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
You must be at least 18 years of age and a U.S. citizen or permanent resident of the U.S. to open a new account.
Many thanks to
seven for sharing the new $300 offer in “Contact us” yesterday. I had skipped the $200 x 90 days promotion but this was too attractive to pass on.
Account opened in less than 24 hours despite my huge number of new accounts; they only asked for a bank statement and to have a brief phone conversation, but that was it. Will push $20k in from an external account on Monday.
Thanks
Eric 🔗 
Johnz
I’m doing the $300 Bonus as an existing customer doing the earlier $200 bonus.
Applied from online banking Overview page’s Open New Account link.
Quick and easy; application pulled my $20K from a previously linked external account. As an existing customer I have to maintain SAV#1’s Nov 11 balance thru SAV#2’s Day 60 holding period which I expect to end Sunday Jan 12, 11 days after my SAV#1 holding period ends. Both accounts pay 4.3% APY
It looks like
Johnz beat you to the punch. The question is will you join him…
You must know I’ll have to capitulate in the end…
Would be nice if Riki would interrogate the CEO and get it in writing first though.
Fortunately, you spelled their name wrong so it’s unlikely that they will suddenly appear in this post.
Are any brave souls going to add $20K+ to their existing Savings account and test the below part of the terms?
“Only one bonus is available per Tax Identification Number per promotional period. Only personal savings accounts are eligible for the bonus offer.”
” Existing Customers:
It does look like the offer is available to existing customers, but I am not exactly sure how from the wording. Maintain the base balance as of 11/11/24 and add $20k more?
To be clear, I was referring to existing customers that are currently doing the $200 offer. The part that would exclude us from getting this bonus too IMO is “Only one bonus is available per Tax Identification Number per promotional period.”
The “promotional periods” of the 2 offers overlap. Do you disagree?
Probably need to talk to CS to get some clarifications.
2 CSR’s (and Jim’s comment https://www.doctorofcredit.com/live-oak-bank-200-personal-savings-bonus-new-existing-users/#comment-1950684) confirmed I can get the $200 and $300 bonus by maintaining Nov 11 balance of the $200 account thru day 60 of the $300 account. I was told the ‘one bonus per taxId per promo period’ exclusion is to prevent double-dippers from getting multiple $300 bonuses by opening and funding multiple accounts during the $300 promo period. The Nov 11 language disqualifies funding the $300 account indirectly from the $200 account, even after the $200 account’s 90 day hold.
It seems that you are implying that the sooner that we open a 2nd account for the $300 offer, the better, correct? We would need to keep the $20K from in the 1st account for 60+ days from the opening of the 2nd account. Is that right?
I think that I’ll send an SM to LOB myself so I have this in writing but that would be great if we can get both bonuses.
Any reason why you didn’t just add $20K to your existing account? Did the CSRs say that wouldn’t qualify?
I really hadn’t been paying much attention to these posts about $200/$300 bonuses then I started reading in detail. This is amazing you can get both bonuses. Thank you to all who contributed. I opened both accounts. I did call a CSR to verify and it was simple to open.
There was no SM option on the website so I decided to call in. I confirmed with the rep that I am eligible for the $300 bonus. Everything that
Johnz wrote is exactly what I was told.
The great thing for me is that I have about 60 days left on leaving the funds in for my 1st account so I won’t even need to leave them in for much longer as I plan to move $20K into my 2nd account early next week.
I just opened my 2nd account and it was opened immediately because I logged in as an existing member.
BTW, I also confirmed with the rep that all of their calls are recorded so it is a good idea to call in just so you have some proof. I would prefer to use chat or SM but it is what it is.
Thank you. I feel the same way about you. 😀
I forgot to mention 1 thing earlier. I asked the rep if we could simply add $20K more to our 1st account. She confirmed that would not qualify and a new account is required to do the $300 promo.
Good to know. I was hoping the 1-account option might work because it might look slightly better than 2 new accounts on EWS. Probably doesn’t matter much though.
Are you sure that LOB pulls EWS? I just checked my records and I last requested my EWS report the day after I applied for my 1st LOB account and the day before I was approved for it. It wasn’t on my report but it’s possible that they pulled it the day that they approved my account.
So did you login and then just add a new account? Thought I might give this a try but seems like once you login no bonus language in sight. TIA!
I know this was addressed to
Eric 🔗. I logged in and added the account. It took about 2 minutes. The CSR I spoke with said you meet the criteria and the bonus will post. I have her personal number if there’s an issue. She also said the call was recorded as proof of our conversation. She seemed very knowledgeable, so it was worth it for me.
I 1st went through the $300 landing page and then logged in early on in the process. I did print screens throughout and the call I had with a rep was recorded so I’m not worried at all.
Just adding $20K to an existing account won’t meet the $300 bonus requirements that refer to a ‘new savings account’. It was much simpler for me to open a new account and meet those explicit terms.
@Eric I was sloppy in my language about day 60 of the $300 account: one will need to keep the $200 account’s Nov 11 balance thru day 60 of the $300 account’s 60 day holding period starting on the day the account balance is at least $20K, not 60 days from account opening.
That’s correct. The rep actually told me that while I was on the phone with her earlier.
That’s why I wrote to
Wayne, 
Karl and you earlier that “I won’t even need to leave them in for much longer as I plan to move $20K into my 2nd account early next week“.
However, it’s good that you clarified that point for others that might read through our comments later.
I REALLY want to do this but I can’t find a precise definition of “promotional period”.
My interpretation is that they overlap but if timed correctly the second bonus would occur after the first promotional period ends. It should work but it would be hard to dispute if the bank claimed otherwise.
CSRs opinions aren’t worth much because this is so ambiguous.
So are you going for it or not?
I’m not
Eric 🔗. I did the same thing as you. Opened the first and pulled $20,000, then opened the second account and pulled an additional $20,000. this seemed the easiest for me. I hope this helps?
You wrote “To avoid hassle of moving funds between LOB accounts, I can just open a saving #2,”.
It would not just be a hassle to do that. Doing that would disqualify you for the $300 bonus, according to the knowledgeable CSR that I spoke with yesterday.
Make sure to open a brand new Savings account, fund that account with $20K+ and then keep all money in both accounts for 60+ days from when you reach $20K+ in the 2nd account.
Got all that?
Thanks!
Eric 🔗 A follow up: I guess directly log into my existing account and use the “Open new account” from there to open the brand new account should be sufficient? I don’t have to open it from the offer landing page right?
Probably. However, to be safe, I would recommend that you do what I did and go through the landing page and then login once prompted. I did it that way because I do print screens for all of my apps. I’ve rarely needed to refer to them but that has come in handy on a few occasions.
The new $300 offer mentioned in the comments is at the same link that you already have in the post, unlike with Barclays.
Now $300 promo, expires 01/13/25
Oh wow. Didn’t pay to be an early bird on this one. $100 bigger bonus, and only 60 days of maintaining the balance on the new offer.
This is what I was hoping Barclays would do when they brought back the Savings offer. Instead, I got them reversed. I need to get my crystal ball serviced.
If they are exclusive WE WUZ ROBBED!
But the wording is ambiguous. I think the terms allow for both but will the bank say otherwise in May?
Thank you. From reading the terms, it seems the $20,000 can be achieved by multiple deposits and the 60-day clock starts when the account balance reaches $20,000, is my understanding correct?
Yes, that is correct. Barclays is the same way.
Thanks, I was afraid I missed something. Good to know you interpreted it the same way.
Very cool, thanks for sharing.
Already doing the $200 personal savings, and it sounds like each offer is separate such that new/existing customers can open a new account? So we can open and qualify for the $300 offer, too?
I’ll give them a ring some time to confirm…
Called and the phone rep confirmed the terms that existing customers are eligible. Just open a new account while maintaining the balances of the existing account(s). I asked about being enrolled in concurrent offers in separate accounts and was told it’s fine. And same as before, no offer/promo code, as it’ll enroll based on account opening date…
Feel tempted to do both the refreshed personal and business offers — both are 60 days, compared to the October offer which was 90 days. This personal offer makes more sense as the $200 is increased to $300 with a shorter duration, compared to the business where the $400 is cut in half to only $200…
Did anyone call to see if the bonus was attached to their accounts?
Did anyone screenshot/PDF the offer page? I thought I had, but apparently I forgot or misplaced it. (Same for the business offer.)
Personal: https://i.imgur.com/2gGmL7H.jpeg
Business: https://i.imgur.com/lPf0Rql.jpeg
Yup, need to go through everything that ended 10/31. I usually wait a few days as a lot of deals get extended.
Expired