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Updated on Thursday, October 1, 2020
Live Oak Bank’s savings account
Minimum Opening Deposit
- Minimum opening deposit: $0
- Monthly account maintenance fee: $0
- ATM fees: None
- ATM fee refunds: None
Live Oak Bank has one of the best savings account rates available listed on our site. The bank is lowering the bar for entry into the high-yield savings account space with a monthly maintenance fee and minimum deposit of zero — for both. Allowing anyone to take advantage of these high interest rates, no matter how much money they have, certainly makes Live Oak Bank stand out amongst competitors that require much higher initial investments.
Live Oak Bank wants you to use your savings account, and use it often, which is one reason why it has no monthly maintenance fee. If there is no activity on your account for 24 months and your balance is less than $10.01, Live Oak Bank will take the remainder of your balance as a Dormant Account Fee and close your account, so keep up-to-date with transactions. One way to do this is setting up automatic withdrawals to ensure you never incur this penalty.
Getting money into a Live Oak Bank savings account from an external bank account can take a little bit of time, depending on how you do it. If you request the money through Live Oak Bank’s online portal, the funds won’t be available for up to five or six business days. But if you send the money to Live Oak Bank from your current bank, the money will be available as soon as it’s received. Your Live Oak Bank savings account will start earning interest as soon as the money posts to your account.
You can easily withdraw your money at any time via an Automated Clearing House (ACH) transfer. Simply log into your Live Oak Bank savings account and transfer the money electronically to any bank account you wish. The funds will be available in two to three business days.
You are limited to making just six withdrawals per month from this savings account. That’s not a Live Oak Bank thing, Federal law mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. If you can’t wait until the next month to make a withdrawal beyond the six per month, you’ll be charged a $10 transaction fee for each additional action from the bank.
Live Oak Bank CD rates
Minimum Opening Deposit
- Minimum opening deposit: $2,500
- Early withdrawal penalty:
- CD terms that are less than 24 months — 90 days’ interest penalty
- CD terms that are more than 24 months — 180 days’ interest penalty
Live Oak Bank consistently offers some of the highest CD rates listed on our site. This bank’s minimum deposit requirements also seem to be right on par with other banks’ requirements. At the time of publishing this article, the best CDs out there have minimum deposit requirements both above and below Live Oak Bank’s $2,500 benchmark.
It’s a relatively straightforward process to open a CD. Simply complete the forms online, provide any needed documentation (such as your current bank account details), and wait for an account approval. Once your account is open, you can transfer your deposit, where it will be held for five days before officially launching your CD. It’s important to note that only U.S. citizens and permanent residents are eligible to open these accounts.
If you are able to resist the urge to withdraw your money early, congratulations! Your CD will automatically renew into a CD with the same term length. However, don’t panic if that’s not what you want: You have up to 10 days after the CD has matured to withdraw your money penalty-free and move it to another bank account.
If you need to withdraw your deposit early, you’ll incur a penalty. If your original CD term was for less than 24 months, you’ll be charged 90 days’ worth of interest. If your original CD term was for longer, you’ll be charged a higher rate — 180 days’ worth of interest.