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Bank of America (BofA) wants to welcome you as a new customer, with several hundred dollars in cash when you open a business or personal checking account.
As the second-largest US bank by assets, Bank of America has a national presence befitting its name: it operates 4,100 branches and 16,000 ATMs in 37 states and the District of Columbia. BofA serves approximately 37 million US customers, including those who hold a substantial amount of assets with the bank and qualify for its Preferred Rewards program, offering reduced fees and additional benefits.
Bank of America is also eager for new customers and uses attractive sign-up bonuses to entice them.
How can you earn a Bank of America checking account bonus?
It is relatively easy to qualify for a Bank of America promotion as a new consumer or business customer. Here are the steps:
- Open a new Bank of America checking account through a promotional offer or by using a Bank of America offer code.
- Fulfill the qualifying conditions of the promotion. Personal checking accounts generally require a minimum ongoing direct deposit. Business accounts generally require you to make a minimum amount of new money deposits into your account and maintain an average balance for a qualifying period.
- Receive your bonus, usually 60 days after meeting the requirements.
- What is the offer? Open a new Bank of America Advantage Banking personal bank account online, using offer code DNL100CIS. Then set up and receive qualifying direct deposits of $1,000 or more into the account within 90 days to receive a $100 bonus.
- What is direct deposit? Deposits of regular monthly income, such as salary, pension, or social security, made using your account and routing numbers are considered eligible direct deposits for this promotion.
- When do you receive your bonus? Bank of America says they will attempt to deposit your bonus within 60 days of meeting the qualification requirements.
- Is there a time limit on the offer? Yes. It is available to new customers who open accounts before June 30, 2022.
- Can you avoid monthly service fees? Bank of America offers several ways for Advantage Banking customers to protect against maintenance fees:
- Students under the age of 25 or other account holders under the age of 18 may qualify for a fee waiver for Advantage SafeBalance bank accounts.
- Advantage Plus Banking customers can avoid fees each month with an eligible direct deposit of $250 or by maintaining a daily balance of $1,500 or more.
- With Advantage Relationship Banking, Bank of America waives monthly fees when a customer maintains a combined balance of at least $10,000 on linked accounts.
- You pay no service fees for any Advantage Banking current account if you are enrolled in Preferred Rewards.
- What is the offer? Earn a $500 cash bonus when you make qualifying deposits of $20,000 within 30 days of opening a new business checking account, then maintain a minimum average balance of $20,000 for the next 60 days, up to 90 days after opening the account.
- What is a qualifying deposit? You must deposit new money that is not currently or previously held in an account with Bank of America or its wealth management division Merrill.
- When do you receive your bonus? Bank of America indicates that it will attempt to deposit your bonus cash into your Business Advantage Banking account within 60 days of the end of the qualification period.
- Is there a time limit on the offer? Yes. It is available to new customers who open accounts before June 30, 2022.
- Can you avoid monthly service fees? The fee will be waived each month if you maintain an average balance in your business checking accounts, become a member of BofA Preferred Rewards for Business, or meet other conditions:
- Business Advantage Fundamentals customers must maintain a combined average balance of $5,000 on all business accounts or spend at least $250 in net new purchases with their business debit card.
- Business Advantage relationship accounts must maintain a combined average balance of $15,000.
- What is the offer? Earn up to $200 in bonus cash when you open one of the Business Advantage checking accounts, make a qualifying deposit within 30 days, then maintain a balance of at least $1,000 for the next 60 days, up to on the 90th day after opening the account. Deposit and maintain an average of $1,000 in your account to get a $100 bonus, or deposit and maintain an average balance of $2,000 for a $200 bonus.
- What is a qualifying deposit? These must be “new funds,” not transfers from other Bank of America or Merrill accounts.
- When do you receive your bonus? Bank of America will attempt to deposit the money into your Business Advantage Banking account within 60 days of the end of the qualification period.
- Is there a time limit on the offer? Yes. It is available to new customers who open their account before December 31, 2022.
- Can you avoid monthly service fees? Fees are waived if you maintain an average balance on your business checking accounts, become a member of Preferred Rewards for Business, or meet other conditions:
- Business Advantage Fundamentals customers must maintain a combined average balance of $5,000 on all business accounts or spend at least $250 on net new purchases using their business debit card.
- Business Advantage Relationship accounts must maintain a combined average balance of $15,000.
Here are the current promotions on new Bank of America accounts for individuals and businesses. Offer details are accurate as of May 25, 2022.
Bank of America Promotions for 2022
Bank of America Advantage Banking: Earn $100
Bank of America offers a suite of checking account products for consumers, under its Advantage Banking brand.
Options include: Bank of America Advantage SafeBalance Banking®, a “chequeless” checking account that does not allow paper checks to be written and has a monthly maintenance fee of $4.95; Bank of America Advantage Plus Banking®, which Bank of America calls “a good choice if you want everyday banking” and has a monthly fee of $12; and Advantage Relationship Banking, which earns an annual percentage yield (APY) of up to 0.02% and has a monthly fee of $25.
Bank of America Business Checking: Earn $500
For small business customers, Bank of America offers Business Advantage Verification, which provides access to small business specialists and tools, including the bank’s cash flow monitor. The more basic Bank of America Business Advantage Fundamentals™ account has a monthly maintenance fee of $16, while the more comprehensive Bank of America Business Advantage relationship banking account has a monthly fee of $29.95.
Bank of America Business Checking: Earn $100 or $200
You can earn a bonus for opening a new Bank of America business checking account even if you don’t have $20,000 to keep on deposit. This promotion applies to the same accounts as the $500 bonus: Bank of America Business Advantage Fundamentals™ Banking (which has a monthly maintenance fee of $16); and Bank of America Business Advantage Relationship Banking (with a monthly fee of $29.95).
Is a Bank of America welcome bonus a good deal?
Bank of America’s welcome bonuses for new personal checking accounts are competitive, on par with bonuses frequently offered by other major national banks. But they are not as generous as some of the best bank bonuses.
And while BofA’s $500 bonus offer for new business clients has a minimum deposit and balance requirement ($20,000), the $100 and $200 promotions have fairly straightforward requirements to qualify.
What else should you know about Bank of America checking account promotions?
Your account must be open to receive a welcome bonus
Bank of America requires that you keep your account open until your bonus payment date. Customers typically receive their money within 60 days of meeting qualification requirements.
Your bonus may be taxable
Your bank account bonus may be considered taxable income. If required by law, Bank of America may withhold taxes or other amounts from your bonus payment. The bank says they can also issue you an IRS Form 1099 that reflects the value of your welcome bonus.
You must be a new customer
Bank of America welcome bonuses are for new checking account customers.
You are considered a new personal checking customer if you have not owned or co-owned a Bank of America consumer checking account within the past 12 months. You can only receive one welcome bonus as a new personal verification customer.
Business customers wishing to receive a bonus must not have held or signed a Bank of America Business Advantage account within the last 12 months. Even if you own multiple businesses, you can only receive one bonus as a new business verification customer.
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Conclusion
Bank of America has a strong national presence with thousands of branches and more than 16,000 ATMs, making it a good choice for customers in most states looking for banking convenience. The bank is offering $100 for new personal checking account customers and up to $500 for new small business checking account customers, with relatively simple qualification requirements.
Bank of America’s Preferred Rewards program can make the bank a great long-term choice if you’re looking to keep significant assets in one place. If you’re just looking to get started, an extra $100, $200, or $500 for a new checking account can be a great deal.