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 (8/10 vs 7.9/10).
| Scored on | Live Oak Business Savings | Novo |
|---|---|---|
| Right fit for small biz | 9 | 7 |
| Ease of use | 8 | 9 |
| Fees & pricing | 9 | 9 |
| Customer support | 7 | 5 |
| Features | 7 | 8 |
| Monthly Maintenance Fee | $0 | $0 |
| Minimum Opening Deposit | $0 | $0 |
| Minimum Balance for Interest | $0.01 | — |
| Incoming Wires | $0 | — |
| Domestic Outgoing Wires | $19.00 | — |
| ATM Fee Reimbursements | — | Unlimited |
| Incoming Wires (Domestic/Intl) | — | $0 |
| Insufficient Funds Fee | — | $27 |
Live Oak Business Savings in one paragraph
A powerhouse for idle cash, offering top-tier interest rates with zero monthly maintenance fees for businesses that don't need physical branches.
Skip it if: You need to deposit physical cash daily or require complex spend management tools for a large team.
Novo in one paragraph
Novo is the premier 'administrative' bank for solo digital entrepreneurs who want to automate invoicing and kill monthly fees, provided they don't need to deposit physical cash.
Skip it if: You run a cash-heavy retail business or need to earn high-yield interest on your primary operating capital.
Frequently asked questions
Which is better, Live Oak Business Savings or Novo?
On our five-axis scorecard, Live Oak Business Savings scores higher (8/10 vs 7.9/10). A powerhouse for idle cash, offering top-tier interest rates with zero monthly maintenance fees for businesses that don't need physical branches.
Who should skip Live Oak Business Savings?
You need to deposit physical cash daily or require complex spend management tools for a large team.
Who should skip Novo?
You run a cash-heavy retail business or need to earn high-yield interest on your primary operating capital.