Summary: Live Oak Bank is an online-only bank headquartered in North Carolina. Founded in 2008, Live Oak bills itself as “America’s small business bank.” Its offerings are limited to personal banking. They include one HYSA and a variety of CDs, all with competitive rates.
Live Oak Bank offers the highest rates among high-yield savings accounts (HYSAs) today at 3.8% APY. That’s 10 times higher than the national average for savings accounts.
The main downside is that Live Oak doesn’t offer debit cards or checks for this account, so the only way to withdraw money is to transfer money to another bank. If that’s not an obstacle for you, you may appreciate the fact that there are no monthly maintenance fees or minimum deposit requirements for this HYSA, and there are no overdraft fees.
Live Oak Bank simply has no competition when it comes to HYSA standards. They offer the best CD prices you can find, too.
Live Oak Bank CDs come in terms ranging from three months to five years with an opening deposit of at least $2,500 (maximum $250,000). The highest CD rate currently offered by the bank is 3.9% APY, available for a 1-year term.
Unlike other banks, you won’t have to worry about monthly fees or overdraft fees with a Live Oak Bank account. However, there may be certain fees required for certain services.
| MONEY | CASH MONEY |
|---|---|
| What is done in other countries | 3% of the transaction amount |
| Stop paying | $25 |
| Item returned | $10 |
| Legal actions (taxes, garnishments, etc.) | $50 minimum |
| Incoming thread | $10 |
| A standard home wire that goes out | $19 |
| Outgoing international cable | $40 |
| The string returned | $35 |
| Accelerated debit card | $25 |
| Expedited bill payment | $10 |
| CD early withdrawal fee – less than 24 months | 90 days of simple interest |
| CD early withdrawal fee – term of 24 months or more | 180 days of simple interest |
Good:
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Competitive deposit rates: With HYSA rates and CDs approaching 4% APY, you’ll have to search hard to find other competitive banks.
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Small account funds: Unlike other savings accounts, HYSA has no monthly fees, no matter how small your deposit is.
Disadvantages:
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Limited personal product offerings: Live Oak does not offer any personal checking accounts, and there is only one savings option (HYSA).
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No debit cards or checks: HYSA does not accept debit cards or checks, meaning you will have limited options for accessing your deposits. Unlike many other banks, you can’t transfer your savings to a Live Oak checking account and use a debit card to make purchases or ATM withdrawals.
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Low customer ratings for banking apps: Customer ratings are not good for iPhone and Android apps, which can be a big problem since the other way to manage your accounts is to log in using a desktop.
Live Oak Bank does not offer chat support on the website, but you can call Customer Support at 866-518-0286 to speak with a live agent during the following hours: Monday through Friday, 8:00 am to 11:00 pm ET.
When it comes to mobile banking, customers may not be satisfied with their options. The Live Oak banking app has 2.5 stars out of five on the App Store and 3.1 stars out of five on Google Play. Users report that the apps are very basic, and they often encounter problems while using them.
Read more: 10 best mobile banking apps of 2026
According to the bank’s website, Live Oak’s philanthropic activities focus on employee development. Ironically, the bank has had some labor-related problems in the past. In 2022, Live Oak settled for $4.65 million in a class-action lawsuit alleging that it conspired with large local companies to avoid hiring each other’s workers.
But that’s not the latest in Live Oak Bank news. As of late 2025, the bank was under investigation for violating securities laws.
In terms of their environmental impact, the bank’s record is unclear. According to the Bank.Green climate project, Live Oaks is lacking in climate care.
Read more: What is sustainable banking?
You can reach the Customer Success Manager at Live Oak Bank by phone at 866-518-0286, but assistance is only available on weekdays. Hours of operation are 8:00 am – 11:00 pm EST.
If you wish to contact the bank by post, you can write to their head office at the following address:
Live Oak Bank headquarters
1757 Tiburon Drive
Wilmington, NC 28403
Live Oak Bank is a real bank. Although Live Oak does not have physical branches, you can apply for and manage Live Oak accounts online.
Yes, Live Oak Bank is FDIC insured up to federal limits.
Each account at Live Oak Bank has a different interest rate. For HYSAs, the rate is currently 3.8% APY. For CDs, rates currently range from 2% to 3.9% APY.
