Update 4: This bonus has now expired, you can view the best deals here. Or a full list of banking bonuses.
Update 3: A reader has confirmed getting this bonus even though they didn’t get an e-mail about it. Because of that I am going to sign up for this bonus myself and I am also republishing this post so more people see it.
Update 2: Offer has been extended until April 10th, 2015.
Update: Shawn on twitter contacted Bank of America and they stated that this offer was available to all BofA customers. I would call yourself to confirm and get a reference number as they might reneg on the deal later.
Offer at a glance
- Maximum bonus amount: $300
- Availability: Nationwide, but you must have received this offer by direct communication with Bank of America. (Update: It seems as long as you have a Bank of America credit card open, you will be eligible for this promotion)
- Direct deposit required: Yes, two qualifying direct deposits of $2,000+
- Additional requirements: None
- Hard/soft pull: Soft
- Credit card funding:None, but you can fund with a debit card up to $250
- Monthly fees: Waive-able
- Early account termination fee: None
- Expiration date:
February 28th, 2015April 10th, 2015May 29th, 2015
Contents
The Offer
- Receive a $300 bonus from Bank of America when you open a new eligible checking account by February 28th, 2015 and make two qualifying direct deposits of $2,000 or more within the first 90 days of account opening.
The Fine Print
- Eligible accounts are BofA interest checking & core checking
- Offer is exclusive to BofA customers who don’t already have a checking account (must not have had an account within the past six months as well) and received offer via direct communication with Bank of America.
- A qualifying direct deposit is a recurring direct deposit of a paycheck, pension, social security or other eligible regular monthly income
- Bonus will be deposited within 60 days of meeting the requirements
- You’ll need to complete a W-9 or W-8 form if applicable before you get the bonus
- Limit of one bonus per person
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Core Checking $12 Monthly Fee
The $12 monthly fee is waived if you meet one of the following requirements:
- Have at least one qualifying direct deposit of $250 or more
- Maintain an average daily balance of $1,500 or more
- Are a student under the age of 23
Interest Checking $25 Monthly Fee
The interest rate on this account is 0.03% APY, so I really wouldn’t bother personally. The monthly fee on this account is waived if you hold balances of $10,000 or more in your eligible linked accounts. Combined balances include the following:
- Average daily balances for the statement cycle in eligible linked checking, savings and money market savings accounts
- The current balances, as of the end of the checking statement cycle in linked personal CDs and IRAs
- The current balance, as of two business days before the end of the checking statement cycle, in your eligible linked Merrill Edge®and Merrill Lynch® investment accounts
Early Account Termination Fees
It looks like Bank of America does not charge any early account termination fees according to their fee schedule.
Our Verdict
Update: I’m signing up for this bonus, wish me luck!
Bank of America almost always offers a $100 bonus if you work with one of their “Bank At Work” partners but this $300 offer is so much better. Unfortunately I did not receive this targeted promotion, otherwise I would definitely be opening up an account. Here is what I’d do if I was eligible:
- Open a core checking account, using a credit card to initially fund if possible (although I’d use a card with the cash advance limit set to $0).
- Direct deposit $2,000, this would satisfy half the bonus requirements and keep the account fee free
- Direct deposit another $2,000, this would satisfy the other half of the bonus requirements (+$300)
- Transfer all but $1,500 out of the account to keep it fee free but also allow me to earn interest on those funds
- Wait 60 days for my bonus to post
- Transfer rest of the money out
- Close account
I can now change my employer payroll pretty easily so I’d just do that. In the past ACH transfers have triggered this direct deposit requirement for Bank of America, but this may no longer be the case. Click here to see up to date data points on this.
Did you receive this targeted promotion? Has anybody had any success calling up and asking it be applied to your account? Please let us know in the comments. Because it’s a targeted promo we haven’t added it to our list of the best bank promotions, but it is in our complete listing of checking promotions.
Direct link to offer | Screenshot of offer
Hat tip to Aureliano who stands to win $225 by letting us know about this bonus.
