When it comes to bank bonuses, they often require a direct deposit or a large deposit.
Today, I’m here to share an offer from Live Oak Bank that only requires you to make a large deposit and keep it in the account for 90 days. It’s available to new and existing customers, which is rare, and nationwide.
It’s a solid offer and if you have the cash, I don’t see any reason to pass on this. It’s a great place to park your money for a few months and get an above average interest rate for it.
Here are the details:
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About Live Oak Bank
Live Oak Bank is an internet based bank that works whose primary customers are small business owners but they also work with individuals. They are FDIC insured #58665 since 2008 and a State Chartered Bank.
They are digital so they work with anyone who lives in the United States – which is nice when it comes to a bank bonus!
Live Oak Business Savings – $300
Live Oak Bank has a bonus of $300 when you open up a small business savings account.
Please see full terms and disclaimers: Earn Up to $300 by Opening Savings Account | Live Oak Bank
To get $300 for the business savings account:
- Open an account between 4/3/2023 and 5/31/2023,
- Deposit at least $30,000 into your account within 15 days.
- Maintain a balance of $30,000 or more for 90 days.
You must be a first-time Live Oak business savings customer to be eligible. There are no monthly fees on either of these accounts so it’s a good option for relatively new businesses too.
(Offer expires 5/31/2023)
Live Oak Bank $200 Welcome Bonus [EXPIRED]
Editor’s Note: As of March 2022, the consumer deposit offer is no longer available. We will update this post whenever this offer returns – until then, our post on the best bank bonuses and promotions has other offers that might interest you or click here to sign up for our email newsletter and get notified of new bank promotions.
The Live Oak Bank welcome bonus is very simple to get and requires no direct deposit:
- Open a new Live Oak Bank savings account by the deadline (3/31/2022),
- Deposit $25,000 into the account by the deadline (money must be new to Live Oak Bank, cannot be a transfer from another account),
- Maintain a balance of at least $25,000 for 90 days from the date you funded,
- Profit $200!
This offer applies to both their Personal Savings and their Business Savings accounts.
This offer is available for new and existing customers too!
(Offer expires 3/31/2022)
How Does This Offer Compare?
There aren’t a lot of no direct deposit bank bonus offers out there but the closest comparison is probably Citi, which offers a higher bonus for a little less (and higher tiers):
And Minimum Balance
|$10,000 - $29,999||$200|
|$30,000 - $74,999||$500|
|$75,000 - $199,999||$1,000|
|$200,000 - $299,999||$1,500|
|$300,000 and above||$2,000|
But Live Oak Bank offers this to existing customers, which is a game changer. I don’t see a reason not to do this because if they bring the offer back later, you can do it again too. Best of all, you get the bonus plus you earn interest on the account while your money is sitting there.
Here are some other offers:
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 7/23/2023. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH223 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $100 Bonus Offer
Bank of America offers a $100 Bonus Offer cash bonus if you open a new account and set up and receive qualifying direct deposits totaling $1,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!