Live Oak Bank Business Savings account review
A simple, online banking experience that doesn’t charge you for saving — but it doesn’t accept cash deposits.
finder.com’s rating: 4.4 / 5.0
The Live Oak Bank Business Savings account boasts a competitive 0.5% APY without any pesky monthly maintenance fees or minimum balance requirements. But though it allows you to grow your money without barriers, it doesn’t accept cash deposits like most online banks.
Minimum deposit to open
|Annual percentage yield (APY)||0.50%|
|Minimum deposit to open||$0|
|Minimum balance to earn interest||$0.01|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$10|
Alexa Serrano is an editor at Finder specializing in banking and kid’s debit cards. A certified anti-money laundering specialist, Alexa helps guide readers to the best savings and checking accounts for their financial goals. Her expertise has been featured on top publications including Best Company, U.S. News & World Report, MSN and Yahoo. And she’s frequently interviewed by broadcast news publications across the country, including Fox News and NBC News. Alexa earned a BA in English from Wesleyan College and enjoys reading memoirs in her spare time.
The Live Oak Bank Business Savings account is best for businesses that don’t handle a lot of cash. The account offers a competitive 0.5% APY, no monthly maintenance fees or minimum opening deposit requirement. But as an online-only savings account, it doesn’t accept any cash deposits and you’ll have to watch out for a dormant fee if you keep less than $10 in your account.
How do I open a Live Oak Bank Business Savings account?
Open this account by following these steps:
- Go to the provider’s site and follow the steps to apply.
- Navigate to the bank’s website and click Get Started. Under Open a Bank Account, click Business Banking.
- From the Business Banking page, click Open Now under Online Savings. Enter your full name, address, Social Security number, date of birth, phone number and email address. Click Next.
- Create a username and password. Click Next, then add your one-time passcode for verification.
- Enter your legal business name, tax ID, address and phone number. Answer a few qualifying questions about your business, then click Next. Enter a few more details about your business. Click Next.
- Enter your company’s ownership details. Click Next. Then, upload your business documentation and click Next again.
- Connect an existing bank account to fund your new Live Oak Bank Business Savings account. Once your account is connected, click Next.
- Choose your funding amount and read and accept the terms and conditions. Click Open My Account to complete your application.
Once your account is opened and funded, you can add authorized signers to the account.
To open a business savings account with Live Oak Bank, you’ll need to meet certain eligibility criteria:
- US citizen or permanent resident
- At least 18 years old
- Social Security number
Have the following information ready when you go to apply for your Live Oak Bank Business Savings account:
- Social Security number
- Primary home address
- Business information
- Personal information of the authorized signers
- Bank account info for funding account
What are the benefits of a savings account with Live Oak Bank?
Bank online or with the Live Oak Bank mobile app and take advantage of a number of benefits:
- Competitive APY. Live Oak Bank offers a competitive interest rate at 0.5% to help you grow your savings. Plus, you only need to have a balance of $0.01 to start earning.
- No minimum deposit. You don’t need to provide a minimum deposit to open your account.
- No monthly maintenance fees. You won’t have to worry about pesky monthly fees eating into your savings.
What should I look out for?
Live Oak Bank’s competitive APY and convenient online and mobile banking are solid benefits, but here are a few drawbacks to consider:
- No cash deposits. If your business handles a lot of cash, you won’t be able to make any cash deposits. You can only fund your account for free through online or check deposits.
- Dormant account fee. If your account balance is below $10.01 and your account has had no activity for 24 months, you’ll have to pay a dormant account fee equal to the balance or $10, whichever is less.
- Excessive transaction fee. While all savings accounts have a six-monthly transaction limit, Live Oak Bank charges you $10 every time you pass this limit.
If you want a business account that handles cash deposits, you’ll want to keep looking. As always, compare your options when considering a savings account for your business.
Compare with other business savings accounts
How do I deposit or withdraw my money?
There are several ways you can deposit or withdraw money from your Live Oak Business Savings account:
- Online deposit. Transfer funds electronically to and from a linked external account.
- Check deposit. Either mail your check to the Live Oak Bank headquarters or deposit your check with the Live Oak Bank mobile app.
- Wire funds. Though costlier, you can wire funds into your account. You’ll pay $15 on incoming wires.
- Online transfer. You’ll need to transfer your money into another account to withdraw it.
What other business savings options does Live Oak Bank offer?
- Live Oak Bank Business CD. With terms between six months to five years, you can lock in a rate as high as 0.8% APY.
Frequently asked questions
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.