My Money Blog

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.