Deal has ended, view more bank account bonuses by clicking here.
Update 5/20/24: Deal is back until 6/13. Deposit requirement is now $30,000 again instead of $50,000.
Update 4/4/24: Deal is back for 2024. Now requires $50,000 instead of $30,000. Hat tip to bockrr
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
- Household limit: No
- Expiration date: 5/31/2023
Contents
The Offer
- Live Oak Bank is offering a $300 bonus when you open a Live Oak business savings account and complete the following requirements:
- Deposit at least $30,000 into the account within 15 days and no later than 4/30/24
- Maintain a balance of $30,000 or more for 90 days and grow your savings with 4.00% APY
The Fine Print
- Customers must meet the following requirements to be eligible for the $300 bonus:
- The offer is only available to new business savings customers and only one bonus is available per business customer or per authorized signer of more than one business entity. Fiduciary accounts (e.g., trusts) not eligible for this offer.
- A new Live Oak Bank business savings account must be opened, approved and funded with at least $30,000 in new money by 11:59 p.m. ET on 5/31/2023. Deposited funds must be collected within 15 days of account opening to be eligible towards bonus offer.
- 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.
- A balance of $30,000 or more must be maintained for at least 90 consecutive days from the date of funding.
- Opening of a new account will be subject to approval by Live Oak Banking Company in its sole discretion. Only one bonus offer per customer, business or authorized signer, will be awarded. Eligibility will be limited based on account ownership.
- The $300 cash bonus will be deposited to your open, eligible account within 45 days of the 90-day activity period ending. 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. Offer cannot be combined with any other savings offer.
- Offer expires on 11:59 p.m. ET on 5/31/2023.
- 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
Not a bad offer considering this also earns 4% APY. With the bonus this basically works out to be an additional 2.4% APY. Not the craziest savings bonus but might be worth considering for some. My only concern would be that Live Oak might offer a better bonus in the future.
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
5/30 Account opened
6/5 Deposited 30k posted
9/19 $300 Bonus posted
4/18: Opened
4/23: $50K balance
Withdrew interest as it posted to keep to $50K
7/24: Withdrew $49999.99
7/31: $300 Promotional Credit – Savings Promo
Did anyone else receive the bonus? I haven’t received mine yet 🙁 …
I haven’t either
Just received today
They wanted Articles of Incorporation for sole prop, no go for my “business”.
I currently have a business savings account with them from a previous promotion. I called and was told that I can open a second account, deposit money by 6/13, keep it for 90 days after deposit and then (again) be eligible for the $300 bonus.
Note that total 90-day balance must be $30K + whatever the balance was in the old account on 5/12/24 (I had $1.00).
Did you ever get the bonus?
Was anyone asked to upload article of incorporation? Mine is sole prop (of course) and not registered formally.
Their mobile deposit system is complete trash and business hostile. You can only do a deposit if you’re registered in their system. Nobody can deposit without their own endorsement registered, which is stupid. Any other bank takes a business deposit with a stamp, but every employee you need to do a deposit needs to be verified separately. They also won’t allow deposits via check photo, so you always need the actual check in hand to deposit, defeating the entire point of eChex. I send payments to 1099’s via photo all day long across hundreds of different banks and this is the ONLY one that won’t accept mobile deposit via photo. Avoid these dipnozzles.
I signed up for this bonus a year or so ago for my actual side business. The bonus paid out kind of goofy in two $150 chunks. I’ve kept the account – super fast, high dollar ACH transactions that have been great for funding other new account bonuses and a decent interest rate.
I am coming up with 8% for this. 4% plus 4% for the $300 bonus. Am I correct?
You are correct. Not worth it IMO.
8% isn’t worth it?
barely worth it in my book… really depends on how many electrolights you have
I have 104K freed up from WeBull $1200 bonus and > $100K more earning just 5%. 8% APY is def worth it.
How is that not worth it?
I can get a 5% APY at fidelity then sell puts for another 5 – 15% APY and not have to deal with another account / transfers.
8% after taxes probably still losing money with inflation.
You can’t compare guaranteed and insured income with a high risk trading strategy. 8% in FDIC insured account is something a lot of people would be happy with.
LOL, this response reminds me about all the stable coin comments during the crypto hype. Wonder why we don’t see those anymore…
Lol. Good times. Loved making fun of them.
Comparing stable coins to writing put options is what’s really LOL.
Selling puts is not guaranteed income and you can lose your ass if the stock doesn’t move in your favor. I’ll take 8% guaranteed, thank you very much.
By my rough calculations, you’ll gain about $225 doing the bonus versus keeping it somewhere else at 5% apy for 90 days, not including any time missed for transferring funds, etc. This might be worthwhile for some.
Calculated assuming the $30K for 90 days requirement.
Live Oak Bank should be know as Live Hoax Bank. They lure customers with high APY rates, but restrict customer access to their own funds and have completely vapid customer service reps. I have been trying to get my company funds out of LOB for more than a week to no avail and have filed multiple complaints with the CFPB. It is shocking to me that LOB still has a federal bank charter and the benefit of FDIC insurance.