Live Oak Business Checking Review 2025 | Fees | Account Types

A growing business in the United States needs flexibility and a reliable banking partner. The right business checking account can mean the difference between smooth financial operations and constant frustration.

Live Oak Bank is a digital-first U.S. financial institution built to serve entrepreneurs, small business owners and expats who manage their operations remotely. Without traditional branch networks, the bank focuses on offering competitive rates, transparent fee structures and specialized business services.

In this review, we’ll cover everything you need to know before opening an account with Live Oak Bank. We’ll look at minimum balance requirements, monthly maintenance fees and the security of FDIC insurance coverage. We’ll also explore its insured cash sweep program, as well as complementary products such as the Live Oak Bank business savings account and business CD rates. We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.

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What Is Live Oak Bank?

Live Oak Bank is an online-only financial institution headquartered in Wilmington, North Carolina. Established in 2008, it was created with a focus on serving small business owners across the United States.¹ Unlike traditional banks with extensive branch networks, Live Oak operates entirely online, giving business owners access to accounts and services without being tied to a physical location.

The bank is a subsidiary of Live Oak Bancshares, Inc., a publicly traded holding company listed on NASDAQ under the ticker symbol LOB. As a publicly listed institution, Live Oak is subject to strict regulatory oversight and reporting standards, which adds a layer of transparency for business clients.

One of the most important factors for any U.S. entrepreneur evaluating a bank is deposit protection. Live Oak Bank provides coverage through the Federal Deposit Insurance Corporation (FDIC). This means deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.² For businesses with larger balances, Live Oak also offers an insured cash sweep program that allows deposits to be spread across multiple partner banks, extending FDIC coverage beyond the standard limits.³

With its combination of digital-first banking, specialized business focus and federally insured accounts, Live Oak is positioned as a trusted option for entrepreneurs and expats looking for reliability without the overhead of traditional banking.

Comparing Accounts - Live Oak Business Checking Account Review

Customer feedback about Live Oak Bank’s business checking account often emphasizes convenience and transparent terms.³ Entrepreneurs value the absence of monthly maintenance fees and the low minimum opening balance, which makes the account more accessible than many competitors. On the other hand, some users note the lack of physical branches as a drawback if in-person service is important. For expats or remote teams, however, the digital-first model is often considered a benefit. Overall, Live Oak Bank checking reviews suggest the account works best for businesses that prioritize online banking and predictable costs over branch access.

Business Checking Account Types3	Cost	Description
Business Essential	$10/mo - no cost if you maintain a $1,000 average daily balance	Manage your daily transactions
Business Plus	$25/mo - no cost if you maintain $25,000 average daily balance	Manage more complex needs including regular ACH and online wire transfers
Business Plus Analysis	$100/mo - earnings credit can offset fees	High balance accounts with the needs for statement aggregation and more robust features

Live Oak Bank Business Savings Account

Beyond checking, Live Oak also offers a business savings account designed to help companies build reserves while earning interest.⁶ The account is entirely online and integrates smoothly with business checking, making it easy to transfer funds between accounts. Interest rates are competitive compared with national averages, though they may fluctuate with market conditions.

For small businesses, this provides a straightforward way to separate operating funds from savings. Entrepreneurs often use a savings account to set aside money for taxes, emergencies or future investments. While there are no physical branch deposits, the account’s digital access aligns well with Live Oak’s remote-first approach.

Live Oak Bank Business CD Rates

Companies looking for longer-term savings options can explore Live Oak Bank’s business certificates of deposit (CDs). These accounts lock in funds for a set term in exchange for fixed interest rates. Terms typically range from a few months to several years, giving businesses flexibility in how they structure reserves. Because rates are fixed, CDs can be a hedge against interest rate fluctuations in the broader market. For entrepreneurs who want to secure predictable returns without taking on risk, Live Oak Bank’s business CD rates provide a useful option. However, funds are not as liquid as in checking or savings accounts, so planning ahead is key.

Live Oak Business International Fees

Live Oak Business Account - International Fees7
Foreign Transaction Fee: 3% of transaction amount
Foreign ATM Fees: 3% of transaction amount
Outgoing International Standard Wire: $40

An International Business Account - Wise Business

Wise Business offers you an all-in-one accounts for your international business transactions. See some of what makes Wise Business special below:

Additional Considerations for Live Oaks Business Accounts

Availability and Accessibility

Live Oak Bank operates as a digital-first institution, which means all account management is handled online or through its mobile app. For U.S. entrepreneurs, this provides the advantage of 24/7 access without being limited by branch hours. Account holders can transfer funds, initiate ACH payments and monitor balances directly from their devices, making it well-suited for teams spread across multiple time zones.

The trade-off, however, is the absence of a traditional branch network. Business owners who prefer face-to-face service or need to deposit cash regularly may find this limiting. Since Live Oak is structured for electronic transactions, it is a stronger fit for companies that primarily move funds digitally, such as service firms, consultants and expats managing U.S.-based businesses remotely.

On the positive side, Live Oak’s online platform has earned recognition for reliability and ease of use. For entrepreneurs accustomed to digital tools, the remote-first model simplifies daily banking by consolidating everything into one secure platform.

Minimum Opening Balance

One of the first questions entrepreneurs ask when considering a new account is: how much cash is needed to get started? With Live Oak Bank, the minimum opening balance requirement is highly accessible compared to many traditional U.S. banks. The account can typically be opened with a small or no initial deposit, lowering the barrier for startups or growing businesses that need flexibility with cash flow.⁴

Unlike some major banks that require thousands of dollars upfront or enforce daily minimum balance thresholds to avoid extra charges, Live Oak keeps entry requirements simple. This makes it appealing for small business owners and expats who may not want funds locked into an account before operations fully scale.

For teams managing between five and 15 employees, a low minimum opening balance ensures banking resources can be directed toward payroll, expenses and investment in growth instead of account upkeep.

Monthly Maintenance Fees

For many U.S. businesses, recurring bank charges can quietly erode profits. That’s why understanding monthly maintenance fees is a crucial part of this Live Oak Business Checking Review. Live Oak Bank sets itself apart by offering business checking accounts without the heavy recurring fees that larger institutions often impose.

In most cases, there is no monthly maintenance fee attached to the account, which means entrepreneurs do not have to meet high minimum balance thresholds or jump through waiver conditions to avoid extra costs. This structure is particularly useful for smaller teams or newly formed companies where every dollar counts toward payroll and operations.

Insured Cash Sweep Program

Businesses with higher cash reserves often worry about exceeding the standard FDIC insurance coverage limit of $250,000 per depositor, per bank. Live Oak Bank addresses this concern through its insured cash sweep program. This feature automatically allocates deposits across a network of participating banks, extending federal insurance well beyond the typical cap.

For example, if a company maintains $1 million in deposits, the sweep program can spread that balance across multiple institutions in increments, each fully insured up to the FDIC limit.⁵ This gives business owners the ability to safeguard large sums while keeping funds accessible through a single relationship with Live Oak Bank.

The program is especially valuable for mid-sized businesses, investment-heavy startups or expats managing U.S. entities from abroad.

FDIC Insurance Coverage

When selecting a business bank account, deposit protection is one of the most important considerations. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000 per depositor, per ownership category. For small businesses, this provides a vital safeguard against unexpected bank failures.

Live Oak also enhances this standard protection by pairing FDIC coverage with its insured cash sweep program. Together, these features ensure that businesses of varying sizes, from startups to companies with substantial reserves, can keep funds protected without spreading accounts across multiple banks on their own.

For U.S. entrepreneurs and expats who need assurance that their capital is safe, FDIC insurance coverage reinforces Live Oak’s reputation as a reliable choice. It positions the bank alongside other federally insured institutions while offering the added flexibility of digital-first banking.

How Long Has Live Oak Bank Been in Business?

Live Oak Bank was founded in 2008 with the hope of supporting small businesses through digital-first banking. In less than two decades, it has grown into one of the largest SBA (Small Business Administration) lenders in the United States, consistently ranking among the top providers of government-backed business loans.

For entrepreneurs and expats evaluating where to open a business account, longevity is an important measure of stability. While Live Oak is younger than many traditional banks with century-long histories, its steady growth, regulatory oversight, and focus on U.S. business clients demonstrate that it has established itself as a reliable and competitive institution in a relatively short time.

Security and Reliability

For business owners, security is just as critical as convenience when evaluating a bank. Live Oak Bank emphasizes both digital safeguards and regulatory compliance to protect its clients. All accounts are secured through multi-factor authentication, encryption and continuous fraud monitoring. These measures are designed to reduce the risk of unauthorized access, which is especially important for companies managing transactions entirely online.

Who Should Consider Live Oak Business Checking?

Live Oak Bank’s business checking account is designed for entrepreneurs who prioritize digital banking over in-person services. It is particularly well-suited for small, growing teams where efficiency and low overhead matter. By eliminating monthly maintenance fees and keeping the minimum opening balance low, the account helps businesses preserve cash for payroll, operations and growth initiatives.

Expats and remote business owners may also find Live Oak attractive. Since the bank operates without branches, its platform naturally supports those who manage U.S. businesses from abroad or across state lines. The ability to open and operate an account fully online means location is no longer a barrier.

On the other hand, businesses that rely heavily on cash deposits or prefer face-to-face customer service may want to consider whether a branchless bank can meet their needs. For most digitally oriented companies though, Live Oak’s model provides the right blend of security, accessibility and cost efficiency.

Final Thoughts

This Live Oak business checking review shows that the bank offers a streamlined and cost-effective solution for U.S. entrepreneurs, expats, and growing teams. By eliminating monthly maintenance fees and keeping the minimum opening balance low, it provides small businesses with predictable costs and accessible banking. Its FDIC insurance coverage and insured cash sweep program further strengthen its appeal by ensuring funds remain protected, even at higher balances.

While the lack of physical branches may limit its usefulness for companies that rely heavily on cash transactions, Live Oak’s digital-first model is a strong match for service firms, consultants and online-based businesses. With the addition of a competitive business savings account and flexible business CD rates, it offers a complete package for managing both daily transactions and longer-term reserves. For many small businesses, Live Oak is a modern alternative to traditional banking.

Frequently Asked Questions

Which Bank Is Best for a Business Current Account?

Live Oak is a strong option for digital-first businesses that want no monthly maintenance fees and a low minimum opening balance. It’s best for companies that manage funds online. However, businesses that handle cash often may prefer a traditional bank with branches.

Which Bank Is Best for Small Business Banking?

For many entrepreneurs, Live Oak works well because it combines FDIC insurance coverage with transparent fees. Still, those who need in-person services might find a community or regional bank more practical.

Does Live Oak Offer Integrations With Accounting Software?

Live Oak works with widely used accounting tools such as QuickBooks and Xero. While it doesn’t advertise extensive integrations, its accounts can be synced through secure connections for accurate recordkeeping.

Is Live Oak a Good Choice for Expats or Remote Owners?

Yes. Because it operates entirely online, Live Oak is convenient for expats or remote owners who manage U.S. businesses abroad. The main drawback is no option for physical cash deposits.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

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Sources:

1. Inside America’s Top Small Business Bank | Forbes
2. Personal Savings | Live Oak Bank
3. Business Checking | Live Oak Bank
4. What You Need to Open a Business Checking Account | Live Oak Bank
5. How FDIC Insurance Works | Live Oak Bank
6. Business Savings | Live Oak Bank
7. Live Oak Business Fee and Limits Schedule | Live Oak Bank