Deal has expired, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount:Â $500
- Availability:Â Nationwide, but targeted
- Direct deposit required:Â $4,000 in 90 days
- Additional requirements:Â Must be targeted
- Hard/soft pull:Â Soft, as long as you opt out of overdraft protection
- ChexSystems:Â Yes
- Credit card funding:Â None, but you can fund with a debit card up to $250
- Monthly fees:Â $12, avoidable
- Early account termination fee:Â None
- Household limit:Â None listed
- Expiration date:Â May 1st, 2019
Contents
The Offer
- Bank of America is offering the following bonuses worth up to $500 total:
- $300 checking bonus:
- Open a new Bank of America Advantage Banking account using your unique offer code
- Set up and receive qualifying direct deposits totaling $4,000 or more within the first 90 days of opening your new checking account
- $200 savings bonus:
- Open a new Bank of America Rewards savings account
- Within 30 days of opening deposit $20,000 or more in new money and maintain that for 90 days
- $300 checking bonus:
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Advantage Plus Banking has a $12 monthly fee, this is waived if you do any of the following requirements:
- Maintain a minimum daily balance of $1,500 or more
- Are a student under 24
- Are a preferred rewards client
Savings account has a $8 monthly fee that is waived if you do any of the following:
- Maintain a minimum daily balance of at least $500
- Link your Rewards Savings account to your Bank of America Advantage Relationship Bankingâ„¢ account (waiver applies to first 4 savings accounts)
- When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts)
Early Account Termination Fee
There is no early account termination fee
Our Verdict
The $300 checking offer has been available for some time, although it looks like with this offer you can open an account that is easier to keep fee free. The $200 savings bonus is new, if you put that same $20,000 into a 2.5% APY account for 90 days you’d earn ~$123. Bank of America savings accounts earn 0.03%, so that’s basically zero. Bonus is still better than putting the money into the top high yield basic savings account, but not by that much.
Hat tip to reader SL
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
DP
3/27 – received targeted email for checking bonus, opened account via link
5/16 – varying DD every two weeks, but reached cumulative >$4k legit employer DD
6/4 – $300 received
How long does the account have to remain open after bonus in order to not have it clawed back?
No ETF as mentioned in post. I typically wait a day or so after statement closing date to close.
Got a targeted letter in the mail today. Have never had a relationship with BofA whatsoever, including no applications or anything.
As far as having the fee waived for enrollment in Preferred Rewards — anyone know if simply enrolling in the program is enough or if you have to actually qualify for the lowest tier (Gold, which requires $20K avg balance) to have monthly fee waived?
Targeted for this offer through snail mail. I am not a Bank of America customer but I was interested in their $300 checking account offer. A few weeks ago, I had scheduled an appointment through BoA website to open a checking account at their local branch. And I cancelled it a few days before the appointment. Wonder if I got targeted because of that. Although I hoped to get targeted 😉
Did anyone receive a direct mailing, or otherwise have a code, that they are willing to share? Only if you won’t use on your own, of course.
If the offer code looks like something that can be shared, please post!
Leaving 20 grand in it for 90 days to get $200(their interest rate sucks,too).Big deal. BOA is so cheap. I can get that with my hometown bank with their 2% int rate.
I missed the deadline for DD’s for this any chances I could still get the bonus?
I am very excited to have finally received one of these B of A offers…but of course I don’t have direct deposit. My husband does; are there any work arounds? Really didn’t want to have him on my account since that makes him not eligible for his own bonus, but I won’t have direct deposit in the foreseeable future. Is this bonus good enough to just have him on my account? Any other methods for direct deposit that aren’t from a paycheck? Thanks!
Here’s a list of what works from this site
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Bank_of_America
I too am now targeted…. but facing a similar uncertainty. (have some part time income, but much more via self-employment/contract work, and merchandise re-selling…. I surmise anything other than a formal employer dd won’t count now?
About that DoC resource for what works, it needs updating and clarification… When we click on a lot of the footnote links therein, they get re-directed to an odd ebates link…. with nothing relevant to the footnote…. (like whether or not ach transfers work, or don’t…. who knows by this resource?)
get the account in your name and add him… have him change his dd to the BOA account and you will still get the bonus…. it’s what I plan on doing.
Will I get the bonus just applying through the link (even if I wasn’t targetted)? I do have a BOA savings account. I also noticed there aren’t many DD options for BOA which is something to consider.