Open Your Savings Account Today Get Started

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.

Features

Live Oak makes it simple to save
  • No monthly maintenance fees, no minimum balance requirements
  • Interest compounded daily
  • FDIC insured3
  • Earn x the national average2
  • Friendly customer support
  • Manage your account online or access it through our mobile app

Compare Our Rates 4

Earn 14x the national average2 with a Live Oak Savings Account

Based on a balance:


Bank

APY

Est. earnings for 1 year

Ready to maximize your savings? Open an Account Today

Fees

Straight forward no-nonsense fees

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).

FAQs

Get answers to our most frequently asked questions
  • What do I need to open my account?

    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
  • Are there any monthly maintenance fees or minimum balance requirements?

    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.

  • What is the process to open a Live Oak Bank Savings 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.

  • How do I deposit funds into my Live Oak Bank Savings Account?
    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).
  • Does Live Oak Bank offer IRA (Individual Retirement Accounts)?

    No, we do not offer retirement accounts.

  • Can I open a Live Oak Bank Savings account in the name of my Trust?

    No, we do not offer Trust accounts. You may list your Trust as beneficiary if you wish.

View More FAQs

About

Discover the Live Oak difference

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.

From our Banking Resource Center

Reviews

Hear it from our customers

Opened a savings account 6 months ago and I am more than pleased.

The whole experience has been flawless. I have not needed to speak with anyone at Live Oak Bank while depositing, transferring, or withdrawing funds! Also, they notify me monthly on the first when interest is added to the account.

This Bank Understands The Real World

Easy, seamless application process. These guys are in touch with reality. No complicated pointless BS.

Good bank

Couldn’t be any easier from typing in info, linking accts and adding my wife as co-owner. Outstanding rates, solid ratings and great service. I am a fan.

Easy Process.

I followed the online process to open and fund a one year CD last week and every step was very clear. I called by phone once to make certain that everything was in order and their representative “Abby” was very knowledgeable, professional, and personable and my account was quickly funded. Easy Peasy.

Contact

We are here for you

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 9/8/2020. The APYs are for the state of North Carolina.

See Disclosures for details.

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