by Update 4/4/24: Deal is back for 2024. Hat tip to bockrr
Offer at a glance
- Maximum bonus amount: $300
- Availability: Nationwide
- Direct deposit required: None
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: No
- Credit card funding: No
- Monthly fees: None
- Early account termination fee: None
- Household limit: No
- Expiration date: 5/31/2023
The Offer
- Live Oak Bank is offering a $300 bonus when you open a Live Oak business savings account and complete the following requirements:
- Deposit at least $30,000 into the account within 15 days and no later than 4/30/24
- Maintain a balance of $30,000 or more for 90 days and grow your savings with 4.00% APY
The Fine Print
- Customers must meet the following requirements to be eligible for the $300 bonus:
- The offer is only available to new business savings customers and only one bonus is available per business customer or per authorized signer of more than one business entity. Fiduciary accounts (e.g., trusts) not eligible for this offer.
- A new Live Oak Bank business savings account must be opened, approved and funded with at least $30,000 in new money by 11:59 p.m. ET on 5/31/2023. Deposited funds must be collected within 15 days of account opening to be eligible towards bonus offer.
- 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.
- A balance of $30,000 or more must be maintained for at least 90 consecutive days from the date of funding.
- Opening of a new account will be subject to approval by Live Oak Banking Company in its sole discretion. Only one bonus offer per customer, business or authorized signer, will be awarded. Eligibility will be limited based on account ownership.
- The $300 cash bonus will be deposited to your open, eligible account within 45 days of the 90-day activity period ending. 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. Offer cannot be combined with any other savings offer.
- Offer expires on 11:59 p.m. ET on 5/31/2023.
- 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.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The account has no minimums and no monthly fees.
Early Account Termination Fee
There is no EATF.
Our Verdict
Not a bad offer considering this also earns 4% APY. With the bonus this basically works out to be an additional 4% APY. Not the craziest savings bonus but might be worth considering for some. My only concern would be that Live Oak might offer a better bonus in the future.
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