Live Oak Bank Review: Services, Rates, and More

Live Oak Bank is a digital-first bank that provides tailored financial services for small businesses and entrepreneurs across various industries.

Offering a range of products from high-yield business savings accounts to specialized small business loans, Live Oak Bank aims to help business owners access competitive rates, simplified banking, and a highly responsive customer service experience.

Wondering if Live Oak Bank is right for your business needs? Below, I dive into Live Oak Bank’s key services, rates, customer reviews, and competitive comparisons to see how it stands up in the business banking landscape.

Overview of Live Oak Bank

Live Oak Bank caters specifically to business clients, providing industry-focused loan products and high-interest savings options. With a digital-only banking approach, Live Oak makes it easy for entrepreneurs to manage funds and apply for loans without the need to visit a physical branch.

The bank supports a range of industries, from veterinary practices and healthcare providers to breweries and self-storage businesses, by offering unique financial tools and knowledgeable customer support. In addition, Live Oak Bank’s user-friendly mobile platform and web app streamline the process for busy business owners.

Let’s take a closer look at what Live Oak Bank offers and how it stands out among other digital banking competitors.

Live Oak Bank Reviews: User opinions and ratings

4.65/5

Live Oak Bank users frequently praise its high-yield savings rates, loan options, and customer service tailored for business owners. The platform’s industry-specific loan products are particularly valued by niche businesses that often struggle to find financing through traditional banks. However, some users report that the digital-only setup can be limiting, especially if they prefer in-person support or need access to cash transactions. Overall, Live Oak Bank is highly rated for its specialized offerings and strong online experience.

• Trustpilot: 4.6 out of 5 stars
• G2: 4.7 out of 5 stars

While many customers appreciate Live Oak Bank’s digital tools and high-yield savings accounts, others find the lack of physical branches and cash deposit options to be a drawback. Despite this, Live Oak’s industry expertise, loan offerings, and competitive APYs make it a top choice for digital-forward businesses.

Live Oak Bank’s pricing structure

Live Oak Bank’s fee structure is simple and business-friendly. They offer accounts with no monthly maintenance fees, which can help small businesses minimize their expenses. Here’s a breakdown of the key pricing points for Live Oak Bank’s offerings:

• No monthly fees: Account maintenance is free, with no hidden charges for standard transactions.
• High-yield savings APY: Live Oak offers a competitive APY on its business savings accounts, though rates may vary.
• Customized loan terms: Business loan fees and rates are determined by the borrower’s needs and industry type.
• No minimum balance: Live Oak Bank’s accounts do not have a minimum balance requirement, making it accessible for businesses of any size.

Key features of Live Oak Bank

4.7/5

Live Oak Bank provides several unique features that can appeal to small business owners and entrepreneurs looking to open a business bank account that has services tailored to their digital infrastructure needs. Below are some of the standout offerings:

1. Industry-specific loan options: Live Oak Bank specializes in providing loans for specific industries such as healthcare, agriculture, veterinary services, and more. This targeted approach allows business owners to access loan products with terms and conditions suited to their industry’s unique requirements. Whether for expansions, equipment financing, or startup funding, Live Oak Bank offers personalized loan options that can be a valuable asset for growing businesses.
2. High-yield savings accounts: Live Oak Bank’s high-yield savings accounts provide competitive APYs, allowing businesses to grow their reserves. Unlike traditional business accounts, Live Oak offers rates that rival other digital banks, making it an attractive option for business owners looking to maximize their savings.
3. Comprehensive digital banking tools: As a digital-only bank, Live Oak provides an intuitive online platform and mobile app where customers can easily manage accounts, check balances, and apply for loans. The bank also offers customer service representatives who are highly knowledgeable in specific industries, giving users access to specialized support without needing a physical branch.
4. FDIC-insured security: Partnering with FDIC-insured institutions, Live Oak Bank ensures that customer deposits are protected up to $250,000, giving business owners peace of mind when managing larger sums through a digital-only bank.

What business types are supported by Live Oak Bank?

Live Oak Bank works with a wide range of industries and business types, offering loans and banking services specifically tailored to various sectors. The primary industries served include:

• Healthcare: Including veterinary practices and dental clinics
• Agriculture: Loans for farmers and agricultural businesses
• Self-storage and warehousing
• Franchises: Financial solutions for franchise operators
• Breweries: Specialized loans and financing for breweries

Live Oak’s support for these sectors makes it a valuable partner for business owners operating within these industries, as they can access products specifically designed to meet industry standards and requirements.

Would our expert recommend Live Oak Bank?

5.00/5

Live Oak Bank is a highly recommended option for small business owners, especially those in specialized industries looking for accessible loans and high-yield savings options. With its no-fee checking, competitive APYs, and industry-specific loan products, Live Oak Bank provides valuable tools for business owners who prefer a tech-forward banking experience.

Expert’s opinion: Live Oak Bank is a strong choice for digital-first entrepreneurs seeking flexible, specialized financial solutions. However, businesses that require cash-handling services or prefer in-person banking may want to explore alternative options.

Live Oak Bank pros

• Competitive interest rates for business savings
• No monthly fees or hidden charges
• Industry-specific loan products for unique financing needs
• Simple online and mobile account management

Live Oak Bank cons

• No cash deposit options
• Limited to digital services with no physical branches
• No business credit options available

Alternatives to Live Oak Bank

If Live Oak Bank doesn’t satisfy all your needs, here are a few alternative business banking options to consider when choosing the right bank for your business:

Methodology

To create this review, we analyzed Live Oak’s banking features and compared them to similar platforms, evaluating user reviews from various sources. We also considered the unique needs of small business owners to determine how well Live Oak might be able to meet those requirements compared to its competitors.

Conclusion

Live Oak Bank is an excellent choice for small businesses seeking high-yield savings accounts and industry-specific loans. With no monthly fees, competitive APYs, and a digital-only experience, Live Oak Bank provides business owners with modern, efficient financial solutions.

While it lacks cash deposit options and business credit lines, its commitment to specialized industries and customer service make Live Oak Bank a solid choice for digital-first business owners.

Frequently asked questions (FAQs)

What services does Live Oak Bank offer?
Live Oak Bank offers high-yield savings accounts, checking accounts, and industry-specific loans tailored for various small businesses.

Is Live Oak Bank a reputable bank?
Yes, Live Oak Bank is FDIC-insured, providing secure and reputable banking services through its digital platform.

What are the fees associated with Live Oak Bank accounts?
Live Oak Bank does not charge monthly maintenance fees, making it a cost-effective choice for small businesses.

How do I open an account with Live Oak Bank?
Opening an account is straightforward and can be completed online. You’ll need to provide business information and complete a credit check if applying for a loan.

This article was reviewed by our banking expert Robi Mansueto.