Live Oak Bank review: High rates on savings and CDs, and no monthly service fees Table of Contents: Masthead Sticky Summary List Placement This post was last reviewed and updated on July 22, 2021. The bottom line: Live Oak Bank Online Savings Account is good if you''re searching for an online bank that pays high rates. But because there''s no checking account, so you might want to look elsewhere if you''re worried about accessing your savings quickly. Overall bank rating Feature Insider rating (out of 5) Savings 4 CD 3.25 Trustworthiness 3 Total: 3.42 Pros and cons Pros: Cons: High rates on savings account High rates on CDs No checking account or money market account $2,500 required to open a CD quick access to your savings Savings Live Oak Bank Online Savings Account The Live Oak Bank Online Savings Account doesn''t require a minimum opening deposit or charge monthly fees, and it pays a competitive APY. Depositing and receiving cash are the tricky parts. Although you can transfer funds into your account and deposit checks digitally, there''s no way to deposit cash. Because Live Oak Bank doesn''t have a checking account, you can''t simply transfer funds from savings into checking and access the money immediately.