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: July 2024 Bank of America Promotions: July 2024 Compare Promos Are Bank of America Bonuses Worth It? Pros and Cons Alternatives How We Track Bank Account Bonuses How to Get the Bonus Bonus Restrictions and Account Fees How to Get the Bonus Bonus Restrictions and Account Fees 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. How to Get the Bonus Bonus Restrictions and Account Fees How to Get the Bonus Bonus Restrictions and Account Fees How to Get the Bonus Bonus Restrictions and Account Fees 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 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 In the News: The Fed held rates steady for a seventh consecutive time at its June 12 meeting. 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. 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. 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. 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. 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. 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. 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. 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. 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 our editorial policy. Bank of America. "You Could Get $200." Bank of America. "Bank of America Advantage Banking." Bank of America. "Bank of America Advantage Banking." Bank of America. "You Could Get $200." Bank of America. "You Could Get $200." Bank of America. "You Could Get $200." Bank of America. "Bank of America Advantage Banking." Bank of America. "Open a New Bank of America Business Checking Account and Qualify for a $200 Cash Bonus Offer." Bank of America. "Business Checking Accounts for Your Small Business." Bank of America. "Open a New Bank of America Business Checking Account and Qualify for a $200 Cash Bonus Offer." Bank of America. "Business Checking Accounts for Your Small Business." Federal Reserve. "Summary of Economic Projections." Federal Reserve. "Federal Reserve Issues FOMC Statement." Internal Revenue Service. "Topic No. 403 Interest Received." 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. Bank of America. "You Could Get $200." Bank of America. "Bank of America Advantage Banking." Bank of America. "Bank of America Advantage Banking." Bank of America. "You Could Get $200." Bank of America. "You Could Get $200." Bank of America. "You Could Get $200." Bank of America. "Bank of America Advantage Banking." Bank of America. "Open a New Bank of America Business Checking Account and Qualify for a $200 Cash Bonus Offer." Bank of America. "Business Checking Accounts for Your Small Business." Bank of America. "Open a New Bank of America Business Checking Account and Qualify for a $200 Cash Bonus Offer." Bank of America. "Business Checking Accounts for Your Small Business." Federal Reserve. "Summary of Economic Projections." Federal Reserve. "Federal Reserve Issues FOMC Statement." Internal Revenue Service. "Topic No. 403 Interest Received." Related Terms What Is a Checking Account? Here's Everything You Need To Know A checking account is an account held at a financial institution that allows deposits and withdrawals. Learn how checking accounts work and how to get one. more What Is a High-Yield Checking Account? A high-yield checking account provides interest at an above-average rate, in some cases above 5% or 6% APY. But these accounts usually come with stringent requirements. more Minimum Balance: Definition, Requirements, and Margin Accounts The minimum balance is the minimum amount that a customer must have in an account to get a service, such as keeping the account open. more Roth IRA: What It Is and How to Open One A Roth IRA is a special individual retirement account (IRA) in which you pay taxes on contributions, and then all future withdrawals are tax-free. more What Is Online Banking? Definition and How It Works Online banking allows a user to conduct financial transactions via the Internet. Online banking is also known as Internet banking or web banking. more What Is a Savings Account and How Does It Work? A savings account is a bank or credit union account designed to keep your money safe while providing interest. Learn how savings accounts work. moreBank of America Promotions: July 2024
Bank of America : Advantage Plus – $200
Bank of America : Advantage Relationship – $200
Bank of America : Advantage SafeBalance – $200
Bank of America : Business Advantage Fundamentals – $200
Bank of America : Business Advantage Relationship – $200
Compare Bank of America Promotions
Promotion Bonus Amount Promotion Expiry Qualifications* Bank of America Advantage Plus $200 September 30, 2024 Offer code, direct deposit Bank of America Advantage Relationship $200 September 30, 2024 Offer code, direct deposit Bank of America Advantage SafeBalance $200 September 30, 2024 Offer code, direct deposit Bank of America Business Advantage Fundamentals $200 December 31, 2024 Deposit, maintain balance Bank of America Business Advantage Relationship $200 December 31, 2024 Deposit, maintain balance Are Bank of America Bonuses Worth It?
Pros and Cons of Bank of America Promotions
Pros Explained
Cons Explained
In the News
Alternatives to Bank of America Promotions
Frequently Asked Questions
Who Is Eligible for Bank of America Promotions?
Are Bank of America Promotions Worth Opening an Account?
Are Bank of America Promotions Taxed?
Does Bank of America Offer Any Promotions for Existing Customers?
How Do I Redeem a Bank of America Bonus?
When Does Bank of America Provide Bonuses?
How We Track Bank Account Bonuses
Best Checking Account Bonuses for July 2024 Best Bank Bonuses for July 2024 Chase Bank Promotions: July 2024 Best Savings Account Bonuses for July 2024 Huntington Bank Bonuses: July 2024 U.S. Bank Promotions: July 2024