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 Bank, SoFi, KeyBank, BMO 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 Personal Savings – $300 Bonus + 4.20% APY1
Earn a $300 bonus and enjoy a 4.20% 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. Already have an existing account? See terms below to learn how you can qualify for the bonus!
Bonus Amount: $300
Account Type: Personal Savings
Availability: Nationwide
Expiration: 03/31/25
Bonus Requirements:
- Open a new Live Oak Bank Savings account account by 3/31/25 using the promotional link.
- Deposit at least $20,000 from an external account by 3/31/25.
- Maintain a balance of at least $20,000 for 60 consecutive days from the date of funding.
- Receive the $300 bonus within 45 days of the 60-day activity period end date.
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.
Promotional Terms & Conditions:
New & Existing Customers:
- Only one bonus is available per Tax Identification Number per promotional period.
- 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.
- Opening of a new account will be subject to approval by Live Oak Banking Company in its sole discretion.
- 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 03/31/2025 to be eligible for the bonus. If the account is not fully funded by March 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 February or March 2025 that the new account attains a balance of at least $20,000, if the balance remains equal to or exceeding $20,000 for 60 consecutive days, then the account will be eligible for the bonus if all other conditions are met. If all eligibility criteria are met, the $300 cash bonus will be deposited to your open, eligible account within 45 days following the expiration of the 60-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.
- Any promotional amounts received may be subject to taxation.
Existing Customers:
- In addition to the other requirements for the bonus offer, existing Live Oak Bank customers must maintain their existing account balances (not including interest accrued but not credited to the account) at or above the end of day balance as of February 2, 2025 11:59:59pm (ET) across their existing personal savings in order to be eligible for the bonus offer.
1. Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 1/21/2024. 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. Fees may reduce earnings.
Expired Live Oak Bank Promotions
The following are previous Live Oak Bank promotions, welcome offers, and sign-up bonuses that have since expired. Details are for informational and reference purposes only:
Previous Offer #1: Live Oak Bank Business Savings – $300 Bonus [Expired]
Get a $300 cash bonus when you open a new Live Oak Bank business savings account & deposit and maintain at least $20,000 in your account for 60 days.
Bonus Amount: $300
Account Type: Business Savings
Availability: Nationwide
Expiration: 1/13/25
Bonus Requirements:
- Open a new Live Oak Business savings account account by 1/13/25 using the promotional link below.
- Fund your account with at least $20,000 from an external account.
- 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 11/11/24.
- Maintain a balance of at least $20,000 for 20 consecutive days from the date of funding.
- Receive the $300 bonus within 45 days of the 90-day activity period end date.
This savings account provides an APY of 3.70%2, 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.
2. Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 12/3/2024. 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. Fees may reduce earnings.
Previous Offer #2: 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:
- 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.
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
Yes. Live Oak Bank is a nationwide bank and their products and services are available in all 50 states.
If multiple promotions are available, you can be eligible for multiple promos as long as you meet the qualifications for each promo.
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.
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.
