Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $400
- 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 $400 bonus when you open a business savings account and complete the following requirements:
- Open and fund account by 10/31/24 with at least $30,000
- Maintain that balance for 90 days
- Existing customers must increase their balance by at least $30,000 and maintain that for 90 days
The Fine Print
- 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 earns 3.9% APY. This bonus works out to be an additional 5.33% APY. There is also a personal savings bonus for $200. 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
10/28 Opened
10/30 Funded $30,001
1/31 Pulled all but $1
2/04 “Promotional Credit” $400 posted
Churn DP:
24/04/18: Opened
24/07/31: Bonus
24/09/06: Closed
24/10/04: Opened
24/10/24: $30K balance
25/01/28: Removed all but a penny (kept it in more than it needed to be for ease)
25/02/04: $400 promotional credit
Still waiting on personal savings account to see if that will come too or if this business bonus preempted that one.
Nobody has received a $300 bonus for the Nov promo, even if they did no other offers.
I received the $200 personal & $400 biz bonuses from October, so no reason to think that you would get preempted. However, until the $300 bonuses start flowing, I understand the skepticism.
I can however see them try and pull the “one bonus per promotional period” and then say the promo periods overlapped on the personal side. I am holding off on any more until the start paying.
My bonus is not included in the 1099. Anyone else?
Wasn’t for my previous accounts in 2023 either…
10/15/24 – Account opened
10/16/24 – 30K deposit settled
01/28/25 – $400 bonus posted
10/30 – Brought recently opened account to $30k
No bonus just yet, seems like I just missed the last batch by a couple days. Hopefully it posts next week. Pulling $30k out in a day or two when it will be 92-93 day mark.
$400 posted today.
Nice that this at least earned something in interest, but 3.8% was nothing fantastic.
Deposited $30,000 on 10/28 as an existing Business Savings customer.
No bonus yet. Please don’t make me call in.
Live Oak $400 Business Savings Bonus
deposit $30k on 2024-10-2X. full $400 bonus posted today. crossing my fingers that the personal one posts soon (same funding day)
welp. I’m a dummy. I moved 50k into the biz account in october and then moved 20k over to the personal account. but that will run afoul of this requirement
> 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.
thank goodness it also had a competitive rate for those months. lesson learned.
How soon did you move it over? Some banks like Chase have a short grace period where those funds will still be considered new/external…
Immediately. Think it’s worth reaching out?
Definitely, if the bonus is past due.
no dice
Ah, sorry…
DP: Business savings bonus did not interfere with Personal savings bonus under same online banking login. ($200 personal savings bonus posted 01-14-25 after $20K funding 10-09-24)
10-15-24 ACH Transfer CFG Community Bank personal acct using Live Oak $30,001
01-21-25 Pulled $30K & interest via Lending Club personal acct leaving $1
01-23-25 Promotional Credit $400.00
Zero contact with CSR’s – always a good day.
10/5/24 – opened account (existing biz checking). Transferred funds in same day from Marcus. Also opened personal savings bonus same day.
1/7/25 – $200 Promotional Credit. Called in due to not receiving $400 as stated in offer. Rep opened a ticket for back-office and said remaining credit should post in 2-3 biz days.
And, like the personal savings bonus, an email blast went out on 1/9 saying there was an error and this biz bonus would be corrected to $400. I already saw the bonus transaction was corrected to $400 on 1/8.
Did anyone else receive the bonus? Opened and funded for P2 on 10/8 but no bonus
Update: Bonus posted on 1/14/25.