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PPP ResourcesBuilding your savings isn’t always easy, but with a Live Oak online savings account, we’ve taken on some of the hard work. With competitive interest rates, no monthly maintenance fees or minimum balance requirements, and a fast and secure connection to your other bank accounts, you can enjoy a simpler way to save.
Service
Our North Carolina-based customer success team is dedicated to providing you personalized support.
FDIC insurance3
Funds deposited with Live Oak Bank are insured up to the maximum allowed by law, which is currently $250,000.
Learn why FDIC insurance matters.
No maintenance fees
Our accounts have no online banking or monthly maintenance fees.
Online account opening
Open and manage your account without leaving your house. Download our mobile app to access your account on the go.
Account Fees:
Transaction Limit/Fees:
Miscellaneous Fees:
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.
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. The APYs for other banks are provided by mybanktracker.com and are accurate as of 2/23/2021. The APYs are for the state of North Carolina.
3. 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.
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