(Update: Offer is back, this time for $300 for $20k with a 90 day hold. Again available to both new and existing customers depositing new funds. For existing customers, the deposits must be in addition to your balance as of September 7th, 2026. To be clear, you need to open up a *new* personal savings account through the specific link below. You can have more than one savings account. You can’t just transfer in more money as an existing customer to your existing account and expect the bonus. Thanks to reader Andrea for the tip.)
Live Oak Bank is an FDIC-insured internet bank that is focused on lending to small businesses. Their personal savings account has a limited-time offer of a $300 bonus if you deposit $20,000+ in new funds into a new online savings account by 5:00 p.m. ET on October 16th, 2026 per this special offer page and keep it there for 90 days. The current interest rate is 4.00% APY. Direct deposit is not required. Valid for both new and existing customers, as long as you are adding new money (lookback date is 9/7/26).
To be clear, you need to open up a *new* personal savings account through the specific link above. You can have more than one savings account. You can’t just transfer in more money as an existing customer to your existing account and expect the bonus.
Unlike some other deposit bonuses, the 90-day window starts when the new money hits:
Beginning on the date in September or October 2026 when the new account attains a balance of at least $20,000, if the balance remains equal to or exceeding $20,000 for 90 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 90-day period.
Bonus math. This is a 1.5% bonus on $20,000 if you keep it there for 90 days, which makes it the equivalent of 6% APY annualized. Bonus will be paid around Day 135 (45 days afterward) and the account must be open at that time, but you only need to maintain full balance through Day 90. The bonus is on top of the standard interest rate, currently a competitive 4.00% APY as of 9/8/26.
This equivalent of roughly 10% total APY over 90 days makes it a solid offer for those with compatible balances looking for short-term place to hold their cash for a few months. Live Oak Bank seems to come and go with the competitiveness of their rates, but they’ve been strong recently and it’s nice that this is available to existing customers.
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I just read some reviews about this bank at depositaccounts dot com and several reviewers (people who had accounts at Live Oak) reported that the bank uses the Plaid system for external bank transfers. Given what was just posted on Better Finance Info about problems with Plaid, that gave me pause about opening an account here. I cannot say whether the bank is still using the Plaid system, but based on that assumption and the numerous bad reviews, I’m gonna pass on this offer.
Overall, I don’t view Plaid as a negative. I think the Plaid settlement itself might be a slight positive as it keeps Plaid on its toes regarding consumer privacy and data security.
What concerns me the most about this Live Oak bank is that their stock is down about 50% (Ally down 20%) although, they have been around for years.
Aren’t the accts FDIC? If so, what’s the concern about the stock price?
Has anyone received the $200 bonus yet? I’ve met the $25k for 90 days but have not been paid the bonus yet.
Nope.
I hadn’t when you posted, I sent support a message and they said it would be deposited within 45 days of reaching 90 days.
It showed up on the 30th.
I haven’t received my bonus from fall 2024 and I called LiveOak and they informed me that as an existing customer, I had to open a new account, when I already have a savings account with them. I will pass on this.
I received the bonus from fall 2024 as an existing customer. I had opened a new savings account per the instructions. It does seem kind of odd that you had to open an additional account as an existing customer to receive the bonus, but I did get it. I will probably see if they let me open a third account to try for this new one (April 2025) as well.
That is true. You have to open a new account for each promo.
so technically it is 135 days of detention
Hi I just got a live oak account and I couldn’t link it to my Enzo card, can I link it to a prepaid bank like go2bank, Walmart money card or any other prepaid banks I have?
I already have an account. Reading the fine print it seems just add the $20K for 90 days by 10/31/24.
Did I miss anything?
I am not 100% sure if existing customers need to open a “new” personal savings account or if they can deposit new money to an existing personal savings account. I might ask them first.
thank you jonathan
I talked w cs confirmed to open new account and keep current untouched
Its too bad it expires at the end of October. I’m sending $$$ to Chase now, would have sent it to Live Oak afterwards.
What’s happening at Chase? My account earns 0.001%
$900 sign up bonus.
Can’t use them as a primary banking, otherwise you’ll never be eligible for their promos.
This is only open to US citizen or Permanent Residents card holder.
Thank you so much. I’ve opened new account today and the process was smooth to open new account in mins. Had to call two times, once before opening account and once after opening account, satisfied with customer service and the knowledge. Their web app and mobile app seems to be bare bones but i like it as there is clutter.
As a data point, I have freeze on all three agencies and also chex systems, still was able to open without issues.
You gotta read the terms and conditions and follow them to the letter in order to get the bonus. I’ve just signed up for my 4th go-round with Live Oak and the previous three have gone as smooth as silk. One of the best things about this bonus is that it is paid on a savings account that pays a competitive rate whereas most bank bonuses are paid on checking accounts that usually pay zero interest on your money.
There seems to be confusion, i did not get the bonus second time around as I deposited in the existed account. As you have done 4times, can you confirm whether we can leave already bonus deposited deposited account and open a new account for new promo (OR) the previous account(s) all need to be closed to be eligible for new bonus?
Be careful with this BANK. I did not get the bonus because my account is opened the back in 2025 to be eligible for this bonus. You have to close the existing account and reopen the account. It seems which is absurd in my opinion.
I had the same issue second time around. I thought another new account is enough but something new from your info is that need to close existing account and open new. Does it mean at any given point of time one open new account to be eligible? Can you confirm?
Based on the terms, you need to open a new account via the promo link. You can have more than one account. The new account has to have the new money. You can’t just transfer in additional funds to your existing account.
I cannot figure it out how to open the New Personal Savings Account account from the offer page when I already have a login account.
From the offer page I’m redirected to l the info form, then to login, then to my current account overview.
Same if I do not fill the form and login first.
What I’m doing wrong? Thanks
Nothing wrong. My understanding is there is no coupon to enter. Everyone is eligible during the window who opens new savings account. So, login and click on new savings and deposit new money from external account. Thats it.