By Stig Editor Live Oak Bank is an online bank based in Wilmington, North Carolina, that offers a variety of personal and business banking products and services. With a commitment to small businesses and competitive interest rates, Live Oak Bank has become a popular choice for many customers. In this article, we will provide an in-depth review of Live Oak Bank, including its products, services, customer reviews, and frequently asked questions.
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Personal Banking Products
Savings Account
Live Oak Bank offers a high-yield online savings account with competitive interest rates and no monthly maintenance fees or minimum balance requirements. The account can be opened online, and customers can transfer up to $250,000 per day. The bank’s savings account has received a 4.7/5 rating from Bankrate.
Certificates of Deposit (CDs)
Live Oak Bank also offers CDs with various terms and competitive interest rates. However, the bank requires a relatively high minimum opening deposit for its CDs.
Business Banking Products
Small Business Loans
Live Oak Bank is the nation’s top SBA (a) lender by dollar volume, offering SBA-backed funding to small business owners across the country. The bank is part of the SBA Preferred Lender Program (PLP), which allows it to serve customers more efficiently and make final credit decisions without going through the SBA first. Live Oak Bank also offers tailored small business loans to help business owners buy, build, and expand their businesses.
Business Savings Account
The bank offers business savings account with competitive interest rates and no monthly maintenance fees. The account can be opened online, and customers can link an existing bank account to fund their business savings account.
Customer Reviews
Live Oak Bank has received positive reviews for its competitive interest rates, commitment to small businesses, and exceptional customer service. However, some customers have expressed dissatisfaction with the bank’s mobile app, which has received 2.8 out of 5 stars on the App Store and 3.5 stars on Google Play.
People Also Ask
How do I open a Live Oak Bank savings account?
You can open a Live Oak Bank savings account online by clicking ‘Get Started’ on the bank’s homepage and following the prompts to complete the application process.
Is Live Oak Bank FDIC insured?
Yes, Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC), and its deposits are insured up to $250,000 per depositor for each account ownership category.
What are the customer service hours for Live Oak Bank?
Customer Success Managers are available Monday through Friday from 8:00 a.m. to 8:00 p.m. EST.
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Conclusion
Live Oak Bank is an excellent choice for individuals and small business owners looking for competitive interest rates and a commitment to customer service. With a variety of personal and business banking products, Live Oak Bank caters to the needs of its customers while maintaining a strong focus on small businesses. However, it may not be the best option for those who prefer in-person banking or require a full-service bank with physical locations and ATM access. Overall, Live Oak Bank is a reliable and customer-centric banking option for those seeking an online banking experience with a focus on small businesses.