Summary: Live Oak Bank is an online-only bank headquartered in North Carolina. Founded in 2008, Live Oak calls itself “America’s small business bank.” Its offerings are slim for personal banking. They include one HYSA and a variety of CDs, all with competitive rates.
Live Oak Bank offers one of the highest rates among high-yield savings accounts (HYSAs) today at 3.8% APY. That’s nearly 10 times higher than the national average rate for savings accounts.
The main drawback is that Live Oak does not offer debit cards or checks for this account, so the only way to withdraw funds is by transferring funds to another bank. If that’s not a deterrent for you, you might enjoy 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 isn’t just competitive when it comes to HYSA rates. They offer some of the best CD rates you can find, too.
Live Oak Bank CDs come in terms ranging from three months to five years with a minimum opening deposit of $2,500 (maximum $250,000). The highest CD rate offered by the bank is currently 3.9% APY, available on its 1-year term.
Unlike some other banks, you won’t have to worry about monthly fees or overdraft charges with a Live Oak Bank account. Still, there may be certain fees required for specific services.
| FEE | FEE AMOUNT |
|---|---|
| Foreign transaction | 3% of transaction amount |
| Stop payment | $25 |
| Returned item | $10 |
| Legal Actions (tax levies, garnishments, etc.) | $50 minimum |
| Incoming wire | $10 |
| Outgoing domestic standard wire | $19 |
| Outgoing international standard wire | $40 |
| Returned wire | $35 |
| Expedited debit card | $25 |
| Expedited bill pay | $10 |
| CD early withdrawal fee – term less than 24 months | 90 days of simple interest |
| CD early withdrawal fee – term 24 months or greater | 180 days of simple interest |
Pros:
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Competitive deposit rates: With HYSA and CD rates nearing 4% APY, you’ll have to search hard to find other banks that compete.
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Minimal account fees: Unlike some savings accounts, the HYSA has no monthly fees, regardless of how small your deposit amount is.
Cons:
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Limited personal product offerings: Live Oak doesn’t offer any personal checking accounts, and there’s only one option for savings (the HYSA).
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No debit cards or checks: The HYSA does not come with debit cards or checks, which means you’ll have limited options for accessing your deposits. Unlike with most 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 the banking apps: Customer ratings aren’t great for the iPhone and Android apps, which could be a big problem since the only other way to monitor your accounts is to sign in via desktop.
Live Oak Bank doesn’t offer chat support on the website, but you can call Customer Support at 866-518-0286 to talk to a live agent during the following hours: Monday through Friday, 8:00 a.m. to 11:00 p.m. ET.
As far as mobile banking goes, customers might not be satisfied with their options. Live Oak’s banking app has just 2.5 out of five stars in the App Store and 3.1 out of five stars 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 are focused on workforce development. Ironically, the bank has had some workforce-related issues in the past. In 2022, Live Oak made a $4.65 million settlement for a class-action lawsuit alleging that it conspired with major local companies to avoid hiring each other’s employees.
But that’s not the most recent of Live Oak Bank’s legal issues. As of late 2025, the bank was being investigated for violating securities laws.
In terms of their environmental impact, the bank’s record is unclear. According to climate project Bank.Green, Live Oaks falls short in the area of climate responsibility.
Read more: What is sustainable banking?
You can reach a Customer Success Manager at Live Oak Bank by phone at 866-518-0286, but help is only available during the weekdays. Hours of operation are 8:00 a.m. – 11:00 p.m. EST.
If you wish to contact the bank by mail, you can write to their headquarters at the following address:
Live Oak Bank Headquarters
1757 Tiburon Drive
Wilmington, NC 28403
Live Oak Bank is a real bank. While Live Oak does not have any physical branches, you can apply for and manage Live Oak accounts online.
Yes, Live Oak Bank is FDIC insured up to the federal limits.
Each account at Live Oak Bank has a different interest rate. For HYSAs, the rate is currently 3.8% APY. For CDs, the rates currently range from 2% to 3.9% APY.
