Live Oak Bank Review: Attractive APY on High-Yield Savings

4.7

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Earn a competitive annual percentage yield (APY) with a Live Oak Bank high-yield savings account.

The savings account has unlimited withdrawals and digital savvy customers will appreciate accessing their account online at any time. You need at least a $0.01 minimum balance to earn interest.

Live Oak Bank opened for business in 2008 as a small business bank. However, the bank does offer personal savings products, including high-yield savings accounts and CDs. The bank is digital first, FDIC-insured and has no monthly fees for its savings account. As an online-only bank, Live Oak doesn’t have physical branches, but offers competitive rates on its savings account and CDs.

Live Oak Bank Savings Accounts 

Live Oak Bank offers one high-yield savings account with a APY and no monthly maintenance fees. Customers can open the account in less than five minutes from the comfort of their home. 

• Earns higher than the national average in terms of APY
• No monthly maintenance fees
• Savings account is FDIC-insured
• No physical branches
• No comprehensive banking coverage

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Live Oak Bank Savings Account

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Open an Account in Under 5 Minutes

There are no monthly maintenance fees and no minimum balance required to open with Live Oak Bank’s high-yield savings account. Your account can grow in interest with its competitive APY.

Fees

No monthly account fee

APY

Min Opening

$0.01 to earn interest

Pros

• Competitive interest rate 
• Low minimum opening deposit 
• No monthly maintenance fees

Cons

• Savings account doesn’t come with ATM access
• No banking in person
• Limited account types

Why We Like It

Live Oak Bank offers a high-yield savings account with a competitive APY and no monthly fees. The APY is 10 times higher than the national savings account average, and the $0.01 minimum balance makes it accessible to all savers. 

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Live Oak Bank CD Accounts 

Live Oak Bank offers CD rates have a guaranteed fixed rate of interest, flexible interest payment options, high APYs across all terms and no fees.

• A one-year CD will earn APY 
• No monthly maintenance fees
• Flexible term options from three months to five years
• A minimum deposit requirement of $2,500 is required
• No in-person transactions 

Live Oak Bank CD Rates

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High APYs Across All Terms

Live Oak Bank offers CD terms starting at three months and up to five years. It’s easy to keep track of the CD’s maturity, as well as end-of-term options. You’ll need at least $2,500 to open a CD, but may be a strong option for your long-term savings plans.

Fees

Early withdrawal penalty applies

APY

to

Min Opening

$2,500

Pros

• High APY for one-year CD
• Flexible terms 
• No monthly fees

Cons

• High minimum deposit
• Early withdrawal penalty

Why We Like It

Live Oak Bank CDs are ideal for someone who can afford the $2,500 minimum deposit. Those who can will benefit from the competitive APY CD rates. 

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Banking Experience

Live Oak Bank is a good option for anyone prioritizing saving. You have choices of competitive APYs in a high-yield savings account and CDs. In addition, you get top CD rates without the temptation of an ATM card. 

Customer Service

You can contact Live Oak customer service via secure online message or at 1-866-518-0286. Customer service representatives are available from 8 a.m. to 8 p.m. EST from Monday to Friday. 

Online and Mobile Experience

You can access your account information on the website anytime you use your Live Oak Bank online login. Additionally, you can manage your account via the Live Oak mobile app, which currently has a rating of 2.5 out of 5 stars on the App Store and 3.2 out of 5 stars on Google Play.

Live Oak Bank vs. Competitor Options 

Live Oak Bank vs. Discover

For high-yield savings accounts, Discover® Bank, Member FDIC offers a APY with no minimum deposit. Live Oak Bank offers a higher APY at APY with a minimum balance of $0.01. For a one- year CD, Discover requires no minimum deposit and offers a APY. Live Oak Bank offers a higher rate of APY for a one-year CD, but the minimum of $2,500 is substantial. 

Live Oak Bank vs. Ally 

Ally Bank offers a high-yield savings account with no minimum deposit and a APY. Live Oak Bank offers a APY with a minimum balance of $0.01. Ally Bank’s one-year CD rate is with no minimum deposit. Live Oak Bank offers a higher APY for its one-year CD, but individuals must also deposit $2,500 to open the CD. 

Live Oak Bank vs. Barclays

Barclays Bank offers a higher APY at for its high-yield savings account. There is no minimum deposit requirement. Barclays also offers a one-year CD rate of APY with no minimum deposit requirement. Live Oak Bank’s high-yield savings account falls below Barclays Bank’s rate, while the CD rate is slightly higher but with a substantial minimum deposit. 

Savings

CDs

SELECTED BANK

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Live Oak Bank Savings Account

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MOST COMPARABLE

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Discover Bank Savings Account

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MOST COMPARABLE

4.5

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Bank Savings Account 

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MOST COMPARABLE

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Barclays Bank Savings Account

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Fees

Fees

Fees

Fees

No monthly account fee

No monthly service fee

$0

No monthly service fee

APY

APY

APY

APY

Up to

Min Opening

Min Opening

Min Opening

Min Opening

$0.01 to earn interest

$0

$0

$0

SELECTED BANK

Live Oak Bank CD Rates

Start Banking

MOST COMPARABLE

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Discover® Bank, Member FDIC, CD Accounts

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MOST COMPARABLE

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Bank CD Rates

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MOST COMPARABLE

4.7

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Barclays Bank CDs

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Fees

Fees

Fees

Fees

Early withdrawal penalty applies

No monthly service fee

No monthly service fee

No monthly service fee

APY

APY

APY

APY

to

Up to

Up to

Up to

Min Opening

Min Opening

Min Opening

Min Opening

$2,500

$0

$0

$0

Final Take

Live Oak Bank gets high marks for its high-yield savings accounts. Specifically, you won’t pay any fees for banking with Live Oak Bank, and you’ll earn solid APYs on savings and CD accounts. 

If you’re just looking for a no-cost place to stash some extra cash and earn high yields, Live Oak Bank fits that bill to a T.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 30, 2025.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Review methodology: GOBankingRates looks at the following factors to determine a star rating on high-yield savings accounts:

• Minimum deposit to open an account
• Monthly savings fee ratio
• Minimum needed to earn APY
• Savings APY
• Average mobile app ratings

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