Live Oak Bank suits savers and small businesses. It offers savings and CD accounts for individuals and savings, as well as CD and checking accounts for businesses. One of the top SBA lenders, this cloud-based digital bank specializes in small business banking. This and competitive interest rates set it apart, although it lacks branch banks and has a limited product line. This Live Oak Capital Bank review includes personal and commercial banking services, so lets get started!

Pros and Cons of Live Oak Bank

Pros

• Fair interest rates: As of Aug. 13, 2024, Live Oak Bank's savings accounts provide a 4.40% APY, compared to the 0.45% national average. However, this rate is lower than several prominent online banks.
• Monthly free maintenance: Monthly account fees are zero. If your account has been inactive for 24 months and has a balance below $10.01, you'll be charged a dormant account fee. This cost will be $10 or the account balance, whichever is smaller.
• No account opening balance required: You don't need money to have the Live Oak login. Remember that 24 months of inactivity can result in a dormant account fee and a zero balance.

Cons

• No frills: This may be good. Live Oak Bank may seem insufficient to individuals seeking a robust banking organization, but it may be suitable for individuals who desire a simple option.
• No credit card: Due to its focus on deposit accounts, Live Oak Bank only accepts debit cards.
• No ATM access: Live Oak is an online-only bank with no physical Live Oak login.

Live Oak Account Basics

Savings Account

Live Oak Personal Savings accounts provide a competitive 4.40% APY. Monthly savings account maintenance is free, and no minimum deposit is required. Accounts can be opened online in minutes and accessed via the bank's mobile app. This type of high-yield savings account is ideal for emergency funds. Without monthly fees, all earnings stay in your account.

Other Services and Accounts

Live Oak Capital Bank offers high-yield business savings accounts and CDs in addition to personal banking. It provides small business loans for various reasons. These loans include:

• Small Business Administration loans
• USDA loans
• Commercial loans

According to LinkedIn, Live Oak is "on a mission to be America's best small business bank." Live Oak served small businesses in all 50 states and was named the most active SBA 7(a) lender by dollar amount in 2023 by the Small Business Administration.

Accessibility of Oak Bank

Live Oak Capital Bank has the features of other top online banks. Customers can access accounts online or via its iOS and Android apps. The Live Oak smartphone app lets customers:

• Manage bank accounts
• Check deposits
• Transfer money
• View and download tax and bank statements.
• Manage linked accounts
• Access external bank accounts
• Control account settings

Note that customers rate Live Oak's mobile app as mediocre to below average on the App Store and Google Play.

How Live Oak Bank Compares With Other Options

Live Oak Bank's online savings and CD rates are among the best. With all nine CD terms, customers earn significant, guaranteed earnings. Short-term CDs with high CD rates are rare. You can consider Live Oak Bank to maximize your savings. However, one consideration with Live Oak Bank pavilion CDs is at least a $2,500 deposit. If you don't want to lock up that much money, other online banks provide CDs with competitive rates and smaller deposit requirements.

Live Oak Bank is great for some, but not all. This bank solely offers online banking, so in-person banking customers must find another. With no debit card or ATM access, Live Oak savings and CD transactions are limited. So, if youre looking for alternatives to Oak Live Bank, we have some options for you:

Ally Banks

A full-service digital bank, Ally Bank offers personal bank accounts, credit cards, investing and retirement options, and lending. Ally offers money market accounts, an interest-bearing checking account, and savings and CDs.

Choosing between Live Oak Capital and Ally for a CD depends on the period and deposit amount. Live Oak pays higher rates on shorter terms and Ally on longer terms. There's no minimum initial deposit with Ally. It offers more personal banking solutions than the Live Oak Bank pavilion, making it a better alternative for those who want to handle all their banking in one spot.

Synchrony Bank

Online banking Synchrony offers savings products, but you need to check them out. Its CDs and high-yield savings accounts are fee-free and require no minimum deposit. For flexibility, Synchrony offers bump-up and no-penalty certificates. Unlike the Live Oak Bank pavilion, Synchrony has money market accounts and cash-back and travel credit cards.

Both banks are fine for parking your money, but Synchrony has better cash access, longer CD periods, and a more complete banking experience.

CIT Bank

CIT Bank is another savings-focused online bank. It offers three savings accounts, a money market account, and four CDs, including no-penalty and jumbo alternatives (RampUp CDs are not new accounts). For cash-access checking, CIT Bank eChecking gives $30 in monthly ATM reimbursements.

If you want more bank accounts and savings alternatives, CIT Bank may be preferable to Live Oak Bank. Compare rates to find the higher-paying CD between CIT Bank Live Oak login.

Final Verdict: What is Live Oak Bank Best For?

Live Oak Bank excels at high-yield savings accounts with no monthly fees or minimum deposits and 4.40% APY. Savers seeking high interest rates and small businesses needing SBA and USDA loans will love it. However, it is online-only, lacks debit card and ATM access, and offers limited products. This may disadvantage customers who need more detailed banking services. Live Oak Bank pavilion is a good choice for high-interest investors without branches or debit cards. Ally, Synchrony, and CIT Bank may be superior for cash availability and more account options.

Live Oak Bank offers excellent savings and small-business banking. It solely provides high-interest deposit accounts for personal accounts. Therefore, only those who want to store money and earn interest should consider this. Small business entrepreneurs seeking specialist guidance, tax advice, and funding are also suitable users of it.