Savings Account FAQs

  • Can I send a wire from my Personal Savings account?

    Yes, you can send a wire from your Personal Savings account. Fees and cutoff times apply. Click here to see our fee schedule. To send a wire, please call our Customer Success Team at 866.518.0286 for more information.

  • Can I add a beneficiary?

    Yes, you may add beneficiaries to your account. To qualify as an eligible beneficiary, the beneficiary must be a living person, a charity, a trust, or a non-profit organization. If the beneficiary is a person, the individual must be a US citizen. If a charity or non-profit is named as a beneficiary, it must qualify as such under the Internal Revenue Service (IRS) regulations.

  • When will I receive my 1099?

    1099s for the previous tax year are mailed by January 31st. You will not receive a 1099 if the interest paid was less than $10.00.

  • Is the Live Oak Bank Savings account FDIC insured?

    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. You can visit FDIC.gov for more information on deposit insurance and to use the EDIE calculator to determine your coverage.

  • 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.

  • Who is eligible to open a Live Oak Bank Savings account?

    Individuals must be a United States citizen or Permanent Resident with a valid Social Security Number. People lawfully admitted to the United States on a temporary basis who have DHS authorization to work are not eligible to open an account. We may request supporting documentation for verification.

  • 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).
  • When are my funds available for use?

    You may initiate an ACH transfer from your external bank account through the Live Oak Bank Portal. The cutoff time for incoming and outgoing ACH transfers is 4:00 p.m. ET. Please allow 1-2 business days for the funds transfer to process. For security and verification purposes, incoming transfers initiated through the Live Oak Bank Portal are held for five business days once posted to your Live Oak account.

    ACH transfers initiated from an external account and sent to your Live Oak account are available immediately upon receipt.

    Deposits made by check or mobile deposit are available on the 5th business day after the date of deposit.

    Funds sent to an external account are available at that bank within 1-2 business days. The transfer must be initiated before 4:00 p.m. ET.

  • When do I start earning interest on my Live Oak Bank Savings Account?

    Deposits begin earning interest on the day the deposit is posted to your account. Please allow 1-2 business days for an incoming ACH transfer initiated through the Live Oak Bank Portal to post to your account. Check deposits are posted to the account on the day we receive them. Interest is compounded daily and posted to your account on the last business day of the month. You must have a balance of $.01 to earn interest.

  • How do I withdraw funds from my Live Oak Bank Savings Account?

    You can transfer funds electronically through an ACH transaction. To do this, log on to the Live Oak Portal, select Transfer Funds, then select the ‘from’ account, ‘to’ account and amount of the transfer. Your ACH should post to your external account within 1-2 business days. The ACH cutoff time is 4:00 p.m. ET.

    The Live Oak Savings account does not include checks or a debit card.

  • Is there a limit to the number of transfers I can make from my Live Oak Bank Savings account?

    Yes. Regulations limit you to six (6) withdrawals (transfers) per month from your Live Oak Bank Savings Account. Exceeding six (6) withdrawals per month can lead to fees and other penalties (please see the “Truth in Savings” section of the Account Terms and Conditions – click here to view)
    You can move up to $250,000 per transfer. This applies to both internal and external transfers.

  • How do I close my Live Oak Bank Savings Account?

    To ensure your account is closed properly please contact a Customer Success Manager at 866.518.0286 (Monday through Friday 8:00 a.m. – 8:00 p.m. ET).

  • 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.

Can’t find the answer to your question? Contact a Customer Success Manager by calling 866.518.0286.

Monday through Friday 8:00 a.m. – 8:00 p.m. ET

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