Live Oak Savings Account Review

Live oak bank savings account review learn all about the high yield savings account offered by live oak bank.

Live oak savings account review.

The online savings account also has no monthly account. Live oak bank s savings rates are 35 higher than the national average and it has an a health rating. 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. It was established in 2008 and as of june of 2020 it had grown to 603 employees.

Live oak bank is the 174 th largest bank in the nation. Compare its fees interest rates and features to the top savings accounts provided by. This account also has no monthly fee. Live oak is an online bank with a savings account and cds.

Not many customers have reviewed the mobile app in the apple or google play stores but the average review ratings so far are mediocre. 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. The website interface is fine and the reps always answer the phone and are knowledgeable. This account makes it easier with safe secure high yield savings products such as an fdic insured savings account for worry free returns.

The national average is just 0 05. The live oak online savings account has no minimum opening deposit requirement and customers with a balance of 0 01 or more earn interest. 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. The initial funding took about four days to post to my live oak account.

Live oak bank is a member of the federal deposit insurance corporation fdic. Live oak bank s savings account has a 0 70 interest rate that is higher than at most traditional brick and mortar banks. 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. Live oak bank was founded in 2008 and now offers savings rates that are 19x the national average and they boast an a health rating.

About live oak bank high yield savings. So my account has been open and funded.