Live Oak Savings Account Review

About live oak bank high yield savings.

Live oak savings account review.

The apys are for the. The online savings account also has no monthly account. Live oak is an online bank with a savings account and cds. 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.

Sure live oak doesn t have a checking account as part of its banking package but the apy on the savings account may make up for it. Compare its fees interest rates and features to the top savings accounts provided by. The national average is just 0 05. Live oak bank s savings rates are 35 higher than the national average and it has an a health rating.

The live oak online savings account has no minimum opening deposit requirement and customers with a balance of 0 01 or more earn interest. Not many customers have reviewed the mobile app in the apple or google play stores but the average review ratings so far are mediocre. So my account has been open and funded. Below is all the information you need to earn 1 80 apy rate on your funds when you open a live oak bank savings account see the offer table below and click on start saving here s your chance to earn a rate that s top of the market.

This account also has no monthly fee. Live oak bank is a member of the federal deposit insurance corporation fdic. The initial funding took about four days to post to my live oak account. Live oak bank is the 174 th largest bank in the nation.

I was told by a rep at live oak that pushing money from a external bank is faster 2 3 days compared to 4 5. The website interface is fine and the reps always answer the phone and are knowledgeable. Live oak s high yield online savings account is a no frills account with a competitive interest rate that beats established players like ally bank and capital one 360. This account makes it easier with safe secure high yield savings products such as an fdic insured savings account for worry free returns.

Live oak bank s savings account has a 0 70 interest rate that is higher than at most traditional brick and mortar banks. It was established in 2008 and as of june of 2020 it had grown to 603 employees.