Bank of America, the country’s second-largest bank based on total assets, offers promotions to garner new business. Unfortunately, being a giant bank doesn’t necessarily result in giant perks.
Account details are accurate as of April 8, 2024.
Bank of America promotions overview
Bank of America promotions include $200 in cash for new personal checking and business checking accounts (sponsored offer and subject to change). It doesn’t offer savings bonuses (and doesn’t offer high-yield savings accounts, as many online banks do).
$200 in cash for new personal checking account
How to qualify
To qualify for the $200 cash bonus for a new personal checking account at Bank of America, you must:
- Be a new Bank of America personal checking account customer.
- Make a minimum opening deposit of $25 or $100, depending on the type of account. The minimum deposit is $25 for a checkless Bank of America Advantage SafeBalance Banking® account or $100 for a Bank of America Advantage Plus Banking® or Bank of America Advantage Relationship Banking® account.
- Open the account through Bank of America’s dedicated page for this offer.
- Use the offer code: TWA200CIS.
- Set up and receive qualifying direct deposits of at least $2,000 within 90 days from the account being opened. Qualifying direct deposits are deposits of regular monthly income, such as paychecks or Social Security checks.
Fees
Monthly fees are $4.95, $12 or $25, depending on the type of account. You can avoid the monthly fee by meeting certain requirements, though. For instance, the Advantage Plus account has a $12 monthly maintenance fee (waived if you have at least $250 in direct deposit payments each month, keep a minimum daily balance of $1,500 or more or if you’re a Preferred Rewards member).
No fees are associated with the bonus.
Expiration date
May 31, 2024.
$200 in cash for new business checking account
How to qualify
To qualify for the $200 cash bonus for a new business checking account at Bank of America, you must:
- Be a new customer.
- Open the account online.
- Make qualifying deposits of $5,000 or more in new money (money not already held at Bank of America or Merrill) within 30 days of opening the account.
- Maintain an average balance of $5,000 for the following 60 days (day 31-90) during the maintenance period.
Fees
The monthly fee is $16 for a Bank of America Business Advantage Fundamentals™ Banking account or $29.95 for a Bank of America Business Advantage Relationship Banking account. You can avoid the monthly fee by meeting certain requirements, such as maintaining a minimum balance.
No fees are associated with the bonus.
Expiration date
June 30, 2024.
How BoA promotions compare
This chart offers a side-by-side comparison of the best checking and savings promotions for Bank of America and five of its chief competitors: Chase, Citi®, PNC, U.S. Bank and Wells Fargo. As you’ll see, Bank of America’s promotions mostly fall short of those from the five rivals.
| BANK | BONUSES FOR PERSONAL CHECKING ACCOUNTS | BONUSES FOR BUSINESS CHECKING ACCOUNTS | BONUSES FOR SAVINGS ACCOUNTS |
|---|---|---|---|
Bank of America | $200 | $200 | N/A |
Chase | $100 or $300 | $300 | N/A |
Citi | Up to $2,500 | $300 to $2,000 | N/A |
PNC | $100, $200 or $400 | $200 or $500 or $1,000 | N/A |
U.S. Bank | N/A | $350 or $800 | N/A |
Wells Fargo | $300 | N/A | $525 |
*Bonus amounts displayed above can be obtained after meeting certain requirements and may vary based on account type and/or deposit amount.
Bank of America review
Bank of America gets mixed reviews from banking customers.
For instance, Bank of America received below average marks in the J.D. Power 2022 U.S. National Banking Satisfaction Study.
On the Trustpilot review site, Bank of America receives an overall score of 1.3 out of 5 stars, with many consumers complaining about the bank’s customer service.
Furthermore, Bank of America doesn’t make our list of the best checking accounts. But to be fair, none of Bank of America’s national rivals appear on the list.
On the other hand, Bank of America earned a higher-than-average score of 690 in J.D. Power’s 2023 U.S. Small Business Banking Satisfaction Study. Plus, Bank of America tied with Capital One in J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study as the best bank in the region encompassing Alabama, Arkansas, Louisiana, Mississippi and Tennessee.
Frequently asked questions (FAQs)
Through May 31, 2024, Bank of America is offering a welcome bonus of $200 for opening a personal checking account. Meanwhile, it’s also offering a welcome bonus of $200 for opening a business checking account through June 30, 2024. These offers are available only to customers who don’t already have checking accounts at Bank of America.
The offer code for Bank of America’s $200 personal checking account bonus is TWA200CIS.
Generally, Bank of America’s bonuses aren’t competitive.
For example, Wells Fargo, one of Bank of America’s major rivals, offers bonuses of: $300 for a new Wells Fargo Everyday Checking account and $525 for a new Wells Fargo Way2Save® Savingsaccount (offers expire June 25, 2024). By comparison, Bank of America’s checking bonuses are $200; no savings bonuses are available.
A welcome bonus from Bank of America or any other bank might count as taxable income, and the bonus might show up on the IRS 1099-INT form you receive for your account.
BLUEPRINT
John Egan is a freelance writer and content marketing strategist in Austin, Texas. His specialties include personal finance, real estate, and health and wellness. His work has been published by outlets such as Forbes Advisor, CreditCards.com, Bankrate, Experian, Capital One, The Balance and U.S. News & World Report. In November 2022, he released his first book, The Stripped-Down Guide to Content Marketing.
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Ashley Barnett has been writing and editing personal finance articles for the internet since 2008. Before editing for USA TODAY Blueprint, she was the Content Director for an international media company leading the content on their suite of personal finance sites. She lives in Phoenix, AZ where you can find her rereading Harry Potter for the 100th time.
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Taylor Tepper is the lead banking editor for USA TODAY Blueprint. Prior to that he was a senior writer at Forbes Advisor, Wirecutter, Bankrate and Money Magazine. He has also been published in the New York Times, NPR, Bloomberg and the Tampa Bay Times. His work has been recognized by his peers, winning a Loeb, Deadline Club and SABEW award. He has completed the education requirement from the University of Texas to qualify for a Certified Financial Planner certification, and earned a M.A. from the Craig Newmark Graduate School of Journalism at the City University of New York where he focused on business reporting and was awarded the Frederic Wiegold Prize for Business Journalism. He earned his undergraduate degree from New York University, and married his college sweetheart with whom he raises three kids in Dripping Springs, TX.
