Bank of America is a large, well-established institution that offers several new account bonuses for eligible customers. All of BofA's bonuses are currently for $200, across both personal and business accounts. The personal accounts require a direct deposit of $2,000, while the business accounts require a regular deposit (not a direct deposit) of $5,000. Here’s a look at current Bank of America promotions, how much you can earn, and what the requirements are for each promotion. Open a New Account × The offers that appear in this table are from partnerships from which we receive compensation. For more details, see our full advertiser disclosure. Institution Apy Min. To Earn Apy Highlights Open a New Account × The offers that appear in this table are from partnerships from which Dotdash receives compensation. Bank of America Promotions: September 2024 Bank of America Promotions: September 2024 Compare Promos Are Bank of America Bonuses Worth It? Pros and Cons Alternatives How We Track Bank Account Bonuses How to Get the Bonus Bonus Restrictions and Account Fees How to Get the Bonus Bonus Restrictions and Account Fees To earn the highest APY possible (0.02%) on your Bank of America Advantage Relationship account, you’ll need to maintain a balance of $50,000 or more. Otherwise, you'll earn 0.01%. These APYs are very low compared to the best high-interest checking accounts and high-yield savings accounts. How to Get the Bonus Bonus Restrictions and Account Fees How to Get the Bonus Bonus Restrictions and Account Fees How to Get the Bonus Bonus Restrictions and Account Fees Bank of America has maintained these same personal account bonuses since September 2023, extending them several times since then. Before that, it offered bonuses of $100. The business account bonuses have been the same since January 2023, when we first began tracking bank bonuses. The personal account bonuses are not bad, offering a 10% return on your deposit. That's lower than the median return of 18% among personal checking account bonuses we track, but better than offers from some other banks. These offers may be worth pursuing, but only if you're already interested in opening a new Bank of America checking account. The business account bonuses, at a 4% return on deposit, are equal to the median return among other business checking bonuses we track. So, although you may find better offers, you'll still get a fairly competitive return on your deposit. According to customer support, Bank of America's checking accounts are available in 50 states and Washington, D.C. Compare Bank of America's offers to the best bank bonuses currently available to see which account will fit your needs. You may find an account that works for you with a bigger bonus and smaller deposit requirement. Pros Relatively simple to earn certain bonuses Minimum deposits to open new accounts are fairly low Targeted bonuses may be available Cons Earnings are taxable Fees may apply High minimum balance requirements for certain bonuses In the News: The Fedheld rates steady for an eighth consecutive timeat its July 31meeting. The federal funds rate is at its highest level since 2001, but Fed officials are projecting one or possibly two rate cuts before the end of the year. CD yields closely follow the fed funds rate. Back in October, CD rates reached peaks not seen in more than 20 years, but once the Fed starts cutting rates, CD rates will fall. Interest rate hikes can directly impact the rate you receive on your interest checking and savings accounts. It's wise to see if your bank offers a high-yield savings account. You could also see if it offers one of the best CD rates right now. Combined, these accounts could help you earn the maximum amount of money on the cash you keep at your financial institution. If you open a qualifying Bank of America account, you may be eligible for a bank promotion. Generally, there are certain requirements you’ll need to meet to earn the promotion, though. For instance, you may need to set up direct deposits to your account within a certain timeframe or maintain a certain minimum balance. Existing customers may not be eligible for new account promotions. It may be worth opening a qualifying account with Bank of America for a promotion, but it depends on your situation and if you can meet the requirements to earn the bonus. For those who can set up direct deposit to a new account fairly easily and maintain the required balance, opening an account could make sense. The bank is essentially giving qualifying account holders free money for meeting certain criteria, which can be helpful if you’re interested in saving a little extra. Just be sure that the full account details, including monthly and ATM fees, meet your own qualifications. Bank promotions are taxable, no matter which bank is offering them. They are considered interest income, and you’ll receive a 1099-INT from the issuing bank at tax time. So if you earn a $100 or $200 bank promotion after opening a qualifying Bank of America account, you’ll need to pay taxes on it when you file your tax returns. If you’re an existing Bank of America customer who doesn’t currently have a promotion-eligible account, you could earn a bonus by opening a qualifying account. For instance, if you’re a Bank of America credit cardholder, you might opt to sign up for an Advantage checking account if you can meet the criteria to earn the bonus. But if you already have an Advantage checking account, you won't be able to take advantage of that promotion. However, if you have an Advantage personal account and are looking to open a business account you may be able to receive that promotion. Contact a Bank of America customer service representative to discuss available promotions. You’ll first need to open an eligible Bank of America account. The bank will also require that you meet certain criteria to earn a bonus, such as directly depositing a specific amount within a set timeframe. If you’re interested in Bank of America bonuses, read the fine print to ensure you’re opening an eligible account and can meet the requirements to qualify for the bonus. The timeframe for earning a Bank of America savings or checking bonus may vary by account. It’s common for banks to allow customers 90 days to meet the bonus criteria and up to 60 days to receive their bonus, but it’s important to review your account’s terms and conditions for specific details. Explore other savings account bonuses and checking account bonuses, which may come with different timeframes. Every business day, Investopedia tracks 23 banks and the current, new, extended, and expired account bonuses they offer customers. Banks are chosen based on consumer interest and we add banks to our list as needed to ensure we're always reporting on the best bank bonuses. We update our picks for thebest bank account bonuses, thebest checking account bonuses, and thebest savings account bonusesas needed, chosen based on bonus amounts, bonus requirements, and account features. We aim to provide you with news about checking and savings account bonus offers so you can take advantage of them as soon as possible. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Bank of America. "You Could Get $200." Bank of America. "Bank of America Advantage Banking." Bank of America. "Bank of America Advantage Banking." Bank of America. "You Could Get $200." Bank of America. "You Could Get $200." Bank of America. "You Could Get $200." Bank of America. "Bank of America Advantage Banking." Bank of America. "Open a New Bank of America Business Checking Account and Qualify for a $200 Cash Bonus Offer." Bank of America. "Business Checking Accounts for Your Small Business." Bank of America. "Open a New Bank of America Business Checking Account and Qualify for a $200 Cash Bonus Offer." Bank of America. "Business Checking Accounts for Your Small Business." Federal Reserve. "Summary of Economic Projections." Federal Reserve. "Federal Reserve Issues FOMC Statement." Internal Revenue Service. "Topic No. 403 Interest Received." Related Terms Canceled Check Definition and How To Get a Copy A canceled check is a check that has been paid or cleared by the bank it was drawn on and is marked "canceled" so that the check can't be used again. more Negotiable Order of Withdrawal Account: Overview, History A Negotiable Order of Withdrawal (NOW) Account is an interest-earning bank account. A customer with this type of account can write drafts against money held on deposit. more What Is Overdraft Protection? How It Works and Do You Need It Overdraft protection is an optional bank account service that prevents the rejection of charges that are in excess of available funds. more What Is Peer-to-Peer (P2P) Lending? Definition and How It Works Peer-to-peer (P2P) lending enables an individual to obtain a loan directly from another individual, cutting out the traditional bank as the middleman. more Deposit Interest Rate: Definition, Fixed Vs. Variable A deposit interest rate is the interest rate paid to deposit account holders for accounts like certificates of deposit (CD) and savings accounts. more Sweep Accounts Definition: Types and How They Work A sweep account automatically transfers amounts over or below a certain level into a higher interest-earning investment option. moreBank of America Promotions: September 2024
Bank of America : Advantage Plus – $200
Bank of America : Advantage Relationship – $200
Bank of America : Advantage SafeBalance – $200
Bank of America : Business Advantage Fundamentals – $200
Bank of America : Business Advantage Relationship – $200
Compare Bank of America Promotions
Promotion Bonus Amount Promotion Expiry Qualifications* Bank of America Advantage Plus $200 September 30, 2024 Offer code, direct deposit Bank of America Advantage Relationship $200 September 30, 2024 Offer code, direct deposit Bank of America Advantage SafeBalance $200 September 30, 2024 Offer code, direct deposit Bank of America Business Advantage Fundamentals $200 December 31, 2024 Deposit, maintain balance Bank of America Business Advantage Relationship $200 December 31, 2024 Deposit, maintain balance Are Bank of America Bonuses Worth It?
Pros and Cons of Bank of America Promotions
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In the News
Alternatives to Bank of America Promotions
Frequently Asked Questions
Who Is Eligible for Bank of America Promotions?
Are Bank of America Promotions Worth Opening an Account?
Are Bank of America Promotions Taxed?
Does Bank of America Offer Any Promotions for Existing Customers?
How Do I Redeem a Bank of America Bonus?
When Does Bank of America Provide Bonuses?
How We Track Bank Account Bonuses
FAQs
What is the bonus for Bank of America 2024? ›
Through September 30, 2024, Bank of America is offering a welcome bonus of $200 for opening a personal checking account.
Does Bank of America have any promotions? ›Open a new Bank of America Advantage Banking personal checking account online, using offer code TWA200CIS. Then, set up and receive qualifying direct deposits totaling $2,000 or more into the account within 90 days of account opening to receive a $200 bonus.
What is the code for the $200 offer at Bank of America? ›Bank of America Advantage Plus – $200
Open a qualifying Bank of America Advantage Plus account using offer code TWA200CIS. Set up direct deposit. Receive deposits. Receive at least $2,000 worth of direct deposits in the first 90 days of account opening.
You can get a $200 Bank of America credit card bonus by spending $1,000 within the first 90 days of opening a Bank of America® Customized Cash Rewards credit card. You'll receive the $200 bonus within 8-12 weeks after qualifying for it.
How to get $500 dollars from Bank of America? ›How to Apply for a Bank of America Balance Assist Personal Loan. Balance Assist allows eligible Bank of America customers to borrow in increments of $100, up to $500. You will complete a loan application online, and, if it's approved, you should receive your funds in minutes.
What are the bonuses at Bank of America? ›Enrolled Preferred Rewards members with eligible Bank of America® credit cards can receive a Preferred Rewards bonus of 25% for the Gold tier, 50% for the Platinum tier, or 75% for the Platinum Honors, Diamond or Diamond Honors tier on each purchase.
Is Chase or Bank of America better? ›Chase wins the battle of savings accounts, with three options compared to Bank of America's one. All of Chase's accounts also don't have a minimum opening deposit while Bank of America requires you to have $100 to open an account. That said, waiving your monthly fee at Bank of America may be easier.
Who is the number 1 Bank in America? ›1. JPMorgan Chase – $3.5 trillion. Columbus, Ohio-based JPMorgan Chase is the largest US bank with total assets of $3.503 trillion. Some $2.684 trillion are domestic assets, accounting for 77% of its total assets.
What Bank gives you $100 for opening an account? ›Make an eligible switch from another bank to an Everyday Extra packaged account and we'll give you £100. Use your Everyday Extra account as well and we'll give you an extra £10 per month for 6 months.
Is it worth opening a bank account for the bonus? ›At first, the bonus value outweighs the high-interest rate. However, after your money has sat in that 0.01% APY account for three years, the high interest will have outpaced the bonus, assuming the interest rate hasn't fluctuated.
What Bank gives you $200 to open an account? ›
TD Bank: $200 bonus
You can earn $200 by opening a new TD Signature Savings or TD Simple Savings account. A deposit of at least $10,000 from funds outside of TD Bank is required into a new TD Signature Savings or Simple savings account and a balance of $10,000 or more must be maintained for 90 days to earn this bonus.
While Bank of America doesn't have a bonus for opening a savings account at the moment, there is an online-only $200 bonus for opening a new checking account — as long as you use a promotional code and have qualifying direct deposits within 90 days.
What Bank has a welcome bonus? ›BANK | Forbes Advisor Rating | Offer |
---|---|---|
Citi Simplified Checking account bonus | 5.0 | Up to $1,500 |
SoFi Checking and Savings Account | 4.9 | Up to $300 with direct deposit² |
Wells Fargo Everyday Checking | 3.7 | $300 |
Truist One Checking | 3.6 | $400 |
Open a new eligible Bank of America business checking account and qualify for a $200 cash bonus offer. Access to powerful digital tools and Small Business specialists all in one place.
What is the Bank of America welcome gift? ›Receive a $200 Bonus When You Open a Bank of America Personal Checking Account. New Bank of America customers can earn a $200 welcome bonus for opening a new checking account and receiving a minimum of $2,000 in qualifying direct deposits within the first three months of opening your account.
What is the Bank of America 10 customer bonus? ›10% Customer Bonus: A 10% Customer Bonus will be added to the Cash Rewards you earn on Net Purchases if either the primary or joint cardholder has an active consumer (non-business) checking, savings or individual retirement account with Bank of America, N.A. (“qualifying account”), or is a client of Merrill Edge®, ...
How much is the bankers bonus? ›Although exact numbers varied, bonuses comprised around 40 to 50% of their compensation. At Deutsche Bank, the average bonus deferral rate for compensation for MRTs across the bank, of which a significant proportion are in the investment bank, was 91%.
Does Bank of America have a referral bonus? ›Bank of America does not offer referral bonuses to its credit cardholders.