![CollegeInvestor_1200x628___Live_Oak_Bank_Review Live Oak Bank Review](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/05/CollegeInvestor_1200x628___Live_Oak_Bank_Review.png)
The right banking solution will vary slightly from person to person, especially if your goals are different. If you want to get more out of your money, top-notch savings rates are non-negotiable.
Small business owners, on the other hand, may be attracted to accounts that charge less fees.
Savers and small business owners alike will find a lot of value in Live Oak Bank. Let’s take a look at the products Live Oak Bank has to offer and the features that stand out.
![Screenshot May 6, 2023 at 9.01.55 am live oak bank logo](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/05/Screenshot-2023-05-06-at-9.01.55-AM.png)
- Live Oak Bank offers high-yield savings accounts for private banks.
- The bank also offers a range of business banking products.
- APYs associated with Live Oak Bank accounts are relatively high and fees are expected to be low.
live oak personal banking live oak business banking |
|
$100 (Business Check) ~ $2,500 (CD) |
|
2% to 5% (for savings and CD accounts) |
|
Get a $300 cash bonus when you start your business with a check before May 31, 2023 |
What is Live Oak Bank?
live oak bank was founded in Wilmington, North Carolina in 2008. The primary focus of this bank is to provide small business owners with valuable banking tools. However, you can also find high-yield savings products for individuals.
What do you offer?
Live Oak Bank products are available for both individuals and businesses. We’ll look at all the options below.
![Live Oak Bank Homepage Live Oak Bank Review](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/05/Screenshot-2023-05-06-at-9.02.19-AM-e1683387954587.png)
personal savings
Live Oak Bank offers both high-yield savings accounts and personal CDs. All of these accounts can be opened online and there are no maintenance fees.
the current April 2023, the APY of the High Yield Savings Account is 4%. Start saving instantly with no balance requirements.
certificate of deposit A second option for growing your savings with Live Oak Bank. CD terms range from 6 months to 5 years.
CDs of relatively short duration are the most attractive rates. For example, APY for a 6-month CD is 4.80% and APY for a 1-year CD is 5%.
APY is 2% for CDs with tenures of 2-5 years. Interest is automatically paid every month when you open a CD at Live Oak Bank.
business savings products
To complement its attractive personal savings products, Live Oak Bank also offers attractive corporate savings products. Business owners can open either high-yield savings accounts or certificates of deposit to manage their funds.
Similar to personal savings products, high-yield savings accounts for businesses also offered 4% APY in April 2023. Corporate CD rates also matched the available retail CD rates.
![Live Oak Bank Business Banking Live Oak Bank Review: Business Check](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/05/Screenshot-2023-05-06-at-9.03.06-AM-e1683387987378.png)
business checking account
The only checking account offered through Live Oak Bank is for small businesses. This account is billed as suitable for the self-employed. Based on the features, it seems to be suitable for small business owners.
Through this checking account, you can pay bills, deposit checks, and initiate online money transfers. The problem is that this bank is cashless. In other words, there is no opportunity to deposit cash.
If you run a business that accepts cash payments, this checking account may not be the best fit for you. However, if you accept customer payments in the form of checks, credit cards, or payment platforms, you may find this to be a good option.
The checking account also comes with a Quickbooks connection. This option allows you to streamline your accounting process.
A minimum deposit of $100 is required to open this account.
small business loans
Small business loans are the last part of LIve Oak Bank’s product line.
The bank works with small business owners and offers loans starting at $150,000. You can find financing options supported by the Small Business Administration and the U.S. Department of Agriculture. In addition, commercial loans, which are not government-supported, will also be available.
Based on the bank’s website, you can expect to get personalized loan terms to suit your business needs. Loan funds can be used to purchase, build or expand a small business.
Are there any fees?
yes. Like most banks, there are fees when using Live Oak Bank.
All of the above accounts have no monthly maintenance fee. Both types of savings accounts come with:
- $25 stop payment fee
- $10 restocking fee
- Transfer fee $19
If you open the CD and withdraw money before the term ends, you will be charged an early withdrawal penalty. Penalty is his 90 days simple interest on CDs less than her 24 months in term.
Also, for CDs longer than 24 months, the penalty is increased to 180 days simple interest. All CDs require a minimum deposit of $2,500.
How do I contact Live Oak Bank?
Live Oak Bank does not have branches. However, they can be reached by calling 866-518-0286. Customer Success Managers are available Monday through Friday from 8:00 AM to 8:00 PM EST.
There aren’t many reviews online, but customers seem to love working with Live Oak Bank.Bank received 3.9 out of 5 stars trust pilot And 5 out of 5 stars better business bureau.
How does it compare to Live Oak Bank?
Live Oak Bank is not the only financial institution offering attractive APY and convenient checking accounts for small business owners.
If you’re looking for the best APY for personal savings, SaveBetter A worthwhile option. The platform negotiates a relatively high APY for savings accounts. This means you can get more value out of your savings.
If you’re a freelancer looking for a business account designed for your needs, consider Lili. Some accounts her option has a monthly fee, but the budgeting tools provided to keep your small business running can be very helpful.
header |
![]() |
![]() |
![]() |
---|---|---|---|
Over 55,000 free ATMs at All Points |
|||
cell |
How do I open an account?
The first step is to visit the Live Oak Bank website and select the product type you want to open.
If you choose a personal account, you will need to provide:
- your name
- address
- email address
- telephone number
- social security number
If you are opening a business account, you must also provide your Articles of Incorporation and Business EIN.
Also, have your fund account information ready. For CDs, a minimum deposit of $2,500 is required.
Are you safe and secure?
Live Oak Bank offers FDIC insured accounts so your funds are protected up to $250,000.
Opening a business checking account can lock your debit card at any time. Additionally, the card is fraud-proof with the Mastercard Zero Liability Policy.
Is it worth it?
Live Oak Bank has something to offer both avid savers and small business owners. If you fit into both of these categories, Live Oak Bank is worth considering.
Put your savings to good use through the bank’s suite of high-yield savings products.
If you want a banking platform for small businesses, Live Oak Bank is where you’ll find functional options.
Features of Live Oak
|
|
|
|
|
|
$0 |
|
savings account
|
|
Over 55,000 fee-free ATMs at Allpoint ATMs (non-Allpoint ATMs may incur a fee from the issuing bank) |
|
Monday to Friday, 8:00 am to 8:00 pm EST |
|
Get a $300 cash bonus when you start your business with a check before May 31, 2023 |