Update 2/4/25: Deal is back until 3/31/2025
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: 1/13/25
Contents
The Offer
- Live Oak Bank is offering a $300 bonus when you open a new savings account and complete the following requirements:
- Open a Live Oak Bank personal savings account by 3/31/2025
- Deposit at least $20,000 into your account by 3/31/2025.
- Maintain a balance of at least $20,000 for 60 days.
The Fine Print
- New and Existing Customers:
- Only one bonus is available per Tax Identification Number per promotional period.
- 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 01/13/2025 to be eligible for the bonus. If the account is not fully funded by January 13th, 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 November or December 2024 or January 2025 that the new account attains a balance of at least $20,000, if the balance remains equal to or exceeding $20,000 for 60 consecutive days, then the account will be eligible for the bonus if all other conditions are met. If all eligibility criteria are met, the $300 cash bonus will be deposited to your open, eligible account within 45 days following the expiration of the 60-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.
- 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 November 11, 2024 11:59:59pm (ET) across their existing personal savings in order to be eligible for the bonus offer.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
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 is better than the recent $200 savings bonus as the bonus is bigger and the hold period is shorter. This works out to be an extra 9.125% annualized. Worth doing if you need to tie up some funds.
Hat tip to reader seven
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
Has anyone who did both of the last 2 overlapping offers ($200 + $300) gotten both bonuses yet?
I completed both holding periods within 2 days of each other but I’ve only received the $200 bonus so far.
Ostrich Rider did both as an existing customer and hasn’t received either bonus yet.
The terms strongly imply the previous 2 should “stack” and the $300 should be churnable.
You could open a 3rd account with a low balance at a minimal opportunity cost of ~0.5% APY on speculation, then push in the $20k after positive DPs.
But I’m going to wait for confirmation the first 2 both worked before starting #3. There’s plenty of time unless they pull this early.
APY in “our verdict” should be updated from 4.3% to 4.2%.
NOBODY, regardless of doing other offers, has reported receiving the $300 legit bonus from the Nov offer.
Karl
The only people that got a $300 bonus were accidental, and supposed to get $200, from the October $200 offer.
The assumption I have is that when they went from a $200 bonus in Oct to a $300 offer in Nov… the $300 bonus level was placed in the system and starting spraying $300 to the $200 folks. Unfortunately, they quickly fixed that leak. See #1985267
I speculate the solution is that they want to finish paying out the $200 bonuses from the October people, and then they will turn on the spigot for the $300 bonuses.
I hope you’re right. The bonuses for the first round went out surprisingly early. No guarantee the 2nd round will too.
I’m in the same boat as you. I was a new customer for $200 promo in Oct, which I already received late Jan. I signed up for the $300 in Nov as an existing customer, after confirming with customer service rep, that I’d be eligible even though I signed up a month prior for the $200. I haven’t received the $300 bonus yet even though I brought the funds on Nov 20th. It doesn’t seem anyone else has either, according to the comments here.
Damn, I just pulled the fund out today.
I pulled 20k out last week following the 60 days for the previous 300 bonus. Still waiting for that bonus to post. Should I wait for it to post then transfer another 20k back in for 60 days to get another $300 since it says existing customers are eligible?
No need to wait for the bonus to post, but you have time if you prefer that since this offer goes through March 31.
I got the $200 bonus from the first account. I’m waiting on the $300 bonus from the second account (like you are). I went ahead and opened this third account and funded it today.
For these bonuses, you have to open a brand new savings account each time (even if you already have one). Existing customers also need to maintain whatever balance(s) they had in their existing accounts as of x date (in this case, end of day on 2/2/25). Would recommend opening a new account and funding asap- the sooner your new 60-day hold period ends, the less likely you are to get stuck maintaining deposits from prior offers to meet current offer terms (like me).
Did anyone else’s app go to pending?
Yes mine did.
4.2% now, likely to drop more too.
Rates are dropping everywhere but this is still competitive generally, even before the bonus. 4.2% plus the bonus gives you a total return of over 13% for the 60 days it needs to be tied up.
Not sure about that. I doubt we’ll see another cut by the fed this year. We might even see an increase before we see a cut.
Inflation is almost guaranteed to increase under any plausible policies, and that’s what the fed watches. Long term treasuries are up so I think a lot of other people suspect the same.
I think I timed things perfectly.. My 60 days was 1/27/25 on my first account, transferred out $20k on 1/30/25. I should be good to open a second and fund with $20k, right? I guess there aren’t any data points for people getting a 2nd bonus yet.
The terms says, “New and Existing Customers” so I don’t see why not. You Some may want to play it safe and just wait for their prior bonus to post first. You can ask them to confirm too and let us know.
I did the biz savings bonus so I can likely just withdraw all the money and put it back in personal side.
Yes, withdraw the money to an external account. Then transfer it back into the new personal savings account from the external account.
$300 promo is back and expires 3/31/2025
William Charles
Already have two savings. Got the $200 bonus on first and awaiting $300 on second. It seems I can open a third and get the $300 as long as I maintain the balance amount on my existing accts and bring in another $20k.
“Existing Customers:
It looks like I cost myself a chance at another $300 by initiating a withdrawal of my $200 bonus from my 1st LOB account on Friday using LCB. The money didn’t get withdrawn until today, making me ineligible for the new bonus, based on the terms that you quoted. ☹
lol same..I initiated the pull last night from Fidelity and it was pulled this morning..But on the other hand, only until we receive this $300 bonus then we can tell we cost myself a chance.
You may be able to push the funds back into your old account before you apply… Maybe even a bit more so your avg daily balance meets/exceeds where it was on 2/2..? Worth a phone call with CS, IMO.
Dang. I should have transferred out my $20k after the 60 days so I could bring the $20k back for another $300. I’m surprised they let you stack these. Still waiting for my first $300.
Right, nobody has been paid a $300 bonus yet (for the Nov promo)… So it’s up in the air if a “stack” truly works.
I don’t see waiting period in regards to opening and closing accts. After receiving the bonus for a past offer, can’t you just close the existing account and reopen as a “new customer”?
TJ 
Gadget 🕵️♂️ Bank Bonus Geek 🔗
Maybe. It’s not like they can’t look at your history though.
Regardless, I am waiting for my $300 to post before dropping more in. I had already zeroed or $1 balanced everything, so the only thing they hold against my 2/2/25 balance is the interest earnings that posted this weekend.
I signed up for this bonus in November and have not withdraw my initial deposit yet, so if I keep that I would also be eligible for a new bonus too?
Yes. Keep your current balance at or above where it’s at now, open a new savings and do the same thing all over again.
Seems that way. Devil always in the details though. I’m in the same boat and will wait for your current bonus to post first beforehand. The fine print specifically mentions, “New and Existing Customers”. There’s time and no rush.
You have to maintain anything that was on deposit with them as of 2/2/25, I wouldn’t close anything out or move any funds until you’ve definitely passed the newest bonus’s 60-day hold period to be safe. And there’s no fees so leaving a dollar or two in the older ones doesn’t hurt anything.
I thought I’d be paid already since I funded my second account on Nov 20th. Since no one else seems to have gotten paid the $300 bonus, especially for 2nd acct, I’m going to hold off til I actually get the $300 bonus before opening a 3rd acct.
If I do open a 3rd, acct after verification of 2nd acct $300 bonus, it seems I have to to keep my 1st acct balance at least what it was on Feb 2nd in order to comply with bonus requirements for existing customers, so I’ll keep all my 3 accts open during the bonus holding period.
That’s what I’m doing as well.
Anyone received this? Wondering if the double dip failed with the other $200
Nope. My personal opinion is they are going to clear out all the $200 Savings bonus people before they start paying the $300 people. I think that’s how the first week of payouts on the other promo got botched.
My P1 & P2 met the requirements on 1/14 & 1/17 respectively. Per terms, they still have a whole month to pay (45 days from completion).
I only did the $300 deal and it hasn’t posted yet. Still plenty of days per the terms.
I have not gotten this bonus yet but I may just leave the money in. Ally and C1 APY keeps doing DOWN and is currently at 3.80%…..ive oak is still paying 4.30%
There are better options paying 4.75%:
Flexible high-yield savings accounts with great rates | Peak Bank
Pibank USA – Banking, as easy as pie
Money Market Account: High Yield & No Monthly Fees – Quontic
I know. Maybe its just me but I don’t trust anyone that doesn’t have a well established name in banking for long term holds with my 250k
It’s not just you 🙂
OpenBank has been really great in my experience. They’re owned by Santander so you have an established name. And very good tech.
Live Oak is at 4.20% APY, but your point is well-taken.
I think it depends on when you opened the account. I have 4.2 as well but only a week or so before I opened my account it was 4.3. Not sure on this of course but think the rate is good until the hold time is done.
No, it doesn’t work like that. When I opened my account it was 4.3%, it’s been 4.2% ever since they dropped rate.
Got it. I was thrown by the main page that had it down to 3.7 but now see that’s the biz account. Thanks for the clarification.