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:
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 Bank $200 Welcome Bonus
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
|$15,000 - $49,999||$300|
|$50,000 - $199,999||$700|
|$200,000 or more||$1,500|
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 – $300, $700, or $1,500
Citi Priority is offering $300, $700, or $1,500 bonus when you open an account by 7/17/2022. Then, within 20 days of opening your account, deposit at least $15,000 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 $15,000.
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 WH222 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.
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!
SoFi Money – up to $300
SoFi Money will give you up to $300 if you open an account and make direct deposits of at least $1,000. The bonus will be based on the total amount of those direct deposits in a 30-day evaluation period.
HSBC Premier Checking – $450
HSBC has an offer where you can get $450 for eligible new customers who open an HSBC Premier checking account and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
Huntington Bank – up to $300
If you are a resident of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin then you could get up to $300 from Huntington Bank for opening a new checking account. There are several checking accounts that qualify but they’re great offers if you live in their geographic region.
TD Bank – $300 or $150
TD bank has two bank offers for checking accounts and both are fairly easy to attain. For example, get $300 when you open a TD Beyond Checking account and receive direct deposits of $2,500 or more within 60 days of opening your account.