Live Oak Bank Savings Account: A Comprehensive Review
As the sector turns into an increasing number of virtual, online banking has ended up being the norm. With so many options, picking out an excellent savings account for your needs can be overwhelming. Live Oak Bank is a famous online financial institution that offers a range of financial products, which include a financial savings account. In this Live Oak Savings Account Review 2023, we’ll look at the account in an element that will help you determine if it is the proper choice.
How to Open a Live Oak Personal Savings Account
If you’re interested in starting a Live Oak non-public financial savings account, you’ll be pleased to recognise that the technique is brief and clean. Here are the steps you’ll want to take:
- Head to the Live Oak website and choose ‘Open An Account.’
- Choose the Personal Savings Account and click ‘Apply Now.’
- Complete the application procedure for you to supply non-public facts and your social safety quantity.
- Wait on your account to be authorised, which typically takes a few business days.
- Once permitted, you may deposit cash into your account and begin income interest.
Live Oak Bank Business Savings Overview
| Required Opening Deposit | None |
|---|---|
| Required Balance Minimum | 1 cent to earn interest |
| Transaction Limit Before Fees | None |
| Monthly Fees | None |
| APY | 3.50% |
| Automated Clearing House (ACH) Fees | None |
| Wire Transfer Fees | None for incoming; $19 for outgoing |
| ATM Fees | N/A (no debit card issued for savings) |
| Cash Deposits | No cash deposits accepted |
| Open an Account | Visit Live Oak Bank |
Features of the Live Oak Savings Account:
1. Impressive Rate
Although the Live Oak Savings Account isn’t categorised as a high-yield account, it offers an excellent APY that compares favourably with the ones offered using high-yield debts. Therefore, customers can experience an incredible charge without being sure by the constraints related to high-yield bills.
2. No Maintenance Fees
With the Live Oak Savings Account, you do not need to fear preservation costs. While upkeep charges have become much less commonplace with financial savings accounts, a few banks require clients to fulfil specific standards to have them waived, which can be cumbersome. Fortunately, Live Oak Bank’s savings account has no renovation prices.
3. No Minimum Balance Requirements
You no longer need to deposit a hefty sum to get the right of entry to the incredible APY in this account. The most effective requirement is to have a minimum of one cent for your account to earn interest.
4. High Transfer Limit
You can transfer up to $250,000 from your Live Oak Savings Account per day. Therefore, if you need to make a massive buy using a 3rd celebration account, you want to avoid unfolding the transfer over a couple of enterprise days.
5. Savings Tools
Although the financial savings tools could be better than those discovered with other online banks, Live Oak Bank has an outstanding financial savings calculator. This allows clients to peer how much interest they can earn on distinct savings balances so that we can track the boom of their savings fund.
6. Great User Interface
Live Oak Bank is an online financial institution with a unique internet site platform. Still, you may also use the app available for Android and iOS customers to manage your account. Regardless of your pick, you could expect an intuitive interface that makes it clean to carry out any transactions you need.
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How Live Oak Bank Stacks Up With Its Competitors
Live Oak Bank Business Savings Requirements
In addition to personal information, Live Oak Bank will also request certain business information when you apply for a business savings account. This may include:
- Business name
- Business address
- Business tax identification number (TIN)
- The legal structure of the business (e.g., corporation, partnership, LLC)
- Date the business was established
- Annual revenue of the business
- Nature of the business (e.g., manufacturing, retail, service)
- Number of employees
The bank may also ask for additional documentation, such as your business license, articles of incorporation, or partnership agreement. These requirements may vary depending on the specific account and the nature of your business.
It’s important to note that Live Oak Bank may also perform a credit check when you apply for a business savings account. This is to assess the financial health and creditworthiness of your business. Sometimes, the bank may require a minimum deposit to open the account.
Pros and Cons of the Live Oak Savings Account
Alternatives To Live Oak Bank Business Savings
Alternative Business Savings Options to Live Oak Bank: Chase, Baselane, and Bluevine
Live Oak Bank may only sometimes meet your specific needs if you’re a business owner looking for a savings account. Fortunately, other options are available that provide you with greater flexibility and features. Here are three alternatives that you can consider:
Chase Bank: In-Person Banking and Cash Deposits
Chase Bank is an excellent alternative to Live Oak Bank if you require in-person banking or need to deposit cash. Chase has branches in 48 states across the United States, and its Business Complete Banking account offers fee-free deposits of up to $5,000. On the other hand, Live Oak Bank doesn’t accept cash deposits and has no bank branches.
Baselane: Ideal for Landlords
If you’re a landlord, Baselane may be your ideal savings account. It offers a high-yield checking account with a 3.30% APY interest rate and up to 5% cashback. This account is specifically designed for real estate investors, making it an excellent option for landlords who want to benefit from its convenient rent collection tools. Baselane is also part of our list of best banks for real estate investors, providing access to commercial real estate (CRE) loan products. In comparison, Live Oak Bank offers a typical business account.
Bluevine: Optimal for Competitive Interest on Checking Accounts
If you’re looking to earn competitive interest on your checking account, Bluevine may be the right choice for your business. It offers a 2.0% APY rate for small business checking accounts, provided you meet the qualifying conditions. Additionally, Bluevine provides ATM access through a free debit card. In contrast, Live Oak Bank doesn’t issue debit cards for its business savings.
FAQS
Can I open a joint account with Live Oak Savings Account?
Yes, you can open a joint account with another person.
Is Live Oak Bank legitimate?
Yes, Live Oak Bank is a valid financial institution. It is a Federal Deposit Insurance Corporation (FDIC) member and has been in operation since 2008. Live Oak Bank additionally has strong popularity within the industry and is thought of for its competitive deposit charges and first-rate customer support.
What is the best bank to have a savings account?
The best financial institution to have a savings account with will depend upon your personal needs and preferences. Some elements to remember whilst choosing a bank for a financial savings account include interest prices, charges, account minimums, and accessibility. It can be helpful to research and compare numerous banks before you decide.
Where is Live Oak Bank located?
Live Oak Bank is based totally in Wilmington, North Carolina. However, being a web financial institution, it has no physical branches. Customers can get entry to their debts and services through the bank’s website or mobile app.
How do I open a savings account with Live Oak Bank?
To open a savings account with Live Oak Bank, you can visit their website and complete the online application process. You will need to provide personal and financial information, including your name, address, social security number, and employment information. Once your application is approved, you can fund your account and begin using their services.