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Live Oak Bank makes it easier with high-yield business savings products — choose an FDIC-insured3 business savings account for worry-free returns.

Features

Live Oak makes it simple to save for your business
  • No monthly maintenance fees, no minimum balance requirements
  • Interest compounded daily
  • FDIC insured3
  • Earn x the National Average2
  • Friendly customer support
  • Manage your account online or access it through our mobile app

Fees

Straight forward no-nonsense fees

Fee Type

Fee Description

Fee Amount

Account Fees

Monthly Account Fee

No Charge

Online Banking Fee

No Charge

No Charge

No Charge

Transaction Limit/Fees

Fee for each transaction after the Reg D six (6) permitted transactions per monthly statement cycle

$10 for each transaction after the six (6) permitted transaction limitation per monthly statement cycle

$10 for each transaction after the six (6) permitted transaction limitation per monthly statement cycle

Miscellaneous Fees

Stop Payment Fee

$25

Returned Item Fee

$10

Non-Sufficient Funds (NSF) Fee

$25

Legal Actions (tax levies, garnishments, etc.)

$50 minimum

Incoming Wire

$15

Outgoing Wire

$19

Dormant Account Fee

If an account has a balance less than $10.01 and no activity for 24 consecutive months, 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. NOTE: The dormant account fee will not overdraw the account (e.g. a dormant account with a $7.50 balance will be assessed a fee of $7.50).

$25

$10

$25

$50 minimum

$15

$19

If an account has a balance less than $10.01 and no activity for 24 consecutive months, 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. NOTE: The dormant account fee will not overdraw the account (e.g. a dormant account with a $7.50 balance will be assessed a fee of $7.50).

FAQs

Get answers to our most frequently asked questions
  • 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

About

Discover the Live Oak difference

Founded in 2008, Live Oak began lending to small businesses in niche industries. We have since grown to become one of the largest SBA lenders in the country. We strive to help our customers succeed in business and achieve their goals every day. With a fusion of extraordinary service and expertise, our dedicated team embraces a creative approach to solving problems. Beyond the traditional banking experience, we set out to be an asset to each and every one of our customers by turning obstacles into opportunities.

We are an online bank headquartered in Wilmington, North Carolina, which spares us the expense of a traditional branch network so we can offer more competitive interest rates to our customers. Our savings products offer a secure way for you to grow your money and invest in your future. To learn how we keep our customers safe and secure, visit our privacy and security page.

From our Banking Resource Center

Reviews

Hear it from our customers

Opened a savings account 6 months ago and I am more than pleased.

The whole experience has been flawless. I have not needed to speak with anyone at Live Oak Bank while depositing, transferring, or withdrawing funds! Also, they notify me monthly on the first when interest is added to the account.

This Bank Understands The Real World

Easy, seamless application process. These guys are in touch with reality. No complicated pointless BS.

Good bank

Couldn’t be any easier from typing in info, linking accts and adding my wife as co-owner. Outstanding rates, solid ratings and great service. I am a fan.

Easy Process.

I followed the online process to open and fund a one year CD last week and every step was very clear. I called by phone once to make certain that everything was in order and their representative “Abby” was very knowledgeable, professional, and personable and my account was quickly funded. Easy Peasy.

Contact

We are here for you

Contact a Customer Success Manager
Phone: 866.518.0286
Fax: 866.656.4611
Monday through Friday 8:00 a.m. – 8:00 p.m. ET

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. You may make up to 6 withdrawals from your Live Oak Bank Savings account per statement cycle, including preauthorized, automatic and telephone transfers. Fees may reduce earnings.

2. National savings average rate courtesy of the FDIC’s Weekly National Rates and Rate Caps, as of ; average rate used is for deposits under $100,000.

3. 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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