Tuesday, 11 August 2020

Review of Live Oak Bank’s Deposit Rates

Review of Live Oak Bank’s Deposit Rates
02 Aug
2:18

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.

Source: https://www.magnifymoney.com/blog/reviews/live-oak-bank162708858/

« »

Szemere

Related Articles