Ready to start saving money for your business? Here’s how:

Apply
Apply to open your business savings account in minutes. We’ll request both business and personal information to verify your identity and contact information.

Fund
To fund your account, you simply link an existing bank account and transfer funds.

Finalize
Congratulations! You’ve opened a savings account for your business. Now, you can take advantage of what your account has to offer. If you haven’t yet, make sure to fund your account. Then, you can add authorized signers.

Open An Account

Convenient digital access, superior customer support

Service

Service

Our North Carolina-based customer success team is dedicated to providing you personalized support.

FDIC insurance

FDIC insurance2

Funds deposited with Live Oak Bank are insured up to the maximum allowed by law, which is currently $250,000.

Learn why FDIC insurance matters.

No maintenance fees

No maintenance fees

Our accounts have no online banking or monthly maintenance fees.

Online account opening

Online account opening

Open and manage your account without leaving your house. Download our mobile app to access your account on the go.

Download for iOS Download for Android

Small business
makes a big impact

Did you know that when you deposit your money at Live Oak Bank, you’re helping to power small businesses across America? When your bank finances small business, so do you. As our nation’s economic engine, small businesses drive job prosperity and boost local economies. We’re proud to contribute to that growth by investing in small business owners across the country. When you bank with Live Oak, you can be proud, too.

FAQs

  • How do I connect QuickBooks with my Live Oak Bank accounts?

    To connect your QuickBooks account with your Live Oak Bank accounts, log in to your QuickBooks account. Then follow these steps:

    1. Click “Connect Accounts,” and enter Live Oak Bank in the search bar
    2. You’ll be prompted to enter your QuickBooks Access ID and PIN
    3. Click on the link in the prompt to generate your unique Access ID and PIN, or click here, then sign in to your Live Oak Bank account
    4. Enter your Access ID and PIN
    5. Choose the Live Oak Bank account(s) you would like to connect

    Please note you are only allowed to generate your Access ID and PIN a maximum of five times.

  • What fees does Live Oak charge?

    Account Fees:

    • Monthly Account Fee: No Charge
    • Online Banking Fee: No Charge

     

    Miscellaneous Fees:

    • Stop Payment Fee: $25
    • Returned Item Fee: $10
    • Legal Actions (tax levies, garnishments, etc.): $50 minimum
    • Outgoing Wire: $19
    • Dormant Account Fee: If an account has a balance less than $10.01 and no activity for 24 consecutive months, a monthly dormant account fee will be assessed and the account will be closed.
  • Are there any monthly maintenance fees or minimum balance requirements?

    There are no monthly maintenance fees or minimum balance requirements for the Live Oak Bank Business Savings account, however, the Dormant Account Fee will apply. If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less. The dormant account fee will not lower the account balance beyond $0.00 and thus cannot overdraw the account.

  • Can I open a Live Oak Bank Business Savings account in the name of a Trust?

    Live Oak Bank does not currently offer Business Savings accounts for Trusts.

  • What is the process to open a Live Oak Bank Business Savings account?

    To open a Business Savings account, we will ask for the personal information of the authorized signers, business information, and bank account information. We will verify the information provided electronically. Once this information is confirmed, you will enter an amount which will be transferred from the verified bank account into your new Business Savings account. The deposit will be held for five business days. You may add additional authorized signers after funding the account.

  • How do I deposit funds into my Live Oak Bank Business Savings Account?
    1. You can transfer funds electronically through an ACH transaction. To do this, log on to the Live Oak Portal and choose the ‘Transfer Funds’ option. You may transfer funds between your Live Oak accounts and your linked external accounts. Please allow 1-2 business days for the transfer to process.
    2. Mail your check to our Headquarters:
      Live Oak Bank
      Attention: Deposits
      1757 Tiburon Drive
      Wilmington, NC 28403

      * Please note we do not accept checks drawn on foreign banks, third-party checks or cash deposits. (A third-party check is a check that is signed over to an individual not named on the front of the check

    3. Deposit a check with the Live Oak Bank Mobile App. Deposit limits apply. The mobile deposit cutoff time is 4:00 p.m. ET. Deposits received after 4:00 p.m. ET will be processed on the following business day.
    4. Wire funds into your account. Log on to the Live Oak Portal for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire. (please click here to see our fee schedule for applicable fees).

    Live Oak Bank will not accept cash deposits.

View More FAQs

1. Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of . No minimum opening balance or deposit required to open. Rates may change at any time without prior notice, before or after the account is opened. No minimum balance to open, but customers must have a balance of $0.01 to earn interest. Fees may reduce earnings.

2. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a Live Oak Bank customer, your Live Oak Bank deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.

See Disclosures for details.

   

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