Savings Account FAQs

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.

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.

Yes, you can send a wire from your Personal Savings account. Fees and cutoff times apply. Click here to see our fee schedule. To send a wire, please call our Customer Success Team at 866.518.0286 for more information.

Yes, you may add beneficiaries to your account. To qualify as an eligible beneficiary, the beneficiary must be a living person, a charity, a trust, or a non-profit organization. If the beneficiary is a person, the individual must be a US citizen. If a charity or non-profit is named as a beneficiary, it must qualify as such under the Internal Revenue Service (IRS) regulations.

1099s for the previous tax year are mailed by January 31st. You will not receive a 1099 if the interest paid was less than $10.00.

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. You can visit FDIC.gov for more information on deposit insurance and to use the EDIE calculator to determine your coverage.

During the online account opening process, Live Oak Bank may ask for the following items to verify your identity:

• Name
• Address
• Email Address
• Mobile Phone Number
• Social Security Number
• We may request documentation for verification purposes

There are no monthly maintenance fees or minimum balance requirements for the Live Oak Bank Savings account, however, the Dormant Account Fee may 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.

Individuals must be a United States citizen or Permanent Resident with a valid Social Security Number. People lawfully admitted to the United States on a temporary basis who have DHS authorization to work are not eligible to open an account. We may request supporting documentation for verification.

The Live Oak Savings account can only be opened online. You may click ‘Get Started’ on the homepage and follow the prompts to begin the quick three-step application. We will ask for your personal information and external bank account information. Your information will be verified electronically. We may request documentation if additional verification is required. Once this information is confirmed, you will enter the amount of your opening deposit to schedule an ACH transfer from the verified bank account into your new savings account. The deposit will be held for five business days.

You may add a co-owner or beneficiary to the account after completing the funding step of the application.

1. You can transfer funds electronically through an ACH transaction. To do this, log on to the Live Oak Bank 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 Bank 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).

You may initiate an ACH transfer from your external bank account through the Live Oak Bank Portal. The cutoff time for incoming and outgoing ACH transfers is 5:00 p.m. ET. Please allow 1-2 business days for the funds transfer to process. For security and verification purposes, incoming transfers initiated through the Live Oak Bank Portal are held for five business days once posted to your Live Oak account.

ACH transfers initiated from an external account and sent to your Live Oak account are available immediately upon receipt.

Deposits made by check or mobile deposit will be held for up to five business days once posted to your account.

Funds sent to an external account are available at that bank within 1-2 business days. The transfer must be initiated before 5:00 p.m. ET.

Deposits begin earning interest on the day the deposit is posted to your account. Please allow 1-2 business days for an incoming ACH transfer initiated through the Live Oak Bank Portal to post to your account. Check deposits are posted to the account on the day we receive them. Interest is compounded daily and posted to your account on the last business day of the month. You must have a balance of $.01 to earn interest.

You can transfer funds electronically through an ACH transaction. To do this, log on to the Live Oak Portal, select Transfer Funds, then select the ‘from’ account, ‘to’ account and amount of the transfer. Your ACH should post to your external account within 1-2 business days. The ACH cutoff time is 5:00 p.m. ET.

The Live Oak Savings account does not include checks or a debit card.

There is no longer a limit to the number of transfers you can make from your Live Oak Bank savings account. You can move up to $250,000 per transfer day.

To ensure your account is closed properly please contact a Customer Success Manager at 866.518.0286 (Monday through Friday 8:00 a.m. – 8:00 p.m. ET).

No, we do not offer retirement accounts.

No, we do not offer Trust accounts. You may list your Trust as beneficiary if you wish.