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Live Oak Bank is offering small businesses up to $300 in bonus cash for opening new business savings and business checking accounts ($150 bonus for each account).
Live Oak Bank is a fully digital, FDIC-insured bank that provides financial services to customers across the United States. With a focus on small business owners, Live Oak Bank is the leading SBA 7(a) lender by dollar volume and aims to be the go-to bank for small business owners looking to buy, build, expand, and operate their businesses.
See the Posts History below for all Live Oak Bank’s offers.
Live Oak Bank $150 Business Checking Bonus (Nationwide)
Live Oak Bank’s Small Business Checking account is designed with simplicity for the self-employed. Specifically, this account is a good fit for newly formed businesses, solopreneurs, gig-workers, freelancers, and side hustlers.
- What you’ll get: $150
- Where it’s available: Nationwide
- How to earn it: First-time Live Oak business checking customers can take these steps to qualify:
- Open a new Live Oak Bank business checking account between 2/15/2023 and 3/31/2023.
- Deposit at least $2,000 into your new business checking account within 90 days of opening.
- Make 20 qualified transactions within 90 days of opening your account.
- When it expires: 3/31/2023
Waive The Monthly Fee
Their business checking account has no monthly fee.
Fine Print
- Bonus offer is only available to new small business checking customers. One offer per business or per authorized signer. To be eligible for the $150 bonus offer, a new Live Oak Bank small business checking account must be opened and approved by 11:59 p.m. ET on 3/31/2023.
- The customer must also deposit at least $2,000 of new money into the small business checking account within 90 days of opening the account. Funds deposited by ACH, check, transfer, or wire must be drawn from 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.
- The customer must also make 20 qualified transactions within 90 days of opening the account. Qualifying debit 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.
- The opening of a new account will be subject to approval. Only one bonus offer per customer, business or authorized signer, will be awarded. Eligibility will be limited based on account ownership. Deposited funds must be collected to be eligible towards bonus offer. The $150 cash bonus will be deposited to your open, eligible account within 45 days of the 90-day activity period ends. Live Oak Bank reserves the right to withdraw or withhold the bonus offer from any customer, with or without, notice if fraud or gaming is suspected.
- The bonus payout may be subject to tax reporting.
- Fiduciary accounts (e.g., trusts) not eligible for this offer. Offer cannot be combined with any other checking offer and is limited to one bonus per account and per authorized signer.
- Offer expires on 11:59 p.m. ET on 3/31/2023.
- To receive this bonus, the new account must not be closed or restricted at the time of payout. Live Oak Bank employees do not qualify.
Bottom Line
This is a strong offer from Live Oak Bank. With a high bonus amount, nationwide availability, and no direct deposit is required (a minimum $100 deposit is required to open the account), this is one of the best deals we’ve seen from the online bank.
Live Oak Bank $150 Business Savings Bonus (Nationwide)
Big banks offer high fees and low interest rates. Enjoy a better way to save for your business. High-yield interest. No monthly maintenance fees. No minimum balance requirements.
- What you’ll get: $150
- Where it’s available: Nationwide
- How to earn it: First-time Live Oak business savings customers can take these steps to qualify:
- Open a Live Oak business savings account between 2/15/23 and 3/31/2023.
- Deposit at least $10,000 into your account by 3/31/2023.
- Maintain a balance $10,000 or more for 90 days and watch your business savings grow with 3.50% APY (read more here).
- When it expires: 3/31/2023
Waive The Monthly Fee
Their business savings account has no monthly maintenance fee.
Fine Print
- Bonus offer is only available to new business savings customers. One offer per business or per authorized signer. To be eligible for the $150 bonus offer, a new Live Oak Bank business savings account must be opened, approved and funded with at least $10,000 in new money by 11:59 p.m. ET on 3/31/2023.
- A balance of $10,000 or more must be maintained for at least 90 days from the date of funding. Funds deposited by ACH, check, transfer, or wire must be drawn from 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.
- This bonus offer is available to new business savings customers. The opening of a new account will be subject to approval. Only one bonus offer per customer, business or authorized signer, will be awarded. Eligibility will be limited based on account ownership. Deposited funds must be collected to be eligible towards bonus offer. The $150 cash bonus will be deposited to your open, eligible account within 45 days of the 90-day activity period ends. Live Oak Bank reserves the right to withdraw or withhold the bonus offer from any customer, with or without, notice if fraud or gaming is suspected.
- The bonus payout may be subject to tax reporting. Fiduciary accounts (e.g., trusts) not eligible for this offer. Offer cannot be combined with any other savings offer and is limited to one bonus per account and per authorized signer.
- Offer expires on 11:59 p.m. ET on 3/31/2023.
- To receive this bonus, the new account must not be closed or restricted at the time of payout. Live Oak Bank employees do not qualify.
Bottom Line
You need to maintain a daily balance of $10,000 to earn this bonus, which is a reasonable requirement for this bonus.
About Live Oak Bank
Small business owners have been impressed with Live Oak Bank. The bank’s focus on serving the needs of small businesses is evident in the range of services they offer, from the nation’s leading SBA lender to high-yield business savings accounts and small business checking accounts specifically designed for the self-employed. They appreciate the convenience of being able to open and manage accounts online and the personalized support they receive from the bank.
Account Features
Live Oak Small Business Checking
- Open online in minutes
- Deposit checks, pay bills, initiate wire transfers online – whenever, wherever
- Over 55,000 free ATMs nationwide
- No account opening or monthly maintenance fees
- Dedicated customer service and onboarding support
Live Oak Small Business Savings
- 3.50% APY*
- Open online in minutes
- Simply fund your account by linking and transferring from an existing bank account
- No account opening or monthly maintenance fees
- Dedicated and personalized customer service
- FDIC insured up to $250,000
*Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 2/14/2023. Rates may change at any time without prior notice, before or after the account is opened.
Final Thoughts
Live Oak Bank is a fantastic option for small business owners looking for a dedicated, technology-focused banking partner. With its focus on serving small business needs, high-yield savings accounts, and free online management, it offers a convenient and cost-effective solution for business owners. The bank’s commitment to innovative technology and one-on-one customer support make it a great choice for those who want a better banking experience.
Overall, Live Oak Bank is a great choice for small business owners looking for a bank that truly understands their needs and provides a range of services tailored to meet those needs.
Posts History for Live Oak:
- Live Oak Bank Personal & Business Savings Accounts Earn 4.00% APY (Nationwide)
- Earn Up To 5.00% APY: Live Oak Bank’s Best Personal & Business CD Account Rates (Nationwide)
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