Posted by William Charles on June 6, 2017
Bank Account Bonuses

Published on June 6th, 2017 | by William Charles

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Bank of America Business Checking $300 + $200 Bonus [In Branch & YMMV]

Offer at a glance

  • Maximum bonus amount: $300 + $200
  • Availability: Nationwide
  • Direct deposit required: No, just $5,000 in deposits
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • Credit card funding: None, but can fund with a debit card up to $250
  • Monthly fees: $16-$29.95
  • Early account termination fee: None mentioned
  • Expiration date: June 30th, 2017

The Offer

No direct link, must go in branch. Should be able to just ask if they have any business checking offers.

  • Receive a sign-up bonus of $300 when you open a new eligible small business checking account (Business Advantage or Fundamentals) with Bank of America, make qualifying deposits of at least $5,000 within the first 60 days and complete one of the following requirements:
    • Apply, be approved for and open a new small business credit card account, and spent at least $500 on the card within 60 days of opening a new account
    • Apply, be approved for and activate a merchant services account, and settle funds totaling a minimum of $1,000 in your new business checking account within 60 days of account opening
  • Receive an additional $200 bonus when you complete both of the above requirements

The Fine Print

  • Valid until June 30th, 2017
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There is no early account termination fee.

Business Fundamentals $16 Per Month

Monthly fee is waived if you do any of the following:

  • A $3,000 minimum daily balance in your primary account
  • A $5,000 average monthly balance in your primary account
  • A $15,000 combined average monthly balance in linked business accounts
  • Make $250 in net new qualifying purchases each billing cycle on your Bank of America business credit or debit cardfootnote

Business Advantage $29.95 Per Month

The Business Advantage checking account comes with a monthly fee of $29.95 per month, but this fee is waived for the first three months. After this introductory period you need to do any one of the following to keep it fee free:

  • $15,000 average monthly balance
  • $35,000 combined average monthly balance of linked business accounts
  • Spend $2,500 per month in new purchases using a linked Bank of America business credit card
  • Actively use Bank of America Merchant Services or Payroll Services by Intuit® or Remote Deposit Online service

I think the best option is to not worry about the monthly fee the first three months and then either have a $15,000 average balance (you’d be losing out on $12.5 a month in interest compared to a 1% checking account) or putting $2,500 per month on a linked Bank of America business credit card.

Our Verdict

There is a public offer for $200 with fewer requirements. I don’t recommend signing up for merchant services (merchant services are the ability to accept card payments. I’m not sure what the fee structure is and I also assume it creates a tax liability) for bank account bonuses so the maximum bonus on this account is actually $300. This requires opening a business credit card, you would still get the sign-up bonus on that card though. The best option would probably be the Alaska card with a 30,000-mile bonus.

It’s a shame this requires going in branch and merchant services for the full $500 bonus. If you live near a branch and plan to open a business credit card in the near future then this is a better deal than the public offer otherwise I’d just stick with that. Keep in mind that Bank of America business credit cards don’t report to your personal credit reports. This is useful for anybody trying to stay under 5/24 for Chase cardsThere is also a $100 personal checking bonus currently available

Big thanks to reader, A P who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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seespotjump
seespotjump

Is 2/30 Chase apps only? ie if I’m 1/30 and I apply for a BofA biz card, will Chase still see me as 1/30 or would that put me at 2/30 if I were to apply for another Chase card?

Frank
Frank

I opened one of these accounts, linked to the Alaska CC, in 2015, closed it not longer after meeting all the promotion requirements. Caution, they will assign you to a local business advisor whose job it is to try to sell you more products, FWIW.

Any reason to think I wouldn’t be able to open another card and churn another Alaska CC? I still have the first Alaska CC. Thanks

Frank
Frank

Sorry, I meant, open another of these accounts? I assume they have record of giving me one before.

Ferris
Ferris

What documentation is required for this opening?

AP
AP

I required nothing. I did it as a sole prop

Elliot
Elliot

Any idea what the time limit is for BoA after a previous business checking account? I opened a different one earlier this year and closed it after 3 months, but it’s been less than 6. Thanks!

MontyFC
MontyFC

What is BoA merchant services and why is it discouraged?

Yoyo
Yoyo

What are merchant services and why are they not worth it?

Kent C
Kent C

I’m thinking they may deny the $200 bonus on a CC if the CC already has a bonus offer. I have no idea though. Maybe they would honor both bonuses, for example on the Alaska business card, $200 + 30k miles. It doesn’t specify on the image what business credit cards are or aren’t eligible.

dan
dan

williams or anyone, is there a limit 1 per household or per business?

Jan B
Jan B

There is a online targeted offer with BOA for new BOA Core Checking customers.

Bonus: $100

DD Requirements: TWO $250 min DD made into account monthly.

Sorry, all I know at this time. HTH.

Jamie
Jamie

I have an interesting data point. With the last offer a couple years ago with the $1500 bonus(business checking $500 + business credit card $500 + merchant services $500), the $500 bonus tied to signing up for a business card was not taxed at all. I signed up for the checking account and credit card and received a bonus of $1k but the tax form I received from BoA only stated $500 as the reported interest income. The other $500 was probably defined as a credit card rebate. So in this case the $300 might be non-taxed if you sign up with the credit card requirement and widen the difference with the public offer.

cr7
cr7

I signed up for the 200 1 day before this article came out, any chance you guys think they will match this? any idea what number to call?

Frank
Frank

Does the second business product have to be a merchant services account? I wonder if they would accept 2 different BOA biz credit cards.

Stammers95
Stammers95

I just signed up for this and asked that question with my local bank rep while signing up. It appears that any business CC is considered to be 1 product (or in better terms category). The second product (or category) would be the merchant services. I will be signing up for 2 business ccs for this promotion so maybe the 2nd cc will go through as a 2nd product. Ill report back in a few months.

Jason
Jason

No you are not. I opened second business credit card same like you. Received letter just qualify 1 bonus 300+200=500 only. not another 200.

dave
dave

Any one know if they’re still doing this promo?

Roman S
Roman S

I do. Opened an account a month ago, due to lack of sufficient business credit history had to open Secured business credit card, received it yesterday (still Alaska card which I initially applied for) but with a 1k limit (this is what I put into deposit account for it). Will update my post once bonus posted.

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