Live Oak Bank
Live Oak Bank is a fully digital bank offering a range of business and personal banking services, including high-yield savings accounts, CDs, and various loan options. It is the #1 SBA 7(a) lender by dollar amount for FY 2023 and provides FDIC insurance up to $250,000 per depositor.
Services
Live Oak Bank offers a wide range of services tailored to both business and personal banking needs. Business services include checking accounts with essential, plus, and analysis features, savings accounts with competitive APYs, and CDs with terms from 3 months to 5 years. For personal banking, Live Oak Bank provides high-yield savings accounts and CDs, also with terms ranging from 3 months to 5 years. The bank also offers a business savings calculator to help clients estimate earnings based on their account balance.
Loan Products
Live Oak Bank stands out in the lending sector with its diverse range of loan products. The bank offers SBA, USDA, and commercial loans designed to meet varied business needs. Notably, Live Oak Bank is the #1 SBA 7(a) lender by dollar amount for FY 2023. Other loan products include USDA loans for rural development projects, such as solar, water, and community facilities. Special financing options are also available through Live Oak Ventures' investments in fintech companies.
Digital Banking
With a fully digital banking model, Live Oak Bank ensures convenience and efficiency for its clients. The bank operates without physical branches and offers a robust digital banking platform that includes QuickBooks integration and mobile deposit capabilities. This digital approach allows customers to manage their accounts and conduct transactions seamlessly online.
High-Yield Accounts
Live Oak Bank offers high-yield interest rates for both business and personal savings accounts. Business savings accounts offer an APY of 4.00%, while personal savings accounts provide an APY of 4.40%. In addition, the bank offers Insured Cash Sweep accounts that provide FDIC insurance coverage up to $10 million, significantly exceeding the standard FDIC insurance limit of $250,000 per depositor for each account ownership category.
Construction Financing
Live Oak Bank has a dedicated team focused on providing financing solutions for construction projects. This specialized team works to tailor loan options that meet the unique needs of construction businesses, ensuring access to necessary funds for project completion and expansion.