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Bank of America: Earn Bonus by Opening New Checking Account

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Bank of America is one of the largest banks in the country, with over $3 trillion in client deposits and over 60 million customers.

But does big bank mean big account-opening bonuses?

If you’re looking for a hot Bank of America checking account bonus (or credit card bonus), you’re in the right place.

In this article, I’ll tell you all about every Bank of America account opening bonus currently in rotation, ranging from modest cash bonuses to a serious 50,000-point bonus. Plus, I’ll tell you the specific requirements you need to meet to get them.

Let’s go…

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1. Advantage Bank Accounts – $100 bonus

Overall Rating: ⭐️⭐️

  • Bonus: $100
  • Minimum deposit: $1,000
  • Monthly fee: $0 – $25
  • Expires: June 30, 2023

There is currently a $100 Bank of America checking account bonus for BOA’s Advantage bank accounts, including:

  • Bank of America SafeBalance®
  • Bank of America Advantage Plus®
  • Bank of America Advantage Relationship®

These are personal checking accounts with 24/7 mobile banking, no-fee ATMs around the globe, customer alerts, savings goals, mobile check deposits, and more.

Pro tip: There is a $4.95 up to a $25 monthly fee for these accounts. Fees can be waived by meeting minimum balances or direct deposit requirements.

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To earn the Bank of America account opening bonus, you need to:

  • Open a new account and set up direct deposit.
  • Deposit at least $1,000 in qualifying direct deposits within 90 days of account opening.
  • You must sign up using THIS LINK to qualify, or provide Bank of America offer code DNE100CIS when signing up.

2. Business Checking – $200 bonus

Overall Rating: ⭐️⭐️⭐️

  • Bonus: $200
  • Minimum deposit: $5,000
  • Monthly fee: $0 – $29.95
  • Expires: June 30, 2023

Currently, there’s a $200 Bank of America checking account bonus for two business accounts:

  • Business Advantage Fundamentals™
  • Banking and Business Advantage Relationship Banking

Both accounts offer online and mobile banking tools, including a Cash Flow Monitor, mobile check deposit, business debit cards, and access to Zelle.

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To earn this Bank of America new account bonus, you need to:

  • Open a new Business Advantage Fundamentals™ Banking or Business Advantage Relationship Banking account.
  • Deposit $5,000 of “new to Bank of America” money within 30 days of account opening.
  • Maintain that balance for the next 60 days (days 31 – 90) to earn the bonus.
  • Bank of America offer code: You must sign up using THIS LINK to qualify.

3. Merrill Edge Self-Directed – Up to $600 Bonus

Overall Rating: ⭐️⭐️⭐️⭐️

  • Bonus: $600
  • Minimum deposit: $20,000
  • Monthly fee: $10

Bank of America is offering up to $600 for new customers who open a Merrill Edge Self-Directed investing account and make qualifying deposits.

Merrill Edge is owned by Bank of America. It is a stock and options trading platform that offers no-fee trading on stocks and ETFs, low-fee options contracts, and advisory investment services.

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To get the Merrill Edge new account bonus, you must:

  • Open an account and deposit at least $20,000 within 45 days of opening the account.
  • Maintain that balance for at least 90 days after the deposit is made.
  • After all the requirements are met, you will receive the bonus in your account within two weeks.
  • You must use THIS LINK when signing up to qualify (or use Bank of America offer code 600ME).

Note: This is a tiered bonus, with higher amounts with higher deposits, as follows:

  • Deposit $20,000 – $49,999: $100 bonus
  • Deposit $50,000 to $99,999: $150 bonus
  • Deposit $100,000 to $199,999: $250 bonus
  • Deposit $200,000 or more: $600 bonus

4. Bank of America Customized Cash Rewards Card – $200 Bonus

Overall Rating: ⭐️⭐️⭐️

  • Bonus: $200 cash back after spending $1,000 on purchases within 3 months
  • Rewards: 3% on your selected category, 2% on groceries, 1% on everything else
  • Annual fee: $0

Right now, Bank of America is offering a $200 bonus on the Customized Cash Rewards Card. This is a cash-back card that offers 3% on a category of your choice, and there is no annual fee. Here are some of its selling points:

  • It’s a VISA Signature card that is digital wallet-enabled
  • Free credit score monitoring
  • 0% introductory interest rate on balance transfers and purchases within 60 days of account opening.
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To earn the sign-up bonus, you need to:

  • Spend at least $1,000 on the card within 90 days of account opening.
  • The bonus will be applied to your online cash rewards and can be used for a statement credit, deposited into a connected checking or savings account, or deposited into a Merrill Edge trading account.

5. Bank of America Unlimited Cash Rewards – $200 Cash Back

Overall Rating: ⭐️⭐️⭐️

  • Bonus: $200 cash back after spending $1,000 on purchases within 3 months
  • Rewards: 1.5% on everything
  • Annual fee: $0

Bank of America currently has an unlimited cash-back credit card offering a $200 bonus for new customers. Here’s what you should know about the Bank of America Unlimited Cash Rewards card…

  • Offers 1.5% on all purchases
  • No annual fee.
  • Access to a free FICO credit score
  • Overdraft protection
  • Account alerts
  • 0% introductory interest rate on balance transfers and purchases within 60 days of account opening.
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To earn the $200 bonus, you need to:

  • Spend at least $1,000 on the card within 90 days of account opening.
  • The bonus is available as a statement credit, cash deposit, or can be transferred to a Merrill Edge trading account.

6. Bank of America Travel Rewards – 25,000 bonus points

Overall Rating: ⭐️⭐️

  • Bonus: 25,000 bonus points after spending $1,000 on purchases within 3 months
  • Rewards: 1.5% on all purchases
  • Annual fee: $0

The Bank of America Travel Rewards card is a basic rewards credit card that offers a 25,000 point sign up bonus, which is worth $250 in statement credits.

This card earns 1.5% cash back on all purchases with no cap on how much you can earn. There is also a 0% introductory interest rate for 18 months.

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To earn the 25,000 point bonus, you must:

  • Spend at least $1,000 within 90 days months of account opening.
  • The bonus points can be redeemed for travel and dining purchases made on the card.

7. Bank of America Premium Rewards – 50,000 bonus points

Overall Rating: ⭐️⭐️⭐️⭐️

  • Bonus: 50,000 bonus points after spending $3,000 on purchases within 90 days
  • Rewards: 2% on travel and dining, 1.5% on all other purchases
  • Annual fee: $95

The Bank of America Premium Rewards is a travel credit card that offers a 50,000-point sign-up bonus worth $500, as well as $200 in travel credits per year. Here’s what’s up with the card:

  • 1.5% cash back on all purchases
  • 2% on travel and dining purchases
  • No foreign transaction fees
  • Built-in car rental and travel insurance protection
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To get the 50,000 point bonus, you need to:

  • Spend at least $3,000 within 90 days of account opening.
  • The bonus points can be redeemed as statement credits on the card, or used for travel purchases.

Pro tip: There is a $95 annual fee for the card that is applied to the first billing statement.

8. Bank of America® Premium Rewards Elite Card – 50,000 bonus points

Overall Rating: ⭐️⭐️⭐️

  • Bonus: 50,000 bonus points after spending $3,000 on purchases within 90 days
  • Rewards: 2% on travel and dining, 1.5% on all other purchases
  • Annual fee: $95

The Bank of America Premium Rewards Elite is a top-tier rewards credit card that offers a 50,000 point sign-up bonus worth $500, as well as $300 in travel credits, $150 in “lifestyle credits”, and $100 for Global Entry TSA Precheck.

It also comes with a Priority Pass lounge membership, 24/7 concierge services, and a 20% discount on airfare when you pay with points.

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To earn the 50,000 sign-up bonus, you must:

  • Spend at least $3,000 within 90 days of opening the account.
  • The bonus will be posted to your account within 8-12 weeks.

Pro tip: There is a hefty $550 annual fee for the card, but it is mostly offset by the included statement credits and rewards points.

Final Word: Bank of America Checking Account Bonus

While Bank of America sign-up bonuses tend to be modest, it’s generally not hard to meet their requirements.

For instance, the $100 checking account bonus is easy to earn with a $1,000 direct deposit, and most of the rewards credit cards have low minimum spending limits to earn a bonus.

Still not impressed? Don’t worry, these aren’t the only offers out there. If you’re underwhelmed by Bank of America bonuses, you can explore top bank bonuses to find more options that might suit your needs better.


FAQs:

How much are Bank of America bonuses?

As of April 2023, Bank of America is offering a variety of bonuses, including a $100 checking account bonus, business account bonuses, and credit card bonuses. The highest current offer is the Merrill Edge account bonus, which is up to $600.

How to get $300 bonus Bank of America?

The only Bank of America new account bonus worth over $300 right now is the Merrill Edge account promotion. It requires opening a new account and depositing at least $200,000 (for a $600 bonus). There are also several Bank of America credit card bonuses worth $500.

Which bank pays the highest bonus?

There are several banks that are paying out up to $2,000 as a bonus for signing up, including Citi®, Chase, and Wells Fargo. However, they also require depositing at least $1 million. The Bank of America checking account bonus is their only $100 checking account bonus for personal accounts right now.

Why did Bank of America give me $100 dollars?

No, it wasn’t some Bank of America refer a friend code you didn’t know about. If you signed up for a Bank of America Advantage bank account and set up direct deposit, you may have qualified for a sign-up bonus, which is currently $100.

Where to Invest $1,000 Right Now?

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About the author

Jacob Wade

Contributor

Jacob is a nationally-recognized personal finance writer and has written for The Balance, The Spruce, LendingTree, Hedge With Crypto, Investopedia, Money Under 30, and other widely-followed sites. He is an expert in teaching others how to budget, save money, pay off debt, and invest, and loves to help others find the best ways to manage their money.