You can check if you are targeted by logging in to online banking & clicking on the “Special Offers & Deals” header. You may also see it prominently displayed in the Activity Center, after clicking on the “Special Offers & Deals” square
Offer at a glance
- Maximum bonus amount: $300
- Availability: Nationwide but targeted
- Deposit Required: $5,000-$50,000
- Deposit Length: 60 days
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: None, but you can fund with a debit card up to $250
- Monthly fees: $5-12, avoidable
- Early account termination fee: None
- Household limit: None listed
- Expiration date: September 30th, 2017
Contents
The Offer
- Bank of America is offering a bonus of up to $300 when you open a new Bank of America Regular Savings or Rewards Money market savings account by September 30th, 2017. You have 30 days from account opening to make qualifying deposits (bonus is tiered depending on how much you deposit). After the 30 day period all qualifying deposits will be totaled to determine your eligible bonus tier. To receive the bonus you must also maintain your qualifying deposits for an additional 60 days. Bonus tiers are as follows:
- $5,000-$9,9999: $50 Bonus
- $10,000-$19,999: $100 bonus
- $20,000-$49,999: $200 bonus
- $50,000+: $300 bonus
The Fine Print
- Open a new, eligible savings account by September 30, 2017, in a financial center, online, or via phone. Certificates of Deposit (CDs), Individual Retirement Accounts (IRAs), and Minor/Student savings accounts are not eligible for this offer
- Next, you have thirty (30) days from account opening to make deposits of new money directly into your savings account (each is a “Qualifying Deposit”). “New money” is money not currently or previously held in any account in your name at Bank of America, Merrill Edge®, and/or Merrill Lynch®. At the end of the 30-day period, all Qualifying Deposits will be totaled to determine which of the bonus tiers you are eligible for (the “Qualified Tier”).
- Qualifying Deposits totaling $5,000–$9,999 will be eligible for the $50 bonus tier, $10,000–$19,999 will be eligible for the $100 bonus tier, $20,000–$49,999 will be eligible for the $200 bonus tier, and $50,000 or more will be eligible for the $300 bonus tier
- Finally, for an additional sixty (60) days after the Qualified Tier is established (the “Maintenance Period”), you must maintain the Qualifying Deposits. The average daily balance in your new savings account must be equal to or greater than the minimum balance for your Qualified Tier. For example, if your Qualified Tier is $200, you must maintain an average daily balance of at least $20,000 for an additional 60 days after your Qualified Tier is established
- 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.
Regular Savings $5 Monthly Fee
The monthly fee on this account is waived if you do any of the following:
- Maintain a minimum daily balance of at least $500
- Link your Bank of America Interest Checking to Regular Savings account
- When you are a Bank of America Preferred Rewards client
- Make combined monthly automatic transfers of $25 or more from your Bank of America checking account to savings account
Bank of America Rewards Money $12 Monthly Fee
The monthly fee on this account is waived if you do any of the following:
- Maintain a minimum daily balance of at least $2,500
- Link your Bank of America Interest Checking to Regular Savings account
- When you are a Bank of America Preferred Rewards client
Our Verdict
Rewards Money Market has an APY of 0.03% and interest checking is 0.01% for balances under $50,000 and 0.02% for balances over $50,000 so basically nothing. First three tiers are a turn of 1% over ~60 days and the last tier is 0.6% over ~60 days. Not terrible but I don’t think it’s worth the effort of setting up a new account for that short of a time period, especially when there are lots of high yield savings accounts and savings account bonuses that are better.
Big thanks to reader, SnowdensOfYesteryear who let us know. Learn how to find bonuses and contribute to the site here.
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
