Deal has expired, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $500
- Availability: Nationwide, but targeted
- Direct deposit required: $4,000 in 90 days
- Additional requirements: Must be targeted
- Hard/soft pull: Soft, as long as you opt out of overdraft protection
- ChexSystems: Yes
- Credit card funding: None, but you can fund with a debit card up to $250
- Monthly fees: $12, avoidable
- Early account termination fee: None
- Household limit: None listed
- Expiration date: 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 Banking™ 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
