Top Benefits

Live Oak Bank delivers several key advantages for business banking customers:

High-Yield Savings: Businesses can grow their reserves with competitive interest rates, benefiting from daily compounding to maximize earnings.

Versatile Checking Accounts: Multiple checking options cater to various business needs, from essential daily transactions to more complex financial operations.

Competitive Certificates of Deposit (CDs): A range of CD terms allows businesses to secure predictable returns, supporting long-term financial planning.

Digital Banking Platform: A user-friendly online and mobile interface enables businesses to manage accounts, transfer funds, and monitor transactions seamlessly.

Account Features

Business Checking Accounts:

• Business Essential Checking: Ideal for everyday transactions, offering essential features for daily business operations.
• Business Plus Checking: Suited for businesses requiring additional services such as ACH and online wire transfers.
• Business Plus Analysis Checking: Designed for businesses with higher transaction volumes and the need for advanced cash management services.

Business Savings Account:

• No minimum opening balance required, allowing businesses to start saving without initial constraints.
• Interest compounds daily, enhancing the growth potential of deposited funds.

Certificates of Deposit (CDs):

• Various term lengths are available, providing flexibility to align with business financial strategies.
• Predictable returns assist in effective financial planning and investment.

How to Open an Account

Opening a business account with Live Oak Bank is straightforward and can be completed online:

Visit the Bank’s Website: Navigate to the business banking section to explore account options.

Select the Desired Account: Choose the account type that aligns with your business needs.

Complete the Online Application: Provide necessary business information, including Employer Identification Number (EIN), business address, and ownership details.

Verify Identity: Submit required identification documents for verification purposes.

Fund the Account: Transfer funds electronically to initiate the account.

Conclusion

Live Oak Bank offers a robust digital banking experience tailored to small businesses seeking efficient and flexible financial solutions. With competitive savings options, versatile checking accounts, and a user-friendly online platform, it caters to the needs of modern businesses. However, the lack of physical branches and cash deposit capabilities may be a drawback for some. Overall, Live Oak Bank stands out as a strong contender for businesses prioritizing digital banking and competitive interest rates.