Live Oak Bank Business Savings Review 2023

The Live Oak Bank Business Savings Account is the ideal choice for your company because it offers one of the highest interest yields on the market. With no monthly maintenance fees and income restrictions, internet-only banking provides a 3.50% annual percentage yield (APY) with a minimum balance of one cent to earn interest. Other services Live Oak Bank provides include high-yield business CDs, business checks, and small business loans.

When Live Oak Bank is a good choice.

Your business needs are met through a digital bank - Live Oak Bank has no physical bank branches. Businesses should do Best Mortgage Review 2023

Better, also known as Better Mortgage, is an online direct lender founded in 2016 and provides an entirely online process where rates, pre-approval, and resources are available 24/7. Are available. The lender also offers rate, term, cash-out refinancing, and first-time home buyer programs. You'll be able to get pre-approved in as little as three minutes and close on a mortgage in as little as 21 days, though it's usually 30-45 days to buy.

Specifically, borrowers who are also currently Chime customers can save $500 in closing costs when taking out a mortgage with the lender, and some American Express cardholders can get up to a $6,000 credit on their statement. You will need to meet specific parameters for both promotions to be eligible.

Good for better

24-hour support and speed

Best Overall Score Breakdown

Affordable: This review found that Better's mortgage rates were less expensive than Bankrate's average rate, and the lender doesn't charge any fees.

Availability: You can compare Better loan options no matter where you live, as the lender operates nationwide. However, it only offers conventional, FHA, and VA loans.

Borrower Experience: J.D. Power rated the lender below average for customer satisfaction in its 2022 Mortgage Origination Study. 

One plus point: You can quickly contact Better anytime with questions.

Procedures

The Bankrate editorial team rates mortgage lenders on a scale of one to five stars based on various aspects of their goods and services in order to determine a lender's Bankrate Score. We receive compensation from Bankrate Partners, but our evaluations are unbiased and unaffected by our partnerships. Here is our entire process.

Affordability: 5/5

Better displays mortgage rates on its website and updates it several times daily. However, to use the rate tool to get a personalized quote, you'll need to sign up to receive emails from the lender that contain mortgage news and promotions. Specifically, the lender does not charge any origination, application or processing fees, or underwriting.

Availability: 5/5

Works best with lenders in the U.S. and offers conventional, FHA, and VA loans and some creative financing options, such as bridge loans. If you're looking for a USDA loan or home equity options, you must look to another lender.

Borrower Experience: 4.7/5

However, the lender is below the industry average in J.D. Power to customer satisfaction.

As an online-only lender, Better accepts applications and facilitates pre-approvals through its website, and its live customer support is available 24/7 by phone. The website also offers several resources for borrowers, including home affordability, repayment, and refinance calculators, to help you weigh different lending scenarios. Plus, you'll be able to sign most of your closing documents electronically, saving time during the closing process.

Refinancing with Better

Better offers options for borrowers interested in refinancing, including rate, term, and cash out. Although the lender doesn't charge an origination fee (or any other lender fees), you will come with additional third-party closing costs, such as appraisal fees—their banking on Live Oak Bank's website or mobile app (iOS and Android).

You want competitive interest on the balance: you have 3.50% APY, and interest compounds daily. Because of its competitive APY and minimal fees, it's our No. 1 choice for small business savings accounts.

You desire access to additional banking services: Besides small business loans from the Small Business Administration (SBA), the United States Department of Agriculture (USDA), and business loans, the bank also provides business checks, CDs, and small business loans. Live Oak Bank is our most recommended SBA lender.