Live Oak Bank · Banks
Live Oak Business Essential Checking review
Live Oak Bank is an online bank focused on small businesses, pairing business checking with high-yield savings and CDs. Its Essential checking account costs $10 a month, waived with a $1,000 average daily balance, which makes it a good fit for businesses paid electronically that want to earn more on their cash, though it doesn’t take cash deposits.
Who Live Oak Bank is best for
US small businesses wanting checking and high-yield savings together and businesses keeping a modest balance.
Businesses depositing cash and companies wanting multi-currency accounts.
Live Oak Bank is an online bank focused on small businesses, pairing business checking with high-yield savings and CDs. Its Essential checking account costs $10 a month, waived with a $1,000 average daily balance, which makes it a good fit for businesses paid electronically that want to earn more on their cash, though it doesn’t take cash deposits.
Fees, features and eligibility
| Monthly fee | $10 a month, waived with a $1,000 average daily balance |
|---|---|
| Transfers | Business Essential checking; higher plans at $25 and $100 a month |
| Account type | Licensed bank (online) |
| Currencies | USD |
| Who can open it | US small businesses |
Source: Live Oak Bank published product information.
What stands out
Pros
- Monthly fee waived with a $1,000 average daily balance
- High-yield business savings and CDs
- Focused on small businesses
Cons
- Online only
- Doesn’t accept cash deposits
Live Oak Bank: common questions
How much does Live Oak business checking cost?
Business Essential checking is $10 a month, waived with a $1,000 average daily balance. Higher plans cost $25 and $100 a month.
Does Live Oak offer business savings?
Yes, a high-yield business savings account and CDs, alongside checking.
Can I deposit cash with Live Oak?
No. Live Oak doesn’t accept cash deposits, so it suits businesses that are mostly paid electronically.
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