Update 11/28/23: Extended until 6/30/24.
Update 6/4/23: Extended until 12/31/23
Offer at a glance
- Maximum bonus amount:Â $200
- Availability:Â Nationwide, available online
- Direct deposit required:Â No
- Additional requirements:Â Deposit $5,000 and maintain $5,000 for 90 days
- Hard/soft pull:Â Soft
- ChexSystems:Â Unknown
- Credit card funding:Â None, but can fund with a debit card up to $300
- Monthly fees:Â $16, avoidable
- Early account termination fee:Â None
- Household limit:Â None listed
- Expiration date:Â June 30, 2023
Contents
The Offer
- Bank of America is offering a $200 bonus when you open a new business checking account and complete the following requirements:
- Make Qualifying Deposits of $5,000 or more in new money* within 30 days of opening the new business checking account
- Maintain an average balance of $5,000 for next 60 days (day 31-90) during the maintenance period
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
Business fundamentals is the easiest account to keep fee free with a $16 monthly fee. This is waived if you do any of the following:
- Maintain a $5,000 combined average balance
- Spend at least $250 in new net purchases on your business debit card
- Become a member of Preferred Rewards for Business
Early Account Termination Fee
There is no early account termination fee
Our Verdict
Bank of America business checking bonuses normally have targeted language, like the frequent $500 bonus. The nice part of this bonus is that it only requires a $5,000 deposit for 90 days vs $20,000 for the $500 bonus. With interest rates being so high for savings accounts the opportunity cost of $5,000 for 90 days at 5% is ~$61 ($244 for the $500 bonus). We will add this to our list of the best bank account bonuses.
Hat tip to reader Sunshine
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
11/30/2023 account opened and funding with $5000
03/08/2024 $200 bonus deposited
When safe to close account?
Declined online – fraud team could not verify something (they wont disclose). I applied using my google voice number. Ill reapply using a different number and maybe that will fix it.
“fraud team” – one or two underpaid Filipino employees in Quezon City
Declined again using different number.
was it a legit number or voip again?
Legit #
Did anyone get a 1099 for the BOA biz account bonus?
I didnt, but that is because the bonus didn’t post until 2024 for me, even that I applied way back in August or something
I did.
11 Dec 2023: Opened in person in branch w/$25
23 Dec 2023: Moved in additional $500 to avoid fee
18 Jan 2024: “DD” from Cash Management acct. at Fidelity for >$2000
26 Jan 2024: $200 bonus deposited
Extended to 30 June ’24
Here’s my DP.
July 3, 2023 – Applied for account using the standard application online which had the promo code automatically filled in.
July 5, 2023 – Account was approved and opened
August 2, 2023 – Mobile Deposited $5,000.00 and kept there until this minute
October 2, 2023 – End of 60 day maintenance period.
December 1, 2023 – Last day of the 60 days after maintenance period that the $200 bonus was supposed to be deposited.
Nothing received as of this minute. Called 1888BUSINESS and the associate said no promo offer attached to the account and it will take 7-10 business days to research.
Happened to me as well. Submitted a compliant via CFPB and then an executive office member called me and said they will honor it. Got the $200 10 days after.
For those that rec’d bonus and then closed – were you able to close via a SM or chat? Or did you have to call?
I didn’t know BofA had Secure Messaging where one can send them a message and unless I am mistaken, they do not have Live Chat either.
They have live chat bottom right of web browser session but it is intermittently available and sometimes only for credit cards (but used for biz checking recently also).
Need to add this to the “fine print” sections:
This offer is available to business owners who apply for a new business account online only. This offer is intended for new customers only; you are not eligible for this offer if you were an owner or signer on a Bank of America Business Advantage Banking account within the last twelve (12) months. Bank of America employees are not eligible for this offer.
I just completed this bonus, minimizing the amount of time I kept the $5k locked up. The opening was easy, the payout swift and I closed the account immediately over the phone with a surprisingly friendly rep. (Still waiting on my big USBank business bonus, though.)
“This offer is intended for new customers only; you are not eligible for this offer if you were an owner or signer on a Bank of America Business Advantage Banking account within the last twelve (12) months”