Live Oak Bank makes it easier to save with secure, high-yield savings products — choose an FDIC-insured3 Online Savings Account to earn money on your idle cash.
Bank
APY
Est. earnings for 1 year
|
Fee Type |
Fee Description |
Fee Amount |
|---|---|---|
Account Fees |
Monthly Account Fee No Charge Online Banking Fee No Charge |
No Charge No Charge |
Transaction Limit/Fees |
Fee for each transaction after the Reg D six (6) permitted transactions per monthly statement cycle $10 for each transaction after the six (6) permitted transaction limitation per monthly statement cycle |
$10 for each transaction after the six (6) permitted transaction limitation per monthly statement cycle |
Miscellaneous Fees |
Stop Payment Fee $25 Returned Item Fee $10 Non-Sufficient Funds (NSF) Fee $25 Legal Actions (tax levies, garnishments, etc.) $50 minimum Incoming Wire $15 Outgoing Wire $19 Dormant Account Fee If an account has a balance less than $10.01 and no activity for 24 consecutive months, a dormant account fee will be assessed and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less. NOTE: The dormant account fee will not overdraw the account (e.g. a dormant account with a $7.50 balance will be assessed a fee of $7.50). |
$25 $10 $25 $50 minimum $15 $19 If an account has a balance less than $10.01 and no activity for 24 consecutive months, a dormant account fee will be assessed and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less. NOTE: The dormant account fee will not overdraw the account (e.g. a dormant account with a $7.50 balance will be assessed a fee of $7.50). |
During the online account opening process, Live Oak Bank may ask for the following items to verify your identity:
There are no monthly maintenance fees or minimum balance requirements for the Live Oak Bank Savings account, however, the Dormant Account Fee may apply. If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed, and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less. The dormant account fee will not lower the account balance beyond $0.00 and thus cannot overdraw the account.
The Live Oak Savings account can only be opened online. You may click ‘Get Started’ on the homepage and follow the prompts to begin the quick three-step application. We will ask for your personal information and external bank account information. Your information will be verified electronically. We may request documentation if additional verification is required. Once this information is confirmed, you will enter the amount of your opening deposit to schedule an ACH transfer from the verified bank account into your new savings account. The deposit will be held for five business days.
You may add a co-owner or beneficiary to the account after completing the funding step of the application.
* Please note we do not accept checks drawn on foreign banks, third-party checks or cash deposits. (A third-party check is a check that is signed over to an individual not named on the front of the check
No, we do not offer retirement accounts.
No, we do not offer Trust accounts. You may list your Trust as beneficiary if you wish.
Founded in 2008, Live Oak began lending to small businesses in niche industries. We have since grown to become one of the largest SBA lenders in the country. We strive to help our customers succeed in business and achieve their goals every day. With a fusion of extraordinary service and expertise, our dedicated team embraces a creative approach to solving problems. Beyond the traditional banking experience, we set out to be an asset to each and every one of our customers by turning obstacles into opportunities.
We are an online bank headquartered in Wilmington, North Carolina, which spares us the expense of a traditional branch network so we can offer more competitive interest rates to our customers. Our savings products offer a secure way for you to grow your money and invest in your future. To learn how we keep our customers safe and secure, visit our privacy and security page.
Contact a Customer Success Manager
Phone: 866.518.0286
Fax: 866.656.4611
Monday through Friday 8:00 a.m. – 8:00 p.m. ET
1. Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of . 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 preauthorized, automatic and telephone transfers. Fees may reduce earnings.
2. National savings average rate courtesy of the FDIC’s Weekly National Rates and Rate Caps, as of ; average rate used is for deposits under $100,000.
3. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a Live Oak Bank customer, your Live Oak Bank deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.
4. The APYs for other banks are provided by mybanktracker.com and are accurate as of 6/30/2020. The APYs are for the state of North Carolina.
Disclaimer: This link will take you to a website outside of the Live Oak Bank site. The new site may offer a different privacy policy and level of security. Live Oak Bank is not responsible for the products or services that are offered or expressed on other websites.
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