Bank of America Promotions: April 2024

New Bank of America customers can earn $200 or more by opening a new account

Fact checked by Amanda Jackson

Some people earn a few hundred dollars a year by signing up for new checking or savings accounts offering promotional bonuses. While bonus amounts vary depending on the bank or credit union, they can be a helpful way to pad your bank account. Just be aware that they count as interest income and are subject to taxes.

Bank of America is a large, well-established institution that offers several new account bonuses for eligible customers. 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: Advantage Plus – $200

• Bonus Amount: $200
• Promotion Expiry: May 31, 2024
• Qualifications: Offer code, direct deposit

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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. 

A $300 bonus is also available with the Bank of America Advantage checking accounts, but it’s for targeted customers only. If you receive a targeted mailing with a Bank of America $300 promotion code, you may be eligible for the higher bonus. 

Bank of America: Advantage Relationship – $200

• Bonus Amount: $200
• Promotion Expiry: May 31, 2024
• Qualifications: Offer code, direct deposit

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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. 

Important

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 some high-yield savings accounts, which offer APYs of 3.00% and above.

Bank of America: Advantage SafeBalance – $200

• Bonus Amount: $200
• Promotion Expiry: May 31, 2024
• Qualifications: Offer code, direct deposit

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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

• Bonus Amount: $200
• Promotion Expiry: June 30, 2024
• Qualifications: Deposit, maintain balance

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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

• Bonus Amount: $200
• Promotion Expiry: June 30, 2024
• Qualifications: Deposit, maintain balance

Learn More

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

*Note: Promotions are only available to new Bank of America account holders. 

Also Look at Interest Rates

Cash bonuses for opening accounts can be valuable, but having a long-term savings plan is important for financial stability. Part of that plan should include savings that earn a high annual percentage yield. It’s wise to look beyond one-off promotions to the amount of interest you can earn on an ongoing basis. Our rankings of the best high-yield savings, best money market accounts, and best certificates of deposit (CDs) include options that pay you more than 10 times the average rate, so it pays to shop around.

In the News

In the News: The Federal Reserve raised interest rates numerous times throughout 2022 and 2023 to cool high inflation. For its last four meetings, however, the Fed has held the federal funds rate steady, and signaled on Jan. 31 that the committee’s rate-hike cycle has almost certainly ended. While most Fed members expect two to four rate decreases will occur in 2024, the Fed has cautioned that it could be some time before the first cut is implemented.

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.

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. 

Alternatives to Bank of America Promotions

Other Bank Promotions

Many banks have begun offering checking and savings account promotions to attract new customers. For instance, these bonuses are also available with certain Chase, Citi, Wells Fargo, and TD Bank accounts. 

It’s wise to compare bank account promotions, as different banks offer varying bonus amounts, criteria, and timeframes for earning these bonuses. 

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 CD Account

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. Thus, a short-term CD could provide generous interest earnings if you can afford to keep your money invested. 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. 

Long-Term CD Account

Alternatively, you could opt for a long-term CD with a duration of a year or more. These 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, and more.

CDs are a particularly attractive option right now due to their historically high rates. While CD rates may plateau, a CD could be a smart choice if you can afford to invest your money for the term duration.

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 in 2023 after opening a qualifying Bank of America account, you’ll need to pay taxes on it when you file your 2023 tax returns in 2024. 

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.

Read the original article on Investopedia.