The right banking solution looks a bit different for everyone, especially if you have different goals. A top-notch savings rate is non-negotiable if you’re looking to have your money do more for you.

Small business owners, on the other hand, might gravitate toward accounts that don’t have too many fees.

What Is Live Oak Bank?

Live Oak Bank was founded in 2008 in Wilmington, North Carolina. The bank’s main focus is on providing small business owners with worthwhile bank tools. However, you’ll also find high-yield savings products for personal use.

What Does It Offer?

Live Oak Bank products available for both individuals and business. We will take a look at all of the options below.

Personal Savings

Live Oak Bank offers both a high-yield savings account and CDs for personal use. You can open either of these accounts online and you won’t run into any maintenance fees.

As of April 2023, the high yield savings account has a 4% APY. Without any balance requirements, you can start building your savings immediately.

Certificates of deposit are a second option to grow your savings at Live Oak Bank. You’ll find CD terms ranging from six months to five years.

You’ll find the most attractive rates on CDs with a relatively short term. For example, a six-month CD has a 4.80% APY and a one-year CD has a 5% APY.

CDs with term lengths between two and five years have a 2% APY. When you open a CD with Live Oak Bank, you can have the interest automatically disbursed every month.

Business Savings Products

To complement the attractive personal savings products, Live Oak Bank offers equally enticing business savings products. Business owners can open either a high-yield savings account or certificate of deposit to put their funds to work.

As with personal savings products, the high-yield savings account for businesses offered a 4% APY in April 2023. The rates for the business CDs were also in line with the personal CD rates available.

Business Checking Account

The only checking account offered through Live Oak Bank is for small businesses. This account is billed as a good fit for the self-employed. And based on the features, it does seem to be a good fit for small business owners.

Through this checking account you can pay bills, deposit checks, and initiate online transfers. The catch is that this bank is cashless, which means there is no opportunity to deposit cash.

This checking account might not be the best fit if you have a business that accepts cash for payments. However, you’ll find it’s a good option if you accept customer payments in the form of a check, credit card, or payment platform.

The checking account also comes with a Quickbooks connection. This option can streamline your accounting process.

You’ll need to make a minimum deposit of $100 to open this account.

Small Business Loans

Small business loans are the final piece of LIve Oak Bank’s product lineup.

The bank works with small business owners to provide loans that start at $150,000. You’ll find loan options backed by the Small Business Administration and U.s. Department of Agriculture. Additionally, you’ll have access to commercial loans that don’t come with government backing.

Based on the bank’s website, you can expect to get personalized loan terms to suit your business needs. You can use the loan funds to buy, build, or expand your small business.

Are There Any Fees?

Yes. Like most banks, you’ll encounter fees when you work with Live Oak Bank.

For all of the mentioned accounts, you won’t find a monthly maintenance fee. Both types of savings accounts come with:

• A stop payment fee of $25
• Returned item fee of $10
• Outgoing wire fee of $19

If you open a CD and take out your money before the term is over, you will incur an early withdrawal penalty. The penalty is 90 days of simple interest on CDs with a term less than 24 months.

The penalty is also increased to 180 days of simple interest on CDs with a term greater than 24 months. For any CD, you’ll need to make a minimum deposit of $2,500.

How Do I Contact Live Oak Bank?

Live Oak Bank doesn’t have any branches. But you can get in touch by calling 866-518-0286. You’ll find customer success managers available Monday through Friday from 8 a.m. to 8 p.m. EST.

There aren’t a lot of online reviews, but it seems as though customers like working with Live Oak Bank. The bank earned 3.9 out of 5 stars on Trustpilot and 5 out of 5 stars on the Better Business Bureau.

How Does Live Oak Bank Compare?

Live Oak Bank isn’t the only financial institution offering attractive APYs and helpful checking accounts for small business owners.

If you are looking for a top-notch APY on your personal savings, SaveBetter is a worthwhile option. The platform negotiates relatively high APYs on savings accounts, which means you can get more value out of your savings.

If you are a freelancer looking for a business account designed for your needs, consider Lili. While some of the account options come with a monthly fee, you might find the budgeting tools offered very useful to keep your small business operational.

How Do I Open An Account?

The first step is to head to the Live Oak Bank website and select the type of product you want to open.

If you select a personal account, you’ll need to provide:

• Your name
• Address
• Email address
• Phone number
• Social Security Number

If you are opening a business account, you’ll also need to provide your Articles of Organization and business EIN.

Also, have your funding account information ready. You’ll need to make a minimum deposit of $2,500 for CDs.

Is It Safe And Secure?

Live Oak Bank offers FDIC-insured accounts so your funds are protected for up to $250,000.

If you open a business checking account, the debit card can be locked at any time. Plus, the card comes with fraud protection through the Mastercard Zero Liability Policy.

Is It Worth It?

Live Oak Bank has something worthwhile to offer both dedicated savers and small business owners. If you fall into both of these categories, Live Oak Bank is worth considering.

You can put your savings to work for you through the bank’s suite of high-yield savings products.

If you need a small business banking platform, you’ll find a functional option in Live Oak Bank.

Live Oak Features