[Targeted] Bank of America Savings Bonus – Up To $500

Update 11/8/19: There is now a direct link, but there is still targeted language. Interesting reader culdeus apparently saw an offer for this in branch. That would mean it’s not targeted, but I’d recommend going into your local branch to confirm.

Update 5/25/19: Bonus is back and valid until August 8th, 2019. Hat tip to reader Abey

Update: Bonus is back and valid until April 30th, 2019 but still targeted. Hat tip to DDG

Offer at a glance

• Maximum bonus amount: $500
• Availability: Nationwide but targeted
• Deposit required: $20,000-$100,000
• 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 listed
• Household limit: None listed
• Expiration date: December 31st, 2017 April 30th, 2019

The Offer

No direct link, offer sent out via snail mail

• Bank of America is offering a bonus of up to $500 when you open a new eligible savings account by December 30th, 2019. 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 90 days. Bonus tiers are as follows:
  • $10,000-$19,999: $100 bonus
  • $20,000-$49,999: $200 bonus
  • $50,000-$99,999: $300 bonus
  • $100,000+: $500 bonus

The Fine Print

• 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. The returns on each tier are as follows:

• $200 bonus: 4.06% APY
• $300 bonus: 2.43% APY
• $500 bonus: 2.03% APY

As you can see the APY decreases as the bonus increases. Probably only really worth considering the $200 bonus to be honest. Bank of America also has two different checking bonuses currently as well.

Big thanks to reader, CJ 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
• Bank Bonus Posting Times