Live Oak Bank has reopened a limited-time savings promotion that pays a $200 bonus to customers who move at least $20,000 in new money into its online savings account and keep the balance there for 60 consecutive days, according to the bank’s offer terms. The deal is open to both new and existing customers, runs through 11:59 p.m. ET on May 31, 2026, and does not require direct deposit. Live Oak, an FDIC-insured internet bank focused on small-business lending, is also advertising a 3.80% APY on the account as of April 22, 2026.
Why the offer matters now
Deposit bonuses have become a familiar way for banks to attract cash, but the details often determine whether a promotion is truly competitive. Live Oak’s offer stands out because it is not limited to first-time customers, and existing customers can qualify as long as they bring in new funds above their balance as of April 19, 2026.
That makes the promotion more flexible than many bank incentives that exclude current account holders. It also gives savers a clearer path to earning the bonus without having to open a new relationship elsewhere.
Live Oak Bank is better known for lending to small businesses than for running consumer-facing promotions, which is why this return offer has drawn attention. The bank says the savings account is available online and insured by the FDIC, adding a layer of protection that many savers look for when parking cash for a short period.
How customers qualify
The mechanics are straightforward, but the timing matters. Customers must deposit at least $20,000 in new money through the special offer page by the end of May 31, 2026, and the account balance must stay at or above that level for 60 consecutive days.
Unlike some promotions that start the clock on a fixed calendar date, Live Oak’s 60-day period begins only after the account first reaches the required balance. In other words, the qualifying window starts when the money actually lands and the balance hits $20,000, not when the account is opened.
According to the offer terms, if all eligibility rules are met, the $200 bonus will be paid within 45 days after the 60-day holding period ends. That means the cash can sit in the account for roughly 105 days before the bonus appears, assuming the deposit qualifies on day one.
Existing customers need to pay close attention to the new-funds rule. Only money added after April 19, 2026 counts toward the promotion, so shifting money already on deposit at Live Oak would not qualify.
Direct deposit is not required, which broadens the appeal for savers who want a place to keep proceeds from a home sale, tax refund, maturing certificate of deposit, or other lump sum without changing payroll instructions.
The return math on the bonus
The headline reward is a flat $200, but the economics become clearer when converted into a percentage. On a $20,000 deposit, the bonus alone equals 1% of the balance. Annualized over a full year, that works out to about 6% APY based on the hold period, before counting ordinary interest.
Live Oak is also paying 3.80% APY on the savings account, according to the bank’s posted rate as of April 22, 2026. When the bonus and base interest are combined over the 60-day qualification period, the offer’s short-term return is roughly equivalent to 9.80% APY, based on the bank’s own math.
That does not mean a customer earns 9.80% on a full-year deposit. It means the promotional payout and interest rate make the account especially attractive for cash that is already earmarked to sit idle for a few months.
For comparison shopping, the most useful metric is not the bonus amount alone but the return relative to the time required to keep the funds in place. A smaller bonus with fewer restrictions may be more valuable for some savers, while a larger payment can lose appeal if it comes with a longer hold period or stricter funding rules.
What it means for savers and the industry
For readers, the main advantage is simple: the promotion gives depositors a way to earn a meaningful one-time cash bonus on top of ongoing interest without needing direct deposit or a complicated sequence of transfers. It may appeal most to people with a lump sum they do not plan to use for at least two to three months.
The tradeoff is liquidity. The balance cannot fall below $20,000 during the 60-day qualification period, so customers who may need quick access to the money should think carefully before enrolling. A dip below the threshold could disqualify the account from the bonus under the published terms.
For the broader banking market, the return of this offer suggests that online banks continue to use targeted deposit incentives to compete for balances even when headline rates fluctuate. Promotions like this are often short-lived, which can push consumers to move quickly if they want to lock in a favorable deal.
Customers considering the offer will want to review the full terms on Live Oak Bank’s special offer page before transferring funds, then confirm that the account remains eligible through the payout date. What to watch next is whether the bank extends the deadline, changes the 3.80% APY, or adjusts the bonus once the current promotion window closes on May 31, 2026.
