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BestMoney.com

Live Oak Bank Online Banking Review 2023

Make more with High Yield Online Savings

Reviews 533
Live Oak Bank; Member FDIC
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Live Oak Bank; Member FDIC
Live Oak Bank; Member FDIC
Excellent
Reviews 533
Bestmoney Staff
Feb. 09, 2023
1 min read
BestMoney Staff
Live Oak Bank; Member FDIC Summary
Founded in 2008 in Wilmington, North Carolina, Live Oak Bank provides personal and business banking services with a strong focus on customer service. Live Oak Bank offer a variety of small business loans as well as a competitive high yield savings account and a variety of CD terms and rates. They are licensed to offer banking services in all 50 states.

Pros

  • Full-service banking site
  • No minimum balance requirements
  • No monthly maintenance fees

Cons

  • Basic mobile app with limited features
  • No weekend customer support

Live Oak Bank; Member FDIC at a glance

9.2
Editorial score

Fees?

No fees
10.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication
10.0

Customer service

Customer support during extended business hours
8.0

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities
10.0

Mobile experience

Excellent mobile app with digital check deposit capability
8.0

Live Oak Bank; Member FDIC Live Oak Bank; Member FDIC Visit Oak Bank

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:

Account Features

Savings Account

Monthly service fee

None

Interest earned

{dynamic apy}

Minimum balance to open account

None

Minimum balance to earn interest

$0.01

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. 

Mobile App 

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

  • Transfer funds

  • Deposit checks

Security 

Live Oak Bank offers several security features to protect your data and money. These include:

  • SSL encryption for all mobile and online banking transactions

  • Multi-factor authentication

  • 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 abuse@liveoak.bank.

Live Oak Bank is also insured by the federally backed FDIC program, which guarantees deposits of up to $250,000 should the company fail.

You can find out more about the bank’s security features here, and read its privacy policy here.

Summary

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.

Methodology

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.

Live Oak Bank; Member FDIC Live Oak Bank; Member FDIC Visit Oak Bank

BestMoney Staff
Written by
Bestmoney Staff
Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.
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Trustpilot reviews
See what some customers are saying about Live Oak Bank; Member FDIC
Live Oak Bank; Member FDIC
Excellent
Reviews 533
on
Excellent
81%
Great
9%
Average
3%
Poor
2%
Bad
5%
C
christopher
19 hours ago
Live Oak was so helpful in helping me get the agency purchased.
Live Oak was so helpful in helping me get funded to purchase an existing insurance agency.
J
jeremy
20 hours ago
Great to work with
Live Oak Bank were very helpful throughout my entire complicated process. Would highly recommend.
T
theresa
21 hours ago
Management Partner
Live Oak Bank has provided us not only financing but a knowledgeable team who guided us through the process with insights and recommendations that were incredibly valuable. We truly could not have executed our hybrid reno-construction-startup project so smoothly during covid without them.
L
laurel s
a day ago
We had a great experience with Live Oak…
We had a great experience with Live Oak Bank and everyone we worked with. Live Oak Bank believed in our Senior Living project and made our dream come true to own AND operate our “senior home”. We look forward to working with them on phase 2! Would highly recommend!
J
joanie
2 days ago
Customer service is outstanding
Customer service is outstanding. Very professional and friendly
L
lance
2 days ago
The loan experience was fast
The loan experience was fast, smooth and easy. The required paperwork and effort on my part was minimal for the loan product that I received. I would highly recommend Live Oak Bank.
A
angela
2 days ago
I have been very happy with Live Oak…
I have been very happy with Live Oak Bank for our business savings account. We have had no issues at all, runs very smoothly.
S
steven
2 days ago
Count the reasons I like working with Live Oak Bank
I like working with Live Oak Bank for the following reasons: 1. Pay a decent savings interest rate, much better than my brick and mortar bank; 2. Secure but easy log-in to the website; 3. Great customer service - timely, responsive and courteous; 4. Well designed website. Can't think of anything I'm unhappy with. I recommend them! Steve Nashland
S
stacey
2 days ago
Customer representative was helpful and…
Customer representative was helpful and provided an answer to my question quickly.
Z
zac a clark
3 days ago
My experience was phenomenal
My experience was phenomenal! Great people, and easy process!
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mohammad faziyan p
4 hours ago
Paid promotion
Its a paid promotion , some people working backend to increase the rating, plz avoid this
consumer-image
dilip kumar s
3 days ago
Excellent m
Excellent m
consumer-image
naresh hari
3 days ago
Good service and experience
Good service and experience
consumer-image
strings to paradise
3 days ago
cooperative staff and hustle free work
cooperative staff and hustle free work
R
robert
4 days ago
Great Bank however
Great Bank however, mobile deposit limit is too low
W
warren
4 days ago
Easy and straightforward
Easy and straightforward. No problems!
J
jerry
4 days ago
The assistance I got when setting up…
The assistance I got when setting up access to the account
C
christopher
4 days ago
Easy to work with
Very easy to work with and very helpful
consumer-image
subham singh
4 days ago
Easiest way to do all process of money…
Easiest way to do all process of money app is very user friendly
O
oscar
4 days ago
Great fast customer service.
Great fast customer service.
B
bob maloney
4 days ago
Very easy to use the site.
Very easy to use the site.
M
melodee
5 days ago
It is so easy to use and has all of the…
It is so easy to use and has all of the features I need.
J
joanne freeman
5 days ago
Excellent Customer Support
LiveOak Bank is easy to work with. They were extremely helpful with PPP Loan application. Our team at LiveOak Bank are always responsive to our requests and willing to work with you. ABL Portal is easy to use for Line of Credit and Monthly Reporting. Only recommendation would be to have link from portal to outstanding loans or current loan information available on Dashboard, as well as availability to download bank statements directly from Dashboard.
consumer-image
umesha c
5 days ago
Very good service
Very good service
M
monica
6 days ago
Friendly, responsive service
Website is uncluttered and very easy to use/navigate
consumer-image
rosan chris
6 days ago
Excellent services
Excellent services
consumer-image
varun garg
6 days ago
Awesome services by the bank
Awesome services by the bank. Excellent customer service
V
varsha sharma
6 days ago
Superb wonderful
Superb wonderful
consumer-image
dalip walia
6 days ago
Superab service
Superab service
consumer-image
देवाराम देवासी समदड़ी
6 days ago
Exllent exllent
Exllent exllent
consumer-image
priya das
6 days ago
Good company to work with
Good company to work with
B
biswajet
6 days ago
No 1 👍 great experience
No 1 👍 great experience
consumer-image
jagadish pulakhandam
6 days ago
Good Experience Live Oak Bank
Good Experience Live Oak Bank. I am opened Bank very easily. Very low interest rates.. Trusted Bank.. They provide business loans also...
consumer-image
kashish sharma
6 days ago
Nice experience
Nice experience
S
sourab
6 days ago
Outstanding bank
Outstanding bank
consumer-image
siva ram
6 days ago
Good bank with decent staff and tech…
Good bank with decent staff and tech savvy. Savings interest rate is 4.5% which is really good in market.
P
patrick
7 days ago
Mark Cyress has been great to work…
Mark Cyress has been great to work with! He listens and has comes up with plenty of financial options for us. His hard work and diligence is much appreciated!
R
rochak chaudhary
7 days ago
Great experience
Great experience
M
melissa clark
7 days ago
Quick service made the experience a…
Quick service made the experience a five star rating. We have been with Live Oak for 3 years now and would recommend them to anyone.
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ajay garg
7 days ago
great bank
great bank, supporting staff , spot on solution
consumer-image
chirag vadodariya
7 days ago
Best service
Best service
R
rishabh lodhi
7 days ago
Nice place
My experience was good i am glad that visit this place
consumer-image
aditya chavan
8 days ago
Really good!
Really good!
consumer-image
s kumar
8 days ago
Best service
Best service
consumer-image
chaudhary bashu
8 days ago
Niceee and beautiful ambiance
Niceee and beautiful ambiance
consumer-image
surender n
8 days ago
Excellent customer service
Excellent customer service
consumer-image
ajay prajapati
8 days ago
Nice.........
Nice.........
consumer-image
misc world
8 days ago
Very very nice.
Very very nice.
consumer-image
bharat duggal
8 days ago
Good experience
Good experience I have intersted
consumer-image
sanath kumar
8 days ago
Well it is good in banking
Well it is good in banking
S
sittu prakash
8 days ago
Excellent …
Excellent …
M
mojdeh
8 days ago
process could have been more clear!
I was approved for a SBA loan through Live Oak Bank and was given many promises and conditions. Everytime i asked about it I was told it is will be okay which happen not to be okay. At the closing very large charge was overlooked which caused me lose more money due to the construction company's false billing which ended with over payment to the company. Would I go through them again I am not sure but know for sure I will not accept okay as an answer.
J
joanne
9 days ago
Very satisfied.
Very satisfied.
A
amir
9 days ago
Amazing Experience with all the staff…
Amazing Experience with all the staff members I spoke with. Extremely Professional and efficient.
B
brian
9 days ago
Liveoak Allstars: Jonathan, Louise, Delaney, Samantha
Everyone on the team is so personable and helpful in all forms of communication. I look forward to working with everyone on future projects.
D
dave
9 days ago
Great Experience with Live Oak Bank!
Very easy to set up bank accounts and easy to transfer money to and from either the checking or savings. Great interest rate for a Business Savings Account. Thank you for being there for Small Businesses.
J
jeffrey
9 days ago
Great Banking Experience
Thus far, I've had a great banking experience.
A
amarjeet singh
9 days ago
Very good service
Very good service
consumer-image
karan bhasin
9 days ago
Excellent service
Excellent service, strongly recommend...!!!
consumer-image
prasad uu
9 days ago
Good experience
Good experience
R
rochak chaudhary
9 days ago
Excellent services
Excellent services
consumer-image
anil kumar
9 days ago
Excellent company...
Excellent company...
consumer-image
vipul dubey
9 days ago
Excellent experience
Excellent experience
W
wallace
9 days ago
Great customer service
Great customer service. No ability to download transactions into Quicken.
R
robert
10 days ago
Transactions are simple and quick
Transactions are simple and quick
K
kt
10 days ago
Decent Experience but Rates are Lagging
Decent Experience but Rates are Lagging
consumer-image
chowfary laxman
10 days ago
Good service
Good service
consumer-image
jithu joseph
10 days ago
Good service
Good service
A
ashok
10 days ago
Good
Good place & best place
consumer-image
shilpa dalvi
10 days ago
The Live Oak is best cloud based…
The Live Oak is best cloud based digital bank good service provided
consumer-image
navneet mohan
10 days ago
Great service।
Great service।
consumer-image
yogesh baghel
10 days ago
Excellent customer
Excellent customer
V
vanshika
10 days ago
Very professional services and good…
Very professional services and good customer experience.
consumer-image
siddiq ek
10 days ago
Excellent
Excellent best p services
K
kiran
10 days ago
Acchu
Supeb app really
consumer-image
pristine councillor
11 days ago
Excellent!!!!
Excellent!!!! THANK YOU
consumer-image
satya singh
11 days ago
Best place for banking services
Best place for banking services
A
akash solanki
11 days ago
Trustable bank to service n customer…
Trustable bank to service n customer satisfied
consumer-image
alok gupta
11 days ago
Very nice one I like it
Very nice one I like it
consumer-image
abhinav srivastava
11 days ago
Amazing
Amazing experience. Great staff!
consumer-image
vishwas chaudhary
11 days ago
Nice.......
Nice.......
consumer-image
deepak pundir
11 days ago
Great bank made banking easy and…
Great bank made banking easy and transferring fund made quickly
R
robert
11 days ago
For an online business focused bank
For an online business focused bank, I'm disappointed that they do not have plaid integration so our small business can integrate transaction history more seamlessly. The android app is better, but always a headache to deposit checks. I'm hoping this changes soon as it will help our small business operations efficiency.
T
twila
12 days ago
Easy to navigate and great for business
Easy to navigate and great for business
G
gary rake
12 days ago
easy online bank
easy online bank. many options and good app.
consumer-image
christine elaine
12 days ago
Glad I found this bank
Needed something for a business savings. This answered what I wanted.
c
cm
12 days ago
The website works simply and reliably.
The website works simply and reliably.
W
willie
12 days ago
A+ online bank
Have had no issues, very user friendly.
Y
young lee
12 days ago
I appreciate accruing interests.
I appreciate accruing interests.
E
e.r. co
12 days ago
For the most part a seamless experience
For the most part, Live Oak makes things very easy to do online. Bill Pay can be a little tricky to use at first, but it works well once you get used to it.
S
sally anne sadler
12 days ago
Overall great
Overall, great. The speed in which money is transferred varies and I don't understand exactly why. But otherwise we are happy.
T
todd rich
12 days ago
Like the simplicity of doing business…
Like the simplicity of doing business and offering competitive earnings rate on deposits.
J
joseph
12 days ago
Has a good interest rate for my…
Has a good interest rate for my business account
A
akky
12 days ago
Good Feature
Good Feature
consumer-image
naveen raj
12 days ago
Excellent work
Excellent work
consumer-image
rajesh yadav
12 days ago
its so cool i like this palace.
its so cool i like this palace.
consumer-image
pratham tiwari
12 days ago
It was good
It was good. awesome
J
justanswer customer
12 days ago
Easy to get in touch with rep
Easy to get in touch with rep
H
hasan kha
12 days ago
No top funtastic good batter
No top funtastic good batter
consumer-image
salman khan
12 days ago
Excellent 👌👌👌👌👌👌😍
Excellent 👌👌👌👌👌👌😍