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Offer at a glance
- Maximum bonus amount: $200
- Availability: Nationwide
- Direct deposit required: None
- Additional requirements: $25,000 deposit
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: None listed
- Household limit: None listed
- Expiration date: March 31, 2022
The Offer
- Live Oak bank is offering a $200 bonus when you open a new personal or business savings account and deposit $25,000 by 3/31/22 and maintain the balance for 90 days.
Live Oak bank is an FDIC-insured online bank, available nationwide. The savings account currently earns .60% APY. (It seems the business version earns the same which is interesting.)
The Fine Print
- A daily balance of $25,000 or more must be maintained for at least 90 days from the date of funding.
- Bonus offer is available to consumer and business savings customers. Opening of a new account will be subject to approval. Only one bonus offer per customer will be awarded. Eligibility will be limited based on account ownership. Consumer and Business activity will be considered separately for eligibility requirements. Deposited funds must be collected to be eligible towards bonus offer.
- Customers with existing deposit accounts must maintain an aggregate average balance greater than or equal to their aggregate account balances as of February 28, 2022 plus $25,000 or more of new money in the new savings account for 90 days.
- Fiduciary accounts (e.g., trusts) not eligible for this offer. Offer cannot be combined with any other checking offer and is limited to one bonus per account and per customer. Offer expires on 11:59 p.m. ET on March 31, 2022.
- To receive this bonus, the new account must not be closed or restricted at the time of payout.
- No minimum opening balance or deposit required to open. Rates may change at any time without prior notice, before or after the account is opened. No minimum balance to open, but customers must have a balance of $0.01 to earn interest. You may make up to 6 withdrawals from your Live Oak Bank Savings account per statement cycle, including preauthorized, automatic and telephone transfers. Fees may reduce earnings.
- The cash bonus will be deposited to your open, eligible account within 45 days after you complete all required activities.
- Bonus could be reported on a form 1099
Avoiding Fees
The account has no minimums and no monthly fees.
Our Verdict
$200 for $25k isn’t very exciting, but it’s still an easy bonus if you have cash sitting around. It also earns the regular .60% APY interest rate which is pretty good in the current environment.
This offer works for existing Live Oak customers as well by opening a new personal or business savings account and depositing $25,000. It might even be possible to do the bonus twice, once personal and once business.
We’ll add this bonus to our list of Best Bank Bonuses.
Hat tip to reader Dave R
