Live Oak Bank’s Business Savings Account advertises a variable 2.75% APY, with no minimum opening deposit and no monthly maintenance fee. The rate was listed as valid on September 28, 2026, so confirm the current APY before applying. This online-first account can suit a business that wants reserve cash to earn interest while remaining accessible, but transfer timing and five-business-day holds mean not every deposit is immediately usable.
Live Oak Business Savings at a glance
| Feature | What Live Oak lists |
|---|---|
| Business Savings APY | 2.75%, variable; listed as valid September 28, 2026. Live Oak’s business overview says rates may change without notice. |
| Opening balance | No minimum opening balance or deposit; at least $0.01 is required to earn interest. Fees may reduce earnings. Live Oak disclosure |
| Monthly maintenance fee | None advertised on the account page; other applicable fees may appear in the fee schedule. |
| Interest | Begins when a deposit posts, compounds daily, and is credited on the last business day of the month. Live Oak account FAQ |
| Standard FDIC insurance | Up to $250,000 per depositor, per ownership category, subject to FDIC rules. Live Oak insurance disclosure |
Is the advertised APY competitive?
The listed 2.75% APY is variable, not a locked return. Live Oak’s disclosure says, “Rates may change at any time without prior notice.” The date attached to the indexed disclosure is September 28, 2026; check the bank’s current rate before moving cash, since the figure can change.
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For context, Live Oak’s business overview reported an FDIC national savings average of 0.37% APY for deposits under $2,500, as of September 21, 2026. That is a dated benchmark rather than a current guarantee, and it does not establish how this account compares with every business savings option available now.
The account page advertises no monthly maintenance fee, but that is not a promise that every possible service or transaction is free. Review the bank’s fee schedule for charges that may apply to your use.
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When can you use deposited money?
Interest starts only after a deposit posts, so the date money is sent is not necessarily the date it begins earning. Once posted, it compounds daily and is credited monthly on the last business day. Access depends on how funds arrive and where they are going.
| How funds move | Timing and holds |
|---|---|
| Portal ACH transfer | Incoming and outgoing transfers generally take one to two business days. The cutoff is 4:00 p.m. ET. Incoming portal transfers are held for five business days after posting. |
| External ACH sent to Live Oak | Live Oak describes incoming ACH initiated externally and sent to the bank as available immediately upon receipt. |
| Check or mobile check deposit | May be held for up to five business days. Mobile deposit limits apply. |
| Transfer to an external account | Funds are generally available at the receiving bank in one to two business days when initiated before the cutoff. |
The first deposit made during account opening is held for five business days. Build that delay into cash planning rather than treating the account as an instant-access operating account. Live Oak does not accept cash deposits.
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How to open and fund the account
Opening is online. Live Oak asks for personal information for authorized signers, business information, and bank-account information, which it verifies electronically. Its savings FAQ says the account can include up to four additional authorized signers, for five total. Signers must be U.S. citizens or permanent residents and listed on the Entity Authorization provided at opening. The reviewed savings information does not establish a complete list of eligible business entity types, so confirm eligibility with the bank if your structure is unusual.
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Funding methods listed by the bank are ACH, mailed check, mobile check deposit, and wire to an already-open account. An account cannot be opened by wire. Do not plan on cash deposits.
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How much is insured?
Live Oak describes standard FDIC coverage as up to $250,000 per depositor, per ownership category. Your existing deposits at the same insured bank and the way accounts are owned affect how coverage applies; the limit is not simply a separate allowance for every account.
The bank also describes potential additional coverage through IntraFi network placement at participating banks. That is not automatic insurance for every dollar above $250,000. Pass-through coverage depends on applicable program agreements, correct account titling, and recordkeeping. Live Oak cautions that balances at the placing institution can temporarily exceed the standard maximum before deposits settle or after withdrawals settle. Confirm the specific arrangement and your total deposits before relying on extended coverage.
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Could a Live Oak business CD be a better fit?
A business CD may offer a fixed term rate for cash you can leave untouched; savings offers a variable rate with more flexible movement, though holds and transfer times still apply. The following APYs appeared in Live Oak’s business overview disclosure, valid September 28, 2026. Rates are time-sensitive and should be verified before opening.
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|---|---|
| 3 months | 3.00% |
| 6 months | 4.10% |
| 9 months | 4.20% |
| 1 year | 4.30% |
| 18 months | 4.10% |
| 2 years | 2.00% |
| 3 years | 2.00% |
| 4 years | 2.00% |
| 5 years | 2.00% |
Live Oak lists a $2,500 minimum and a $250,000 maximum per business CD account. Early withdrawal costs 90 days of simple interest for terms under 24 months, or 180 days of simple interest for terms of 24 months or longer. A higher listed CD APY therefore does not make it a substitute for liquid reserves: withdrawing principal early can trigger a penalty.
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Who should consider this account?
It is most plausible for a small business with reserve cash that can tolerate a variable rate, online banking, and a delay between initiating a deposit and using the funds. It is less suitable as the sole home for cash needed immediately for payroll, bills, or unexpected expenses if five-business-day holds or one-to-two-business-day transfers would create a problem.
Quick Recap
- Consider it if you want an online business savings account, can manage without cash deposits, and can keep a separate source of immediate operating liquidity.
- Compare a CD for a portion of reserves only when the term and early-withdrawal penalty fit your cash forecast.
- Check before applying the live APY, applicable fee schedule, business eligibility, signer requirements, transfer timing, and the FDIC treatment of all deposits held under the same ownership category.
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