Live Oak Bank is an online bank founded in 2008, based in Wilmington, North Carolina. It offers various financial products and services tailored for small businesses across the United States. The services include loans, lines of credit, credit cards, as well as savings accounts and CDs. The bank also provides online and mobile banking facilities.
- Live Oak Bank offers savings accounts and CDs without monthly fees or minimum balances for small business owners in all 50 states.
- It is the leading USDA B&I lender and the #1 SBA 7(a) lender by dollar volume, providing specialized financing solutions.
For inquiries or to open an account, you can contact Live Oak Bank by phone on weekdays from 8 am to 8 pm Eastern Time. Account opening can be done online, requiring personal information and ID verification.
Marcus offers similar savings accounts to Live Oak Bank but may be more suitable for individuals with smaller deposit amounts, given its $500 minimum deposit for CDs. Live Oak Bank, on the other hand, focuses on serving small businesses with higher interest rates and an easy online platform.
While Live Oak Bank lacks physical branches, it provides a secure and convenient online banking experience with competitive rates and reliable customer service, catering primarily to businesses seeking a straightforward online banking solution.