Update 1/16/20: Another round of offers has gone out. Unsure on end date,
Offer at a glance
- Maximum bonus amount: $300
- Availability: Nationwide, must receive direct communication about the offer (see below)
- Direct deposit required: No
- Additional requirements: Deposit $5,000 and make 5 electronic payments
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: None, but can fund with a debit card up to $300
- Monthly fees: $18-$29.95
- Early account termination fee: None
- Expiration date: December 31st, 2019
Contents
The Offer
- Bank of America is offering a bonus of $300 when you open a new business checking account and complete the following requirements:
- Make qualifying deposits of at least $5,000 within 90 days
- Make at least 5 electronic payments within 90 days
- You can also get $300 when you open a business advantage cash rewards card and spend $3,000+ within 90 days (standard bonus)
The Fine Print
- Offer only available to customers who receive this offer via a direct communication from a Bank of America small business specialist or from a Bank of America communication. All qualifying activities must be completed within the stated timeframes in order to be eligible for this offer. You are not eligible for the business checking account offer if you are or were an owner or signer on a Bank of America small business checking account that is open or that was closed within the last six (6) months. Bank of America may change or terminate this offer at any time without notice. Bank of America employees are not eligible for this offer. To redeem this offer, please contact your Bank of America small business specialist. Reproduction, purchase, sale, transfer or trade of this offer is prohibited. Offer is limited to one per business customer, regardless of the number of businesses owned or operated by the customer
- Open a Bank of America Business Advantage Checking or Business Fundamentals® Checking account by December 31, 2019.
- Deposit at least $5,000 in New Money (less cash received) into that new business checking account within ninety (90) days of account opening.
- “New Money” is deposits of funds into your new small business checking account that are new to Bank of America.
- A transfer done via ATM, online or teller, or a transfer from a Bank of America deposit account or brokerage account, such as a Merrill account, is not New Money.
- Make five (5) Qualifying Electronic Payments within ninety (90) days of opening that new business checking account. Qualifying Electronic Payments include debit card, online bill pay or automated clearinghouse (ACH) transactions, wire transfers or payments sent using an email address or mobile phone number.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Business Fundamentals $13 Per Month
Monthly fee is waived if you do any of the following:
- A $3,000 minimum daily balance in your primary account
- A $5,000 average monthly balance in your primary account
- A $15,000 combined average monthly balance in linked business accounts
- Make $250 in net new qualifying purchases each billing cycle on your Bank of America business credit or debit card
Business Advantage $29.95 Per Month
The Business Advantage checking account comes with a monthly fee of $29.95 per month, but this fee is waived for the first three months. After this introductory period you need to do any one of the following to keep it fee free:
- $15,000 average monthly balance
- $35,000 combined average monthly balance of linked business accounts
- Spend $2,500 per month in new purchases using a linked Bank of America business credit card
- Actively use Bank of America Merchant Services or Payroll Services by Intuit® or Remote Deposit Online service
Early Account Termination Fee
There is no early account termination fee.
Our Verdict
There is another targeted offer for $500 currently, but that requires $20,000 in deposits (if you deposit $5,000 you only get $200) so this is a better offer for people that don’t have $20,000 to deposit.
Hat tip to reader Michael C
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
