Bank of America Promotions

Current Bank of America Promotions

How to Get Bank of America Bonuses

Bank of America offers welcome bonuses for new consumer checking and new business checking customers. The bonuses are usually for online only applicants.

Here's how you can get a bonus:

1. Open a new account through the promotional link in the offer.

2. Complete the offer requirements. This usually includes making a certain amount of qualifying deposits into the new account, and/or maintaining a specified balance for a certain time.

3. Bank of America will typically pay your bonus within 60 days (from the end of the qualifying period).

What to Know About Bank of America Bonuses

• Offers are for new personal or business checking customers only. You can be eligible for a business checking account bonus if you're an existing personal checking customer (and vice versa).

• You are eligible for a personal checking bonus if you have not owned or co-owned a Bank of America personal checking account within the last twelve (12) months.

• You are eligible for a business checking if you were not an owner or signer on a Bank of America Business Advantage checking account within the last twelve (12) months.

• Bonuses are limited to one bonus per account and per customer.

• Your new account must be open and in good standing up to and including the date any earned bonus is paid.

• Cash bonuses are considered taxable income.

Bank of America Pros & Cons

Pros:

• Frequent bonuses for new customers
  
• Available in 37 states
  
• Low requirements to waive monthly fees for basic accounts
  
• Flexibility to switch between checking tiers
  
• Highly-rated mobile app
  
• Free spending and budgeting tools
  
• Wide range of banking services

Cons:

• Low APYs for savings accounts
  
• No free checking option
  
• Many other banking fees

Bank of America Personal Checking Accounts

• Advantage SafeBalance: This particular account has no overdraft fees - you can only spend what you have. There are no paper checks. The $4.95 monthly maintenance fee can be waived if you are under 25, maintain a minimum daily balance of $500, or if you are a member of Bank of America Preferred Rewards®. The minimum opening deposit is $25.

• Advantage Plus Banking: The $12 monthly maintenance fee can be waived if you: maintain a minimum daily balance of $1,500, OR have one qualifying direct deposit of at least $250 each statement cycle, OR if you are a member of Bank of America Preferred Rewards®. This account allows you to enroll in optional overdraft protection. The minimum opening deposit is $100.

• Advantage Relationship Banking: The $25 monthly service fee can be waived if you maintain a minimum daily balance of $20,000 in your account or if you are a member of Bank of America Preferred Rewards®. The minimum opening deposit is $100.

All 3 accounts come with mobile banking, mobile check deposit, and alert. They also come with a debit lock/unlock feature. If you've misplaced your debit card and need time to find it, you can just lock it on the mobile app. And then unlock it after you've found your card.

Bank of America Business Checking Accounts

Bank of America also offers 2 different business accounts:

• Business Advantage Fundamentals™ Banking: This is the basic business account ideal for small businesses just starting out. There is a $16 monthly maintenance fee, but you can get it waived if you do ONE of the following: spend at least $250 in new net qualified debit card purchases, OR maintain a combined average monthly balance of $5,000, OR become a Preferred Rewards Business member.

• Business Advantage Relationship Banking: This account is better for more established small businesses able to maintain a higher balance. The monthly maintenance fee is $29.95/mo, but you can get it waived if you do ONE of the following: maintain a combined average monthly balance of $15,000, OR become a Preferred Rewards Business member.

  You also get a second Business Advantage checking account for no maintenance fee. And you'll pay no fees for domestic and international incoming wire transfers.

Bank of America Business Checking Account Promotions

• Bank of America Business Advantage Checking Account - $200 Bonus Offer
  Earn a cash bonus in three steps:
  1. Open a new eligible business checking account by December 31, 2023
  2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
  3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
  *Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
  **The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
  Member FDIC

Get the Most Out of Your Bank of America Checking Accounts

• Get more benefits with Bank of America Preferred Rewards: This program rewards you more as you maintain a higher balance in your combined BofA checking account and/or Merrill Edge® and Merrill Lynch® investment accounts. Here are the different tiers and benefits you get:
  • Gold level: Need a 3-month average combined balance of $20,000. You get a 5% interest rate booster on a Bank of America Advantage Savings account, and a 25% bonus on eligible credit cards rewards.

  • Platinum level: Need a 3-month average combined balance of $50,000. You get a 10% interest rate booster on a Bank of America Advantage Savings account, a 50% bonus on eligible credit cards rewards, 1 free ATM transaction per month from non-BofA ATMs in the U.S.

  • Platinum Honors level: Need a 3-month average combined balance of $100,000. You get a 20% interest rate booster on a Bank of America Advantage Savings account, a 75% bonus on eligible credit cards rewards, unlimited free ATM transactions from non-BofA ATMs in the U.S.

  • Diamond Tier: Need a 3-month average combined balance of $1 million (up to $10 million). This tier offers access to unique lifestyle experiences and premium offers.

  Each tier also gives you discounts on mortgage fees, auto loan interest rate, and home equity line of credit interest rate. The higher your tier, the larger your discount.

• Look for cash back deals: Bank of America has BankAmeriDeals® that can earn you extra cash back at stores, restaurants, and hotels. All you have to do is sign in to your mobile or online banking, search through the deals, and activate the ones you like. Then when you make a purchase there, use your eligible BofA credit or debit card. You'll automatically get the cash back credited to the account of your choice.