Bank of America Promotions & Bonus Offers for 2024

Current Bank of America promotions include a $200 bonus for new personal and business checking accounts. Most accounts have maintenance fees that can be waived by meeting certain average balance or direct deposit requirements or by being a student. At the moment, Bank of America doesn’t offer bonuses for new savings accounts.

Vault’s Viewpoint

• Receive a $200 bonus when you sign up for a Bank of America personal or business checking account and meet certain deposit requirements.
• Bank of America savings accounts earn an APY between 0.01% and 0.04%, depending on customer tier, but there are no welcome promotions currently being offered.

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.

Here’s a look at the three different types of personal checking accounts you can open with Bank of America.

Bank of America SafeBalance®

This account is best for customers who plan to keep an account balance between $500 and $1,500. It doesn’t earn interest on the balance held, and you’ll need a minimum of $25 to open this account.

The SafeBalance account has a monthly maintenance fee of $4.95. The bank will waive this fee each month if you:

• Are under 25 years old
• Have a minimum daily balance above $500
• Have enrolled in Bank of America’s rewards program, Preferred Rewards

There are no overdraft fees on the Bank of America SafeBalance account, but that’s because transactions are declined if they would overdraft your available balance.

Bank of America Advantage Plus

The Advantage Plus account also doesn’t earn interest and requires a minimum deposit of $100 to open. You can choose to enroll in overdraft protection (with a $10 overdraft fee per occurrence) or automatically have overdraft transactions declined (and avoid overdraft fees entirely). You can also link an eligible backup account with Balance Connect for automatic overdraft protection.

There is a $12 monthly maintenance fee, though this can be waived if you:

• Maintain a minimum daily balance of $1,500 or more
• Receive at least one monthly direct deposit of $250 or more
• Are enrolled in Bank of America’s rewards program, Preferred Rewards

Bank of America Advantage Relationship

As with the Advantage Plus account, the Bank of America Advantage Relationship account has a minimum deposit of $100 required to open this account. You’ll earn a standard 0.01% APY, but if you’re a Preferred Rewards member, you’ll earn between 0.02% and 0.04%, depending on tier.

There is a $25 monthly maintenance fee, which can be waived if you’ve enrolled in Preferred Rewards or maintain a minimum daily balance of $20,000 or more. If you want to enroll in overdraft protection, a $10 fee per occurrence will apply. Otherwise, you can decline overdraft protection and your overdrawing transactions will simply be declined. You can also link an eligible backup account with Balance Connect for automatic overdraft protection.

Receive a $200 Bonus When You Open a Bank of America Business Checking Account

Bank of America is also offering a $200 bonus right now when you open a new business checking account and meet certain requirements. This offer is set to expire on June 30, 2024.

To qualify for the bonus, you’ll need to make at least $5,000 in new money deposits within 30 days of account opening. New money refers to funds that are not transferred from preexisting Bank of America or Merrill investment accounts. You’ll also need to maintain this average balance during the maintenance period, which begins 31 days after your account is opened and ends on day 90.

Here’s a look at the two business checking accounts available from Bank of America.

Bank of America Business Advantage Fundamentals™ Banking

The more basic account of the two, Bank of America’s Business Advantage Fundamentals Banking account includes mobile check deposit, remote deposit online service, access to Zelle and cash flow monitoring tools. You also get access to the bank’s small-business specialists who can support you in your business goals.

This account comes with a business debit card, a $0 liability guarantee and fraud monitoring. There is a $16 maintenance fee per month, but it can be waived if you:

• Maintain a combined average balance of $5,000 or more
• Make at least $250 in new net purchases using your business debit card
• Enroll in Preferred Rewards for Business, which requires a minimum balance of $20,000 in your combined Bank of America business accounts (checking and savings accounts) for the first tier

Bank of America Business Advantage Relationship Banking

The Bank of America Business Advantage Relationship Banking account option is best for those who plan to open multiple accounts. It offers the same features and benefits as the Fundamentals business account, plus no fees on additional accounts, incoming wire transfers or account management.

The monthly fee is $29.95 but can be waived if you maintain a minimum combined average balance of $15,000 or enroll as a Preferred Rewards for Business member.

How to Apply for a Bank of America Business Checking Account Online

Think that a Bank of America business checking account could be right for you? To apply online, you’ll need the following:

• Business documentation (examples include filing documents, articles of organization and articles of incorporation)
• The name and address of your business, including the state where your business operates
• Your business Tax ID
• The date you established your business
• The Social Security number, address and date of birth of the business owner

Does Bank of America Offer a Savings Account Bonus?

Currently, there is no Bank of America savings account bonus being offered. Bank of America doesn’t offer a general high-yield savings account, either. Its only interest-bearing savings account earns an APY between 0.1% and 0.04% depending on your balance and customer relationship tier, which isn’t as competitive as other banks that offer both a welcome bonus and a high APY.

How Does Bank of America’s Bonus Offer Stack Up to Its Competitors?

Before you open up a new checking or savings account, compare the rates, promotions and bonuses at different banks to find the most competitive offer. Here’s a look at how Bank of America compares to some of its closest competitors.

Bank of America vs. TD Bank Bonus Offers

TD Bank currently offers a $300 bonus on new customer checking accounts. To qualify, you must open a TD Beyond Checking account and set up $2,500 in qualifying direct deposits within 60 days of opening the account.

TD Bank also has a $200 bonus on the TD Convenience Checking account, which only requires $500 in qualifying direct deposits within the first 60 days. Overall, TD Bank either offers a higher bonus ($300 compared with $200) or the same bonus as Bank of America, but with easier eligibility requirements ($500 in direct deposits instead of $2,000).

TD Bank is the clear winner for a new savings account, too, as the bank is offering a $200 bonus right now while Bank of America doesn’t currently have any relevant promotions or bonuses. And while neither bank has the most competitive APY, TD Bank does offer 4.00% APY when you hold a balance of $100,000 or more. Bank of America’s APY is limited at 0.01% to 0.04%, depending on the account type, balance held and customer tier.

Bank of America vs. Discover Bonus Offers

Discover doesn’t currently offer bonuses for opening a new checking account. If you’re looking to open a personal savings account, however, Discover is the clear winner.

First, Discover offers a welcome bonus for savings accounts, which Bank of America doesn’t. This welcome bonus is either $150 when you deposit at least $15,000 within 30 days of opening the account, or $200 when you deposit $25,000 within 30 days of opening your account. In addition, Discover’s APY for savings accounts is 4.35% (compared with the 0.01% to 0.04% APY that Bank of America offers).

Is Bank of America’s Bonus Offer Worth it?

Bank of America’s $200 bonus offer on new checking accounts could be valuable if you can maintain the monthly minimum balance and meet the direct deposit requirements. For business accounts specifically, Bank of America’s bonus is competitive. There are more competitive options out there for savings accounts, though, both in terms of welcome bonuses and a higher APY.