DOC Compass — Offers, decoded

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Offer at a glance

Maximum bonus amount: $200
Availability: Nationwide
Direct deposit required: None
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: No
Credit card funding: No
Monthly fees: $10, avoidable
Early account termination fee: None
Household limit: No
Expiration date: April 30th, 2026

The Offer

Direct link to offer

Live Oak Bank is offering a $200 bonus when you open a business checking account and complete the following requirements:
- Open and fund account by April 30th, 2026
- Deposit $5,000 by 4/30/26
- Maintain that average daily balance for 90 days beginning 5/1/26

The Fine Print

Important Information about this Business Essential Checking Bonus offer:
- The window to participate in this promotion begins on April 1, 2026 and ends on April 30, 2026.
- Customers must meet all requirements listed below to receive the $200 bonus.
- This offer cannot be combined with any other Live Oak Bank promotional offer.
- Limit one bonus per promotional period per business and per Tax Identification Number (TIN).
- If multiple accounts or multiple businesses share the same TIN, only one bonus will be paid.
- Who Is Eligible?
  - You are eligible to participate in this promotion if:
    - You open a new Business Essential Checking account.
    - You are a new Live Oak Bank Customer; OR an existing Live Oak Bank customer who does not have an open Business Checking account at the time of account opening.
    - Your new Business Essential Checking account remains open and not restricted at the time the bonus is paid out.
      - Opening of a new account will be subject to approval by Live Oak Banking Company in its sole discretion.
      - Live Oak Bank may deny, withdraw, or withhold the bonus if fraud or suspicious activity is suspected.
  - The following account types do not qualify for this promotion: All other Business Checking accounts, Personal or Business Savings accounts, Certificates of Deposit (CDs), and fiduciary accounts such as trusts.
- How Do I Qualify?
  - You are eligible to participate in this promotion if all the following requirements are met:
    - Account Opening Window
      - The new Business Essential Checking account must be opened between April 1, and April 30, 2026.
    - New Money Funding Requirement
      - The new Business Essential Checking account must be funded with at least $5,000 in New Money no later than 11:59:59 p.m. ET on April 30, 2026.
      - “New Money” means funds deposited from an external financial institution, including external ACH transfers, external wire transfers, mobile check deposits, and mailed checks. Transfers from any Live Oak Bank account — including internal transfers, CD redemptions, checks drawn on another Live Oak account, or proceeds of Live Oak Bank loans — do not qualify as New Money.
      - Multiple deposits may be used to reach the $5,000 New Money requirement. Balances may exceed $5,000; only the average daily balance requirement applies.
    - Balance Maintenance Requirement
      - Beginning May 1, 2026, you must maintain an average daily balance of $5,000 or more in the new Business Essential Checking account for 90 consecutive days.
        
        Average daily balance’ is calculated by adding the account’s end-of-day balance for each day in the 90-day qualification period and dividing that total by the number of days in the period; account fees may reduce balances.
      - Failure to maintain required average balance during the 90-day hold period will disqualify the customer for receiving the bonus.
    - FOR EXISTING LIVE OAK BUSINESS SAVINGS CUSTOMERS
      - To confirm that the new Business Essential Checking account is funded with external funds, Customers with an existing Live Oak Business Savings account must maintain their Business Savings balances during the promotion.
      - Businesses with existing Business Savings accounts will have a Benchmark Balance established. The Benchmark Balance is defined as the end-of-day ledger balance in the Business Savings account(s) as of 11:59:59 p.m. ET on March 31, 2026.
      - To remain eligible for the promotion, your combined Business Savings balance must not fall below the benchmark balance from April 30, 2026, through July 28, 2026.
        
        This requirement applies only to the Business Savings account(s) and does not affect your checking account activity. Transfers from Live Oak Business Savings into the new Business Essential Checking account do not qualify as New Money.
- How Will I Get Paid?
  - Bonus Payment
    - If all eligibility criteria are met, Live Oak will deposit the $200 bonus into your Business Essential Checking account within 45-days after the qualification period ends – expected no later than September 12, 2026.
    - The account must be open and not restricted at the time of payout.
    - Any promotional payout amount received may be subject to taxation.
- Additional Requirements:
  - Live Oak Bank reserves the right to modify or discontinue this offer at any time without notice.
  - Live Oak Bank may deny or withhold the cash bonus if fraud or suspicious activity is suspected.

Avoiding Fees

Monthly Fees

Business essentials has a $10/month; Monthly fee waived with $1,000 average daily balance

Early Account Termination Fee

There is no EATF.

Our Verdict

Previous recent bonuses have been for the savings account that earns 3.8% APY but required a $20,000 balance. Ideally you’d open closer to the end of the month due to the monthly fee, realistically you probably end up holding the $5,000 for ~100 days. Works out to be a return of ~14.6% annualized. We will add this to our list of the best bank account bonuses.

Hat tip to reader Phil

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