Live Oak Personal Savings

Account Fees:

• Monthly Account Fee: No Charge
• Online Banking Fee: 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

Miscellaneous Fees:

• Stop Payment Fee: $25
• Returned Item Fee: $10
• Non-Sufficient Funds (NSF) Fee: $25
• Legal Actions (tax levies, garnishments, etc.): $50 minimum
• 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).

During the online account opening process, Live Oak Bank may ask for the following items to verify your identity:

• Name
• Address
• Email Address (must be unique for each accountholder)
• Mobile Phone Number
• Social Security Number
• We may request documentation for verification purposes

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.

1. You can transfer funds electronically through an ACH transaction. To do this, log on to the Live Oak Bank Portal and choose the ‘Transfer Funds’ option. You may transfer funds between your Live Oak accounts and your linked external accounts. Please allow 1-2 business days for the transfer to process.
2. Mail your check to our Headquarters:
   Live Oak Bank
   Attention: Deposits
   1757 Tiburon Drive
   Wilmington, NC 28403

   * 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

3. Deposit a check with the Live Oak Bank Mobile App. Deposit limits apply. The mobile deposit cutoff time is 4:00 p.m. ET. Deposits received after 4:00 p.m. ET will be processed on the following business day.
4. Wire funds into your account. Log on to the Live Oak Bank Portal for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire. (please click here to see our fee schedule for applicable fees).

No, we do not offer retirement accounts.