Welcome to your guide on Bank of America's checking account bonuses for 2024! Getting rewarded just for opening a new checking account can be an exciting prospect if done right. Bank of America offers some of the most competitive and rewarding bonus offers in the industry.
In this extensive 6,000+ word article, we will explore everything you need to know, from eligibility rules, to how much bonuses you can earn in 2024, what account to open, how to avoid fees, and tips to meet bonus requirements effortlessly.
Whether you want a cash reward, more perks, or reimbursem*nts for transactions, Bank of America has something that likely fits. Let's get started!
Bank of America Checking Accounts
Bank of America offers three main personal checking accounts:
Bank of America Advantage Plus Banking
The Bank of America Advantage Plus Banking account offers the highest checking bonus amount available. Key features include:
Bank of America Advantage Banking
The Advantage Banking account also offers a generous bonus and benefits like:
Bank of America Core Checking
The Core Checking account is Bank of America's basic, no frills option. There is no checking account bonus, but it offers:
Overview of Bank of America Checking Account Bonuses
Bank of America provides a range of checking and savings accounts designed to meet different needs and lifestyles. Many of these banking options come with lucrative sign-up bonuses when you open a new account and meet certain requirements.
Cash Bonuses
The most popular incentive is a cash bonus that gets deposited into your new account within a couple of months of meeting the bonus criteria. Cash bonuses typically range from $100 to $300. They offer an easy way to earn extra money just for opening the account.
Rewards Points
Some accounts with Bank of America provide reward points that you can redeem for cash back, travel, gift cards, and more. Their Premium Rewards program is one of the best credit card rewards programs on the market. You can earn bonus points just by opening a new checking account.
Account Credits
As an alternative to cash bonuses, Bank of America sometimes offers a statement credit for certain dollar-amount purchases or account transactions. This perk essentially reimburses you for eligible banking activity.
As you decide which bank account is right for your needs, the signup bonus is a factor worth considering. Let’s look at what each Bank of America checking account may offer in 2024.
Bank of America Checking Account Bonus Offers for 2024
Bank of America provides cash incentives up to $300 for eligible customers opening a new checking account. Here is an overview of the latest checking account bonus promotions from Bank of America:
Up to $300 Cash Bonus
The best Bank of America signup bonus is $300 for eligible customers opening a new Advantage Plus Banking account. To qualify for this top bonus you must:
Meeting these simple criteria nets you an easy $300 added to your new account. Just be sure to maintain the minimum $2,500 balance for 90 days.
$200 Checking Account Bonus
You can also earn $200 for opening a new Advantage Banking checking account. The requirements include:
As long as you continue the recurring deposits, you’ll receive the $200 checking bonus after meeting the 90 day period.
Cash Rewards Visa Credit Card $150 Bonus
While not a checking bonus, new Advantage Banking customers can also apply for the Bank of America customized cash rewards credit card. As a package deal you can earn:
That totals up to $350 just for opening the new accounts with Bank of America.
Preferred Rewards Bonus
Joining the Preferred Rewards program also nets you a 25% – 75% bonus on the standard checking account offers. So that increases the Advantage Plus bonus to $375 - $525 for qualifying members.
You can enroll in Preferred Rewards based on:
In many cases joining this program also helps waive monthly fees and earn other perks on Bank of America banking products.
When Do You Get the Bank of America Bonus?
For any checking account promotion, Bank of America issues the bonus cash after you complete all the requirements associated with the offer.
Most of the checking bonuses have a 90 day timeframe to meet the eligibility criteria like:
As long as you meet the terms, Bank of America provides the bonus deposit within 45 days after the 90 day period completes. So expect to see your checking bonus cash by 135 days at the maximum.
You can track your progress towards earning your bonus within your monthly checking statements or by logging into online/mobile banking. The reward will post as a credit to your new checking account once issued.
How to Claiming Your Bank of America Signup Bonus
Earning your Bank of America checking bonus takes a bit of effort upfront but pays off nicely down the road. Make sure you complete all the steps required to qualify for the specific offer:
Open Your New Account
You can visit your local Bank of America branch or open an account easily online. Make sure you enroll in an eligible checking account for the bonus you want to earn.
Complete the Requirements
Double check what you need to do to qualify for the bonus (direct deposits, minimum balance, etc.) and complete all the criteria. You can track your progress in online banking.
Watch for Your Bonus
Bank of America provides a cash bonus by depositing it directly into your new checking account within 135 days typically. Check your monthly statements so you don’t miss it.
Keep Your Account Open
Be sure to maintain the minimum eligibility criteria and keep a positive balance in your checking account to prevent any bonus reversals after receiving your reward.
Bank of America Checking Account Bonus Eligibility 2024
While the Bank of America checking account bonuses may differ, most share common rules regarding eligibility across all their promotions:
New Customers Only
First off, the welcome bonuses are only valid for new Bank of America checking customers. You cannot have had an open checking account with them in the past 12 months. This rule applies whether you take advantage of targeted mailer offers or public website advertisem*nts.
One Bonus Per Customer
Another critical stipulation is that you can only earn one checking account bonus every 12 months. Even if you qualify for multiple promotions, Bank of America restricts you to opening one eligible account each year for the initial reward.
Of course, you can always open extra accounts later to utilize other perks or benefits unrelated to bonuses.
Expiration Dates Apply
All advertised checking account promotions have a limited-time eligibility window, typically a month or less. So if an offer catches your interest, be sure to enroll before it is gone or replaced by another deal.
Inactive invitations sent by mail may reference expiration dates 30-90 days from the postmarked letter date.
Right State Residency Required
This often overlooked rule requires your new checking account to be opened in a Bank of America financial center branch located in one of the eligible states defined by the offer terms.
For example, a targeted California promotion would only allow California residents opening an in-state account to qualify. Out-of-state customers opening remote or online accounts do not qualify.
Funding the Account
A minimum opening deposit ($100 or $250 usually) is required when establishing the new checking account. Bank of America does not count debit card or credit transactions toward meeting this amount.
You’ll need to deposit cash or transfer money in, such as through an external bank account, their own BofA savings account, a Bank of America ATM, or in-person at a branch.
Meeting all the above stipulations ensures you can register for an appropriate checking bonus offer before the deadline and clear the fine print requirements. Now let's go over exactly what you need to do next to earn and receive your cash reward or other perks.
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Bank of America $300 Checking Bonus Requirements
The $300 checking bonus offer from Bank of America has a few requirements you must meet to earn the cash incentive. As you open your new Advantage Plus Banking account, remember you must complete the following within 90 days:
After satisfying the requirements consistently for 90 days, Bank of America triggers an account review. As long as you met all the criteria, they will deposit the $300 checking bonus into your account within 45 days.
$200 Checking Account Bonus Requirements
Alternatively, if you open an Advantage Banking account instead, Bank of America offers a $200 checking bonus. The key stipulations include:
Recurring Direct Deposits
You must establish a recurring direct deposit of at least $250 or more per month. Qualifying deposits include your:
Schedule these to hit your new checking account every month. Most employers can set this up easily for your paycheck through their accounting department if needed.
90 Days of Consistent Deposits
Maintain the recurring $250 monthly deposits for 90 consecutive days without interruption. If you miss or lower the deposit amounts you can jeopardize eligibility for the $200 checking bonus.
Keep Your Account Open
You cannot close your Bank of America Advantage Banking checking account prior to receiving your cash reward or you may forfeit the bonus. Make sure to keep it open beyond the 90 day timeframe.
Satisfy all the recurring direct deposit requirements for a full 90 days and Bank of America will review your account's eligibility. They deposit your $200 checking account bonus cash after completing their process – typically within approximately 135 days after meeting terms.
Bank of America $100 Savings Bonus
In addition to the generous checking account offers, Bank of America also provides a $100 cash bonus opportunity for opening a new savings account. The setup takes minimal effort and nets you easy money.
Eligibility Rules
To qualify for the $100 savings bonus you must:
New Money Requirement
The $10,000 minimum balance cannot be transferred over from an existing Bank of America account. It must be entirely new money from external sources.
Some examples include:
You cannot simply transfer $10,000 from another one of your accounts with Bank of America to qualify. Make sure you deposit brand new money not already held with them.
How to Qualify for Bank of America Checking Bonuses
Activating bonuses after opening your account involves a multi-step process. We break it all down for you step-by-step:
Step 1: Open New Checking Account
Visit a local Bank of America branch and open your new checking account with the required minimum opening deposit. If you received a targeted invitation be sure to reference your promotion code.
You want to register by the expiration date printed on advertised offers. In-branch staff can guide you through available options to ensure you apply for the optimal bonus.
Step 2: Set Up Qualifying Recurring Direct Deposits
The next imperative step is establishing recurring monthly direct deposits into your new account within the first 60 or 90 days.
Most Bank of America checking bonuses require at least one $250 recurring deposit. Higher-end accounts demand two $2,500 deposits. These must post to your account as automatic electronic credits on the same calendar day of each month.
Qualified sources providing sufficient direct deposits include:
Automatic transfers from external banks or Bank of America accounts will NOT count. So make certain you use legit direct deposits.
Step 3: Maintain Activity Minimums
Continue conducting qualifying account activity for approximately three months after receiving your first eligible recurring direct deposit(s). Common requirements involve:
Following the activity rules for the entire period ensures you meet all conditions for the bank to release your bonus.
Step 4: Receive Your Bank of America Bonus!
Finally, sit back and relax knowing your sign-up bonus cash will land in your new checking account within approximately 90 days! Bank of America also credits account bonuses in the form of statement credits or points to enrolled members.
The key is completing all the steps properly because failing to meet just one condition can make your bonus void.
Now that you see how to activate these deals, let's examine the exclusive benefits and features packed into each Bank of America Checking account option before picking the right one for your personal or family needs.
Can You Get Multiple Bank of America Bonuses?
Bank of America limits customers to one checking and one savings account bonus every 12 month period. The fine print states:
"You can only receive one business checking and one business savings incentive every 12 months across all Bank of America business deposit accounts."
So while you cannot collect multiple checking bonuses simultaneously, you could qualify for another round of bonuses when the next calendar year starts.
For example, if you open a new checking account in March 2024 and earn the $300 bonus, you'll need to wait until March 2025 before qualifying for another Bank of America checking bonus.
During your 12 month waiting period though, you can still qualify for bonuses on other Bank of America products like:
As soon as your 12 month checking time period ends, you can close your existing account and open a brand new checking account under a different product name to qualify for bonuses again.
When You Get the Bonus
Maintain the account balance minimum for a full 90 days. Bank of America initiates a review after this period to verify your eligibility. Once confirmed, they deposit the $100 savings bonus cash into your account within 45 days typically.
Avoiding Bank of America Bonus Clawbacks
While checking and savings bonuses provide easy incentives, make sure you follow all rules carefully around maintaining your accounts. If you fail to meet the terms throughout the process, Bank of America actually claws back bonuses already paid out.
Balance Requirements
The biggest reason customers lose bonuses involves falling below the minimum balance requirements during the 90 day timeframe. Try to maintain sufficient funds or transfer money in if your balance drops too low.
Closing Your Account Prematurely
Never close your checking or savings account before receiving your full bonus. Doing so forfeits your rewards eligibility immediately in most cases if you previously qualified.
Fraud or Invalid Activity
Attempts to manufacture fraudulent direct deposits or game the system also risk account closure and bonus reversals. Always follow legitimate practices when meeting bonus requirements.
Monthly Fees
Avoid monthly maintenance and service fees during your first 90 days for a seamless bonus experience. Preferred Rewards helps eliminate most fees. Otherwise keep a cushion or set up waivers.
Following all the fine print means your full checking and savings bonuses get deposited on time without issues. Let the bonus money compound further interest once banked.
Which Provides the Best Bank of America Signup Bonus?
Bank of America provides a menu of checking and savings account bonuses to cater to customers. But which opportunity works best for your needs and provides the maximum value?
$300 Checking Bonus
For pure dollar amount, the flagship $300 Advantage Plus Banking bonus reigns supreme. While it requires a higher minimum balance, you maximize your incentive. It works especially well combined with Preferred Rewards multipliers too.
$200 Checking plus $150 Credit Card Bonus
Alternatively, shooting for the Advantage Banking $200 checking bonus plus applying for the customized cash rewards card nets you $350 total. It requires recurring direct deposits instead of a large balance.
Easy Savings Bonus
If you want quick and effortless rewards, fund a new Advantage Savings account with $10,000 in new money for an easy $100 bonus from Bank of America.
Evaluate your situation and ability to meet balance needs, deposit requirements, or upfront investment funding to decide which bonus(es) fit your circ*mstances the best.
Bank of America $500 Business Checking Bonus
Beyond personal accounts, Bank of America also offers a lucrative $500 business checking bonus. The requirements mirror many consumer checking promotions with a few unique twists.
Eligibility Rules
To qualify for the $500 business checking bonus you must:
Fee Waivers
You also need to enroll any Business Advantage Savings account(s) in the Keep the Change® feature for automatic balance transfers. This helps waive monthly fees.
Exclusive Bonus
Unlike personal checking accounts, you can earn this business checking bonus even if you recently claimed another Bank of America consumer offer like their $200 or $300 personal checking bonuses within the past year.
So qualifying business owners can stack several Bank of America cash rewards in quick succession through strategic applications. Just make sure your business meets eligibility stipulations around establishment dates, license requirements, or tax documentation.
Finding the Best Bank of America Signup Bonus Offers
Bank of America refreshes and updates their checking and savings bonuses all year long through seasonal promotions. But how do you find the latest and greatest offers before opening your next account?
Check Their Website
Bank of America showcases their top featured bonuses front and center on their website:
Scroll down to view special offers related to:
Their dedicated bonus page outlines all the key details, requirements, disclaimers, and links to open eligible accounts digitally:
Bookmark and check back often for refreshed bonuses.
Local Bank Branch Offers
Visiting your nearest local Bank of America branch enables bankers to explain the latest deals available when you open accounts in person. They stay on top of the newest incentives.
Speaking with them also allows you to ask clarifying questions on bonus qualifications or discuss aspects like combining with Preferred Rewards. Local branches ultimately submit your applications too.
So don’t hesitate to swing by and check on specials through the knowledgeable branch staff.
Third-Party Banking Sites
Industry blogs and financial websites like MoneyRates.com also track and post the latest Bank of America offers available across accounts:
These outlets provide additional details around optimizing bonuses through tactics like account pairing or preferred rewards boosts. They also break down key fine print exclusions or common hangups that complicate bonuses.
Review articles on top bank deals highlight if better promotions exist elsewhere too. Checking these sites ultimately ensures you maximize earnings.
Choosing The Best Bank of America Checking Account
Bank of America provides a suite of checking accounts, each designed with different perks and consumer needs in mind. Which is the optimal choice for you?
Here we compare standout benefits you may consider important:
Minimum Opening Deposit
Lower opening deposits give you more flexibility if funds are tight when establishing a new checking account. The regular Advantage option has no minimum opening balance requirement.
Monthly Maintenance Fees
You want to minimize or eliminate monthly fees if possible. Advantage Banking offers ways to waive the $15 monthly cost. Core Checking also lets you skip the $12 fee with just one repeating direct deposit of any amount per statement cycle.
Minimum Direct Deposits To Waive Fees
The amount of recurring direct deposits needed to avoid paying account fees varies significantly. For frequent travelers with ample deposits, the Advantage Plus waiver requirements may be easy to satisfy. But Core Checking appeals to those with lower deposit amounts by having the lowest waiver threshold.
ATM Fees Reimbursed
One of the best perks of Advantage Plus Banking is unlimited reimbursem*nts for fees incurred when using out-of-network domestic ATMs. This allows fee-free access to cash across all ATM providers nationwide.
Premium Rewards Program
The exclusive Premium Rewards program tied to Advantage Relationship Banking provides some of the highest boosts to Bank of America credit card reward earnings along with other benefits. But you must qualify for Preferred Rewards to access Premium Rewards.
Reimbursem*nts on Purchases
Advantage Plus Banking truly shines with unlimited 3% travel purchase reimbursem*nts and 2% cash back towards dining and online shopping. This allows you to earn rewards just for paying bills as usual.
If you frequently handle larger dollar amount transactions in these 3 categories, the perks rebates can really add up over time with Advantage Plus!
Mobile & Digital Experience
All Bank of America checking options provide robust digital banking capabilities through their excellent mobile app and online account management platform:
You get complete mobile and online control over your finances plus time-saving conveniences for managing money from anywhere.
As you can see, selecting the optimal checking account involves weighing trade-offs between affordability, account activity requirements, fees, rewards potential, and other preferences that align with your situation.
Next we offer even more advice on avoiding big mistakes to maximize value from your Bank of America checking and bonus rewards...
Tips to Avoid Bank of America Checking & Bonus Pitfalls
The checking bonus may be your primary motivation for opening an account initially. But ideally you want to take advantage of the continual perks and benefits for years beyond just the signup incentive.
Here are pro tips to avoid hassles after opening your account:
Pick the Right Account From Day One
We just examined how Bank of America checking options differ. Choosing correctly from the start prevents the need to switch or close accounts later just to obtain preferred perks. This avoids resets of bonus eligibility time periods in the future.
Understand All Requirements Upfront
Bank of America spells out clearly in their disclosures exactly what recurring direct deposits, minimum balances, transaction volumes, and other qualifications you must meet to receive and keep bonuses active. Read requirements closely!
Automate Transactions and Deposits
Scheduling automatic payments combined with direct deposit streams helps guarantee you effortlessly hit monthly minimums. Set it and forget it!
Monitor Statements and Accounts Regularly
Review statements each month and log into online or mobile banking to check balances, pending deposits, fees, or any changes. This allows catching and addressing mistakes early. Digital alerts also help monitor account activity.
What Day Does Bank of America Issue Bonuses?
Bank of America cites they issue bonus rewards to your account approximately within 45 days after your 90 day qualification period finishes. But most customers report seeing deposits sooner in reality:
If you don't see the incentive by day 135 at the max, reach out to customer service to investigate any delays or issues if you fulfilled all requirements already.
What’s the Best Way to Avoid Bank Account Bonus Clawbacks?
Do NOT close any new accounts before receiving your full bonus deposit or risk forfeitures. The biggest culprit for lost bonuses involves early account termination.
Consistently maintain your minimum balance or recurring deposit requirements all 90 days as well. Dropping below thresholds prematurely also prompts clawbacks frequently.
Follow eligibility steps diligently from day one and let your bonus successfully process to have funds waiting at the end!
Common Questions about Bank of America Bonuses
For first-timers, checking and savings account bonuses bring lots of uncertainties when managing qualifications. Here are answers to some frequently asked questions:
What Counts as a Direct Deposit?
Qualifying Direct Deposits Include:
Ineligible Direct Deposits:
Ensure your payroll department codes recurring salary transfers properly using the correct ABA routing number/account details provided as you open your account. This seamlessly facilitates the bonus requirements.
Frequently Asked Questions (FAQs)
You probably still have plenty more questions. We answer the most commonly asked ones below about Bank of America checking accounts and bonuses:
What is the biggest Bank of America checking account bonus offer?
The highest cash rewards currently come from opening any of the Advantage Banking options. But targeted offers fluctuate and do not always match publicly advertised deals. So your own custom mailer invitation may contain an even more lucrative targeted limited-time offer.
How long do I need to keep a Bank of America checking account open to keep my bonus?
You must avoid closing your account within the first 12 months after opening to prevent forfeiting bonuses and reimbursem*nts.
Can I redeem Bank of America bonuses cash from an ATM?
No, earned cash rewards from checking or savings bonuses automatically deposit into your account. They do not print out as cash from ATMs. But you can immediately withdraw the money or spend it once showing up in your available balance, just like any other funds.
Will opening a Bank of America checking account hurt my credit?
Simply opening a new checking account does not directly help or hurt your credit scores or history by itself. However, mishandling the account such as overdrawing balances or going unpaid into collections can cause credit reporting issues. As long as you manage payments and balances responsibly, a new checking account won't damage your credit profile.
Can I transfer money to another bank after receiving my bonus?
Bank of America gives you full flexibility to use your new funds however you please, including external transfers or withdrawals. Just be mindful that premature account closures or dropping your balance too low may cause hiccups with certain bonus eligibility terms.
What are the requirements for the Bank of America $300 bonus?
The current $300 cash bonus public offer hinges on opening an Advantage Plus Checking account, then setting up and maintaining two recurring monthly direct deposits of $2,500 or more for the first 3 months. Individual targeted promotions may differ regarding qualifying activities so check your mailer specifics
Can credit card cash back count as direct deposits?
Unfortunately, no. Credit card rewards do not qualify as either a direct deposit or monthly recurring transaction for purposes of Bank of America bonuses or account fee waivers. Only legitimate payroll, pension, or government benefit payments count.
How long does it take Bank of America to pay bonuses?
Bank of America issues bonus cash rewards and credits within approximately 90 days after you complete all offer requirements. So if you satisfy an early direct deposit deadline one month ahead of the 3 month mark, your bonus funds will arrive on schedule.
What are Bank of America $100 bonuses?
The most common public $100 checking bonus requires opening a new Core Checking account, then setting up one recurring direct deposit of $250 or more for 90 days while avoiding closures or conversions. Lower barriers make this reasonably easy extra $100 available to all new checking customers.
Can I apply for multiple Bank of America checking bonuses?
Unfortunately you are restricted to only opening one new checking account every 12 months to earn the bonus payout. Bank of America enforces this rule to prevent abuse of multiple promotions by the same customer.
I’m Is the Bank of America $300 bonus worth it?
Earning $300 cash just for opening a new checking account and maintaining a couple of direct deposits seems like a pretty sweet deal! Just be certain you enroll in the premium Advantage Plus option to maximize ongoing perks that make the account worth keeping long term.
Ready To Earn Your Bank of America Bonus?
As we wrap up this extensive 6,000+ word guide on maximizing Bank of America checking bonuses, you now have all the background needed to earn the extra cash and perks you deserve!
The ball is now in your court. Be sure to apply early for your desired account and complete qualifying requirements during the limited-time bonus windows.
