Bank of America, the country’s second-largest bank based on total assets, offers promotions to garner new business. Unfortunately, being a giant bank doesn’t necessarily result in giant perks.
Account details are accurate as of November 7, 2023.
Bank of America promotions overview
Bank of America promotions include $200 in cash for new personal checking and business checking accounts. It doesn’t offer savings bonuses (and doesn’t offer high-yield savings accounts, as many online banks do).
$200 in cash for new personal checking account
How to qualify
To qualify for the $200 cash bonus for a new personal checking account at Bank of America, you must:
- Be a new Bank of America personal checking account customer.
- Make a minimum opening deposit of $25 or $100, depending on the type of account. The minimum deposit is $25 for a checkless Advantage SafeBalance Banking® account or $100 for an Advantage Plus Banking® or Advantage Relationship Banking® account.
- Open the account through Bank of America’s dedicated page for this offer.
- Use the offer code: TWA200CIS.
- Set up and receive qualifying direct deposits of at least $2,000 within 90 days from the account being opened. Qualifying direct deposits are deposits of regular monthly income, such as paychecks or Social Security checks.
Fees
Monthly fees are $4.95, $12 or $25, depending on the type of account. You can avoid the monthly fee by meeting certain requirements, though. For instance, you can escape the $12 monthly fee for an Advantage Plus checking account if you make at least one qualifying direct deposit of $250 (such as a paycheck or Social Security check) or maintain a minimum daily balance of at least $1,500.
No fees are associated with the bonus.
Expiration date
January 31, 2024
$200 in cash for new business checking account
How to qualify
To qualify for the $200 cash bonus for a new business checking account at Bank of America, you must:
- Be a new customer.
- Open the account online.
- Make qualifying deposits of $5,000 or more in new money (money not already held at Bank of America or Merrill Lynch) within 30 days of opening the account.
- Maintain an average balance of $5,000 for the following 60 days (day 31-90) during the maintenance period.
Fees
The monthly fee is $16 for a Business Advantage Fundamentals™ Banking account or $29.95 for a Business Advantage Relationship Banking account. You can avoid the monthly fee by meeting certain requirements, such as maintaining a minimum balance.
No fees are associated with the bonus.
Expiration date
December 31, 2023
How BoA promotions compare
This chart offers a side-by-side comparison of the best checking and savings promotions for Bank of America and five of its chief competitors. As you’ll see, Bank of America’s promotions mostly fall short of those from the five rivals.
*Bonus amounts displayed above may vary based on account type and/or deposit amount.
Bank of America review
Bank of America gets mixed reviews from banking customers.
For instance, Bank of America received below average marks in the J.D. Power 2022 U.S. National Banking Satisfaction Study.
On the Trustpilot review site, Bank of America receives an overall score of 1.3 out of 5 stars, with many consumers complaining about the bank’s customer service.
Furthermore, Bank of America doesn’t make our list of the best checking accounts. But to be fair, none of Bank of America’s national rivals appear on the list.
On the other hand, Bank of America earned a higher-than-average score of 690 in J.D. Power’s 2023 U.S. Small Business Banking Satisfaction Study. Plus, Bank of America tied with Capital One in J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study as the best bank in the region encompassing Alabama, Arkansas, Louisiana, Mississippi and Tennessee.
Frequently asked questions (FAQs)
Through January 31, 2024, Bank of America is offering a welcome bonus of $200 for opening a personal checking account. Meanwhile, it’s also offering a welcome bonus of $200 for opening a business checking account through Dec. 31, 2023. These offers are available only to customers who don’t already have checking accounts at Bank of America.
The offer code for Bank of America’s $200 personal checking account bonus is TWA200CIS.
Generally, Bank of America’s bonuses aren’t competitive.
For example, Wells Fargo, one of Bank of America’s major rivals, offers bonuses of: $300 for a new Everyday Checking account, $2,500 for a new Premier Checking account and $525 for a new Way2Save® Savings account (offers expire Jan. 9, 2024). By comparison, Bank of America’s checking bonuses are $200; no savings bonuses are available.
A sign-up bonus from Bank of America or any other bank might count as taxable income, and the bonus might show up on the IRS 1099-INT form you receive for your account.
