About
Live Oak Bank is a technology-driven financial institution specializing in business banking and lending for entrepreneurs, small business owners, and commercial clients across the United States. Founded with a focus on industry-specific financing, Live Oak offers SBA loans up to $5 million and USDA loans up to $25 million, as well as its own Live Oak® Express product for fast access to capital up to $350,000. On the banking side, Live Oak provides robust business checking accounts designed to handle day-to-day cash flow, high-yield business savings accounts with rates well above the national average, and Certificates of Deposit (CDs) with terms ranging from 3 months to 5 years. Personal banking customers can also access high-yield savings accounts and CDs with competitive guaranteed rates. For larger enterprises, Live Oak's commercial division offers Specialty Finance for lower-middle and middle market businesses, Project Finance for real estate, energy, and infrastructure development, and localized Wilmington Business Banking services. Live Oak differentiates itself through personalized service, dedicated Customer Success Managers available Monday–Friday, and a robust online Resource Center with financial education, market intelligence reports (BusinessPulse), and FAQs. It is ideal for small business owners, entrepreneurs in specialized industries, rural businesses, and individuals seeking high-yield savings alternatives to traditional banks.
Key Features
- SBA & USDA Business Loans: Access government-backed SBA loans up to $5M+ and USDA REAP/B&I loans up to $25M for rural and agricultural businesses.
- High-Yield Savings Accounts: Earn well above the national average APY on both personal and business savings accounts with no minimum balance required to open.
- Flexible CD Options: Lock in guaranteed returns with CDs ranging from 3-month to 5-year terms, with competitive APYs up to 3.90%.
- Business Checking Accounts: Robust checking accounts designed to manage day-to-day business transactions and optimize cash flow.
- Commercial & Specialty Finance: Tailored financing solutions for lower-middle market businesses, real estate, energy, and infrastructure projects.
Use Cases
- A small business owner seeking an SBA loan to expand operations or purchase equipment.
- An entrepreneur looking for a high-yield business savings account to park operating capital and earn competitive interest.
- A rural business applying for USDA REAP or B&I loans to fund agricultural or energy projects.
- An individual seeking a high-yield personal savings account or CD as an alternative to low-rate traditional bank offerings.
- A mid-market company seeking specialty finance or project finance solutions for real estate or infrastructure development.
Pros
- Above-Average APYs: Live Oak consistently offers savings rates significantly higher than the national average, helping customers grow their money faster.
- Industry-Specific Loan Programs: Specialized loan products tailored to specific business sectors make it easier for niche businesses to qualify and access capital.
- U.S.-Based Customer Support: Dedicated Customer Success Managers are available Monday–Friday with extended hours, providing personalized assistance.
Cons
- Limited Physical Branch Presence: As a digitally-focused bank, Live Oak has minimal physical branch locations, which may not suit customers who prefer in-person banking.
- Business-Oriented Focus: Personal banking offerings are more limited compared to traditional retail banks, with fewer personal product options available.
Frequently Asked Questions
What types of loans does Live Oak Bank offer?
Live Oak Bank offers SBA loans (up to $5M+), USDA REAP and B&I loans (up to $25M), Live Oak® Express SBA loans (up to $350,000), and specialty/project finance for commercial clients.
Is there a minimum balance required for the savings account?
No, Live Oak Bank's high-yield savings accounts have no minimum balance required to open, for both personal and business accounts.
What APY does Live Oak Bank currently offer on savings?
Live Oak Bank currently offers 2.85% APY on business savings and 3.80% APY on personal savings, both well above the national average of 0.39%.
What CD terms are available at Live Oak Bank?
Live Oak Bank offers CDs with terms ranging from 3 months to 5 years, with APYs currently ranging from 2.00% to 3.90% depending on the term.
How can I contact Live Oak Bank customer support?
You can reach Customer Success Managers by phone at (866) 518-0286, Monday through Friday, 8:00 a.m. – 11:00 p.m. EST.
