Live Oak Business Savings vs Novo: which one fits your business?
Side-by-side comparison of Live Oak Business Savings and Novo — fees, features, ease, support, and which one fits your business. Scored on the same rubric.
Short answer: Live Oak Business Savings wins on our scorecard (8.3/10 vs 7.4/10).
| Scored on | Live Oak Business Savings | Novo |
|---|---|---|
| Right fit for small biz | 9 | 7 |
| Ease of use | 8 | 8 |
| Fees & pricing | 10 | 9 |
| Customer support | 7 | 5 |
| Features | 7 | 7 |
| Monthly Maintenance Fee | $0 | — |
| Minimum Opening Deposit | $0 | — |
| ACH Transfers | $0 | — |
| Stop Payment Fee | $25 | — |
| Monthly Fee | — | $0 |
| Minimum Deposit | — | $0 |
| ATM Fee Refunds | — | Unlimited |
| Domestic Wires | — | Free (Incoming) |
Live Oak Business Savings in one paragraph
Live Oak Business Savings is the premier 'set-it-and-forget-it' vault for small business owners who want top-tier interest rates without the complexity of fintech apps or the fees of big banks.
Skip it if: You need to deposit physical cash regularly or require a debit card for immediate spending from your savings.
Novo in one paragraph
Novo is a top-tier choice for digital entrepreneurs who want to eliminate fees, provided they don't need to deposit physical cash.
Skip it if: Skip it if your business handles more than $500 in physical cash per month.
Frequently asked questions
Which is better, Live Oak Business Savings or Novo?
On our five-axis scorecard, Live Oak Business Savings scores higher (8.3/10 vs 7.4/10). Live Oak Business Savings is the premier 'set-it-and-forget-it' vault for small business owners who want top-tier interest rates without the complexity of fintech apps or the fees of big banks.
Who should skip Live Oak Business Savings?
You need to deposit physical cash regularly or require a debit card for immediate spending from your savings.
Who should skip Novo?
Skip it if your business handles more than $500 in physical cash per month.