Live Oak Bank; Member FDIC summary
- Full-service banking site
- No minimum balance requirements
- No monthly maintenance fees
- Basic mobile app with limited features
- No weekend customer support
FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication
Customer support during extended business hours
Excellent user friendly site with transparency of rates and full online banking capabilities
Excellent mobile app with digital check deposit capability
Advantages Over Traditional Banks
Live Oak Bank focuses on enabling its small business customers to build up their business, no matter what stage it’s in. They offer a variety of loans and services to help customers in this area.
Live Oak Bank’s online savings account is available with zero fees, with no minimum balance to open. Live Oak Bank also offers a variety of CD account terms, with competitive APY rates. You can open any of these accounts online. The process takes just a few minutes, and all you need is your Social Security Number and ID on-hand.
Cutting-Edge Banking Services
If you prefer a digital approach to personal financial management, Live Oak Bank offers several tools you may find appealing, including:
The ability to open and manage your account completely online
Free mobile banking app
Traditional Banking Services
As well as its savings and CD accounts, the company offers tools and loans necessary for day-to-day small business management. These include:
A streamlined loan process for those looking to buy an existing business or franchise
SBA loans: Live Oak Bank has Preferred Lender Status which means that they can get you your loan faster. Live Oak Bank was awarded the top SBA lender by volume for the 2021 fiscal year.
USDA loans with guidance from USDA experts. Live Oak Bank was awarded the top USDA lender by dollar volume for the 2021 fiscal year by the USDA.
Interest Rates and Fees
Live Oak Bank offers one savings account:
Monthly service fee
Minimum balance to open account
Minimum balance to earn interest
Customer Service and Online Experience
You can contact Live Oak Bank over the phone. Customer support hours are 8am-8pm (EST), Monday to Friday.
If you’re considering taking out a business loan, there are several online calculators on the bank’s website, which will help determine how much you can borrow. There’s also a helpful section dedicated to improving online security and raising awareness of fraud.
Opening an account typically takes under 10 minutes and requires you to have your Social Security Number and driver’s license to hand.
Overall, the bank has positive ratings online, with several reviews on various banking websites praising its personalized service and competitive APY rates.
You can download Oak Bank’s app from Google Play or the App Store. With the app, you can:
Check account balances
View recent transactions
Live Oak Bank offers several security features to protect your data and money. These include:
SSL encryption for all mobile and online banking transactions
Ant-ivirus and anti-malware protection
Fraud and threat management analytics
If you notice suspicious activities you can report them and/or forward suspicious emails to firstname.lastname@example.org.
Live Oak Bank is also insured by the federally backed FDIC program, which guarantees deposits of up to $250,000 should the company fail.
If you’re seeking a high return on your savings and excellent customer service, Live Oak Bank has a great deal to offer. Although we would have liked to see the bank offer 24/7 service, it does include other attractive features, including business loans and a variety of CD accounts with competitive APY rates.
We compiled this review by visiting the company’s website and social media profile, contacting its customer service team via email, and checking online reviews.