a CD there. The CD provides no statements, just an online list of transactions and a 1099-Int. The interest rate was good at the time I opened it, so no big deal.
However, it turns out that there is a 5 day hold on the money I deposited in my savings account. The money came out of my other bank account on Thursday but the CSR says I won't see it in my account until the next Wednesday. Meanwhile, the CSR confirmed and that I am NOT going to earning any interest on that money during that hold period.
There will also be a five day hold on any withdrawals. The CSR said this is because they use an "intermediary bank" for transfer transactions.
This was not made clear in any way before I opened the account. Despite the nice interest rate I won't be moving in any more money. That hold coming and going effectively lowers the interest rate paid.
Jan 26th, 2018
How can I describe the account setup process with Live Oak bankl? In one word… ridiculous!
I provided all the information they requested to open a $20k CD last Friday. By the following Thursday I still hadn’t heard back from them (in complete contravention of their claimed 2 day response for opening new accounts). So I sent them an email asking what the status was. Later that day I received an email stating they were still reviewing my application and that they still needed some additional paperwork.
Now, I’m a 70 year old, white male, own my own $500k home, 18 acres of land, no mortgage, and I’m retired (used to be a Regional Sales Manager for a Fortune 250 company). Oh yeh, did I mention I have an 822 credit score?
What I don’t have is bills. The electric bill is in my wife’s name (she kept her maiden name because she owns her own company). We don’t have a large electric bill cause we have solar. We don’t have gas, we use oil. And we don’t have a water bill since we have our own well.
So, what’s the problem?
According to Live Oak bank, my Social Security number, house address, bank references and 20 minutes of filling in their application weren’t enough. They needed an electric bill in MY name to prove that was my home address! Really? The alternative, according to their ‘lack of customer service’ department, was to provide them with my IRS tax statement! What!? You want my most personal info to prove the house is mine? In this day and age you can’t figure out how to find out if this is my address? I even offered to provide a copy of my passport. What about a copy of my credit report? Nope. Not acceptable. Electric bill in MY name or my taxes. That’s it!
So, let’s see. That means that any men who have their wives names on the utility bills won’t be able to open an account. Or, god forbid, you have a well instead of city water! But you can ALWAYS provide them with your tax return! Nope. Not happening.
So, frustrated, I contacted Synchrony Bank, filled in their easy (and quick) CD application on-line and had the account ready to go within hours… and they are currently paying 2% on 12 month CD’s. So now Synchrony Bank has my $20k, not Live Oak.
Congrats Synchrony Bank! Major fail Live Oak.
|FDIC Certificate #||58665|
|Return on Assets - YTD||2.18%|
|Return on Equity - YTD||19.63%|
|Annual Interest Income||$117.6MM|
|Assets and Liabilities|
|Assets||Q3 2018vs Q3 2017||$3.40B$2.35B|
|Loans||Q3 2018vs Q3 2017||$2.26B$1.86B|
|Deposits||Q3 2018vs Q3 2017||$2.95B$2.08B|
|Equity Capital||Q3 2018vs Q3 2017||$391.7MM$222.4MM|
|Loan Loss Allowance||Q3 2018vs Q3 2017||$27.0MM$21.3MM|
|Unbacked Noncurrent Loans||Q3 2018vs Q3 2017||$1.1MM$0|
|Real Estate Owned||Q3 2018vs Q3 2017||$1.4MM$2.2MM|
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Always verify rates and promotions with the bank or credit union. We are not Live Oak Bank; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|3.15%||$2.5k||$250k||5 Year CD|
|3.15%||$2.5k||$250k||5 Year Business CD|
|3.10%||$2.5k||$250k||4 Year CD|
|3.10%||$2.5k||$250k||4 Year Business CD|
|3.05%||$2.5k||$250k||3 Year CD|
|3.05%||$2.5k||$250k||3 Year Business CD|
|3.00%||$2.5k||$250k||2 Year CD|
|3.00%||$2.5k||$250k||2 Year Business CD|
|2.90%||$2.5k||$250k||18 Month CD|
|2.90%||$2.5k||$250k||18 Month Business CD|
|2.85%||$2.5k||$250k||1 Year CD|
|2.85%||$2.5k||$250k||1 Year Business CD|
|2.45%||$2.5k||$250k||6 Month CD|
|2.45%||$2.5k||$250k||6 Month Business CD|
Live Oak Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 1741 Tiburon Drive - Wilmington, NC 28403