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: None
Early account termination fee: None
Household limit: No
Expiration date: 10/31/24

The Offer

Direct link to offer

Live Oak Bank is offering a $200 bonus when you open a personal savings account and complete the following requirements:
- Open and fund account by 10/31/24 with at least $20,000
- Maintain that balance for 90 days
Existing customers must increase their balance by at least $20,000 and maintain that for 90 days

The Fine Print

New customers:

Only one bonus is available per person.
Only personal savings accounts are eligible for the bonus offer. Checking accounts, CD accounts and fiduciary accounts (e.g., trusts) are not eligible for this offer.
Opening of a new account will be subject to approval by Live Oak Banking Company in its sole discretion.
A new Live Oak Bank personal savings account must be fully funded with at least $20,000 by 11:59 p.m. Eastern Time on 10/31/2024 to be eligible for the bonus. If the account is not fully funded by October 31st, then the account is not eligible for the bonus offer.
All funding of the new personal savings account must consist of funds originating from an external financial institution to qualify; deposits or transfers originating from an existing Live Oak Bank account (whether personal or business) via internal transfer, CD redemption, check, ACH transfer, wire, or loan proceeds do not qualify for bonus offer.
Beginning on the date in October 2024 that 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 $200 cash bonus will be deposited to your open, eligible account within 45 days following the expiration of the 90-day period.
Your new account must not be closed or restricted at the time of payout in order to receive the bonus. Live Oak Bank reserves the right to withdraw or withhold the bonus offer from any customer, with or without notice, if fraud or other suspicious activity is suspected.
Live Oak Bank employees do not qualify.
Any promotional amounts received may be subject to taxation.

Existing Customers:

In addition to the other requirements for the bonus offer, existing Live Oak Bank customers must maintain their existing account balances (not including interest accrued but not credited to the account) at or above the end of day balance as of September 30th 2024 11:59:59pm (ET) across their existing personal savings accounts to be eligible for the bonus offer.

Avoiding Fees

Monthly Fees

This account has no monthly fees.

Early Account Termination Fee

There is no EATF.

Our Verdict

This account also earns 4.3% APY, this is competitive with the top rates currently. This bonus works out to be another 4% annualized making this extremely good if you want to/need to tie up some funds for 90 days. There is also a business savings bonus for $400 (that has 3.9% APY but requires $30,000 deposit). We will add this to our list of the best savings bonuses.

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