Skip to Main Content

Live Oak Bank Business Savings Account Review 2025

Written by
Sarah George
Edited by
Gabriela Walsh
Edited by
Gabriela Walsh
Updated May 2, 2025
On This Page

At a glance

Badge Icon Best For High Yields
Live Oak Bank Savings Account

Live Oak Bank Savings Account

Rating: 4.4 stars out of 5
4.4
Learn more

  • Live Oak’s business savings account is an excellent choice for businesses comfortable with online banking who want to maximize their interest earnings.

    • APY: 3.60%
    • Minimum opening deposit: $0
    • Minimum balance requirement: $0
    • Monthly service fee: None
    • ATM access: No
    • Branch access: None

Live Oak Bank Business Savings Account overview

Live Oak Bank offers business owners high yields on savings with a fully digital banking experience. You can earn APYs up to 4.30 percent through its CD products and 3.60 percent on its business savings account. 

The bank also offers FDIC insurance up to $10 million through its Insured Cash Sweep program, making it ideal for businesses with significant capital.

Where Live Oak stands out

  • High APYs. Live Oak Bank’s personal savings account offers a 3.60 percent yield, over eight times the national average. 
  • No minimum balance. You won’t have to worry about maintaining a minimum balance to keep the bank from charging fees or closing your account.
  • No monthly maintenance fees. You won’t pay a monthly fee for using this account, which is rare for a business bank account. 
  • High FDIC insurance. You can enroll in the bank’s Insured Cash Sweep program to get FDIC insurance on your money up to $10 million. You’ll need at least a $350,000 deposit to be eligible.

Where Live Oak could improve

  • No ATMs or physical locations. The bank operates entirely online, with branches or ATM access for its business savings account. You’ll need to make ACH transfers to and from the account.
  • May hold deposits for five days. Incoming deposits started from the Live Oak Bank Portal or mobile deposits may be held for up to five business days after they’re posted to your account. This could lead to cash flow issues if you need the money for expenses right away.

Live Oak Bank customer experience

Customer support

Live Oak Bank provides customer service by phone on weekdays from 8 a.m. to 8 p.m. Eastern time. The bank features a comprehensive help center on its website with a convenient search function to quickly address common questions. 

Live Oak also offers a resource center containing articles on various financial topics, though these tend to be concise and vary in depth.

Digital experience

The Live Oak mobile app has mixed reviews, with moderate ratings on Apple's App Store and slightly higher scores on Google Play. However, it's worth noting the small sample size, with fewer than 100 reviews on each platform. 

The app has useful features for CD customers, including options to manage CD maturity and interest disbursements.

How Live Oak Bank compares to other banks

Live Oak Bank can help you multiply your money fast with its competitive APYs, but you may get more personalized service from other banks.

Live Oak Bank vs. Chase Bank

Chase Bank offers a sprawling network of over 4,700 bank branches and 15,000 ATMs, so you can service your accounts online or in person. The bank also offers a wide variety of products beyond business banking, so you have the option to keep everything in one place.

But Chase’s savings account offers a low 0.02 percent APY, hardly enough to earn an amount of any significance. You’ll also need to keep up a $1,000 or $25,000 minimum balance (depending on which savings account you choose) or pay its $10 to $20 monthly maintenance fee. You can bypass these requirements if you keep a linked Chase business checking account. 

With Live Oak Bank, you’ll earn a much higher 3.60 percent APY with no monthly fees or minimum balances to worry about. But, as long as you keep a linked checking account, choosing Chase could be worth it if you prefer in-person service.

Live Oak Bank vs. First Internet Bank Of Indiana

First Internet Bank of Indiana offers a Regular Business Savings and a Money Marketing Savings account. The Regular Savings account offers a 0.91 percent APY and requires a $1,000 balance to bypass its minimal $2 monthly fee. 

Live Oak Bank offers a more competitive APY of 3.60 percent for all business savings amounts, and it doesn’t require a minimum balance or monthly fee. 

You can only earn more with First Internet Bank of Indiana if you plan to keep $5 million or more in savings. Sole proprietors get access to ATMs through First Internet Bank of Indiana, though it’s unclear if the bank has in-network ATMs. You may have to pay an ATM fee charged by the ATM owner, but First Internet Bank of Indiana doesn’t charge ATM fees.

Is Live Oak Bank right for you?

Who Live Oak is best for

Live Oak Bank is best for business savers looking to earn a high yield without paying monthly maintenance fees. The lack of fees means that you can put more of your money toward earning the 3.60 percent APY compared to accounts that charge fees.

Who Live Oak might not be best for

If you aren’t comfortable with online banking, Live Oak isn’t the best choice. You’ll use ACH transfers or mobile deposits to transfer funds to and from savings, as Live Oak Bank doesn’t offer in-person ATMs or bank branches.

How to open a business savings account with Live Oak

To open a Live Oak Bank business savings account, you’ll apply online using these steps:

  1. Click “Open Account” on Live Oak Bank’s business savings account page.

  2. Enter personal details to identify yourself, including your name, birth date, address and Social Security Number.

  3. Create a username and password for your account.

  4. Enter details about your business and any additional authorized signers. You can have up to four additional authorized signers to the account.

  5. Set up the transfer from your bank to make an initial deposit.

  6. Review your account details, read disclosures and finalize signing up for your account.

Frequently asked questions

How we rated this account

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

Bankrate evaluates business savings accounts using a 5-star rating system that weighs factors most important to business owners. Our methodology assigns the highest weight (50%) to APY offerings, as earning potential is crucial for business cash reserves. We also consider monthly service fees (20%), minimum balance requirements (20%) and account accessibility (10%). 

Accounts receive higher scores for competitive interest rates, low or no monthly fees, reasonable minimum balance requirements and flexible access options including online transfers, mobile deposit and ATM access.

Learn more about our methodology here.

Review methodology

Choosing the right business savings account can significantly impact your company's financial health. Bankrate's comprehensive list of business savings account reviews is regularly updated to help business owners make informed decisions. Our editorial team thoroughly analyzes each financial institution's business savings offerings, evaluating key factors including APY, minimum deposit requirements, monthly service fees, balance requirements and account accessibility options.

We research accounts from national banks, online banks, credit unions and regional institutions to provide a wide range of options for businesses of all sizes. Our team collects data directly from financial institutions, verifying information through multiple sources to ensure accuracy. This rigorous process helps us identify accounts that offer the best combination of competitive rates, low fees and business-friendly features.