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 $9.85 billion in total assets and over 600 employees.
Originally known for its lending program, Live Oak Bank has expanded its product line with personal savings and checking accounts 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 Bank, SoFi, U.S. Bank, 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
Here are all the available promotions available from Live Oak Bank. Currently, you can earn up to $300 by opening a business savings and checking account. Plus, see what offers they have for their personal bank accounts.
1. Live Oak Bank Savings – 4.15% APY1
Earn a 4.15% APY on your savings with a Live Oak Bank Savings account. This rate ranks near the top of the best high-yield savings accounts.
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 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: 4.00%
Account Type: Personal Savings
Availability: Nationwide
1. Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 8/18/2023. 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. You may make up to 6 withdrawals from your Live Oak Bank Savings account per statement cycle, including preauthorized, automatic and telephone transfers. Fees may reduce earnings.
2. Live Oak Bank Business Savings – $300 Bonus [Expired]
Get a $300 cash bonus when you open a business savings account and deposit at least $30,000 into your account. You must be a first-time Live Oak business savings customer to be eligible for this bonus offer.
This savings account earns a very competitive APY of 4.00%, which is the highest rate in my list of the best business bank accounts. With no monthly service or maintenance fees and FDIC insurance, it’s an excellent choice for the self-employed.
Bonus Amount: $300
Account Type: Business Savings
Availability: Nationwide
Expiration: May 31, 2023
Bonus Requirements:
- Open a new Live Oak Business savings account account by clicking the link below.
- Deposit at least $30,000 within 15 days of account opening and before the end of the offer period (5/31/2023).
- Maintain a balance of $10,000 or more for 90 days.
- Receive the $300 bonus within 45 days of the 90-day activity period end date.
3. Live Oak Bank Business Checking – $150 Bonus [Expired]
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: March 31, 2023
Bonus Requirements:
- Open a new Live Oak Business checking account by clicking the link below.
- Deposit at least $2,000 into your business checking account within 90 days of account opening.
- Make 20 qualified transactions within 90 days of opening your account.
- 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.
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:
- 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
Yes. Live Oak Bank is a nationwide bank and their products and services are available in all 50 states.
Yes. You must be a first-time customer of Live Oak’s business savings and a first-time customer of Live Oak’s business checking to be eligible for both.
No, they are two separate bonuses. You can open both or do either one individually.
You can be eligible for multiple promotions as long as each offer is 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).
You must be a first-time customer to the specific product group that you want to open an account under unless stated otherwise. There have been previous promotions that were available for both new and existing customers.
Generally, Live Oak Bank will deposit the bonus into your account within 45 days of activity end date. Each bank offer may vary though so please check the terms and conditions.
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 $9.85 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.