Live Oak Bank
Live Oak Bank Business Savings
A top-of-market yield for idle business reserves
Insurance: FDIC insured up to $250,000 (Live Oak Banking Company); Insured Cash Sweep option extends coverage into the millions at a reduced rate
Features
- ▸2.85% APY from the first cent; no tiers, no activity hurdles
- ▸No monthly fee and no minimum balance
- ▸Interest compounds daily
- ▸Insured Cash Sweep (ICS) option for FDIC coverage beyond $250k
- ▸Free online transfers to and from external business accounts
- ▸From the bank that is also the nation's most active SBA lender
Pros
- +Among the highest business savings rates from a chartered bank
- +Zero fees and zero minimums, fully nationwide
- +ICS option solves the large-balance FDIC problem
- +Pairs well with any checking account as a reserve vault
Cons
- −Savings only; you still need an operating checking account
- −Rate dropped from 3.00% to 2.85% in January 2026 and can move again
- −No cash deposits or ATM access
- −ICS sweep balances earn a lower rate than the headline APY
Our Take
Live Oak does one thing for businesses and does it about as well as anyone: pay real interest on reserves with no fees and no games. Most business savings accounts at branch banks pay rounding-error rates, so moving idle cash here is one of the simplest yield wins available. Use it as the vault behind whatever checking account runs your operations.
Best for: Parking business reserves and emergency funds at a top-of-market rate
Open at Live Oak Bank →Last verified 2026-06-11
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