Small Business Checking

BANKING FOR THE SELF-EMPLOYED

For a limited time, earn a $150 bonus when you open a new small business checking account with qualifying activities1.

Start Application
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three simple steps to earn $150

1. Open

Open a new Live Oak Bank business checking account between 2/15/2023 and 3/31/2023.

2. Fund

Deposit at least $2,000 into your new business checking account within 90 days of opening.

3. Pay

Make 20 qualified transactions within 90 days of opening your account. 

Must be a first-time Live Oak small business checking customer to be eligible for this bonus offer.

do what you do best, we'll Handle the rest

Designed with simplicity for newly-formed businesses, solopreneurs, gig-workers, freelancers, and side-hustlers.

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Move Money with Ease

Deposit checks, pay bills, initiate transfers online – whenever, wherever.

No hidden fees

No Hidden Fees

No account opening or monthly maintenance fees.

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Human-Powered Support

You're only as good as your team. Work with real people, not robots.

A CHECKING ACCOUNT FOR...

This account is a good fit for businesses that:

Check icon  Take payment via Venmo, Square, PayPal or Stripe

Check icon  Make smaller or limited monthly transactions

Check icon  The business owner manages the finances

Check icon  Do not need to make cash deposits

Check icon  Use QuickBooks to manage business finances

 

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"Live Oak exceeded my expectations of an online bank. I assumed it would be all self-service. That changed when my Onboarding Guide JT introduced himself and helped me navigate new account setup, wire transfers, and answered my questions. I'm excited to have JT on my team as my business banker."

Ron, Small Business Checking Customer

simple, safe, secure

Live Oak's small business checking account is safe and secure without slowing you down. All Live Oak Bank accounts are insured by the FDIC2 for up to $250,000.

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Card Lock

This feature enables you to freeze the usage of your debit card while allowing recurring transactions to go through

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Two-Factor Authentication

This added layer of security protects you and your transactions

Fraud Protection

Fraud Protection

With Mastercard® Zero Liability Policy, you won't be held responsible for unauthorized transactions3

New Account Opening Checklist

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Spend more time on your business and less time opening a checking account. Here are the main documents and information you need to open your new small business checking account.

Check icon  Social Security Number

Check icon  External bank account number & routing number

Check icon  Articles of Organization document

Check icon  Business EIN

Check icon  $100 minimum to open an account

 

Easy Ways to Grow Your Business

FAQs

Is my business checking account FDIC insured?
Yes. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a Live Oak Bank customer, your Live Oak Bank deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.
How do I deposit money into my account?
At this time, Live Oak does not accept cash deposits. Through online banking or the mobile app, you can easily deposit funds into your account by linking to an external bank account. Depositing funds is done through online banking, not at ATMs.
Is there a Live Oak branch location?
Live Oak Bank is branchless and cashless, so all interactions with Live Oak will be done through online banking or by calling us at 866.518.0286, Monday – Friday 8:00 a.m. - 8:00 p.m. ET.
Can I withdraw cash from an ATM?

Yes - we have partnered with the AllPoint network to provide you the freedom to get cash where you want, when you want, where you are. With over 55,000 ATMs in the Allpoint Network, it's never been more convenient to find a free ATM near you. The Allpoint ATM finder makes it easy to find a free ATM nearby. Click here to search any location: https://www.allpointnetwork.com/locator.aspx

If you choose to use an out-of-network ATM, Live Oak Bank won't charge you a fee, but the ATM owner may.

You can withdraw up to $1,000.00 from an ATM per day (this resets at midnight Central Time). If you would like to increase this daily limit, please contact a Customer Success Manager at 866.518.0286, Monday through Friday, 8:00 a.m. – 8:00 p.m. ET.

How do I deposit checks?
You can use mobile deposit to snap a picture and deposit a check through the Live Oak Bank® mobile app.
How do I connect QuickBooks with my Live Oak Bank accounts?
To connect your QuickBooks account with your Live Oak Bank accounts, log in to your QuickBooks account. Then follow these steps:
 
1) Click “Connect Accounts,” and enter Live Oak Bank in the search bar
2) You’ll be prompted to enter your QuickBooks Access ID and PIN
3) Click on the link in the prompt to generate your unique Access ID and PIN or click here, then sign in to your Live Oak Bank account
4) Enter your Access ID and PIN
5) Choose the Live Oak Bank account(s) you would like to connect
 
Please note you are only allowed to generate your Access ID and PIN a maximum of five times.
 
Who can get a Tidal small business checking account?
Authorized Signers must be a United States citizen or Permanent Resident with a valid Social Security Number. People lawfully admitted to the United States on a temporary basis who have DHS authorization to work are not eligible to open an account. We may request supporting documentation for verification. The following business entity types may open an account:

Corporation
Limited Liability Corporation
Sole Proprietorship
Partnership
Limited Partnership
Professional Corporation
Association
Non-profit
How do I initiate an ACH transfer?

ACH transfers can be initiated in online banking to and from linked external accounts.

Do you charge fees for wires?

Incoming wire transfers are received at no fee. For outgoing, domestic wire transfers, you will incur a $19 fee.

Who should I contact if I have a question?

Our Customer Success Managers are available Monday through Friday 8:00 a.m – 8:00 p.m. ET. You can reach them by calling 866.518.0286.

You may also request account support or access helpful resources by visiting our support site.

1. Important Information about this Small Business Checking Account Bonus Offer:  

Bonus offer is only available to new small business checking customers. One offer per business or per authorized signer. To be eligible for the $150 bonus offer, a new Live Oak Bank small business checking account must be opened and approved by 11:59 p.m. ET on 3/31/2023.  

The customer must also deposit at least $2,000 of new money into the small business checking account within 90 days of opening the account. Funds deposited by ACH, check, transfer, or wire must be drawn from an external financial institution to qualify. Deposits transfers originating from an existing Live Oak Bank Personal or Business account via internal transfer, CD redemption, check, ACH transfer, wire, or loan proceeds do not qualify for bonus offer.  

The customer must also make 20 qualified transactions within 90 days of opening the account. Qualifying debit transactions include ATM withdrawals, debit card purchases, ACH payments, and paid checks. Each transaction must equal at least $20. Internal transfers, fees, debit card refunds and transaction reversals do not count as qualifying transactions for bonus offer.   

The opening of a new account will be subject to approval. Only one bonus offer per customer, business or authorized signer, will be awarded. Eligibility will be limited based on account ownership. Deposited funds must be collected to be eligible towards bonus offer. The $150 cash bonus will be deposited to your open, eligible account within 45 days of the 90-day activity period ends. Live Oak Bank reserves the right to withdraw or withhold the bonus offer from any customer, with or without, notice if fraud or gaming is suspected.  

The bonus payout may be subject to tax reporting. 

Fiduciary accounts (e.g., trusts) not eligible for this offer. Offer cannot be combined with any other checking offer and is limited to one bonus per account and per authorized signer.   

Offer expires on 11:59 p.m. ET on 3/31/2023.  

To receive this bonus, the new account must not be closed or restricted at the time of payout. Live Oak Bank employees do not qualify. 

2. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a Live Oak Bank customer, your Live Oak Bank deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.

3. Live Oak Bank won't hold you responsible for “unauthorized transactions.” As a Mastercard cardholder, Zero Liability applies to your purchases made in the store, over the telephone, online, or via a mobile device and ATM transactions. As a cardholder, you will not be held responsible for unauthorized transactions if:

  • You have used reasonable care in protecting your card from loss or theft; and
  • You promptly reported loss or theft to Live Oak Bank.

If you have questions regarding Zero Liability coverage or you suspect unauthorized use of your card, contact Live Oak Bank IMMEDIATELY.

See Disclosures for details.