Live Oak Bank Business Savings Account Basics
The Business Savings account at Live Oak earns 3.70% APY, well above the national average, according to the Federal Deposit Insurance Corp. There’s no minimum opening deposit or opening balance requirement and only a 1 cent balance required to earn interest. The account is accessible through Live Oak’s online and mobile banking apps, ACH transactions, or wire transfers. Incoming wire transfers are $10; outgoing wire transfers are $19 each. Because Live Oak is exclusively online, cash deposits are not accepted.
Funds can be transferred between Live Oak business accounts using the online platform or mobile app, but the Business Savings account itself is not accessible via ATM or debit card.
Other Live Oak Bank Products and Services
In addition to its Business Banking account, Live Oak also offers a business CD and three business checking account options, each with a monthly service charge that can be avoided with offsetting balances:
- Live Oak Bank Business Essential Checking
- Live Oak Bank Business Plus Checking
- Live Oak Bank Business Plus Analysis Checking
Business checking accounts can also be accessed online and via the bank’s mobile app, as well as a Live Oak ATM card for purchases and withdrawals at 55,000 Allpoints ATMs nationwide. You’ll find Live Oak business CD rates here.
Live Oak Bank offers personal CDs and a personal savings account. At this time, Live Oak does not offer a personal checking account.
Live Oak Mobile Banking
The mobile banking app can be used to open new accounts, add authorized account users, deposit checks, and transfer funds between accounts. As with most mobile banking apps, it can also be used to track debits, credits and other transactions. However, the app is not rated particularly well by users, with most citing issues with deposit processing issues.
How Live Oak’s Business Savings Stacks Up
Live Oak’s Business Savings account is an excellent option for small-business owners looking for a place to park cash and accumulate interest without monthly maintenance fees. However, businesses with more complex banking needs may need to look elsewhere, particularly if daily cash deposits are a necessity. With no debit card or ATM access, transaction options are limited. Take time to research the best online banks to find the one that’s right for you.
Frequently Asked Questions (FAQs)
Who is the owner of Live Oak Bank?
Live Oak Bank is a subsidiary of Live Oak Bancshares, Inc., a public company (LOB) traded on the New York Stock Exchange,
Does Live Oak Bank have local bank branches?
No, Live Oak Bank is strictly an online bank. Bank transactions are limited to online and mobile transfers, wire transfers or deposits by mail, as well as debit card and ATM transactions on some accounts.
Is Live Oak Bank FDIC-insured?
Yes, Live Oak Banking Company is FDIC insured (FDIC #58665). The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.