|APY||ACCOUNT TYPE||ACCOUNT NAME|
|1.40%||1-year CD||1 Year CD|
1.50% - Ally Bank No Penalty 11-Month CD
|1.50%||18-month CD||18 Month CD|
1.45% - Synchrony Bank 18 Month CD
Live Oak Bank is headquartered in Wilmington and is the 9th largest bank in the state of North Carolina. It is also the 393rd largest bank in the nation. It was established in 2008 and as of June of 2017, it had grown to 434 employees at 1 location. Live Oak Bank's savings rates are 3X the national average, and it has an A health rating.
The setup and transfer process was very easy, and you can get up with someone immediately if you have a question; A real, live person, that speaks English at that. Savings account rate is the highest in the country, so, since they're FDIC insured for up to $250K, it's a no-brainer.
I opened a Savings account with this bank this past week. I already had a CD there. The CD provides no statements, just an online list of transactions and a 1099-Int. The interest rate was good at the time I opened it, so no big deal.
However, it turns out that there is a 5 day hold on the money I deposited in my savings account. The money came out of my other bank account on Thursday but the CSR says I won't see it in my account until the next Wednesday. Meanwhile, the CSR confirmed and that I am NOT going to earning any interest on that money during that hold period.
There will also be a five day hold on any withdrawals. The CSR said this is because they use an "intermediary bank" for transfer transactions.
This was not made clear in any way before I opened the account. Despite the nice interest rate I won't be moving in any more money. That hold coming and going effectively lowers the interest rate paid.
Been using this bank for 2 months because of the higher interest, but it does come at a price. Like several reviewers have posted, they sit on your deposits. Claim that they use a 3rd party to process your ACH deposit. They say it posts in 4 days, and then will start earning interest. They additionally say that deposit funds are held an additional 2 days for security and verification. My deposits status have sat in a "in process" for 5-7 days always, so I'm not sure about earning in 4 days. They almost act like they are not a regular bank
They are very unprofessional. Below is my experience to qualify why,
1. Account opening doesn't mention clearly that they accept applications ONLY from citizens & green card holders & that people waiting for green card & other legal resident aliens would not be accepted, yet they ask & take in your address, email address, social security number, driving license number, etc.
2. While processing they ask you to email soft copies of all these important documents (social security card, driving license, address proofs, etc) to service representative email address before finally saying we do not accept applications without green card..very suspicious practice..be careful dealing with them.
|FDIC Certificate #||58665|
|Return on Assets - YTD||1.93%|
|Return on Equity - YTD||21.39%|
|Annual Interest Income||$47.1MM|
|Assets and Liabilities|
|Assets||Q2 2017vs Q2 2016||$2.12B$1.33B|
|Loans||Q2 2017vs Q2 2016||$1.69B$1.01B|
|Deposits||Q2 2017vs Q2 2016||$1.89B$1.17B|
|Equity Capital||Q2 2017vs Q2 2016||$182.5MM$131.4MM|
|Loan Loss Allowance||Q2 2017vs Q2 2016||$19.8MM$12.3MM|
|Unbacked Noncurrent Loans||Q2 2017vs Q2 2016||$0$16.00K|
|Real Estate Owned||Q2 2017vs Q2 2016||$2.1MM$3.0MM|
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Always verify rates and promotions with the bank or credit union. We are not Live Oak Bank; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.00%||$2,500||$250k||5 Year CD|
|2.00%||$2,500||$250k||5 Year Business CD|
|1.90%||$2,500||$250k||4 Year CD|
|1.90%||$2,500||$250k||4 Year Business CD|
|1.80%||$2,500||$250k||3 Year CD|
|1.80%||$2,500||$250k||3 Year Business CD|
|1.70%||$2,500||$250k||2 Year CD|
|1.70%||$2,500||$250k||2 Year Business CD|
|1.50%||$2,500||$250k||18 Month CD|
|1.50%||$2,500||$250k||18 Month Business CD|
|1.40%||$2,500||$250k||1 Year CD|
|1.40%||$2,500||$250k||1 Year Business CD|
|1.25%||$2,500||$250k||6 Month CD|
|1.25%||$2,500||$250k||6 Month Business CD|
|Live Oak Bank Locations|
|Live Oak Banking Company||1757 Tiburon Drive||Wilmington, NC 28403|