Posted by William Charles on July 24, 2019
Bank Account Bonuses

Published on July 24th, 2019 | by William Charles

220

[Expired] Bank of America $300 Checking Bonus – Publicly Available

Deal has ended early as predicted, view more bank account bonuses by clicking here.

Offer at a glance

The Offer

Direct link to offer

  • Bank of America is offering a bonus of $300 when you open a new Bank of America Advantage Banking account and complete the following requirements:
    • Receive a direct deposit of $4,000 or more within the first 90 days of account opening

The Fine Print

  • This offer is limited to new checking customers only; you are not eligible for this offer if you were an owner or co-owner of a Bank of America personal checking account within the last six (6) months. Fiduciary accounts (e.g., trust accounts) are excluded. Offer expires on August 31, 2019; however, Bank of America may change or discontinue this offer at any time before this date without notice.
  • Open a new eligible Bank of America personal checking account by August 31, 2019 (you must use the “Open now” link on the offer page at the time of account opening to be enrolled in this offer); AND (2) set up and receive Qualifying Direct Deposits equaling a total of $4,000 or more in your new personal checking account within ninety (90) days of account opening.
  • A “Qualifying Direct Deposit” is a recurring direct deposit of regular monthly income-such as your salary, pension or Social Security benefit or other eligible regular monthly income, electronically deposited by an employer or other payer into your new checking account. A transfer done via ATM, online, or teller, or a transfer from a bank or brokerage account, Merrill Edge® or Merrill Lynch® account is not a Qualifying Direct Deposit. Please see the Personal Schedule of Fees for further explanation of eligible regular monthly income.
  • After you satisfy all of the requirements, we will attempt to deposit the earned bonus directly into your new personal checking account within sixty (60) days. The new personal checking account must be open and in good standing up to and including the date any earned bonus is paid in order to receive the bonus.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Easiest account to keep fee free seems to be the Bank of America Advantage Plus Banking account. This has a $12 monthly fee that is waived if you do any of the following:

  • Maintain a minimum daily balance of $1,500 or more
  • Receive a direct deposit of $250+
  • Students under age 24 are eligible to have this fee waived while enrolled in high school, college, university or a vocational program.
  • Preferred Rewards clients get this fee waived (waiver applies to first 4 checking accounts).

Early Account Termination Fee

As far as I know there is no early account termination fee.

Our Verdict

Previously this $300 bonus has always been targeted, but there has been a public $100 bonus. This $300 public bonus is obviously significantly better than that $100 bonus. I think Bank of America will probably end up pulling this before the end date, so if you’re interested in this offer I’d recommend signing up sooner rather than later. This is definitely a strong offer and worth doing if you’re at all interested in bank bonuses, because of that I will be adding it to our list of the best bank account bonuses.

Hat tip to curmudgeon

Useful posts regarding bank bonuses:



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parrothead
parrothead

Wonder if it’s possible to downgrade the account type after the bonus posts to make it easier to keep fee free? Otherwise I’ll close it immediately lol

Matt
Matt

see people. posts like this is why you need to sign up for this bonus. we’ll probably never get a public one again.

missjenniferd1
missjenniferd1

dd of $250 keeps it fee free, or min bal of $1500 also keeps it fee free.

Saturn
Saturn

The lowest option carries a 4.95 monthly fee. You’re better off with Advantage Plus and 250 monthly DD until you close out.

creditGuyInDixie
creditGuyInDixie

Regarding your plan to close it immediately after getting the bonus, the DoC folks advise against doing that. You can read about that here:

https://www.doctorofcredit.com/can-just-cool-closing-wells-fargo-accounts/

The logic of the piece is not limited to WF — it applies to closing any savings account, checking account, or credit card, immediately after getting the bonus.

John
John

Yup I totally agree. Don’t be THAT guy and close your account immediately after receiving the bonus. You’ll ruin it for the rest of us. Just keep it open for a couple of more months at least.

Staradmiral
Staradmiral

You are also screwing yourself over by closing immediately. These offers are churnable and for many banks can be done every 1-2 years. I did Bank of american in 2017 and now again in 2019. Why close immediately and risk being blacklisted by the bank? Keep it open for 6 months, then close and stay in good faith with the bank so you can do it again next time. how hard is a $250 direct deposit?

captainsave
captainsave

I closed my BOA acct back in 1/11/19. Am i good to open a new open? Would wait till August but scare they might pull the offer early.

Christian
Christian

Dammit , literally signed up for the $100 offer 4 day’s ago because I’m never targeted for anything BoA anymore

Kyle ❤
Kyle ❤

Bummer

S.
S.

I literally just did the same thing…….

Matt
Matt

Quick and painless. Opened up US Bank and Wells Fargo business last weekend so definitely not chex sensitive (not to mention Simple in the last 2 weeks…so many bonuses!)

FYI, funding with debit card didn’t work for me for some reason. They approved me anyway though, just gotta get $25 in there when I have online access.

Chase O
Chase O

is the $4k DD a one time DD, or total amount of DD in 90 days?

missjenniferd1
missjenniferd1

total
fine print says:
set up and receive Qualifying Direct Deposits equaling a total of $4,000 or more

SMan
SMan

BofA says “set up and receive Qualifying Direct Deposits equaling a total of $4,000 or more in your new personal checking account within ninety (90) days of account opening”. So it is Cumulative not one time.

Iwonder
Iwonder

Closed my account in July this month.. I wonder if I will get the bonus if I open a checking again today ..

Idoubtit
Idoubtit

Terms state not eligible if you’ve had a checking account in the last six months.. so I doubt it..

Jeff
Jeff

Lol really? No.

mjonis
mjonis

Based on the comments and the very old “what acounts” (links to fatwallet which hasn’t existed for like 3+ years), I’m guessing only real DD counts? I didn’t see any datapoints from Chase, Amex Personal Savings, Santander, although I do know that the terms explicitly state ACH from other banks don’t count.

Kyle ❤
Kyle ❤

Looks like SoFi worked 3 months ago.

Neo
Neo

Still working now?

Peter
Peter

I tried SoFi and it says Transaction category: Income: Deposits

Only been 2 weeks so no bonus yet.

Kyle ❤
Kyle ❤

Still have not attempted. Hoping to do so by the end of this month.

K-Man

Bump, turning on notifications. Hopefully someone can report.

arch
arch

The credit card funding link mistakenly goes to the direct deposit link.
Also apparently very hard to do a faux DD with this bank now

Cody
Cody

Looks like $250 deposit per cycle for the Advantage Plus Banking now waives the $12 fee. Legit DD will make this bonus easy.

Kyle ❤
Kyle ❤

Nice! I was thinking about going for the Advantage
SafeBalance BankingTM with a $4.95 fee because I was unsure if I could tie up $1500 for the minimum balance requirement. Now I won’t need to. Thanks!

IS250
IS250

Here’s to hoping they extend this for at least another month so I’d be eligible.

Throwaaway
Throwaaway

Would ach transfer from chase would work ? Or a transfer from Wealthfront savings work for the 4K deposit required and if so how long do I have to leave the 4K in the account ?

Charles Mann
Charles Mann

I doubt it, but try it and let us know.

danny
danny

last time i did a BOA sign up bonus they were pretty strict about using ACH iirc

Hari
Hari

William Charles You could also keep the account fee free with a direct deposit of $250 or more each month.

CreditHunter
CreditHunter

Anyone know if Chase ACH count as direct deposits for this?

Ping
Ping

if you satisfy the DD requirement early, do you get your bonus early too?

Kyle ❤
Kyle ❤

“After you satisfy all of the requirements, we will attempt to deposit the earned bonus directly into your new personal checking account within sixty (60) days.”

Yes

SMan
SMan

I have a business account at Bank of America. Transfer from my business account to personal account at BofA, will it count as DD.

Gadget 🕵️

Guessing highly unlikely, but good luck!

Trevor
Trevor

I’m wondering. It probably depends if the biz checking allows sending it as ACH ($1 fee for 3-day) rather than as a free transfer to “other” BofA customers.

SMan
SMan

Thanks Guys. How do I check whether I can do ACH or not ?

Pauline the Bean
Pauline the Bean

Wouldn’t you click on the Transfers tab?

SMan
SMan

I tried doing ACH, the charge for it is $30, as ours is a small business account. ACH to other banks is $1, but to BofA is $30. Instead they are suggesting me to use free transfer to other BofA customers. I will do free one and keep my fingers crossed. I opened checking account, as it is a requirement for preferred customer status.

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