The 🐲full artᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚicle continues below these offers from our partners.

This Savings Account Offer 🥂Is in a League of Its Own

Every once in a while, an astonishing 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 t🎉his offer back in November, but with a few days lef🗹t to score this remarkable return, we wanted to shine the spotlight on it once again.

offer is a two-parter. First, the bank currently pays a high-yield savings account rate of 4.20% annual percentage yield (APY) on any balance. Compared to the 4.50% to 5.00% rates that the 澳洲幸运5官方开奖结果体彩网:nation's best savings accounts pay, Live Oak's return is respectable but not outstanding. (The national average savings account rate is just 0.42%.)

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.

How does Live Oak's combined return compare? The $300 bonus on its own equates to an APY 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 澳洲幸运5官方开奖结果体彩网:currently pays 5.00% APY, you'd earn $163 in two months (assuming the 5.00%๊ rate does not decline duringཧ the two months).

Or you could put your $20,000 into the nation's 澳洲幸运5官方开奖结果体彩网:best 3-month CD, which offers 4.85%. Here you'd netꦅ $238—better than the savings account—and the rate is 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.

Granted, your combined 13.87% APY won't continue beyond the 60-day period. At that point, you'd earn 4.20% 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.

The Fine Print for Live Oak's Offer

Her𓆏e are the detailed stepsไ for ensuring you qualify for the $300 cash bonus:

1. Open a .
2. Deposit at least $20,000 in the account no later than Jan. 13, 2025. The funds must be posted by 11:59 p.m. Eastern time that night.
3. Maintain your balance at $20,000 or higher for a full 60 days after the date of your deposit.
4. 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, your blended APY would be lower for larger deposit amounts.

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, 澳洲幸运5官方开奖结果体彩网:read our full methodology.