Live Oak Bank business savings account?

[ChinchillaWhiplash]

Anyone use them for your business? 3.5% currently for savings. Online only but FDIC insured. Reviews seem to be good. Just checking if anyone has any personal experience using them. Here is a link to site: https://www.liveoakbank.com/

[robertk925]

Yes, I opened up two business CD's with them this year and have had no issues so far. There was an issue during the initial application process where they couldn't link with my business bank account for some reason, but they eventually figured it out after a few days back and forth.

[tomd37]

No business account with Live Oak Bank (LOB), but have been using them for several years for personal high-yield savings account and certificates of deposit. The only thing I do not like about LOB certificates is that I cannot specify joint ownership of a certificate at the time of opening it. It has to be opened and then a joint owner be invited by email to become a joint owner and provide a specific code they text to the prospective joint owner.

I continue to use Navy Federal CU for joint ownership of a certificate of deposit which can be done when setting up the certificate online. Rates are very close.

[saagar_is_cool]

Anyone use them for your business? 3.5% currently for savings. Online only but FDIC insured. Reviews seem to be good. Just checking if anyone has any personal experience using them. Here is a link to site: https://www.liveoakbank.com/

We use them for Business Savings account and it has been pretty decent. They didn’t provide 1099 online though and sent paper copy, Also, the ACH transfers initiated from them are restricted, I think 5 days or something for availability and smaller limits. However we initiate from Chase and it had been smooth.

[Elric]

Our HOA moved its capital reserves to a Live Oak business savings account last year. Easy to open and add money. Changing signature authority was MUCH easier than at the local Wells Fargo brick and mortar office (an annual nightmare when officers change. We haven't withdrawn funds from that account yet.

A private non-profit school I'm on the board for just moved some of their funds to a Live Oak savings account as well.