Deal has ended, view more bank account bonuses by clicking here.
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 listed
- Household limit: None listed
- Expiration date: March 31, 2023
Contents
The Offer
- Live Oak Bank is offering a bonus of up to $300 when you open a new checking & savings account. Bonuses are as follows:
- $150 Cash Bonus For Business Savings
- Open a Live Oak business savings account between 2/15/23 and 3/31/2023.
- Deposit at least $10,000 into your account by 3/31/2023.
- Maintain a balance $10,000 or more for 90 days and watch your business savings grow with 3.50% APY
- $150 Cash Bonus For Small Business Checking
- 1. Open a new Live Oak Bank business checking account between 2/15/2023 and 3/31/2023.
- Deposit at least $2,000 into your new business checking account within 90 days of opening.
- Make 20 qualified transactions within 90 days of opening your account. Must be at least $20+
- $150 Cash Bonus For Business Savings
The Fine Print
- Bonus offer is only available to new business savings customers. One offer per business or per authorized signer. To be eligible for the $150 bonus offer, a new Live Oak Bank business savings account must be opened, approved and funded with at least $10,000 in new money by 11:59 p.m. ET on 3/31/2023.
- A balance of $10,000 or more must be maintained for at least 90 days from the date of funding. 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.
- This bonus offer is available to new business savings customers. The opening of a new account will be subject to approval. Only one bonus offer per customer, business or authorized signer, will be awarded. Eligibility will be limited based on account ownership. Deposited funds must be collected to be eligible towards bonus offer. The $150 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 payout may be subject to tax reporting. Fiduciary accounts (e.g., trusts) not eligible for this offer. Offer cannot be combined with any other savings offer and is limited to one bonus per account and per authorized signer.
- Offer expires on 11:59 p.m. ET on 3/31/2023.
- 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 as good as the recent $300 business checking bonus, that one had the same requirements as this $150 business checking bonus. I’m not sure if that will return or not but hopefully most readers did that one instead. We probably won’t add this one to the best bank bonuses until we see if they bring that bigger better offer back.
Hat tip to Bockrr
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
DP:
Business Savings (already did Business Checking offer last year)
2/23 – Account Opened
2/24 – 10K Deposited
6/1 – $150 Bonus Deposited
Pretty fast payout once the 90 days were over. Thanks Doc!
Now they have a new $300 promotion: Open a new Live Oak business savings account between 4/3/23 and 5/31/23, deposit 30000 by 5/31 and keep there for 90 days
Am I eligible for the $150 savings bonus if I already have the LiveOak business checking account?
eBay won’t link my account to my Live Oak account to receive payments for items sold. I called eBay and eventually talked to a manager. She couldn’t explain why, other than Live Oak is on some kind of secret blocked list.
Anybody else have this problem?
This bank is pretty bad about mobile deposits and linking accounts on their website. Tried to link an account with trial deposits. Deposit amounts were correct but they “couldn’t verify account”. Tried to mobile deposit a check from same account and it was rejected for “not authorized”
Same thing happened to me. I ended up linking to the account from Discover Savings. Was much simpler.
They want articles of incorporation. How do you prove that with a sole prop? My sole prop only makes like 5k a year and I use my SSN. It’s never been formally established because it hasn’t been necessary.
Get an EIN. Simple and free. In the previous $300 bonus, that’s what a lot of people uploaded, including me, that appeared to satisfy the requirement.
If you get an EIN does that mean you pay payroll tax on bonuses? Do you have to use the EIN when you file taxes every year. With SSN sole proprietorship you can blend it in with personal taxes.
I am a freelancer and use both my EIN and SS. They both blend in my personal taxes.
No. I am assuming you are asking if you register it as a sole proprietor.
A sole proprietor is one individual who owns a company that is not incorporated or registered with the state as a limited liability company (LLC). Sole proprietors may or may not have employees. The business does not exist separately from the owner. The risks of business apply to the individual’s personal assets, including those not used for the business. The sole proprietor reports business income on his or her individual tax return.
https://app.irs-ein-tax-id.com/soleproprietor/contact
More detailed explanation here: https://www.wolterskluwer.com/en/expert-insights/what-is-a-sole-proprietorship-and-how-to-start-one
are sole props allowed?
Yes, I opened an account with them for the previous checking bonus as a sole proprietor.
the app only takes EIN
will it ask later for EIN?
I previously opened their Business Checking account during their last promotion. In order to qualify for the Business Savings promo, do I need to file an entire new application from their website link? Or can I log into my Business Checking account and create a new Business Savings account from there? Or does it not matter? Thanks.
Called them up and the CSR said to log into my existing account and open up the Business Savings from there. Told me that all business savings accounts opened up during this time frame will automatically qualify for the promotion. No promo code needed.
I’ve been using this as my main business savings account for the last month, and love it. Very easy and no hassle bank, with a great savings rate.