Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount:Â $200
- Availability:Â Nationwide
- Direct deposit required:Â None
- Additional requirements: $25,000 deposit
- Hard/soft pull: Unknown
- ChexSystems:Â Unknown
- Credit card funding: Unknown
- Monthly fees:Â None
- Early account termination fee:Â None listed
- Household limit:Â 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.Â
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.Â
Hat tip to reader Dave R
Anyone cllosed their account? I sent an email on 7.21.2022 and still not closed. Lol
Jun Where did you find an email address? Did they finally close your account or did you have to call?
For future reference, they autoclosed me after 45 days with zero balance.
William Charles Chuck
DP
3/03 – Opened Accounts for P1 & P2
3/04 – Linked to Hub account and deposited $25×2
3/30 – Deposited remaining $24,950×2
7/01 – Transferred out all funds except $25×2
7/12 – $200×2 Bonus posted
7/13 – Transferred out all remaining funds ($225×2)
8/01 – Will transfer out interest for July
8/02 – Will close accounts
Opened: 3/19
Funded 25k: 3/23
Bonus Payout: 7/8
7/5 bonus $200
Funded 25K 3/9/22
$200 Bonus paid 6/27/22
Thanks DOC
Date Opened: 07 Mar 2022
Date Funded: 16 Mar 2022 $25k on deposit
Date 90-day met: 14 Jun 2022 Funds still in account
Date probable bonus payout: 1 Jul 2022
Date max 45-day payout: 29 Jul 2022
NO bonus paid yet
$200 Bonus posted 5 Jul 2022 SAVINGS PROMO BONUS
111-days from account funding to bonus post
From Wednesday, March 16, 2022
Added 90 days
Result: Tuesday, June 14, 2022
NO BONUS
03/09: P1 $25k deposited
03/11: P2 $25k deposited
06/27: Both received $200 bonus
03/09: Opened account and deposited
06/27: Saving Promo Bonus ($200)
Thanks y’’all
Funded on 3/10. Took a portion out on 6/14. My bonus posted today 6/22.