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4.7
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Live Oak - Personal Savings
OUR VIEW
Live Oak Bank is focused on small business customers, with low fees and minimums, high rates, and cutting-edge perks on business bank accounts. In addition to business checking and savings, Live Oak Bank offers small business loans up to $350,000 and SBA loans.
As far as personal banking goes, the bank only offers a high-yield savings account and CDs. But both of these accounts are worth considering if you're climbing for the highest rates. These accounts charge no monthly maintenance fees, but there are high minimum balance requirements for CDs. Live Oak Bank is a great option for personal savings if you're focused on rates and don't mind an institution with limited accounts to choose from.
This Live Oak Bank personal savings review will help you decide if Live Oak Bank is right for you.
Pros
High interest rates on savings and CD accounts
SBA loans up to $500,000
$0 minimum balance
No monthly maintenance fees
Cons
No in-person branches
No personal checking or money market accounts
Cash deposits not accepted
What is Live Oak Bank?
Live Oak Bank was founded in 2008 and is based in Wilmington, North Carolina. Live Oak is a cloud-based bank that primarily serves small business owners. In fact, it is the largest loan provider (in terms of dollar amount) offering Small Business Administration 7(a) loans designed to provide small businesses with working capital.
Live Oak Bank also offers FDIC-insured savings accounts and certificates of deposit to consumers. Because the accounts are FDIC-insured, depositors are protected from loss as long as they remain under the FDIC's $250,000 per person, per account limits.
Live Oak Bank savings account
Annual Percentage Yield (APY): 4.10% (as of 5/1/25)1 <p>Rate is current as of May 1, 2025. No minimum opening balance or deposit required to open. Rates may change at any time without prior notice, before or after the account is opened. No minimum balance to open, but customers must have a balance of $0.01 to earn interest. You may make up to 6 withdrawals from your Live Oak Bank Savings account per statement cycle, including pre authorized, automatic and telephone transfers. Fees may reduce earnings.</p>
Account minimum: None
Monthly maintenance fees: None
Live Oak Bank offers a competitive 4.10% (as of 5/1/25) APY on its personal savings account. This is well above the national average rate and beats out many competitors, including some other providers of high-yield savings accounts.
Live Oak Bank pays this APY as long as you have $0.01 in the account. It doesn't have a minimum balance required, it doesn't charge any monthly maintenance fees, and your funds are FDIC-insured.
Here are the only potential fees you could incur:
$25 fee for stopped payments
$10 fee for returned items
$19 outgoing wire-transfer fee
$50 minimum fee for legal actions taken against your account, such as wage garnishments
An unspecified dormant account fee if you have less than $10.01 in the account and no account activity for a 2-year period.
You can open your Live Oak Bank online savings account directly online and mail a check or deposit funds via an ACH transfer to get started. The bank offers North Carolina-based customer service via phone but has no local branches.
You also don't get a debit card for ATM access. If you need money, you'll need to transfer funds out of the account electronically.
Consumers don't rate its mobile banking app highly, citing connectivity issues and limited features.
Live Oak Bank CDs
APY: 2.00%-4.00% (as of 10/22/25)
Account minimum: $2,500
Terms available: 3 months to 5 years
Live Oak Bank also offers CD rates of 2.00%-4.00% (as of 10/22/25).
There are no maintenance fees for a Live Oak Bank CD, but you must make a minimum $2,500 deposit and the account maximum is $250,000. You will pay early withdrawal penalties if you take money out of your CD early. The penalties are:
90 days of simple interest if you take money out early and your CD has a term of less than 24 months
180 days of simple interest if you take money out early and your CD has a term of 24 months or more.
A CD can be opened online, and when your CD matures, you have the option to withdraw the funds or allow the CD to automatically renew at the prevailing interest rate at the time of the renewal. You have 10 days from the time your CD matures to take out the money available to you before it is automatically reinvested.
5.0
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Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn up to a $300 bonus and up to 4.30% APY on Savings (3.60% APY2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.3 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/sofi-plus/">sofi.com/sofi-plus</a> SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.4 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Openbank High Yield Savings - 4.20% APY5 <p>Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 AM ET September 23, 2025. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential ZIP code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only.</p>
<p>Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured.</p>
Earn 10x the national savings average for Savings deposit products as published on FDIC.gov.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Use Cash App As Your All-in-One Financial Services Platform
Bank6 <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.7 <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks8 <p>Your first deposit may take longer depending on your employer.</p>
In addition to the personal savings account and CDs, Live Oak Bank also offers accounts geared toward business customers. Options include:
A small business checking account
A savings account
1031 exchange banking services
Small business loans backed by the Small Business Administration (SBA)
Loans backed by USDA to enhance economic opportunity in rural areas
Commercial loans
How to get started with Live Oak Bank
Opening a new account with Live Oak Bank is easy. Here's how the process works.
1. Go to the bank's website and click "Get Started."
After clicking the button, you will choose "Personal Banking," "Business Banking," or "Contact a Lender."
2. Choose your product
If you select personal banking, you will be taken to a page where you can choose between a savings account and a CD. Pick which one you'd like, and click "Open Now" under the relevant financial product.
3. Input your personal information
For both the CD and savings account, you will need to provide the following information:
Your first, middle, and last name
Your current address (and mailing address, if it differs)
Your Social Security number
Your date of birth
Whether you are a citizen
Whether you are subject to backup withholding
Your employment status
4. Provide funding details and complete the account opening process.
For a CD account, you will need to make a minimum $2,500 deposit. There is no minimum for the personal savings account. You can fund your account with an external bank account by using an ACH transfer or by sending a check.
If you suspect you may run into trouble, consider opening your online account between the hours of 8:00 a.m. and 8:00 p.m. Eastern Monday through Friday, as these are the hours that customer support is available to you.
Alternatives to Live Oak Bank
Live Oak Bank is one of the best savings accounts available due to its high APY, no minimum account balance, and no account fees. But there are other great alternatives as well.
Both Current and Quontic Bank are worth considering. Here's how these alternatives compare.
Live Oak stands apart from these competitors because it offers a 4.10% (as of 5/1/25) savings rate without the requirement of a direct deposit or a high minimum deposit. Consider Quontic Bank instead of Live Oak Bank if you're looking for a full-service institution with everything from checking and savings to loans, or Synchrony Bank if you want a high-yield savings account that offers ATM access.
FAQs
Is Live Oak Bank FDIC insured?
Live Oak Bank is FDIC insured up to $250,000 per person per account type. This means that if you keep your deposits below these limits, you do not need to worry about losing money if the bank should collapse or face serious financial trouble.
What is the Live Oak Bank phone number?
Live Oak Bank can be reached via phone at 866-518-0286. The bank's customer service is based in North Carolina, and you can reach the bank's support line between 8:00 a.m. and 8:00 p.m. Eastern Monday through Friday.
Is Live Oak Bank a reputable bank?
Live Oak Bank is a reputable bank. It was founded in 2008 and it has become one of the largest lenders for SBA loans. Its personal savings account and CDs are FDIC insured so consumers do not need to worry about losing money in the event of bank failure.
Bottom line
Live Oak Bank is a great option if you want an all-digital bank offering a competitive rate and you opt for either the savings account with no minimum balance requirements or you have at least $2,500 to open a CD. But if this financial institution isn't right for you, you can find many other great options by checking out this list of the best banks.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
High APY of up to 4.30% on Savings (3.60% APY2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.3 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/sofi-plus/">sofi.com/sofi-plus</a> SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit9 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees10 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network11 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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