Live Oak Bank Review for Small Business Banking Needs

Live Oak Bank is a great option for small businesses looking for a reliable banking partner. They offer a range of services tailored to meet the unique needs of entrepreneurs and small business owners.

With a strong focus on innovation and customer satisfaction, Live Oak Bank has built a reputation for providing flexible and accessible banking solutions. Their commitment to technology has made it easier for businesses to manage their finances on the go.

One of the standout features of Live Oak Bank is their ability to offer competitive rates and terms on loans and lines of credit. This can be a game-changer for small businesses looking to expand or invest in new opportunities.

By leveraging their expertise and resources, small business owners can access the funding they need to succeed and achieve their goals.

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Live Oak Bank offers a straightforward banking experience with a limited range of products.

Their focus is on FDIC-backed deposit accounts, which is a great way to ensure your deposits are protected up to a certain amount.

You can open a Savings Account with Live Oak Bank, perfect for everyday transactions and short-term savings goals.

They also offer Certificates of Deposit (CDs), which are great for long-term savings and investments with fixed interest rates.

Here are the specific deposit account options offered by Live Oak Bank:

Live Oak Bank offers a range of banking services to meet the needs of its customers. Their Live Oak Business Checking account is a convenient option for business owners.

You can choose from different types of checking accounts, such as the Live Oak Business Essential Checking. This account is designed to provide a solid foundation for your business's financial needs.

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Live Oak Bank offers a range of checking and savings options for both personal and business use.

Their high-yield savings account has a competitive 4.20% APY, with no monthly maintenance fees or minimum balance requirements.

However, be aware that fee-free banking ends at six transactions per monthly statement cycle, after which you'll be charged $10 per transaction.

Returned items also cost $10, and stop payments will set you back $25.

For business owners, Live Oak Bank offers three checking options: Business Essential Checking, Business Plus Checking, and Business Savings.

Here's a brief overview of each:

To open an account, you'll need to go online and provide the standard information, such as your contact details and Social Security number, along with additional documentation to verify your identity.

CDs are a great way to save your money for a specific period of time, and they often come with higher interest rates than savings accounts.

You can choose from various CD terms, ranging from six months to five years, depending on your savings goals and needs.

Live Oak Bank's CDs don't have any monthly account fees, which is a huge plus.

However, you do need to keep in mind that there's a fee for early withdrawal, and it depends on the length of the CD. For CDs with a term that's less than 24 months, you'll be charged 90 days of simple interest. For CDs with a term that's over 24 months, you'll be charged 180 days of simple interest.

Here are the interest rates for Live Oak Bank's CDs:

Note that the CD will automatically renew for the same term at the current interest rate once the term ends and the CD matures. You do have the option to withdraw your money within 10 calendar days after the maturity date.

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Live Oak Bank offers a range of account management tools to help you stay on top of your finances.

You can easily access your account information online or through the mobile app, 24/7. This allows you to review your account activity, transfer funds, and pay bills at your convenience.

Their online banking platform is secure and user-friendly, making it easy to manage your accounts from anywhere.

With Live Oak Bank, you can set up account alerts to notify you of important transactions, such as large deposits or withdrawals.

This feature helps you stay informed and catch any suspicious activity on your account.

Their customer service team is available to assist you with any questions or issues you may have with your accounts.

You can contact them by phone, email, or through the online banking platform.

They also offer a range of account options, including business checking and savings accounts, to help you manage your finances effectively.

Live Oak Bank has a rich history of innovation and growth. Founded in 2008, the company has come a long way since its inception.

In 2017, Live Oak established an office in Washington, D.C. to handle loans in renewable energy and government contracting. This marked a significant expansion of the company's services.

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Live Oak has also been at the forefront of fintech, partnering with companies like Finxact to improve its loan origination processes. By 2020, the company had switched to the Finxact platform for its retail and commercial deposit accounts.

Here's a brief timeline of Live Oak's key milestones:

Live Oak's commitment to innovation and customer satisfaction has earned it numerous awards, including being named "Best Bank to Work For" by American Banker from 2014-2017.

NC State formed a partnership with a major tech company to advance research and innovation.

This partnership has led to the creation of a new research center on campus, where students and faculty can collaborate with industry experts.

The partnership has also resulted in the development of new courses and programs that focus on emerging technologies.

Students from NC State have the opportunity to participate in internships and job opportunities with the partner company.

This partnership has helped to establish NC State as a leader in the field of innovation and technology.

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Live Oak Bank has come a long way since its founding in 2008. The company has established a significant presence in the financial industry, with a focus on innovation and growth.

In 2017, Live Oak Bank expanded its operations by opening an office in Washington, D.C. to handle loans in renewable energy and government contracting. This move marked a significant milestone for the company, demonstrating its commitment to diversifying its services.

The same year, Live Oak announced a joint venture with First Data, which became the joint company Apiture. This partnership has been a key driver of the company's fintech ecosystem.

Scott Custer served as Live Oak's president from April 2017 to September 2018, before resigning to work on a community bank startup. Huntley Garriott took over as president in September 2019, bringing his experience as a partner at Goldman Sachs & Co.

Live Oak has also made significant investments in technology, partnering with cloud-based core banking software company Finxact in 2018. By 2020, the company was using the Finxact platform for its loan origination processes, and by 2021, it had switched its retail and commercial deposit accounts to Finxact.

Here's a brief timeline of some of Live Oak's notable milestones:

Live Oak's commitment to innovation and growth has been recognized through its awards and achievements. The company was named the number one SBA 7(a) lender in the country from 2017 to 2020, and it has been awarded the title of "Best Bank to Work For" by American Banker from 2014 to 2017.

If you're a small business owner, you'll want to know about Live Oak Bank's banking options. Live Oak business banking is best for those who want a high-yield business savings account or CD.

For a simple business checking account, Live Oak is a great choice, especially if you don't need to deposit cash. You can also consider an Insured Cash Sweep account to maximize your savings and FDIC insurance coverage.

Here are some specific benefits to consider:

If you're a small business owner, you're likely looking for a banking solution that's tailored to your needs. Live Oak business banking is a great option for those who want a high-yield business savings account or CD.

For a simple business checking account, Live Oak is also a good choice, as long as you don't need to deposit cash. Their Insured Cash Sweep account is another feature that can help small business owners maximize their savings and FDIC insurance coverage.

Small business owners can benefit from a high-yield savings account or CD, which can earn them more interest on their deposits. A simple business checking account can also help keep things straightforward and easy to manage.

Here are some key features of Live Oak business banking that are great for small business owners:

If you're a small business owner looking for a bank that fits your needs, you're in luck. Live Oak Bank is a great option for those who want to earn interest on their cash without the hassle of monthly maintenance fees.

One of the biggest perks of Live Oak Bank is that it doesn't charge maintenance fees, which is a huge relief for small business owners who are already juggling a lot of expenses.

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If you're looking for a bank where you can park your money without worrying about minimum balance requirements, Live Oak Bank is a safe bet. You can stash your cash and let it grow without any stress.

Here are some key characteristics of Live Oak Bank that make it ideal for small business owners:

Live Oak Bank may have some limitations when it comes to business banking. One potential drawback is that their rates and fees may not be the most competitive.

You can shop around and compare their offerings with other banks to find a better fit for your business. Live Oak Bank does provide a cash flow tool to help you make informed decisions.

However, this tool may not be enough to overcome their potential shortcomings in rates and fees.

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One potential drawback of Live Oak business banking is that their rates and fees may not be competitive.

Their rates and fees are not explicitly listed in the article section, but they do mention a cash flow tool that can help you find the perfect banking solution.

You'll need to shop and compare options to determine if Live Oak's rates and fees align with your business needs.

Their website does offer a cash flow tool that can help you make informed decisions about your business banking.

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A class-action lawsuit was filed in March 2021 alleging that Live Oak Bank, nCino, and Apiture conspired to avoid hiring each other's employees.

Live Oak Bank received a letter in December 2020 from a law firm representing an individual alleging violations of antitrust laws.

In March 2022, Live Oak Bank reached a $4.65 million settlement agreement along with Apiture, to be distributed among approximately 1,911 employees who have worked at the three companies since 2017.