Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $200
- 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: 10/31/24
Contents
The Offer
- Live Oak Bank is offering a $200 bonus when you open a personal savings account and complete the following requirements:
- Open and fund account by 10/31/24 with at least $20,000
- Maintain that balance for 90 days
- Existing customers must increase their balance by at least $20,000 and maintain that for 90 days
The Fine Print
New customers:
- Only one bonus is available per person.
- Only personal savings accounts are eligible for the bonus offer. Checking accounts, CD accounts and fiduciary accounts (e.g., trusts) are not eligible for this offer.
- Opening of a new account will be subject to approval by Live Oak Banking Company in its sole discretion.
- A new Live Oak Bank personal savings account must be fully funded with at least $20,000 by 11:59 p.m. Eastern Time on 10/31/2024 to be eligible for the bonus. If the account is not fully funded by October 31st, then the account is not eligible for the bonus offer.
- All funding of the new personal savings account must consist of funds originating from an external financial institution to qualify; deposits or transfers originating from an existing Live Oak Bank account (whether personal or business) via internal transfer, CD redemption, check, ACH transfer, wire, or loan proceeds do not qualify for bonus offer.
- Beginning on the date in October 2024 that the new account attains a balance of at least $20,000, if the balance remains equal to or exceeding $20,000 for 90 consecutive days, then the account will be eligible for the bonus if all other conditions are met. If all eligibility criteria are met, the $200 cash bonus will be deposited to your open, eligible account within 45 days following the expiration of the 90-day period.
- Your new account must not be closed or restricted at the time of payout in order to receive the bonus. Live Oak Bank reserves the right to withdraw or withhold the bonus offer from any customer, with or without notice, if fraud or other suspicious activity is suspected.
- Live Oak Bank employees do not qualify.
- Any promotional amounts received may be subject to taxation.
Existing Customers:
- In addition to the other requirements for the bonus offer, existing Live Oak Bank customers must maintain their existing account balances (not including interest accrued but not credited to the account) at or above the end of day balance as of September 30th 2024 11:59:59pm (ET) across their existing personal savings accounts to be eligible for the bonus offer.
Avoiding Fees
Monthly Fees
This account has no monthly fees.
Early Account Termination Fee
There is no EATF.
Our Verdict
This account also earns 4.3% APY, this is competitive with the top rates currently. This bonus works out to be another 4% annualized making this extremely good if you want to/need to tie up some funds for 90 days. There is also a business savings bonus for $400 (that has 3.9% APY but requires $30,000 deposit). We will add this to our list of the best savings bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Does anyone have a copy of the terms they can share? Customer service is telling me that existing accounts are NOT eligible; must be a new account. This is obviously incorrect, as the terms state that it’s available for BOTH new and existing customers. But someone the PDF of the terms I printed just show up as a blank page because…of course they do.
Ok, am I an idiot? Spoiler alert: probably… It looks like existing customers must open a new account. They also have to maintain the balance in their existing account. So I think I screwed the proverbial pooch on this one.
That is correct. New or existing users must open a new account for the bonus and, as you have discovered, must maintain existing balances in their current accounts from a specific date. I think the last one was a 4/13 date.
Bummer that happened to you, probably weren’t the only one. It’s one of those questions that was asked multiple times over the course of the last three bonus rounds.
Darn. Thanks for the clarification! Oh well. Next time, I guess.
delete – wrong thread
Something of note. Left my $200 bonus account with $0 for 2 months or so, and it auto closed it today.
Just something if you want to close but don’t want to call them.
That’s strange. My oldest account was opened 4 or 5 years ago and I had 0 balance for at least over a year so about 2 years ago I called them to close it, but they told me that it doesn’t have any fee even with 0 balance. So I decided to leave it open..
Weird, my P2 already received both bonuses, but I haven’t received any.
Live Oak $300 Personal Savings Bonus
I just received my second bonus. $300 for the account opened with $20,000 11/14/24. Hopefully the third one pays out.
DP belongs over here,
Wayne.
thank you
Gadget 🕵️♂️ Bank Bonus Geek 🔗
They refused to credit $200 for the October 2024 promotion since they claimed existing customer with existing savings accounts must still open a new savings account to qualify even with all the other requirements met. Looking at the listing’s promotional fine print, I don’t see that requirement anyway for existing customers.
William Charles / All – Any suggestion on how to get Live Oak to reverse their decision? I’ve already escalated to a supposedly supervisor. Thanks!
Existing customers had to meet all requirements… including all the 3rd – 5th bullets that mention opening a new account:
I doubt you can change their mind, but you can try to submit a complaint via the FDIC.
https://banks.data.fdic.gov/bankfind-suite/bankfind/details/58665
Click the link under Consumer Assistance. Good luck.
Truckee
10/28 Opened
10/30 Funded $20,001
1/31 Moved $30,200 in from LO business account
2/03 Pushed $25,000 out to WF
2/05 “Promotional Credit” $200 posted
(Contemporaneous with business bonus; both bonuses received)
24/10/04: Opened
24/10/24: $20k balance
25/01/28: Reduced to 1 penny (took out interest along the way)
25/02/05: $200 promotional credit
Did the business account bonus at the same time so that did not interfere. Going to see about doing the $300 bonus now.
Called in to verify I could open the additional account. I had transferred $20,000 out on 1/31. I was told whatever balance was in one or more accounts on 2/2 needs to be keep in the account(s) when I open the additional one. This will be the 3rd bonus if all goes well.