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Offer at a glance
- Maximum bonus amount:Â $300
- Availability:Â Nationwide
- Direct deposit required:Â None
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems:Â No
- Credit card funding: No
- Monthly fees:Â None
- Early account termination fee: None listed
- Household limit:Â None listed
- Expiration date:Â November 18, 2022
Contents
The Offer
- Live Oak Bank is offering a $300 bonus when you open a new business checking account and complete the following requirements:
- Deposit at least $2,500 into your new business checking account within 90 days of opening
- Make 15 qualified transactions within 90 days of opening your account.
The Fine Print
- Bonus offer is only available to new small business checking customers. One offer per business. To be eligible for the bonus offer, a new Live Oak Bank small business checking account must be opened and approved by 11:59 p.m. ET on November 18, 2022.
- The customer must also deposit at least $2,500 of new money into the small business checking account within 90 days of opening the account. 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.
- The customer must also make 15 qualified transactions. Qualifying debit transactions include ATM withdrawals, debit card purchases, ACH payments, and paid checks. Internal transfers, fees, debit card refunds and transaction reversals do not count as qualifying transactions for bonus offer.
- The 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. Deposited funds must be collected to be eligible towards bonus offer. The cash bonus will be deposited to your open, eligible account within 45 days of the 90-day activity period ends. 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 offer may be subject to tax reporting.
- 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 November, 18, 2022.
- 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
Bonus seems good depending on what documents they require and how easy it is to open the account. We will probably add this to the best bank bonuses when we know more.
Hat tip to readers Jarod & Mark E
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