Live Oak Bank Promotions: $300 Business Saving Bonus + 4.00% APY

Here’s everything you need to know about Live Oak Bank promotions; how to qualify, best bonuses currently available, when the offers expire, and more!

Live Oak Bank is a national bank that serves individuals and small business owners across all 50 states. Founded in 2008 in North Carolina, it has more than $11 billion in total assets and over 900 employees.

Originally known for its lending program, Live Oak Bank has expanded its product line with personal savings and business banking accounts. To encourage you to try out their accounts and its features, they’re offering lucrative welcome bonuses.

For more current bank offers, see our bank bonuses page. The most popular offers are from Chase BankSoFi, KeyBank, and Axos Bank.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Live Oak Bank Promotions

1. Live Oak Bank Savings – 4.40% APY1

Earn a 4.40% APY on your savings with a Live Oak Bank Savings account. This rate ranks competitively compared to list of savings accounts with the best interest rate.

The Live Oak Bank Savings account is FDIC insured up to $250,000 – the maximum allowed by law. Like the other banking products mentioned in this post, there are no online banking or monthly maintenance fees to worry about.

However, like most other banks, there are service fees for miscellaneous transactions:

  • Stop Payment Fee: $25
  • Returned Item Fee: $10
  • Non-Sufficient Funds (NSF) Fee: $0
  • Legal Actions (tax levies, garnishments, etc.): $50 minimum
  • Outgoing Wire: $19
  • Dormant Account Fee: If an account has a balance less than $10.01 and no activity for 24 consecutive months, a dormant account fee will be assessed and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less. NOTE: The dormant account fee will not overdraw the account (e.g. a dormant account with a $7.50 balance will be assessed a fee of $7.50).

APY: 4.40%
Account Type: Personal Savings
Availability: Nationwide

1. Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 1/31/2024. No minimum opening balance or deposit required to open. Rates may change at any time without prior notice, before or after the account is opened. No minimum balance to open, but customers must have a balance of $0.01 to earn interest.

2. Live Oak Bank Business Savings – $300 Bonus (New & Existing Customers)

Get a $300 cash bonus when you open a new Live Oak Bank business savings account and deposit at least $30,000 into your account.

This savings account provides an APY of 4.00%, which is the best rate I could find per my list of the best business bank accounts. With no monthly service or maintenance fees, and FDIC insurance up to $250,000, it’s an excellent choice for the self-employed.

Bonus Amount: $300
Account Type: Business Savings
Availability: Nationwide
Expiration: 6/13/24

Bonus Requirements:

  1. Open a new Live Oak Business savings account account between 5/13/24 and 6/13/24 using the promotional link below.
  2. Deposit at least $30,000 by 6/13/24.
  3. In addition to the funding qualification, existing customers must maintain a total balance in all existing Live Oak Business Savings accounts that’s greater than or equal to the total balance as of 5/13/24.
  4. Maintain a balance of at least $30,000 for 90 consecutive days from the date of funding.
  5. Receive the $300 bonus within 45 days of the 90-day activity period end date.

Expired Live Oak Bank Promotions

The following are previous Live Oak Bank promotions, welcome offers, and sign-up bonuses that have since expired. Live Oak Bank may bring them back in the future, but for now, the following list and offer details are for informational and reference purposes only:

Previous Offer #1: Live Oak Bank Business Checking – $150 Bonus

Get a $150 cash bonus when you open a business checking account and complete qualifying activities. You must be a first-time Live Oak business checking customer to be eligible for this bonus offer.

This simplified checking account with no monthly fees is targeted at freelancers and small businesses and good for those that:

  • Take electronic payments via PayPal, Stripe, Square, or Stripe
  • Make a limited amount of monthly transactions
  • Don’t need to make cash deposits

You can open an account with either your Social Security (sole proprietor or LLC) or business EIN (S-Corp or C-Corp)

Bonus Amount: $150
Account Type: Business Checking
Availability: Nationwide
Expiration: Expired

Bonus Requirements:

  1. Open a new Live Oak Business checking account by clicking the link below.
  2. Deposit at least $2,000 into your business checking account within 90 days of account opening.
  3. Make 20 qualified transactions within 90 days of opening your account.
  4. Receive the $150 bonus within 45 days of the 90-day activity period end date.

Qualifying transactions include ATM withdrawals, debit card purchases, ACH payments, and paid checks. Each transaction must equal at least $20. Internal transfers, fees, debit card refunds and transaction reversals do not count as qualifying transactions for bonus offer. 

Other promotions that were offered in the past include the following:

  • Live Oak Bank Savings Account – Earn a $200 bonus when you open a Live Oak Bank savings account and deposit $25,000 or more.
  • Live Oak Bank Business Checking – Earn a $150 Bonus when you open a Live Oak Bank business checking account and complete qualifying activities.

Live Oak Bank Promotions FAQs

Are Live Oak Bank promotions available nationwide?

Yes. Live Oak Bank is a nationwide bank and their products and services are available in all 50 states.

Can I take advantage of multiple Live Oak Bank promotions?

If multiple promotions are available, you can be eligible for each offer if they are from a different product group. For example, you can receive a personal savings account bonus along with a business savings account product because those accounts are from separate product groups (personal savings vs business savings).

When will I receive my bonus from Live Oak Bank?

Generally, Live Oak Bank will deposit the bonus into your account within 45 days of activity end date. Each offer may have different terms and conditions however, so please read the details carefully.

Are Live Oak Bank promotions taxed?

Bank account opening related bonuses are taxable and may be reported on IRS Form 1099-MISC. Live Oak Bank will send you a 1099-MISC at the end of the year if you earned more than $600 in cash. Even if you don’t receive a 1099-MISC (or 1099-INT), you’re still required to self-report and pay taxes. Consult your tax advisor for further information.

The Bottom Line

I first heard about Live Oak Bank when I attended FinCon in 2022. Fincon is an annual conference where personal finance content creators and money nerds all come together to learn, share, and inspire one another.

Once I landed back home, I started my due diligence on this bank and initially thought they had to be relatively new, but I was surprised to learn that they’re a publicly-traded company with total assets of $11.27 billion.

Turns out, Live Oak Bank is one of the largest Small Business Administration (SBA) and USDA lender. Now they’re expanding into deposit accounts with enticing offers and reasonable bonus requirements.

Keep in mind that you don’t need to be an incorporated business to open one of their business banking products. Many side hustles (e.g. Uber drivers, Instacart shoppers, Amazon sellers) are considered legit businesses operating as a sole proprietor and thus you can be eligible for the various bonuses as a self-employed individual using your Social Security number.

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

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