Deal has ended, view more bank account bonuses by clicking here.
Update 10/9/22: More people are seeing this email within the past day
Offer at a glance
- Maximum bonus amount: $100
- Availability: Targeted email
- Direct deposit required: None
- Additional requirements: $1,000 deposit
- Hard/soft pull: Soft, as long as you opt out of overdraft protection
- ChexSystems: Mixed datapoint, most say they don’t pull
- Credit card funding: None, but you can fund with a debit card up to $250
- Monthly fees: $8, waivable (also waived first 6 months)
- Early account termination fee: None mentioned
- Household limit: None listed
- Expiration date: November 30, 2022
Contents
The Offer
Direct link to offer (keep in mind this is targeted; check your email for subject: Get a $100 cash offer and a head start toward your next goal)
- Get $100 cash bonus when you open a new Bank of America Advantage Savings account by November 30 2022 and deposit $1,000 or more in New Money within 30 days.
Must maintain the $1,000 for the Maintenance Period. The Maintenance Period begins thirty-one (31) days after you open the account and ends ninety (90) days after you open the account.
The Fine Print
- Offer is limited to individuals who receive the offer via a direct communication from Bank of America and have not owned or co-owned a Bank of America personal savings account within the last twelve (12) months.
- Fiduciary accounts (e.g., trusts), business accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs) are not eligible for this offer.
- Offer cannot be combined with any other savings offer and is limited to one bonus per account and per customer.
- Offer expires on November 30, 2022. Bank of America may change or discontinue this offer at any time before this date without notice.
- Requirements to Receive the $100 Savings Bonus:
- Enroll in this offer through a Bank of America associate OR by clicking the enrollment button or link in a direct communication from Bank of America.
- Open a new Bank of America Advantage Savings account by November 30, 2022.
- Deposit $1,000 or more in New Money directly into that Bank of America Advantage Savings account within thirty (30) days of account opening (the “Deposit Period”).
- Maintain a daily balance of $1,000 or more in that Bank of America Advantage Savings account during the Maintenance Period. The “Maintenance Period” begins thirty-one (31) days after you open the account and ends ninety (90) days after you open the account.
- “New Money” is money not currently or previously held in a Bank of America account or Merrill investment account. Transfer limits may apply.
- You will not be eligible for the bonus if the New Money deposits in your account are below $1,000 on the last day of the Deposit Period, or the daily balance in your account drops below $1,000 on any day during the Maintenance Period.
- After you satisfy all of the requirements, we will attempt to deposit the earned bonus directly into the personal savings account within sixty (60) days. The personal savings account must be open and in good standing up to and including the date any earned bonus is paid.
- To receive your bonus you must provide all of the information we require in connection with opening the account. This includes information we require to identify each account owner, including a validly completed IRS Form W-9 or Form W-8 (as applicable).
- The value of this bonus may constitute taxable income to you. To the extent required by law, Bank of America may withhold tax or other amounts from the payment. Bank of America may issue an IRS Form 1099 (or other appropriate form) to you that reflects the value of the bonus. Please consult your tax advisor, as neither Bank of America, its affiliates, nor their employees provide tax advice.
- The Bank of America Advantage Savings account requires a minimum opening deposit of $100 and pays the following Annual Percentage Yields (APYs): less than $2,500, 0.01%; $2,500 and over, 0.01%. APYs are accurate as of 07/01/2022 and are based on the account being domiciled in California. For today’s rates, select the applicable account at bankofamerica.com/depositsrates. Rates may change at any time without prior notice, before or after the account is opened, and may vary by location. Fees may reduce earnings. Accounts, product terms, and fees may vary by location, and we may discontinue and/or add new account types at any time. Please consult a financial center, visit bankofamerica.com or see the Personal Schedule of Fees (available at bankofamerica.com/fees) for account fees and additional information about accounts.
Avoiding Fees
Early Termination Fee
There’s no mention of an account early termination fee.
Monthly Fees
Monthly fee is $8, waived for the first 6 months. After that, you can avoid the monthly fee each statement cycle, when you meet one of the following:
- Maintain a $500 minimum daily balance
- Link your savings account to an eligible checking account (first four savings accounts)
- Enroll in the Preferred Rewards Program
- Also waived for those who are under 18 or who is under 25 and qualifies as a Student
Our Verdict
I got this offer and many readers sent it over as well. I typically don’t do these lower bonuses due to the mental hassle, but given I already have other accounts in an online login with Bank of America, I might give this a go.
It’s not a full $100 in profit since you can probably earn around $5 with the money in a regular high yield savings account versus near-zero in this account, but still should be ~$95 extra. Just be sure to close out the savings account after the bonus posts to avoid monthly fees. The bonus should post within the 6 month grace period when the account is fee-free. For those with Preferred Rewards status, the account is always fee-free so there’s no timing issue at all.
There’s a nationwide Bank of America checking bonus available now as well; that one is not targeted.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- 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
Positive DP:
11.24.22 opened (no promo code or targeted email, just clicked on the direct offer link here)
11.29.22 ACH $1k from Chase
12.12.22 Called the bank and confirmed that the promo is applied.
12.15.22 Receive a letter from BOA confirming my savings account and promo code.
3.4.23 $100 “BANK OF AMERICA DES: Payment” pending
This doesn’t seem to have worked for me… I deposited $1,000 into my new Advantage savings account on 09/13/2022 and still haven’t seen jack shit 🙁
DP: ACH pull doesn’t appear to count as a deposit. SUB fail.
Here is my DP:
10/7/22 Open Account
10/10/22 $1001 push from One Finance
1/13/23 $100 “BANK OF AMERICA PAYMENT ON 1/13” credit posted
Got targeted for this offer by email on 8/3 for both P2 and I.
9/6 – Opened Advantage savings account online through targeted email link with $25 deposit from B of A checking account
9/8 – Trial deposits posted from TBK bank external checking account
9/16 – $1k ACH deposit posted from TBK Bank
12/16 – $100 bonus posted
There was no option for me during the application to fund my new savings account with up to $250 via debit card. I plan to close my account within 6 months since there is a monthly fee for the account if you keep it longer than 6 months.
I believe you had to have had an existing B of A checking account to have been targeted for this offer since the email I received mentioned the last 4 digits of my checking account number with them. As a result of this, I decided to keep my checking account open during this time until receipt of the bonus just in case closing it would have affected my eligibility for the offer. I plan to close my checking account with them soon too so I can churn their checking bonus in the future as well.
Also, I’ve earned maybe 3 cents worth of interest on my savings account for the almost 4 months I’ve had the account, which is definitely not competitive with other savings account rates in this current high interest environment. Easy bonus though. I still have not withdrawn my initial $1k deposit, but plan to soon so I can close the account. I had a savings account with B of A previously, but closed it once they started instituting a monthly fee. P2’s bonus timeline is similar.
11/24 opened (no promo code or targeted email, just clicked on the direct offer link here)
11/29 ACH $1k from Chase
12/12 Called the bank and confirmed that the promo is applied.
I’ve saved the promo page on Wayback Machine for future reference:
https://web.archive.org/web/20221128225723/https://promotions.bankofamerica.com/offers/2022cs100?
8/3 opened
8/9 ACH $1k from Presidential
11/14 $100 Bonus posted
Just got my $100. Here’s my DP:
8/3/22 Open Account
8/4/22 $1010 push from One
11/10/22 lowered balance to $10
11/14/22 $100 “ACH CREDIT BANK OF AMERICA PAYMENT ON 11/14” credit posted
Hello, has anyone have a successful DP on this? I opened the account and funded 1k new money on 9/15 and haven’t received the $100 yet. How long does it take?
Maintain a daily balance of $1,000 or more in that Bank of America Advantage Savings account during the Maintenance Period. The “Maintenance Period” begins thirty-one (31) days after you open the account and ends ninety (90) days after you open the account.
After you satisfy all of the requirements, we will attempt to deposit the earned bonus directly into the personal savings account within sixty (60) days.