Bank of America Promotions: September 2024 (2024)

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.

Bank of America Promotions: September 2024

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

  • Our Top Picks
  • Advantage Plus – $200
  • Advantage Relationship – $200
  • Advantage SafeBalance – $200
  • Business Advantage Fundamentals – $200
  • Business Advantage Relationship – $200
  • See More (2)
  • Compare Promos

  • Are Bank of America Bonuses Worth It?

  • Pros and Cons

  • Alternatives

  • How We Track Bank Account Bonuses

Bank of America : Advantage Plus – $200

How to Get the Bonus

  1. Open a new account with the offer code. Open a qualifying Bank of America Advantage Plus account using offer code TWA200CIS.
  2. Set up direct deposit.
  3. Receive deposits. Receive at least $2,000 worth of direct deposits in the first 90 days of account opening.
  4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements.

Bonus Restrictions and Account Fees

  • You’ll need to make a minimum deposit of at least $100 to open a Bank of America Advantage Plus account.
  • Direct deposits must be made from a qualifying employer. Deposits made via wire, ATM, debit card, or bank transfer, as well as deposits made in person or via ATM, don’t qualify.
  • Those with an existing Bank of America checking account can’t qualify. To be eligible, any previous accounts must be closed for 12 months.
  • A $12 monthly maintenance fee applies unless you meet one of the following criteria each statement cycle: Make at least $250 worth of direct deposits; maintain a $1,500 daily minimum balance; become a Gold, Platinum, Platinum Honors, or Diamond Preferred Rewards member.
  • ATM, international transaction, and lost debit card replacement fees may also apply.

Bank of America : Advantage Relationship – $200

Bank of America Promotions: September 2024 (2)

  • Bonus Amount: $200
  • Promotion Expiry: September 30, 2024
  • Qualifications: Offer code, direct deposit

How to Get the Bonus

  1. Open a new account with the offer code. Use offer code TWA200CIS to open a qualifying Bank of America Advantage Relationship account.
  2. Set up direct deposit. Set up direct deposit to your new account through your employer.
  3. Receive deposits. Receive direct deposits totaling $2,000 or more in the first 90 days of account opening.
  4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements.

Bonus Restrictions and Account Fees

  • You’ll need to make a minimum deposit of at least $100 to open a new Bank of America Advantage Relationship account.
  • You won’t be eligible for the bonus if you don’t set up direct deposit from your employer. Individual deposits and wire, debit card, ATM, and bank transfers don’t qualify.
  • Existing Bank of America checking account customers aren’t eligible for the bonus. To be eligible, any previous accounts must be closed for 12 months.
  • Bank of America charges a $25 monthly maintenance fee, unless you maintain a daily balance of $20,000 or more in your Advantage Relationship account or are a Preferred Rewards member.
  • Lost debit card, international transaction, and out-of-network ATM fees may apply.

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.

Bank of America : Advantage SafeBalance – $200

Bank of America Promotions: September 2024 (3)

  • Bonus Amount: $200
  • Promotion Expiry: September 30, 2024
  • Qualifications: Offer code, direct deposit

How to Get the Bonus

  1. Open a new account with the offer code. Open a Bank of America SafeBalance Banking account using offer code TWA200CIS.
  2. Set up direct deposits. Set up employer direct deposits to your new account.
  3. Receive direct deposits. Receive at least $2,000 worth of direct deposits within 90 days of opening your new account
  4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements

Bonus Restrictions and Account Fees

  • You’ll need to make a minimum deposit of at least $25 to open a Bank of America SafeBalance Banking account.
  • To qualify for the bonus, deposits must be made from a qualifying employer. Other types of deposits, such as wire transfers and individual deposits, don’t qualify.
  • Those with an existing Bank of America checking account can’t qualify. To qualify, any previous accounts will need to be closed for 12 months.
  • You’ll pay a $4.95 monthly maintenance fee unless you meet one of the following criteria each statement cycle: You’re a student under age 25; you maintain a minimum daily balance of $500 in your account; you’re a Preferred Rewards member.
  • Fees for using out-of-network ATMs, making international transactions, or replacing a lost debit card may apply.

Bank of America : Business Advantage Fundamentals – $200

Bank of America Promotions: September 2024 (4)

  • Bonus Amount: $200
  • Promotion Expiry: December 31, 2024
  • Qualifications: Deposit, maintain balance

How to Get the Bonus

  1. Open a new account. Open a Bank of America Business Advantage Fundamentals account; no offer code needed.
  2. Make account deposits. Make at least $5,000 worth of deposits in the first 30 days.
  3. Maintain a minimum daily balance. Maintain an average balance of $5,000 for the next 60 days (days 31-90 of the account).
  4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements.

Bonus Restrictions and Account Fees

  • Existing Bank of America business customers aren’t eligible for the promotion. To be eligible, any previous Bank of America business accounts must be closed for at least a year.
  • Deposits must be made using new money that’s not already in an existing Bank of America account. If you move money from one Bank of America account into your new business account, you won’t be eligible for the promotion.
  • A monthly maintenance fee of $16 will apply unless you meet one of the following criteria: Maintain a $5,000 monthly balance across your Bank of America business accounts; make at least $250 worth of purchases with your Bank of America business debit card; enroll in the Bank of America Preferred Rewards for Business program.
  • Other fees, such as out-of-network ATM or lost debit card replacement fees, may apply.

Bank of America : Business Advantage Relationship – $200

Bank of America Promotions: September 2024 (5)

  • Bonus Amount: $200
  • Promotion Expiry: December 31, 2024
  • Qualifications: Deposit, maintain balance

How to Get the Bonus

  1. Open a new account. Open a new Bank of America Business Advantage Relationship account; no offer code needed.
  2. Make account deposits. Deposit at least $5,000 within the first 30 days of account opening.
  3. Maintain a daily balance. Maintain a daily balance of $5,000 for 60 days after the 30 days.
  4. Wait for the bonus. After meeting these requirements, your promotional bonus will be issued within 60 days.

Bonus Restrictions and Account Fees

  • The promotion is available for new Bank of America business customers only. If you’ve closed a BofA business account within the last 12 months, you won’t be eligible for the bonus.
  • Your deposits must be made with new money, not money from an existing Bank of America account. If you transfer money from an existing account to your new one, you won’t qualify for the promotion.
  • Unless you meet one of the following requirements, Bank of America will charge a monthly maintenance fee of $29.95: Maintain a $15,000 monthly balance across your Bank of America business accounts; enroll in the Bank of America Preferred Rewards for Business program.
  • Your account may be subject to other fees, such as out-of-network ATM, international transaction, and debit card replacement fees.

Compare Bank of America Promotions

PromotionBonus AmountPromotion ExpiryQualifications*
Bank of America Advantage Plus$200September 30, 2024Offer code, direct deposit
Bank of America Advantage Relationship$200September 30, 2024Offer code, direct deposit
Bank of America Advantage SafeBalance$200September 30, 2024Offer code, direct deposit
Bank of America Business Advantage Fundamentals$200December 31, 2024Deposit, maintain balance
Bank of America Business Advantage Relationship$200December 31, 2024Deposit, maintain balance

Are Bank of America Bonuses Worth It?

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 and Cons of Bank of America Promotions

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

Pros Explained

  • Relatively simple to earn certain bonuses: Certain bonuses are fairly simple to earn, requiring that you simply set up direct deposit and directly deposit a relatively small amount within the first 90 days of account opening.
  • Minimum deposits to open new accounts are fairly low: Bank of America’s deposit requirements for new accounts are relatively low. Certain accounts only require a $25 initial deposit.
  • Targeted bonuses may be available: In addition to bonuses advertised on the Bank of America site, targeted bonuses may be available through the mail. These bonuses are often higher than advertised bonuses.

Cons Explained

  • Earnings are taxable: Your bonus earnings will be taxable, and you’ll likely receive a form 1099 from Bank of America at tax time. Note that this is typically the case with all bank account bonuses, and is not exclusive to this bank.
  • Fees may apply: Maintenance fees may apply if you don’t meet certain criteria, such as holding a certain minimum balance in your account.
  • High minimum balance requirements for certain bonuses: Some Bank of America accounts require you to maintain an average daily balance of $5,000 or more for a set period to earn a bonus.

In the News

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.

Alternatives to Bank of America Promotions

  • Other bank promotions: It’s wise to compare bank account promotions, as different banks offer varying bonus amounts, criteria, and timeframes for earning these bonuses.For instance, these bonuses are also available with certain Chase, Citi, and Wells Fargo accounts.
  • Credit card bonuses: When you open a new rewards credit card, there’s often a welcome bonus available once you spend a certain amount of money in a set time period. Some bonuses can be quite significant. Premium travel rewards credit cards, for example, may offer welcome bonuses worth $1,000 or more.
  • Short-term certificate of deposit (CD): Many banks have raised their CD rates to make their deposit account offerings more competitive in the wake of rate increases from the Federal Reserve. It’s usually possible to find CDs with terms less than 12 months offering excellent rates; explore the best 3-month CDs and 6-month CDs, or see the best CD rates in a variety of terms.
  • Long-term CDs: Long-term CDs may offer even higher rates, depending on the financial institution you choose. Compare options to find the best possible rate and term for your situation: explore 1-year CDs, 18-month CDs, 2-year CDs, 3-year CDs.

Frequently Asked Questions

  • Who Is Eligible for Bank of America Promotions?

    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.

  • Are Bank of America Promotions Worth Opening an Account?

    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.

  • Are Bank of America Promotions Taxed?

    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.

  • Does Bank of America Offer Any Promotions for Existing Customers?

    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.

  • How Do I Redeem a Bank of America Bonus?

    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.

  • When Does Bank of America Provide Bonuses?

    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.

How We Track Bank Account Bonuses

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.

Bank of America Promotions: September 2024 (6)

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.

  1. Bank of America. "You Could Get $200."

  2. Bank of America. "Bank of America Advantage Banking."

  3. Bank of America. "Bank of America Advantage Banking."

  4. Bank of America. "You Could Get $200."

  5. Bank of America. "You Could Get $200."

  6. Bank of America. "You Could Get $200."

  7. Bank of America. "Bank of America Advantage Banking."

  8. Bank of America. "Open a New Bank of America Business Checking Account and Qualify for a $200 Cash Bonus Offer."

  9. Bank of America. "Business Checking Accounts for Your Small Business."

  10. Bank of America. "Open a New Bank of America Business Checking Account and Qualify for a $200 Cash Bonus Offer."

  11. Bank of America. "Business Checking Accounts for Your Small Business."

  12. Federal Reserve. "Summary of Economic Projections."

  13. Federal Reserve. "Federal Reserve Issues FOMC Statement."

  14. Internal Revenue Service. "Topic No. 403 Interest Received."

Related Articles
Huntington Bank Bonuses: September 2024 Capital One Bonuses: September 2024 U.S. Bank Promotions: September 2024 Discover Bank Bonuses: September 2024 Truist Bank Bonuses: September 2024 Best Checking Account Bonuses for September 2024

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.

more

Bank of America Promotions: September 2024 (2024)

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.

How to get $200 bonus from Bank of America? ›

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.

Why did Bank of America deposit $200 in my account? ›

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? ›

Summary of Best Bank Bonuses and Promotions 2024
BANKForbes Advisor RatingOffer
Citi Simplified Checking account bonus5.0Up to $1,500
SoFi Checking and Savings Account4.9Up to $300 with direct deposit²
Wells Fargo Everyday Checking3.7$300
Truist One Checking3.6$400
1 more row
Aug 30, 2024

Does Bank of America pay you to open an account? ›

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.

Top Articles
How Can I Borrow Money From My Life Insurance Policy?
Allowlist and Blocklist Overview | Juniper Networks
Victor Spizzirri Linkedin
Jordanbush Only Fans
Ati Capstone Orientation Video Quiz
Athletic Squad With Poles Crossword
Noaa Weather Philadelphia
Music Archives | Hotel Grand Bach - Hotel GrandBach
Evita Role Wsj Crossword Clue
Campaign Homecoming Queen Posters
Craigslist Chautauqua Ny
Blog:Vyond-styled rants -- List of nicknames (blog edition) (TouhouWonder version)
Summoners War Update Notes
Classroom 6x: A Game Changer In The Educational Landscape
Forest Biome
Violent Night Showtimes Near Century 14 Vallejo
Chase Bank Pensacola Fl
Pasco Telestaff
Sadie Sink Reveals She Struggles With Imposter Syndrome
Renfield Showtimes Near Paragon Theaters - Coral Square
4 Times Rihanna Showed Solidarity for Social Movements Around the World
Craigslist Pasco Kennewick Richland Washington
Tom Thumb Direct2Hr
Japanese Emoticons Stars
Lininii
Duke Energy Anderson Operations Center
Gus Floribama Shore Drugs
Tire Pro Candler
Brenda Song Wikifeet
Salons Open Near Me Today
Jay Gould co*ck
The Pretty Kitty Tanglewood
The Legacy 3: The Tree of Might – Walkthrough
Family Fare Ad Allendale Mi
New York Rangers Hfboards
Cherry Spa Madison
Trap Candy Strain Leafly
Froedtert Billing Phone Number
Leena Snoubar Net Worth
Fapello.clm
2 Pm Cdt
Craigs List Hartford
1Exquisitetaste
Gopher Hockey Forum
Mudfin Village Wow
Pike County Buy Sale And Trade
Stoughton Commuter Rail Schedule
Superecchll
28 Mm Zwart Spaanplaat Gemelamineerd (U999 ST9 Matte | RAL9005) Op Maat | Zagen Op Mm + ABS Kantenband
O.c Craigslist
Latest Posts
Article information

Author: Terrell Hackett

Last Updated:

Views: 6165

Rating: 4.1 / 5 (72 voted)

Reviews: 87% of readers found this page helpful

Author information

Name: Terrell Hackett

Birthday: 1992-03-17

Address: Suite 453 459 Gibson Squares, East Adriane, AK 71925-5692

Phone: +21811810803470

Job: Chief Representative

Hobby: Board games, Rock climbing, Ghost hunting, Origami, Kabaddi, Mushroom hunting, Gaming

Introduction: My name is Terrell Hackett, I am a gleaming, brainy, courageous, helpful, healthy, cooperative, graceful person who loves writing and wants to share my knowledge and understanding with you.