Key Takeaways
- While dozens of high-yield savings accounts are paying in the 4% range, you can push your return into the stratosphere right now with a solid offer from Live Oak Bank—if you act soon.
- On top of its high-yield rate of 4.20%, Live Oak is offering a nice bonus of $300 to anyone who keeps $20,000 on deposit for 60 days.
- When combined, your return over two months would be almost $440. That’s equivalent to a 2-month CD paying 13.87% APY, and is almost triple what the best high-yield savings account would pay.
- But don’t delay. To qualify for the cash bonus, the account must be opened and funded with $20,000 by the end of March.
The full article continues below these offers from our partners.
This Savings Account Offer Is in a League of Its Own
Every once in a while, a great deal turns up in our rate research of over 200 banks and credit unions that offer nationwide deposit accounts. And right now, Live Oak Bank’s bonus-boosted savings account is one of those deals.
We reported on an offer like this early in the year, but that offer expired January 31. Fortunately for anyone who missed that window, Live Oak recently refreshed the deal with a new sunset date of March 31.
Live Oak’s offer is a two-parter. First, the bank currently pays a high-yield savings account rate of 4.20% APY on any balance. Compared to the 4.35% to 4.75% rates that the nation’s best savings accounts pay, Live Oak’s return doesn’t stand out. However, it is certainly competitive, especially considering the national average savings account rate is just 0.41%.
But Live Oak sweetens the earnings considerably for some savers by offering an additional cash bonus of $300—on top of the 4.20% APY.
To earn the $300 add-on, you’ll need to deposit at least $20,000 in the account. And you’ll need to keep your balance at that level (or higher) for a full 60 days. If you do, you can earn $438 in interest on $20,000 in just two months.
Who Is Live Oak Bank?
Live Oak Bank is an internet-only bank based in Wilmington, North Carolina. It has been an FDIC member since its founding in 2008, meaning deposits at Live Oak Bank are federally insured up to $250,000 per person.
How does Live Oak’s combined return compare? The $300 bonus on its own equates to an annual percentage yield (APY) that’s well over 9%. So when you add in the baseline rate of 4.20%, the resulting APY is the same as a hypothetical 2-month CD paying 13.87% APY on a $20,000 deposit.
Prefer making your comparisons in dollars instead of APYs? If you put $20,000 in the best high-yield savings account, which currently pays 4.75% APY, you’d earn $155 in two months (assuming the 4.75% rate does not decline during the two months).
Or you could put your $20,000 into the nation’s best 3-month CD, which offers 4.60%. Here you’d net $226—better than the savings account—and your rate would be guaranteed. But you’d have your money locked up for three months instead of two, and the earnings are still far below Live Oak’s potential yield of $438.
| Months | APY | Cash bonus | Total earnings | |
|---|---|---|---|---|
| Best high-yield savings account | 2 | 4.75% | None | $155 |
| Best 3-month CD | 3 | 4.60% | None | $226 |
| Live Oak’s savings offer | 2 | 4.20% | $300* | $438 |
Granted, your effective 13%-plus APY won’t continue beyond the 60-day period. At that point, you’d earn 4.20% APY going forward, or whatever Live Oak’s current high-yield rate is (savings rates can change at any time). But after meeting the 60-day requirement, you’d be free to move your funds elsewhere.
Can’t Sock Away $20,000?
If $20,000 is more than you can part with, we have you covered with dozens of other nation-leading options. Our daily rankings of the best high-yield savings, money market, and certificate of deposit (CD) accounts always provide the top-APY options in the country. To search specific CD terms—from 3 months to 5 years—you can find those rankings linked at the end of this article.
The Fine Print for Live Oak’s Offer
Here are the detailed steps for ensuring you qualify for the $300 cash bonus:
- Open a Live Oak Bank personal savings account.
- Deposit at least $20,000 in the account no later than Mar. 31, 2025. The funds must be posted by 11:59 p.m. Eastern time that night, so start the funding process ahead of that date.
- Maintain your balance at $20,000 or higher for a full 60 days after the date of your deposit.
- If all eligibility requirements are met, you’ll receive your $300 cash bonus within 45 days following the expiration of your 60-day period.
In addition, a few other rules apply:
- Only one bonus is available per person.
- The funds for your deposit must come from an external institution (i.e., new money to Live Oak Bank).
- Your account cannot be closed at the time of the cash bonus payout.
Also, you are not limited to keeping just $20,000 in this account. If you’d like to keep a larger balance, your 4.20% APY earnings will apply to that amount. But since the cash bonus amount is fixed at $300, your blended APY would be lower on larger deposit amounts.
Daily Rankings of the Best Savings and CD Accounts
Note that the “top rates” quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often five, 10, or even 15 times higher.
How We Find the Best Savings and CD Rates
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that’s below $5,000.
Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
:max_bytes(150000):strip_icc()/4-jeffbergen-af3a0b10e5e44bd8aab8c1fc93b54f7f.jpg?w=1200&resize=1200,0&ssl=1&description=Get+a+%24300+Cash+Bonus+Plus+a+Great+High-Yield+Rate+With+This+Online+Savings+Account){kind=link}