Overview of Live Oak Bank
Live Oak Bank is an online bank founded in 2008 based in Wilmington, North Carolina. It offers products and services to small businesses, including loans, lines of credit, credit cards, and online and mobile banking.
Financial Products and Services
- Savings accounts and CDs
- Leading USDA B&I lender and #1 SBA 7(a) lender by dollar volume
Comparison with Marcus
Marcus has similar savings accounts to Live Oak Bank. Marcus might be a stronger choice if you don’t have a lot to deposit as it has a $500 minimum deposit for CDs. Live Oak Bank savings accounts have no monthly fees or minimum balances with interest rates higher than average.
Accessibility and Customer Service
The bank aimed to make lending more accessible and efficient for small businesses by leveraging technology when it started. You can contact the bank weekdays 8am-8pm Eastern by phone. Its website has calculators to determine loan eligibility. Accounts can only be opened online needing personal information and ID verification.
Summary
While lacking branches, Live Oak Bank remains a good business savings option with an easy online platform, good rates, and customer service. It suits businesses wanting a reliable online account without fancy features.