Live Oak Bank Business Accounts: Top-Notch Savings, Basic Business Checking
A best-in-class high-yield business savings account is the main draw for this online bank.
The bottom line:
Live Oak’s high-yield business savings account shines with a high APY and no minimum balance requirement. But its business checking account lacks the bells and whistles of other online accounts.
Bank account details
Monthly fee
$0
APY
2.85%
Earn 2.85% APY with a minimum balance of $0.01.
With $0.01 min. balance for APY
Bonus
N/A
Pros & Cons
Pros
High APY.
Earn interest on balances of $0.01 and higher.
No monthly maintenance fee or minimum deposit.
Cons
No ATM or debit card access for Business Savings account.
No weekend customer support.
Compare to other bank accounts
4.5
NerdWallet rating
at Live Oak Bank (Business), Member FDIC
4.8
NerdWallet rating
5.0
NerdWallet rating
Monthly fee
$0
Monthly fee
$0
Monthly fee
$0
APY
2.85%
With $0.01 min. balance for APY APY
N/A
APY
1.30%
With $0 min. balance for APY
Need more options? Check our picks for best business bank accounts of 2026
Not a fit? Consider these alternatives
Does your business rely on wire transfers and cash deposits? Relay Business Checking has you covered. The free account includes free incoming wires (and low outgoing wire transfer fees). And you can make cash deposits at Allpoint+ ATMs without getting hit with a fee. Relay has a business savings account, too. But you need to upgrade to earn the highest APY.
Bluevine doesn't have a high-yield savings account. What it does have: a free, high-yield business checking account that delivers top-notch digital tools. Bluevine business checking includes invoicing, accounts payable and accounts receivable. It also earns 1.30% APY on balances up to and including $250,000 (terms apply).
Full review
Live Oak Bank is best known for two things: high-yield savings and SBA loans.
The online bank's top-rated business savings account earns 2.85% APY. That's true whether you have $10 or $100,000 in your account. And its business CDs top that rate. The 12-month term earns 3.80% APY (there is a $2,500 minimum deposit to open).
Live Oak has also lent more than $17 billion via the SBA 7(a) loan program over the past 10 years — more than any other bank.
And, unlike other online banks, Live Oak customers get easy access to customer support (yes, you can talk to an actual human). That sets Live Oak apart from many other online banks, which often default to chatbots or an email alias for support. Live Oak's North Carolina-based support team is available from 8 a.m. to 11 p.m. ET Monday through Friday.
Live Oak business banking is best for small-business owners who:
- Want a high-yield business savings account or CD.
- Need a simple business checking account (and don’t need to deposit cash).
- Want an Insured Cash Sweep account to maximize FDIC insurance coverage.
While this review covers Live Oak business checking and savings accounts, the star rating above refers to the business savings account only.
Live Oak business account details
| Live Oak Bank Business Savings | Live Oak Bank Business Essential Checking | Live Oak Bank 12 Month Business CD | |
|---|---|---|---|
| Monthly fee: | $0. | $10, waived with average daily balance of $1,000. | $0. |
| Minimum opening deposit: | $0. | $100. | $2,500. |
| APY: | 2.85%. | None. | 3.80%.. |
| Transactions: | Unlimited. | Unlimited. | N/A. |
| Cash deposits: | Not available. | Not available. | Not available. |
| Wire transfer fees: | Incoming wires: $10.
Outgoing wires: $19 domestic; $40 international. | Incoming wires: $10.
Outgoing wires: $19 domestic; $40 international. | N/A. |
| Bonus | None. | None. | None. |
Live Oak Bank Business Savings: This high-yield business savings account earns 2.85% APY and has no monthly fee. You earn interest with a balance of just 1 cent, and interest compounds daily to give you the best return. Business savings customers can also opt into the Insured Cash Sweep program, albeit at a lower interest rate. You need a balance of at least $350,000 to enroll in the program.
Live Oak business checking: Live Oak offers three business checking accounts: Business Essential, Business Plus and Business Plus Analysis Checking. Monthly fees range from $10 for Essential to $100 for Business Plus Analysis. Those fees can be waived if you hit certain balance thresholds or qualify for earnings credits (Analysis only).
These accounts lack some of the bells and whistles offered by other online business checking accounts. You won't get tax-planning tools or integrations with business apps beyond QuickBooks. What you will get: Access to up to $10 million in FDIC insurance coverage via the bank's Insured Cash Sweep services (Business Plus and Analysis only).
Live Oak Bank (Business)
Live Oak Bank Business Essential Checking
3.8
Monthly Fee
$10
Learn more at Live Oak Bank, Member FDIC
Live Oak business CDs: Live Oak business CDs require a minimum deposit of $2,500 and offer terms ranging from three months to two years. The best rate is currently the Live Oak Bank 12 Month Business CD. It earns 3.80% APY and is high on our list of best business CD rates.
Live Oak Bank (Business)
Live Oak Bank 12 Month Business CD
APY
3.80%
3.80%
at Live Oak Bank, Member FDIC
Where Live Oak business banking stands out
Industry-leading APY on business savings
Live Oak’s business savings account is the standout account of this business bank. Account holders earn 2.85% APY on all balances, with no monthly fee or minimum balance required to start earning interest. That’s well above the national average for savings accounts (0.39% APY as of this writing, according to the FDIC) and bests most other business savings accounts.
Want a higher yield? Live Oak also offers a 12-month business CD that earns 3.80% APY and has a $2500 minimum balance to open.
Easy access to phone support
Live Oak puts a premium on customer support. Account holders can easily reach a Live Oak rep by phone (Monday through Friday, 8 a.m. to 11 p.m. ET). That's a departure from other online business banks that steer customers to email or in-app chat when issues arise, even when phone support is offered.
Up to $10 million in FDIC insurance coverage
Live Oak business savings customers can access up to $10 million in FDIC coverage through the bank’s Insured Cash Sweep service. That's significantly more than other banks. Sweep accounts at Bluevine and Relay, for example, provide up to $3 million in FDIC insurance coverage.
Lender relationship
You don't need a Live Oak business account to apply for a small-business loan. But having a relationship with the bank could help if you need funding later. Live Oak is one of the best SBA lenders — it consistently ranks among the most active for 7(a) loans, which offer low interest rates and long repayment terms.
Where Live Oak business banking falls short
No cash deposits
Live Oak doesn’t support cash deposits, making the bank’s business checking account a no-go for cash-heavy businesses. Need an option to deposit cash? The NBKC Business Account and Relay Business Banking both offer fee-free cash deposits at select ATMs. NBKC has an excellent high-yield savings option, too. The nbkc bank Business Money Market Account earns 2.75% and includes checks and a debit card.
Limited integration with business apps
Live Oak customers can connect their business checking accounts to QuickBooks, but that’s about it. The lack of easy integration with other business apps can make Live Oak checking feel more like it’s from a brick-and-mortar bank than an online bank.
Want more tools from your business account? Consider Lili Business Checking. Lili Pro ($15/month) includes tax planning and expense management tools. You can also connect your account to a number of business apps, including PayPal, Stripe, Square, eBay, Cash App and Venmo. Lili customers also get a high-yield business savings account that currently earns up to 4.00% APY.
Longer hold on funds for new customers
Banks often place a hold on checks for new accounts as a fraud prevention method. But Live Oak’s policy is among the more unforgiving and inconvenient for small-business owners.
Checks deposited by new customers (accounts open fewer than 30 days) are held for five business days. Even after the first 30 days, depositing more than $5,525 in checks on one day can trigger an extended hold.
Guaranteed funds, like cashier’s checks, certified checks or government checks, have a shorter hold time — just one business day — but only up to $5,525. Anything beyond that threshold is held for five business days.
Poorly rated mobile app
An online-only bank should have a stellar mobile app. Live Oak falls short of that bar. Reviews of Live Oak’s app on iOS and Android consistently cite issues with mobile check deposit — a key feature for small-business owners — and other glitches that limit the usefulness of Live Oak’s mobile app.
How we evaluated Live Oak business banking
Business savings accounts
NerdWallet’s writers and editors consider more than a dozen data points for each business savings and money market account we evaluate. Scoring factors include:
- Interest rates.
- Fees.
- Minimum balance requirements.
- Accessibility of funds.
- Insured Cash Sweep availability.
- Customer support hours (human support).
- Quality of the mobile app.
We also consider any account restrictions — like whether you need a checking account with the bank to open a savings account — along with other features and limitations. We gathered this information from Live Oak's website and company representatives. View our complete ratings methodology.
Business checking accounts
Business checking accounts are scored on a different set of factors than business savings accounts. We assign an overall score and individual areas that are important for business banking: core banking services, customer support, account fees and rewards, and software/tools.
We only rate free accounts because that's the easiest way to standardize comparisons — plus, we know business owners can get a great account without a monthly fee.
- Transactions: No monthly transaction limit or fee for excess transactions.
- Domestic ATM access: No fees at Allpoint ATMs. Third-party fees may apply. Withdrawal limited to $1,000 per day.
- Cash deposits: Cannot deposit cash.
- Wire transfers: Domestic and international wires are supported.
- Minimum opening deposit: $100.
- Checks: Can order checks online.
- Human support phone hours: Extended business hours: 8 a.m. to 11 p.m. Monday - Friday. No weekend support.
- App store rating: 3.09 (weighted average of the Apple and Google Play app stores).
- Ease of website use: Easy to navigate. Can easily find detailed account information, including fees, help center and customer support.
- Branch access: None.
- Account availability: Nationwide.
- Account opening options: Online only.
- Live chat support: Yes.
- Monthly maintenance fee: $10 per month, waived with an average daily balance of $1,000.
- ATM withdrawal fee: Live Oak does not charge ATMs fees. Third-party fees may apply outside of the Allpoint ATM network.
- Cash deposit fee: Cannot deposit cash.
- Wire transfer fees: Incoming wires: $10. Outgoing wires: $19 (domestic), $40 (international).
- Overdraft fee: $25 per item. No daily limit on overdraft charges.
- APY: Live Oak Bank Business Essential Checking does not earn interest.
- Sign-up bonus: No sign-up bonus.
Business checking accounts can earn points if they include the software features listed below as part of their entry-level business checking account. Live Oak Bank Business Essential Checking does not offer any of these features.
- Built-in invoicing.
- Accept tap-to-pay in Axos app.
- Tax planning tools.
- Contractor management features.
- Sub-accounts or envelopes.
- Zelle for Business.
- Built-in corporate card program.
We also look at public forums (like Reddit, myFICO and Quora) and online reviews (via sites like Trustpilot and the App Store/Google Play) to understand business owner sentiment about banking with Live Oak. We use AI tools to help gather some of this information for evaluation.
People post anonymously in these spaces, so we cannot confirm their individual experiences or circumstances. This data does not influence our star ratings. However, NerdWallet does contact financial institutions regarding negative feedback that we consistently observe.
How to open a Live Oak business account
Live Oak business checking and savings accounts are open to all business entity types, including nonprofits and associations. The bank's main requirement: You must be a U.S. citizen or permanent resident with a valid Social Security number.
You can open most Live Oak accounts entirely online. The exception: Insured Cash Sweep accounts. For that, you'll need to work directly with a business banker.
Here’s what you need to apply online:
- Name and home address.
- Date of birth.
- Social Security number.
- Driver's license or government-issued photo identification.
- Business name, address and phone number.
- Business website.
- Tax identification number (EIN or SSN for sole proprietors).
- Business structure, industry and number of employees.
- Date your business was formed.
- Articles of incorporation or other relevant business formation documents.
You’ll also need to answer questions about:
- How the account will be used (credit card processing, general operating funds, savings, etc.).
- The services you provide.
- The account features you intend to use — including the number and amount of monthly mobile deposits, wire transfers and other services your business currently uses.
Once your application is approved, you can open your business account. You’ll need to link an external bank account to fund your new account.