Posted by William Charles on November 8, 2019
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Published on November 8th, 2019 | by William Charles

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[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:



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JeffLA
JeffLA

Fyi, the public 100 checking seems to have ended early.

Joe
Joe

DELETE

Klad
Klad

There is no additional Chex inquiry if you already have a Checking with them and I would think this is targetted to those who have Checking with them.. So ‘No’ to ChexSystems..

danny
danny

Why are ChexSystem inquiries bad? I thought they don’t affect anything. serious question.. thanks for any info

Superchurn
Superchurn

they do seem to affect chex-sensitive banks’ willingness to open new accounts. I’ve been denied before due to too many chex inquiries, so they do have a cost in terms of inability to open new accounts at some banks

Klad
Klad

Some banks are Chex inquiry sensitive and may not open an account for you and may even close after approving..

More details here
https://www.doctorofcredit.com/an-introduction-to-chexsystems-inc/

And inquiry sensitive banks here
https://www.doctorofcredit.com/banks-credit-unions-chexsystems-inquiry-sensitive/

Paul k
Paul k

Does this have to be done in person? The flyer says so.

LJ
LJ

how do we get this targeted offer?

I want to do this, but i dont know how to go about telling the banker about this offer.

nonimmigranth1b
nonimmigranth1b

I have checking and savings both with BOA and I am targeted.

YK3
YK3

any chance you’re willing to share your mailer? I’m very interested in this to get preferred rewards but am not targeted.

Lucian
Lucian

The offer says “Open or Maintain….”. So you can be an existing customer. Just need to go in a branch and tell them about it.

JM
JM

Was targeted for this offer online.

Opened Regular Savings online 9/28/17, approved immediately. Had a BoA checking since 2009

Deposited $20k (a check) at branch 10/26/17. There was hold on the money for around 10-14 days, but the deposit date shows 10/26

Moved all money except $300 to the checking acct 1/4/2018

$200 Bonus posted 1/6/2018.

Paul K
Paul K

My bonus posted this morning! Signed up right before the new year.

el_pistolero
el_pistolero

I have had a checking account with bofa since 2012, but never have i ever been targeted by this pos bank.

Betelgeuse
Betelgeuse

I have a checking account for 15+ years with then and have never been targeted for any bonuses.

Dan
Dan

This offers sucks donkey balls. 4 months for 1%, that’s 3% APY best case scenario. Fuck you BofA!

Alex
Alex

Personally I think it’s a good offer, since depositing $100k for 90 days will also qualify you for top tier rewards status.

tavert
tavert

Yeah I’ll stick to tax-free muni bonds that yield better than that.

Trevor
Trevor

I’m surprised BofA hasn’t offered any higher rates for savings/CDs yet, at least for new deposits.

Many regional and major banks who normally offer 0.10% of less have been offering 2%+ lately: Wells Fargo, PNC, Citi, HSBC to name a few.

Peter Sagal
Peter Sagal

With interest rates so high (3.33%) on checking accounts, would it even be worth it to move $20,000 over for 90 days just for a $200 bonus? Doesn’t seem to make much sense.

Alex
Alex

It’s beneficial for obtaining preferred rewards status. Also, I was able to get approved for a credit card using the recon number and the rep specifically mentioned that he saw I was a “good customer” with a lot deposited at boa/Merrill. Yes, it’s unfortunate their interest rates are basically 0 though.

I actually deposited $100k for the $500 bonus but decided to move $50k over to capital one for their $450 bonus.

CGID
CGID

I have had a BOA regular savings for 3-4 years (it gets me an extra $20 tax-free for my BOA BBR card). The minimum balance to avoid a fee has always been $300. But I see that it is now $500. Are older account holders grandfathered in at $300? I am not seeing any $5 fees this year and my balance is always in the low 300s.

TJ
TJ

Yes, you are grandfathered into the old “Regular Savings” which only requires $300 daily minimum as opposed to the Rewards Savings which is $500 to avoid the maintenance fee.

Also, William or Chuck. You need to update the account names in the post. BOA Interest Checking is BOA Advantage Relationship and Rewards Money Market (which hasn’t been called that in a long time) is Rewards Savings.

doctorofBS
doctorofBS

Why are we looking at STALE post, this offer expired 4/20/19.

savemesf
savemesf

Received a mailer with this offer that has an additional tier of $150 bonus for $10K-$20K. Good through 12/31/19

Long time Platinum Honors customer but I believe this is the first time I have been offered the Savings bonus

culdeus
culdeus

Looking further in offer link it looks like only certain branches are doing it.

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