Live Oak Bank $200 Bonus on $25,000 Deposit (New and Existing Customers)

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Live Oak Bank is an FDIC-insured internet bank that is focused on lending to small businesses. Right now, their savings account is offering a $200 bonus if you deposit $25,000+ in new funds into their online savings account by 3/31/22 via this special offer page and keep it there for 90 days. This offer is structured very similarly to this expired Marcus deal, down to the nice feature that existing customers are also eligible for a similar deal.

To be eligible for the bonus offer, a new Personal Savings or Business Savings account must be opened, approved, and funded with $25,000 or more in new money by 11:59 p.m. ET on March 31, 2022.

Funds deposited by ACH, check, transfer, or wire must be drawn on 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 daily balance of $25,000 or more must be maintained for at least 90 days from the date of funding. Bonus offer is available to consumer and business savings customers.

Bonus math. This is a 0.80% bonus on $25,000 if you keep it there for 90 days, which makes it the equivalent of ~3.20% APY annualized. The bonus is on top of the standard interest rate, currently a competitive 0.60% APY as of 3/8/22. This total of roughly 3.80% APY over 90 days makes it a great short-term rate at that balance size when compared to my March 2022 update of best interest rates. Live Oak Bank also has a decent history of offering competitive (although not amazing) interest rates on their savings account and CD products.

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Comments

  1. 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.

  2. 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.

  3. Has anyone received the $200 bonus yet? I’ve met the $25k for 90 days but have not been paid the bonus yet.

  4. Scotland says

    so technically it is 135 days of detention

  5. Bella saunders says

    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?

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