Live Oak Bank Business Savings Account Review 2025

Live Oak Bank Business Savings Account overview

Live Oak Bank offers business owners high yields on savings with a fully digital banking experience. You can earn APYs up to 4.30 percent through its CD products and 3.60 percent on its business savings account. The bank also offers FDIC insurance up to $10 million through its Insured Cash Sweep program, making it ideal for businesses with significant capital.

Who Live Oak is best for

Live Oak Bank is best for business savers looking to earn a high yield without paying monthly maintenance fees. The lack of fees means that you can put more of your money toward earning the 3.60 percent APY compared to accounts that charge fees.

Who Live Oak may not be best for

If you aren’t comfortable with online banking, Live Oak isn’t the best choice. You’ll use ACH transfers or mobile deposits to transfer funds to and from savings, as Live Oak Bank doesn’t offer in-person ATMs or bank branches.

What we like and don’t like

Live Oak Bank gives you the benefit of earning a high yield with few fees that would detract from your earnings. But you can’t service your accounts or add or withdraw money in person. Make sure you’re okay with all the pros and cons before opening an account.

What we like

• High APYs. Live Oak Bank’s personal savings account offers a 3.60 percent yield, over eight times the national average. 
• No minimum balance. You won’t have to worry about maintaining a minimum balance to keep the bank from charging fees or closing your account.
• No monthly maintenance fees. You won’t pay a monthly fee for using this account, which is rare for a business bank account. 
• High FDIC insurance. You can enroll in the bank’s Insured Cash Sweep program to get FDIC insurance on your money up to $10 million. You’ll need at least a $350,000 deposit to be eligible.

What we don’t like

• No ATMs or physical locations. The bank operates entirely online, with branches or ATM access for its business savings account. You’ll need to make ACH transfers to and from the account.
• May hold deposits for five days. Incoming deposits started from the Live Oak Bank Portal or mobile deposits may be held for up to five business days after they’re posted to your account. This could lead to cash flow issues if you need the money for expenses right away.

How Live Oak Bank compares to other banks

Live Oak Bank can help you multiply your money fast with its competitive APYs, but you may get more personalized service from other banks.

Live Oak Bank vs Chase Bank

Chase Bank offers a sprawling network of over 4,700 bank branches and 15,000 ATMs, so you can service your accounts online or in person. The bank also offers a wide variety of products beyond business banking, so you have the option to keep everything in one place. 

But Chase’s savings account offers a low 0.02 percent APY, hardly enough to earn an amount of any significance. You’ll also need to keep up a $1,000 or $25,000 minimum balance (depending on which savings account you choose) or pay its $10 to $20 monthly maintenance fee. You can bypass these requirements if you keep a linked Chase business checking account. 

With Live Oak Bank, you’ll earn a much higher 3.60 percent APY with no monthly fees or minimum balances to worry about. But, as long as you keep a linked checking account, choosing Chase could be worth it if you prefer in-person service.

Live Oak Bank vs First Internet Bank Of Indiana

First Internet Bank of Indiana offers a Regular Business Savings and a Money Marketing Savings account. The Regular Savings account offers a 0.91 percent APY and requires a $1,000 balance to bypass its minimal $2 monthly fee. The Money Market Savings account offers APYs of 3.46 percent on balances below $5 million or 4.42 percent on balances above $5 million. You also need to keep a balance of at least $4,000 to bypass its $5 monthly fee. 

Live Oak Bank offers a more competitive APY of 3.60 percent for all business savings amounts, and it doesn’t require a minimum balance or monthly fee. 

You can only earn more with First Internet Bank of Indiana if you plan to keep $5 million or more in savings. Sole proprietors get access to ATMs through First Internet Bank of Indiana, though it’s unclear if the bank has in-network ATMs. You may have to pay an ATM fee charged by the ATM owner, but First Internet Bank of Indiana doesn’t charge ATM fees.

How to open a business savings account with Live Oak

To open a Live Oak Bank business savings account, you’ll apply online using these steps: