SAVINGS, SIMPLIFIED 

Making the most of your money is easy with a savings account from Live Oak Bank.

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Building your savings isn’t always easy, but with a Live Oak online savings account, we’ve taken on some of the hard work. With competitive interest rates, no monthly maintenance fees or minimum balance requirements, and a fast and secure connection to your other bank accounts, you can enjoy a simpler way to save.

CONVENIENT ACCESS, Superior support

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Service

Our North Carolina-based customer success team is dedicated to providing you personalized support.

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FDIC Insurance2

Funds deposited are insured up to the maximum allowed by law, which is currently $250,000.

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No Maintenance Fees

Our accounts have no online banking or monthly maintenance fees.

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Online Account Opening

Open your account in minutes and manage it completely online.

SMALL BUSINESS
MAKES A BIG IMPACT

Did you know that when you deposit your money at Live Oak Bank, you’re helping to power small businesses across America? When your bank finances small business, so do you. As our nation’s economic engine, small businesses drive job prosperity and boost local economies. We’re proud to contribute to that growth by investing in small business owners across the country. When you bank with Live Oak, you can be proud, too.

FAQs

What fees does Live Oak charge?

Account Fees:

  • Monthly Account Fee: No Charge
  • Online Banking Fee: No Charge

Transaction Limit/Fees:

  • Fee for each transaction after the Reg D six (6) permitted transactions per monthly statement cycle: $10 for each transaction after the six (6) permitted transaction limitation per monthly statement cycle

Miscellaneous Fees:

  • Stop Payment Fee: $25
  • Returned Item Fee: $10
  • Non-Sufficient Funds (NSF) Fee: $25
  • Legal Actions (tax levies, garnishments, etc.): $50 minimum
  • Outgoing Wire: $19
  • Incoming Wire: No Charge
  • Dormant Account Fee: If an account has a balance less than $10.01 and no activity for 24 consecutive months, a dormant account fee will be assessed and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less. NOTE: The dormant account fee will not overdraw the account (e.g. a dormant account with a $7.50 balance will be assessed a fee of $7.50).
What do I need to open my account?

During the online account opening process, Live Oak Bank may ask for the following items to verify your identity:

  • Name
  • Address
  • Email Address (must be unique for each accountholder)
  • Mobile Phone Number
  • Social Security Number
  • We may request documentation for verification purposes
Are there any monthly maintenance fees or minimum balance requirements?
There are no monthly maintenance fees or minimum balance requirements for the Live Oak Bank Savings account, however, the Dormant Account Fee may apply. If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed, and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less. The dormant account fee will not lower the account balance beyond $0.00 and thus cannot overdraw the account.
What is the process to open a Live Oak Bank Savings account?

The Live Oak Savings account can only be opened online. You may click ‘Start Saving Now’ at the top of this page and follow the prompts to begin the quick application. We will ask for your personal information and external bank account information. Your information will be verified electronically. We may request documentation if additional verification is required. Once this information is confirmed, you will enter the amount of your opening deposit to schedule an ACH transfer from the verified bank account into your new savings account. The deposit will be held for five business days.

You may add a co-owner or beneficiary to the account after completing the funding step of the application.

How do I deposit funds into my Live Oak Bank Savings Account?
  1. You can transfer funds electronically through an ACH transaction. To do this, log in to online banking at secure.liveoak.bank and choose the ‘Transfer Funds’ option. You may transfer funds between your Live Oak accounts and your linked external accounts. Please allow 1-2 business days for the transfer to process.
  2. Mail your check to our Headquarters:
    Live Oak Bank
    Attention: Deposits
    1757 Tiburon Drive
    Wilmington, NC 28403

     

    * Please note we do not accept checks drawn on foreign banks, third-party checks or cash deposits. (A third-party check is a check that is signed over to an individual not named on the front of the check

  3. Deposit a check with the Live Oak Bank Mobile App. Deposit limits apply. The mobile deposit cutoff time is 4:00 p.m. ET. Deposits received after 4:00 p.m. ET will be processed on the following business day.
  4. Wire funds into your account. Log in to online banking at secure.liveoak.bank for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire. (please click here to see our fee schedule for applicable fees).
Does Live Oak Bank offer IRA (Individual Retirement Accounts)?
No, we do not offer retirement accounts.

1. Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 8/05/2022. No minimum opening balance or deposit required to open. Rates may change at any time without prior notice, before or after the account is opened. No minimum balance to open, but customers must have a balance of $0.01 to earn interest. You may make up to 6 withdrawals from your Live Oak Bank Savings account per statement cycle, including preauthorized, automatic and telephone transfers. Fees may reduce earnings.

2. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC). 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.