[Targeted] Bank of America $500 Checking Bonus

Update 2/16/21: Deal is back and more people targeted.

Update 1/20/21: Deal is back and valid until April 30, 2021. Hat tip to reader Conor C

Offer at a glance

• Maximum bonus amount: $500
• Availability: Targeted
• Direct deposit required: $10,000 within 90 days, or reach a deposit requirement
• Additional requirements: See below
• Hard/soft pull: Soft, as long as you opt out of overdraft protection
• ChexSystems: No
• Credit card funding: None, but you can fund with a debit card up to $250
• Monthly fees: $12, avoidable
• Early account termination fee: None
• Household limit: None listed
• Expiration date: December 31st, 2019

The Offer

No direct link to offer, showing for some when logged into their Bank of America accounts

• Bank of America is offering a bonus of $500 when you open a new checking account and complete ONE the following requirements:
  • Set up and receive qualifying direct deposits totalling $10,000 or more within 90 days of account opening
  • Make qualifying deposits of $50,000 or more in new money into your personal checking account within 30 days of opening and maintain that balance 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

Easiest account to keep fee free seems to be the Bank of America Advantage Plus Banking account. This has a $12 monthly fee that is waived if you do any of the following:

• Maintain a minimum daily balance of $1,500 or more
• Receive a direct deposit of $250+
• Students under age 24 are eligible to have this fee waived while enrolled in high school, college, university or a vocational program.
• Preferred Rewards clients get this fee waived (waiver applies to first 4 checking accounts).

Early Account Termination Fee

As far as I know there is no early account termination fee.

Our Verdict

Previous best bonus has been $300, that was recently publicly available. This requires $10,000 in direct deposits, this might be a struggle for some readers although in the past some work arounds have worked and it should be possible to cycle the funds making it a little easier. It’s a shame that this is targeted, because I do think it’s definitely worth doing. I think they have targeted this towards people with cards such as the old Merrill+ card, so they probably see these as high value customers and thus the $500 bonus. If this was a public bonus I’d be adding it to the list of the best checking bonuses.

Hat tip to reader Daniel H

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