We’re all looking for ways to save – and bank promotions and bonuses are a great way to start. With bank bonuses, also known as targeted offers, you can jump-start your savings, but like with anything finance-related, you need to know what you’re doing to make the most of them.
Starting to be smart about your savings and learning more about how you can take advantage of targeted offers is never too early or too late – whether you’ve just finished high school or are already in your 30s.
Today I’ll cover the current Bank of America promotions and bonuses so that you can decide whether they’re something you’re interested in.
Bank of America’s Current Promotions
Here are the current Bank of America promotions you can benefit from today:
- Bank of America Personal Checking Account for Current Customers: $300 Bonus
- Bank of America Personal Checking Account for New Customers: $100 Bonus
- Bank of America Savings Account: $250 Bonus
- Bank of America Business Checking Account: $750 Bonus
- Bank of America Business Checking Account + Additional Business Account: $1,000 – $2,500 Bonus
Do keep in mind that as with any other offer, terms and conditions apply. Taking the time to familiarise yourself with these rules can help you make the most of what is on offer.
While we have listed the eligibility criteria such as average daily balance requirements that you need to fulfill to take advantage of the bonus on offer, some restrictions may still apply.
Bank of America Checking Account Bonus for Current Customers: $300 Bonus
If you’re already a Bank of America customer with a savings account, now might be your chance to open a personal checking account and get rewarded for it.
This checking offer is by invitation only, meaning that you need to get a promo invite from Bank of America.
Taking advantage of this targeted offer is easy – all you need to do is log in to your Bank of America account through the advert or communication received from the bank and then follow the steps below:
- Open a new Bank of America Checking account
- Deposit $4,000 or more in the first 90 days of opening the account
While the qualifying deposit is pretty high, it’s possible to save up for it. This offer is available nationwide to customers that receive the offer via email or an online advert.
A soft pull credit check might be carried out by the bank in the process, but this will not affect your credit score in any way.
When it comes to opening a Bank of America checking account, you will need to choose an account setting. This determines the type of account you hold.
The account setting you choose will give you access to different perks. Different account settings come with different monthly fees, so choosing the right one for you is important.
In this section, we will be looking at the different account settings, why you should choose it, and how to waive the monthly maintenance fee.
- Bank of America Advantage SafeBalance Banking: Choose this option if you don’t need a checkbook, and you’re not particularly fond of overdraft fees. To avoid paying the $4.95 monthly maintenance fee, enroll in the Preferred Rewards program.
- Bank of America Advantage SafeBalance Banking: Choose this option if you use direct deposits, and you’re looking for an easy to use bank account. To avoid paying the $12 monthly maintenance fee, enroll in the Preferred Rewards program, or meet the minimum direct deposit or minimum daily balance.
- Bank of America Advantage Relationship Banking: Choose this option if you maintain higher balances and want to have multiple accounts with the same bank. To avoid paying the $25 monthly maintenance fee, enroll in Preferred Rewards, or meet the minimum balance requirements.
Depending on the account setting you choose, your new checking account comes with a monthly maintenance fee.
The cost will range from $4.95 to $25.
This fee can be waived by meeting special requirements that include maintaining the required balance. The requirements for the fee to be waived will vary from one type of account to the next.
Minimum Deposit Requirements
Do keep in mind that there is also a minimum deposit required at the time of opening the account. This ranges from $25 to $100.
During the account opening process, you will also need to provide an IRS W-8 or W-9 form, since the bonus is reported to the IRS and is subject to taxation.
Your new Bank of America checking account comes with many features that can help you make the most out of your banking experience.
To this end, you can expect a number of different perks, including the following:
- Overdraft protection
- Cash back offers
- Preferred Rewards
- Debit Card
It’s important to note that terms and conditions apply to this offer. These rules can be viewed through the Bank of America website and can help you understand what is expected from you to avoid disappointment further down the line.
More about Preferred Rewards
The Bank of America Preferred Rewards program offers members several advantages, including more favorable rates, free trades, free ATM withdrawals, and many other perks and benefits.
There are three different Preferred Reward Tiers that have different eligibility requirements that need to be met. These are set as follows:
- Requirements: To get Gold level rewards, you need to have a combined balance of $20,000 or more
- Perks: Gold level perks include a boost of 5% on interest earned on Rewards Money Market Savings accounts as well as a bonus of 25% on qualifying credit card rewards.
- Requirements: To get Platinum level rewards, you need to have a combined balance of $50,000 or more
- Perks: Platinum level perks include a boost of 10% on interest earned on Rewards Money Market Savings accounts as well as a bonus of 50% on qualifying credit card rewards. You also get one free ATM transaction when using an ATM that isn’t Bank of America as well as 30 free stock or ETF trades using a Merrill Edge investment account.
Platinum Honors Level
- Requirements: To get Platinum Honors level rewards, you need to have a combined balance of $100,000 or more
- Perks: Platinum level perks include a boost of 20% on interest earned on Rewards Money Market Savings accounts as well as a bonus of 75% on qualifying credit card rewards. Furthermore, you also get unlimited free transactions when using non-Bank of America ATMs as well as 100 free stock or ETF trades using a Merrill Edge investment account.
Bank of America Checking Account Bonus for New Customers: $100 Bonus
This offer is valid until 6/30/2021.
If you’re not a Bank of America customer yet, this checking bonus offer might be just what you’re looking for if you’re looking to open a new checking account. Available for new customers nationwide, all you need to do is:
- Open a qualifying Bank of America Checking account
- Make two or more direct deposits of at least $250 within 90 days of account opening
You will also need to decide which type of account you would like to open. The bank offers three Bank of America Advantage Banking tiers to choose from, with each one having its own requirements and perks.
The type of account you choose will also determine the minimum opening deposit as well as the monthly maintenance fee of the account. Available account options include:
- Bank of America Advantage SafeBalance: This type of checking account has a $25 opening deposit minimum and a $4.95 maintenance fee payable monthly
- Bank of America Advantage Plus Banking: This type of checking account has a $100 opening deposit minimum and a $12 maintenance fee payable monthly
- Bank of America Advantage Relationship Banking: This type of checking account has a $100 opening deposit minimum and a $25 maintenance fee payable monthly
You can easily get the monthly service fee waived if certain conditions are met. These conditions change from one type of account to the next and include keeping an account balance above a certain threshold.
The Bank may also issue an IRS Form 1099. This makes the bonus amount you receive taxable. You will also be asked to supply a completed W-8 or W-9 IRS Form during the registration process.
Make sure you have this handy, or you might not get the bonus at all.
The account comes with a number of benefits and features. These include
- Overdraft protection
- Up to 15% cash back on eligible purchases
- Preferred rewards
- Debit card
The offer code for this is PSR100CIS, use it when opening your new account.
Bank of America Savings Account: $250 Bonus
Qualified customers can get a $250 cash bonus when opening an eligible personal savings account. This targeted offer has to be requested directly from a Bank of America representative or, if you have received direct communication from the bank about this offer, through the provided link.
Whichever way you go about it, you will have to follow the same procedure to get the bonus money being advertised.
- Open a qualifying personal savings account, or if you already have one all you need to do is maintain it
- Make $20,000 worth of direct deposits within 30 days of subscribing for the offer
- Keep the deposits in your account for 90 days
Once all of the requirements have been met, you can expect the bonus to hit your account within 60 days. The offer is available for Bank of America customers nationwide.
The account has a $5 monthly maintenance fee. This fee can be waived if you meet certain criteria. These include:
- Keep a minimum daily balance of $500 or more
- Linking your Bank of America Interest Checking account
- Enrolling in the Preferred Rewards Program
- Make $25 worth of automatic transfers every month from your Bank of America checking account
The bonus is subject to taxation, and as such, the bank will require the applicable IRS forms during the sign-up process. Failure to provide this information may see you forfeit the bonus, so make sure you have it handy during the registration process.
Bank of America Business Checking Account: $750 Bonus
Eligible business owners can get a $750 cash bonus when opening a qualifying account and meeting the set requirements.
There are two different business checking accounts to choose from, helping you select the one that is the best for your business.
To get the $750 on offer, you will need to:
- Open a new Business Fundamentals Checking Account or a Business Advantage Checking Account
- Make $50,000 or more in qualifying direct deposits within 15 days of opening the account
- Keep an average balance of $50,000 during the maintenance period
- Post 5 or more qualifying Electronic Payments before the maintenance period expires
Once all of the requirements have been met, you can expect the bonus money to hit your account within 60 days. To qualify for this offer, you need to receive communication from Bank of America. This can happen via a Small Business Specialist or an electronic format such as email.
Some of the requirements tied to this offer refer to a maintenance period. It is important to note that this maintenance period starts 16 days after the account is opened and runs for 59 days straight.
There is also a maintenance fee which is payable monthly. This fee is set at $18 for the Fundamentals Checking Account and $29.95 for the Advantage Checking account.
The fee can be waived if you meet some criteria that include maintaining an average balance above a certain threshold and others.
How to waive the Business Fundamentals monthly maintenance fee
- Spend $250 or more on your business debit or credit card
- Keep your monthly balance at an average of $5,000
- Keep your daily balance at an average of $3,000
- Keep a balance of $15,000 across all of your Bank of America accounts
- Become a member of the Business Advantage Relationship Rewards program
How to waive the Business Advantage monthly maintenance fee
- Spend $2,500 or more on your business credit card
- Keep a monthly balance of $15,000
- Keep a balance of $35,000 across all of your Bank of America accounts
- Use the Bank of America Merchant and Payroll Services
Business Account Features
The business accounts in this offer come with many useful features. These include:
- Tiered interest
- Preferred rewards
- Keep the change
Business Checking Account + Additional Business Account: $1,000 – $2,500 Bonus
Business account holders can get as much as $2,500 when opening eligible checking accounts with Bank of America. The bonus offer starts at $1,000 when opening two eligible accounts and goes all the way up to $2,500 when opening five eligible accounts.
To take advantage of this offer, you will need to:
- Open a Business Advantage Checking Account, then choose from the following:
- Get a Small Business Credit Card and spend $2,000 or more in the first 90 days of opening your account
- Get a Business Term Loan in the first 90 days of opening your account
- Get a Business Line Of Credit in the first 90 days of opening your account
- Open a Merchant Service Account and settle funds of $10,000 or more in the first 90 days of opening your account
You have to choose a minimum of one additional account from the accounts on offer to get the $1,000 cash bonus.
For each additional product you sign up and get approved for, you will get an additional $500 bonus up to a maximum of $2,500.
The offer comes with some requirements and has an approval process that needs to be carried out. You will need to speak to a Small Business Expert at a local branch with the offer being available across the whole US.
Once approved, you will get to enjoy several account benefits designed to make business banking that much easier. These include
- Online banking
- Online bills payment
- Mobile banking
- Mobile check deposits
- Debit cards including Total Security Protection
- Online management of accounts
- Quickbooks integration
- Business checking account
- A number of fee-free banking services
Perks of Being a Bank of America Customer
Museums on Us Offer: FREE Admission on Select Dates
This offer is available to all Bank of America customers who have a debit or credit card where the card issuer is Bank of America.
Available on select dates, it provides cardholders with free general admission to some 225 cultural institutions around the nation.
To take advantage of this offer, simply present your card at a participating museum on one of the available dates.
- January 5th – 6th
- February 2nd – 3rd
- March 2nd – 3rd
- April 6th – 7th
- May 4th – 5th
- June 1st – 2nd
- July 6th – 7th
- August 3rd – 4th
- September 7th – 8th
- October 5th – 6th
- November 2nd – 3rd
- December 7th & 8th
You can find a map with all participating museums on Bank of America’s website.
McAfee Subscription: FREE for One Year
Bank of America is offering online banking users a free one-year subscription to the McAfee Antivirus. This offer is open to all customers who use internet banking and can help you stay safe and secure online.
To be eligible for this offer, you must not have a current McAfee subscription, and the subscription will renew automatically unless canceled beforehand.
The McAfee version on offer is called McAfee LiveSafe. It offers protection for different kinds of devices, including laptops, Macbooks, smartphones, and tablets.
The subscription covers an unlimited number of personal devices for both online and offline protection. It combines antivirus protection with privacy and identity tools, including a secure VPN system, to help you make sure that your personal information stays private.
About Bank of America
Bank of America is the second-biggest bank in the US, surpassed only by JPMorgan Chase Bank. Their total asset value is well over 2 billion dollars.
Founded in 1904, they operate in over 35 different countries around the world, offering both personal as well as business banking services.
To help customers get the most out of their banking, they are offering bonuses and promotions for both types of customers that you can take advantage of today when opening a new bank account.
If you’re looking at opening a new Bank of America checking or savings account, then Bank of America is worth considering, They not only have some great bonuses and promotions on offer but their accounts also come with some nice perks.
You can also get the monthly maintenance fees waived if you’re careful and meet the requirements the bank has set.
Business owners also have a lot to look forward to when opening a business account with Bank of America. They have a range of different accounts and products that can make it easier to do business.
These accounts also come with their own bonuses and promotions, where you can get as much as $2,500.
Alternative Bank Promotions To Check Out
If you’re looking for more great promotional offers and bonuses to take advantage of and Bank of America doesn’t seem it for you, you may want to check out the following bonuses:
- Wells Fargo Checking Account Bonus: $400 bonus with $4,000 in direct deposits
- Chase Total Checking Account Bonus: $200 bonus after opening a new account, setting up and get a direct deposit (within 60 days) to get the bonus within ten business days
- TD Bank Checking Account Bonus: $300 bonus available to new customers who open a Beyond Checking account online, and have at least $2,500 worth of direct deposit funds within 60 days of opening the account
What is a bank bonus?
Banks, like other businesses, depend on their customers to make money. As such, attracting new customers is important for the business, with banks employing different strategies to attract and retain customers.
One of the strategies that banks frequently employ is that of bonuses and promotions. Banks like Bank of America and others such as Chase and HSBC bank all have bank bonuses that aim to make it advantageous for customers to open an account with them.
Bank bonuses are as varied as they come and can include anything from bonus money to free subscriptions, higher APY rates, and everything in between.
While free money always seems like a good idea, understanding the ins and outs of the offer can help you make sure you can get the most out of it.
Are there things to look out for?
Bank bonuses and promotions are generally a good thing, but it does not mean we should try to take advantage of all of them.
Indeed, this might not even be possible, which is why we need to be aware of what the bonus means to us and what we should be looking out for.
For the most part, promotions and bonuses are tied to the opening of a new bank account. This can be a checking account or a savings account.
A number of terms and conditions are usually tied to these bonuses. These tend to be tied to the statement cycle or monthly, such as keeping an average or minimum balance throughout a specific period.
Always make sure that the account you’re opening is insured by the FDIC. This can save you a lot of trouble should the bank fold. Also, take note of the interest rates being offered, usually listed as APY (Annual Percentage Rate).
This can help you make sure you get the most out of your banking account.
Is A Bank of America Bonus Promotion for You?
Opening a new account with Bank of America is more worth your while now, than ever before, thanks to a selection of account bonuses that you can take advantage of today.
If you’re looking at opening a new personal checking account, a savings account, or even a business account, Bank of America has many offers that can help you get started.
Plus, there’s a mobile app too – and it receives great ratings from its users. This means you can take care of things like bill pay and manage your money on the go while taking advantage of these great bonuses.
As always, take the time to shop around by looking at bonuses and promotions being offered by other banks. This will help you make sure that you get the best deal for you.
With many people having such different financial requirements, there is no one size fits all, so getting the best offer for you is always a matter of taking the time to understand what your needs and requirements are and then comparing what is being offered.
Before deciding on which bonus to take, make sure that you can meet the requirements and also check out the expiration date – this seems to change quite a bit, so it’s good to double-check on the Bank of America website before you begin the application process.
Most of the promotions on offer will tie up your capital for a while. While this might seem restrictive, it can also be a tool that helps you save and grow your savings, allowing you to make contributions to your emergency fund or kickstart a new savings account.
The bonus money is also a good incentive that can help you with your financial needs.