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Personal Savings Accounts

  • How do I close my personal savings account?

    To ensure your account is closed properly please contact a Customer Success Manager at 866.518.0286 (Monday through Friday 8:00 a.m. – 8:00 p.m. ET).

  • Is there a limit to the number of transfers I can make from my personal savings account?

    There is no longer a limit to the number of transfers you can make from your Live Oak Bank savings account. You can move up to $250,000 per transfer day.

  • How do I withdraw funds from my personal savings account?

    You can transfer funds electronically through an ACH transaction. To do this, log on to the Live Oak Portal, select Transfer Funds, then select the ‘from’ account, ‘to’ account and amount of the transfer. Your ACH should post to your external account within 1-2 business days. The ACH cutoff time is 5:00 p.m. ET. The

  • When do I start earning interest on my personal savings account?

    Deposits begin earning interest on the day the deposit is posted to your account. Please allow 1-2 business days for an incoming ACH transfer initiated through the Live Oak Bank Portal to post to your account. Check deposits are posted to the account on the day we receive them. Interest is compounded daily and posted

  • When are my funds available for use?

    You may initiate an ACH transfer from your external bank account through the Live Oak Bank Portal. The cutoff time for incoming and outgoing ACH transfers is 5:00 p.m. ET. Please allow 1-2 business days for the funds transfer to process. For security and verification purposes, incoming transfers initiated through the Live Oak Bank Portal

  • How do I deposit funds into my personal savings account??

    You can transfer funds electronically through an ACH transaction. To do this, log on to the Live Oak Bank Portal 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. Mail your check to our

  • What is the process for opening a personal savings account?

    The Live Oak Savings account can only be opened online. You may click ‘Get Started’ on the homepage and follow the prompts to begin the quick three-step 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.

  • Who is eligible to open a savings account or CD?

    Individuals must be a United States citizen or Permanent Resident with a valid Social Security Number. People lawfully admitted to the United States on a temporary basis who have DHS authorization to work are not eligible to open an account. We may request supporting documentation for verification.

  • Are there any monthly maintenance fees or minimum balance requirements with my personal savings account??

    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

  • How do I open a personal savings account?

    During the online account opening process, Live Oak Bank may ask for the following items to verify your identity: Name Address Email Address Mobile Phone Number Social Security Number We may request documentation for verification purposes

  • Is my personal savings account FDIC insured?

    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. You can visit FDIC.gov for more information on deposit insurance and to use the EDIE calculator to determine your coverage.

  • When will I receive my 1099?

    1099s for the previous tax year are mailed by January 31st. You will not receive a 1099 if the interest paid was less than $10.00.

  • Can I send a wire from a personal savings account?

    Yes, you can send a wire from your Personal Savings account. Fees and cutoff times apply. Click here to see our fee schedule. To send a wire, please call our Customer Success Team at 866.518.0286 for more information.

  • What fees does Live Oak charge with personal savings accounts?

    Account Fees: Monthly Account Fee: No Charge Online Banking Fee: No Charge Miscellaneous Fees: Stop Payment Fee: $25 Returned Item Fee: $10 Legal Actions (tax levies, garnishments, etc.): $50 minimum Outgoing Wire: $19 Dormant Account Fee: If an account has a balance less than $10.01 and no activity for 24 consecutive months, a monthly dormant

  • How do I connect QuickBooks to my personal savings account?

    To connect your QuickBooks account with your Live Oak Bank accounts, log in to your QuickBooks account. Then follow these steps: Click “Connect Accounts,” and enter Live Oak Bank in the search bar You’ll be prompted to enter your QuickBooks Access ID and PIN Click on the link in the prompt to generate your unique

  • Can I open an account in the name of my Trust?
    Personal CD | Personal Savings

    No, we do not offer Trust accounts. You may list your Trust as beneficiary if you wish.

  • Can I add a beneficiary to my account?
    Personal CD | Personal Savings

    Yes, you may add beneficiaries to your personal accounts. To qualify as an eligible beneficiary, the beneficiary must be a living person, a charity, a trust, or a non-profit organization. If the beneficiary is a person, the individual must be a US citizen. If a charity or non-profit is named as a beneficiary, it must