If you’re looking for a business checking account without complicated transaction limits, Live Oak Bank Business Checking deserves a look—particularly if you already keep significant cash in a business savings account or want to build a banking relationship with a major small-business lender.
Live Oak Bank is an online bank focused heavily on entrepreneurs and small businesses. Its business checking lineup ranges from the relatively simple Business Essential Checking account to Business Plus and Business Plus Analysis accounts designed for companies with more complex banking needs.
For most small businesses, freelancers and single-member LLCs, Business Essential Checking is the place to start.
It offers unlimited transactions, QuickBooks integration, mobile check deposits, access to more than 55,000 Allpoint ATMs and a relatively easy-to-waive $10 monthly fee. Live Oak currently requires just $100 to open the account, while maintaining a $1,000 average daily balance eliminates the monthly fee.
But is it better than the growing number of free online business checking accounts?
Here’s our complete Live Oak Bank Business Checking review.
If you’re looking for offers available nationwide, check out our top picks here—including huge offers from Chase, CIT Bank and Axos Bank that you won’t want to miss!
Live Oak Business Checking at a Glance
| Feature | Business Essential Checking |
|---|---|
| Minimum Opening Deposit | $100 |
| Monthly Fee | $10 |
| Fee Waiver | Maintain $1,000 average daily balance |
| Transactions | Unlimited |
| ATM Network | 55,000+ Allpoint ATMs |
| QuickBooks Integration | Yes |
| Mobile Check Deposit | Yes |
| Cash Deposits | No |
| Physical Branches | No |
| FDIC Insured | Yes |
Live Oak also offers Business Plus and Business Plus Analysis checking for companies needing additional treasury-management features.
Why We Like Live Oak Business Essential Checking
1. Unlimited Transactions
One of the biggest advantages is simplicity.
Live Oak allows an unlimited number of transactions, rather than giving businesses a monthly allowance and charging for transactions above the limit.
That’s useful for businesses processing lots of ACH transfers, payments, deposits and other routine transactions.
Many traditional business checking accounts still impose transaction limits, so this is one area where an online-first bank like Live Oak has an advantage.
2. The $10 Monthly Fee Is Relatively Easy to Avoid
Business Essential Checking costs $10 per month, but Live Oak waives the fee when you maintain a $1,000 average daily balance.
For an established business, that’s a fairly low hurdle.
Maintain the required balance throughout the year and you’re effectively getting the account without a monthly maintenance fee.
That said, there are competing online business checking accounts with no monthly fee and no balance requirement at all, so Live Oak isn’t necessarily the best choice for a brand-new business operating with very little cash.
3. QuickBooks Integration
Live Oak integrates directly with QuickBooks, which can make bookkeeping considerably easier for small businesses.
Transactions can flow into your accounting system rather than requiring you to manually enter or regularly import banking activity. Live Oak also provides customizable employee permissions and banking alerts.
This could be particularly useful for an LLC or small company where an owner, bookkeeper and accountant all need different levels of access.
The limitation is that QuickBooks is essentially the headline accounting integration. NerdWallet notes that Live Oak doesn’t offer the extensive collection of integrated business apps and built-in tax, invoicing and expense-management tools found at some newer fintech competitors.
4. More Than 55,000 Fee-Free ATMs
Business Essential customers have access to more than 55,000 Allpoint ATMs for fee-free withdrawals.
That’s a large nationwide ATM network and makes Live Oak considerably more practical than you might expect from an online-only bank.
Keep in mind that an ATM owner may charge its own fee when you use an ATM outside the Allpoint network.
5. It’s More Than Just an Online Checking Account
This may actually be the biggest reason to choose Live Oak.
Live Oak isn’t simply a fintech offering a checking account through another financial institution. Live Oak Banking Company is itself an FDIC-member bank and has built a substantial business around serving small businesses.
It is particularly prominent in SBA lending. NerdWallet reports that Live Oak originated more than $17 billion in SBA 7(a) loans over the previous decade, more than any other bank.
That doesn’t mean having a checking account guarantees you’ll qualify for a Live Oak loan. But business owners who eventually expect to seek financing may appreciate having checking, savings and lending available through the same institution.
Live Oak’s Three Business Checking Accounts
Live Oak actually offers three levels of business checking.
Business Essential Checking
Best for: Freelancers, LLCs and typical small businesses.
- $100 minimum opening deposit
- $10 monthly fee
- Fee waived with $1,000 average daily balance
- Unlimited transactions
- QuickBooks integration
- Mobile deposit
- 55,000+ Allpoint ATMs
- Employee permissions
For most readers, this is the account we’d choose.
It gives you the core banking functionality most small businesses need without requiring you to keep tens of thousands of dollars sitting in checking.
Business Plus Checking
Business Plus costs $25 per month, waived with a $25,000 average daily balance.
In return, Live Oak adds features aimed at businesses with more complicated cash movement, including:
- ACH collections and payments
- Online wire transfers
- Enhanced employee permissions
- Additional cash-flow tools
Live Oak specifically positions Business Plus for growing businesses that need more sophisticated money-management capabilities.
For a small LLC that primarily needs to receive revenue, pay bills and transfer excess cash to savings, Business Plus is probably unnecessary.
Business Plus Analysis
At the top is Business Plus Analysis, designed for businesses managing large balances and more complex cash-management operations.
The account carries a $100 monthly fee, but an earnings credit can be used to offset fees*. It also provides account-analysis and aggregation features aimed at companies with significant cash flows or more complex organizational structures.
This isn’t really a mass-market small-business checking account. It’s closer to a treasury-management product for established companies.
TRENDING DEAL:
An Important Advantage: Pair Checking With Live Oak Business Savings
Here’s where Live Oak becomes more interesting.
You generally don’t want to leave $50,000 or $100,000 of excess operating cash sitting indefinitely in a checking account earning nothing.
Live Oak also offers a high-yield business savings account, allowing business owners to separate working capital from excess cash while keeping the accounts within the same banking relationship.
For example, suppose your company normally has $100,000 in cash but only needs $10,000-$20,000 readily available for operating expenses.
Instead of leaving the entire $100,000 in checking, you could keep your operating funds in Business Essential Checking and move excess cash into an interest-bearing business savings account.
That’s money a business would otherwise leave on the table in a non-interest-bearing account.
Rates are variable, of course, so always verify the current APY before opening an account.
Extended FDIC Coverage* for Larger Businesses
Businesses holding substantially more than the standard FDIC insurance limit may also be interested in Live Oak’s Insured Cash Sweep (ICS) program.
Through the IntraFi network, qualifying funds can be distributed among participating FDIC-insured banks, providing access to millions of dollars in aggregate FDIC insurance coverage while maintaining a centralized banking relationship.
This feature won’t matter to the average freelancer or small LLC, but it can become extremely valuable as a company’s cash reserves grow.
Live Oak Business Checking Drawbacks
No bank account is perfect, and there are several important drawbacks you should understand before applying.
No Cash Deposits
This is probably the biggest deal breaker.
Live Oak doesn’t accept cash deposits.
If you operate a restaurant, convenience store, salon or another business that regularly receives physical cash, we’d look elsewhere.
For an online business, consultant, blogger, professional-services company or other business primarily receiving electronic payments, it may not matter at all.
No Physical Branches
Live Oak is an online bank.
You won’t have a local branch where you can walk in and speak with a banker.
That tradeoff has become increasingly normal, but business owners who frequently need teller services, large cash withdrawals or in-person banking may be better served by Chase, Bank of America, U.S. Bank or another traditional bank.
The Mobile App Isn’t Its Strongest Feature
This was one of the most consistent criticisms we found in outside reviews.
NerdWallet specifically flags Live Oak’s mobile app as a weakness, citing customer complaints involving mobile check deposits and glitches. Forbes likewise describes Live Oak’s app ratings as mediocre.
That’s more significant for Live Oak than for a traditional bank because there are no branches to fall back on.
If you conduct almost all your banking from your phone, take a close look at recent app reviews before applying.
Business Essential Doesn’t Earn Interest
Business Essential Checking itself doesn’t pay interest, according to NerdWallet’s current account review.
That’s why we think Live Oak makes considerably more sense when you actively use its business savings account alongside checking rather than leaving large balances sitting in checking.
Some Competitors Offer More Software Features
Live Oak gives you QuickBooks integration and solid core banking features, but don’t expect an all-in-one small-business financial dashboard.
Some competing online business accounts offer built-in invoicing, tax-management tools, expense categorization, contractor management or integrations with a much wider range of business applications.
Finder similarly concludes that Live Oak handles the banking basics well but lacks some of the extras available from competitors such as Novo and Bluevine.
Customer Service: A Surprisingly Strong Point
Online banking sometimes means struggling with chatbots when something goes wrong.
Live Oak takes a more traditional approach.
The bank provides a U.S.-based customer support team, with Customer Success Managers available Monday through Friday. Its current business checking page lists support hours of 8:00 a.m. to 11:00 p.m. ET.
NerdWallet specifically identifies Live Oak’s access to human customer support as an advantage over many online banks.
Those extended weekday hours are particularly useful for West Coast business owners, since 11 p.m. Eastern translates to 8 p.m. Pacific.
There is no comparable weekend phone-support window, however.
Security
Live Oak provides several business-oriented security controls, including:
- Two-factor authentication
- Customizable multi-party payment approvals
- Fraud monitoring
- Mastercard Zero Liability protection for qualifying unauthorized debit-card transactions
The ability to require multiple approvals for outgoing payments is particularly useful for businesses where more than one employee has access to company funds.
And because Live Oak Banking Company is an FDIC member, eligible deposits receive federal deposit insurance subject to applicable limits and ownership rules.
What You Need to Open an Account
The application is completed online.
Live Oak says applicants should have:
- Basic personal information
- Government-issued identification
- Business name
- EIN, or SSN for eligible sole proprietors
- Formation documents appropriate for the business entity
The minimum opening deposit for all three business checking options is currently $100.
Who Should Open Live Oak Business Checking?
We think Live Oak Business Essential Checking is particularly attractive for:
Online businesses and freelancers: If virtually all of your money comes in electronically, the inability to deposit cash isn’t much of a drawback.
LLCs and professional-service businesses: Unlimited transactions, QuickBooks integration and employee permissions cover most everyday banking requirements.
Businesses with significant cash reserves: The combination of business checking, high-yield business savings and potentially expanded FDIC coverage becomes more valuable as your company’s cash balance grows.
Businesses that may eventually need financing: Live Oak’s extensive experience with SBA lending distinguishes it from many online checking competitors.
Business owners who value human support: Extended weekday access to a U.S.-based support team is a meaningful advantage for an online-only bank.
Who Should Look Elsewhere?
Live Oak isn’t the best choice for everyone.
We’d probably skip it if your business:
- Regularly needs to deposit cash
- Requires access to physical branches
- Wants completely free checking without maintaining a minimum balance
- Relies heavily on mobile banking
- Wants sophisticated built-in invoicing, bookkeeping or tax-management software
Those shortcomings are consistent with the major weaknesses identified in independent reviews. NerdWallet characterizes Live Oak’s checking as relatively basic compared with competing online accounts, while Finder says it lacks some of the extra features offered by other online business banking platforms.
Live Oak Business Checking Pros and Cons
Pros
- Unlimited transactions
- $10 monthly fee is easily waived with a $1,000 average daily balance
- $100 minimum opening deposit
- 55,000+ Allpoint ATMs
- QuickBooks integration
- Mobile check deposit
- Employee access controls
- U.S.-based customer support
- Business savings available
- Extensive small-business and SBA lending operation
- Extended FDIC* insurance options available for qualifying businesses
Cons
- No cash deposits
- No physical branches
- Business Essential Checking doesn’t earn interest
- $10 monthly fee if you don’t maintain $1,000
- Limited third-party business software integrations
- Mobile app receives mixed reviews
- More advanced checking tiers require substantially larger balances to waive their monthly fees*
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Is Live Oak Business Checking Worth It?
Yes, for the right kind of small business.
On its own, Live Oak Business Essential Checking isn’t revolutionary. There are competitors offering free business checking, interest-bearing checking and more sophisticated software features.
But evaluating Live Oak solely on its checking account misses much of the appeal.
The combination of unlimited checking transactions, an easily waived monthly fee, business savings, extended FDIC insurance options and Live Oak’s substantial small-business lending operation makes it a compelling banking relationship for businesses that operate primarily online.
For a freelancer or small LLC that keeps only a few hundred dollars in its account, we’d probably favor a genuinely free business checking account.
But if your company maintains meaningful cash reserves, wants checking and high-yield savings under one roof, uses QuickBooks, and doesn’t handle much physical cash, Live Oak Bank becomes considerably more attractive.
Our preferred setup would be simple: maintain enough in Business Essential Checking to cover normal expenses and waive the $10 monthly fee, then keep excess operating cash in a Live Oak business savings account where it has the opportunity to earn interest.
That gives you the liquidity of checking without unnecessarily leaving all of your company’s cash sitting idle.
Bottom line: Live Oak Business Essential Checking is a solid, straightforward account. The checking account itself isn’t the star—the broader Live Oak business banking ecosystem is what makes it worth considering.
*Click here to see disclosures
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