Posted by William Charles on February 22, 2019
Bank Account Bonuses

Published on February 22nd, 2019 | by William Charles

19

[Targeted] Bank of America $300 Checking & $200 Savings Bonus

Offer at a glance

The Offer

Direct link to offer

  • Bank of America is offering the following bonuses worth up to $500 total:
    • $300 checking bonus:
      • Open a new Bank of America Advantage Banking account using your unique offer code
      • Set up and receive qualifying direct deposits totaling $4,000 or more within the first 90 days of opening your new checking account
    • $200 savings bonus:
      • Open a new Bank of America Rewards savings account
      • Within 30 days of opening deposit $20,000 or more in new money and maintain that for 90 days

The Fine Print

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Advantage Plus Banking has a $12 monthly fee, this is waived if you do any of the following requirements:

  • Maintain a minimum daily balance of $1,500 or more
  • Are a student under 24
  • Are a preferred rewards client

Savings account has a $8 monthly fee that is waived if you do any of the following:

  • Maintain a minimum daily balance of at least $500
  • Link your Rewards Savings account to your Bank of America Advantage Relationship Banking™ account (waiver applies to first 4 savings accounts)
  • When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts)

Early Account Termination Fee

There is no early account termination fee

Our Verdict

The $300 checking offer has been available for some time, although it looks like with this offer you can open an account that is easier to keep fee free. The $200 savings bonus is new, if you put that same $20,000 into a 2.5% APY account for 90 days you’d earn ~$123. Bank of America savings accounts earn 0.03%, so that’s basically zero. Bonus is still better than putting the money into the top high yield basic savings account, but not by that much.

Hat tip to reader SL

Useful posts regarding bank bonuses:



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DeeezNuuts
DeeezNuuts

One benefit of keeping $20K into the savings account for the $200 bonus is that it will eventually make you a preferred rewards gold member (25% bonus on BofA credit cards). I think you will be able to keep that status for about a year despite removing funds afterwards.

YK3
YK3

Did not think of this, makes this more attractive for me. Thanks!

pandy
pandy

I think the difference between the 25% bonus for the gold tier, and the 10% bonus for any ol’ customer tier will equal $22.50 per $10k in spend for the Premium/Travel rewards, and $45 per maxed out category bonus (annually) for the Cash Rewards.

A nice boost, but probably only worth it if you’ve got multiple Cash Rewards cards. It would be annoying if it took longer than the bonus requirement to be registered for the gold tier.

Harold
Harold

The savings account does have a monthly fee. The website says:

No monthly maintenance fee for each statement cycle that you:
Maintain a minimum daily balance of at least $500
or
Link your Rewards Savings account to your Bank of America Advantage Relationship Banking™ account (waiver applies to first 4 savings accounts)
or
When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts)
or pay $8/month.

For new Rewards Savings accounts, we’ll waive this fee for the first 6 months.

Francisco
Francisco

How can you get targeted? I don’t have a credit card with BoA. Has anybody had any luck when they don’t have a relationship with BoA before?

Proctologist Of Credit
Proctologist Of Credit

Are there any strategies on how to get targeted for this?

JJ
JJ

Will I get the bonus just applying through the link (even if I wasn’t targetted)? I do have a BOA savings account. I also noticed there aren’t many DD options for BOA which is something to consider.

Katie Hernandez
Katie Hernandez

I am very excited to have finally received one of these B of A offers…but of course I don’t have direct deposit. My husband does; are there any work arounds? Really didn’t want to have him on my account since that makes him not eligible for his own bonus, but I won’t have direct deposit in the foreseeable future. Is this bonus good enough to just have him on my account? Any other methods for direct deposit that aren’t from a paycheck? Thanks!

DeeezNuuts
DeeezNuuts
escot
escot

I too am now targeted…. but facing a similar uncertainty. (have some part time income, but much more via self-employment/contract work, and merchandise re-selling…. I surmise anything other than a formal employer dd won’t count now?

About that DoC resource for what works, it needs updating and clarification… When we click on a lot of the footnote links therein, they get re-directed to an odd ebates link…. with nothing relevant to the footnote…. (like whether or not ach transfers work, or don’t…. who knows by this resource?)

akjohnny
akjohnny

get the account in your name and add him… have him change his dd to the BOA account and you will still get the bonus…. it’s what I plan on doing.

Ausclaire
Ausclaire

I missed the deadline for DD’s for this any chances I could still get the bonus?

john m
john m

Leaving 20 grand in it for 90 days to get $200(their interest rate sucks,too).Big deal. BOA is so cheap. I can get that with my hometown bank with their 2% int rate.

Onsale
Onsale

If the offer code looks like something that can be shared, please post!

Jack - NJ
Jack - NJ

Did anyone receive a direct mailing, or otherwise have a code, that they are willing to share? Only if you won’t use on your own, of course.

Shri
Shri

Targeted for this offer through snail mail. I am not a Bank of America customer but I was interested in their $300 checking account offer. A few weeks ago, I had scheduled an appointment through BoA website to open a checking account at their local branch. And I cancelled it a few days before the appointment. Wonder if I got targeted because of that. Although I hoped to get targeted 😉

Adam
Adam

Got a targeted letter in the mail today. Have never had a relationship with BofA whatsoever, including no applications or anything.

As far as having the fee waived for enrollment in Preferred Rewards — anyone know if simply enrolling in the program is enough or if you have to actually qualify for the lowest tier (Gold, which requires $20K avg balance) to have monthly fee waived?

Katie Hernandez
Katie Hernandez

How long does the account have to remain open after bonus in order to not have it clawed back?

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