Offer is back again, updated with new terms. Again available to existing customers depositing new funds.
Live Oak Bank is an FDIC-insured internet bank that is focused on lending to small businesses. Their personal savings account has a limited-time offer of a $200 bonus if you deposit $20,000+ in new funds into their online savings account by 10/31/24 via this special offer page and keep it there for 90 days. Direct deposit is not required. Valid for both new and existing customers that open a new personal savings account and add new money.
Selected fine print:
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.
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.
Bonus math. This is a 1% bonus on $20,000 if you keep it there for 90 days, which makes it the equivalent of 4.00% APY annualized. Bonus will be paid around Day 135 and the account must be open at that time, but you only need to maintain full balance through Day 90. The bonus is on top of the standard interest rate, currently a competitive 4.30% APY as of 10/21/24.
This equivalent of roughly 8.30% total APY over 90 days makes it a decent offer for those with compatible balances looking for short-term place to hold their cash for a few months. Live Oak Bank seems to come and go with the competitiveness of their rates, but it’s nice that this is available to existing customers.
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I just read some reviews about this bank at depositaccounts dot com and several reviewers (people who had accounts at Live Oak) reported that the bank uses the Plaid system for external bank transfers. Given what was just posted on My Money Blog about problems with Plaid, that gave me pause about opening an account here. I cannot say whether the bank is still using the Plaid system, but based on that assumption and the numerous bad reviews, I’m gonna pass on this offer.
Overall, I don’t view Plaid as a negative. I think the Plaid settlement itself might be a slight positive as it keeps Plaid on its toes regarding consumer privacy and data security.
What concerns me the most about this Live Oak bank is that their stock is down about 50% (Ally down 20%) although, they have been around for years.
Aren’t the accts FDIC? If so, what’s the concern about the stock price?
Has anyone received the $200 bonus yet? I’ve met the $25k for 90 days but have not been paid the bonus yet.
Nope.
I hadn’t when you posted, I sent support a message and they said it would be deposited within 45 days of reaching 90 days.
It showed up on the 30th.
so technically it is 135 days of detention
Hi I just got a live oak account and I couldn’t link it to my Enzo card, can I link it to a prepaid bank like go2bank, Walmart money card or any other prepaid banks I have?
I already have an account. Reading the fine print it seems just add the $20K for 90 days by 10/31/24.
Did I miss anything?
I am not 100% sure if existing customers need to open a “new” personal savings account or if they can deposit new money to an existing personal savings account. I might ask them first.
thank you jonathan
I talked w cs confirmed to open new account and keep current untouched
Its too bad it expires at the end of October. I’m sending $$$ to Chase now, would have sent it to Live Oak afterwards.
What’s happening at Chase? My account earns 0.001%
$900 sign up bonus.
Can’t use them as a primary banking, otherwise you’ll never be eligible for their promos.
This is only open to US citizen or Permanent Residents card holder.