OPENING THE LIVE OAK BANK SAVINGS ACCOUNT
A few weeks ago, I posted in our Facebook Group (Bank Bonus and Travel Points) about the elevated savings account bonus offer from Live Oak Bank. I ran the numbers and decided to give this one a try. Here are the results.
ONLINE APPLICATION
This was a nationwide offer and I was able to apply online. To enroll for the bonus promotion, I simply had to apply from the offer page. The process was very simple and I decided to set a timer, just to see how long the application process took. From start to finish, it took just under 10 minutes, and this included the time it took for me to stop and take some screenshots for this post.
BASE APY
The savings account came with a base APY of 4.30%. As of today, December 14, 2024, that remains the same. Some of the best savings account bonuses are those that also offer a solid base APY, allowing the funds to earn interest during the hold period. In this case, completing the required hold period earns the $300 bonus. I found the external account linking process to be very user friendly and added an external account in less than a minute.
APPLICATION OUTCOME
The moment of truth. I really wanted to sign up for this bonus and was hoping that I would get approved. After I submitted the application, I received a message saying that my application was under review. The review process takes up to 2 business days.
Two days later, I received an email from Live Oak Bank stating that I needed to submit a document for account approval. The document that they required was the monthly statement from the external account that was linked during the application process. I assume this was for identity verification purposes and I did not mind them taking extra steps to ensure that I was the person submitting the application. I easily uploaded the monthly statement and received an email the following morning stating that I had been approved for the account.
SUMMARY & LINKS
This was my first time applying for an account with this bank. I found the overall experience to be user friendly and did not encounter any issues during the application. Of course, I was happy to be approved and I am now working on this bonus. I will update my DPs once completed.
Link to our Live Oak Bank Savings Bonus post: Live Oak Bank $300 Savings Bonus.
Link to our Live Oak Bank Data Points page: Live Oak Bank DPs.