Account bonuses and special offers are common here in the US, but Bank of America is offering a particularly tasty checking account bonus right now. New customers who open a checking account online using a targeted promotion code can get a $300 exclusive bonus – but there are certain things you’ll want to know before opening an account.
Let’s take a look at what Bank of America customers can expect.
Bank of America $300 Checking Account Bonus Offer – Account Opening Instructions and More
Bank account bonuses are always subject to certain terms and conditions. With any account bonus, whether it comes with a business checking account or a bank personal checking account, it’s important to double-check the minimum deposit requirements, monthly fees and monthly maintenance costs that might affect your eligibility.
Here’s what customers can expect when claiming the latest Bank of America $300 Bonus:
December 31, 2021
- No direct link required for Bank of America’s latest checking account bonus
- Only available to customers who receive direct communication from BoA
- Customers who owned a BoA checking account within the last 6 months not eligible.
- You must be directly targeted by the bank to apply
- Log into your BoA account Activity Center
- Click “Special Offers & Deals” to get your unique promotion code
- Open either a Bank of America Core Checking or Bank of America Interest Checking personal checking account before 08/31/2021
- Enter the code
- Your account must receive qualifying direct deposits totalling $4,000 or more within 90 days of account opening.
When You’ll Get it:
If eligible, the account holder will receive the account bonus within 60 days of meeting the above requirements. However, it’s worth noting that this special offer is limited to one account bonus per customer and is taxable via your 1099 IRS form.
The account must receive qualifying direct deposits totalling $4,000 or more within 90 days of account opening.
$12 monthly for Core Checking accounts.
Targeted $500 New Checking Account Bonus – An Alternative Option Available to Select Customers
Interestingly, not all Americans will be able to access the $300 Bank of America Checking Account bonus. Depending on targeting in your region, you may be offered a similar $500 bonus instead, which comes with the following requirements:
This account bonus runs out a little sooner than the $300 deal. It expires on August 31, 2021 meaning you’ll need to apply before that date in order to qualify.
The $500 offer is only available to targeted customers who open a qualifying Bank of America Advantage SafeBalance, Advantage Plus or Advantage Relationship checking account. Regardless of which type of bank account you choose, you’ll need to abide by one of the following conditions after opening your new account:
- Set up qualifying direct deposits totalling $10,000 or more within 90 days
- Make qualifying direct deposits of $50,000 or more within 30 days and maintain a $50,000 minimum deposit balance for at least 90 days.
- The $500 special offer is targeted at select BoA customers only.
- Log into your Activity Center online to check your status.
- Apply for an eligible Bank of America account before the deadline.
When You’ll Get It:
The account holder should receive the bonus once all the qualifying conditions outlined above have been met.
Choose from either:
- Monthly direct deposits totalling $10,000 or more within 90 days, or:
- Direct deposits of $50,000 or more within 30 days (with a $50k balance maintained for 90 days)
- $4.95 on Bank of America Advantage SafeBalance Banking accounts
- $25 on Bank of America Advantage Relationship Banking accounts
- Fees can be waived if you maintain a minimum daily balance of $1,500 to $10,000, depending on account type.
How Does the Bank of America $300 Checking Account Bonus Compare to other Personal Checking Account Offers?
Let’s briefly look at how the Bank of America $500 and $300 bonus offers shape up against each other, as well as how they compare to Chase – a key competitor in the checking account market:
|Bonus Available||Monthly Fees||Direct Deposits||Availability||Expiry Date||Eligible Accounts|
|Bank of America $300 Bonus||$300||$12 Fee Waivers Available||$4,000 or More Within 90 Days||Targeted Invite Only||12/31/2021||Bank of America Core Checking Bank of America Interest Checking|
|Bank of America $500 Bonus||$500||$4.95 – $25 Depending on Account Type Fee Waivers Available||$10,000 or More Within 90 Days Or: $50,000 or More Within 30 Days (Maintained for 90 Days)||Targeted Invite Only||08/31/2021||Bank of America Advantage SafeBalance Banking Bank of America Advantage Plus Banking Bank of America Advantage Relationship Banking|
|Chase Total Checking $225 Offer||$225||$12 Fee Waivers Available||Qualifying Direct Deposit of Any Value Within 90 Days||Targeted Invite Only||10/18/2021||Chase Total Checking|
Personal Checking Account Bonus and New Checking Account Opening FAQs
Still unsure about checking account special offers and terms and conditions at the point of opening a new account? Here’s a few frequently asked questions.
1. How Do I Open a New Checking Account?
Most banks will allow customers to open a new account either online or in-person at a recognized branch. Just make sure the bonus you want to secure isn’t restricted to online or in-person only before applying.
2. Which Bank Has the Best Personal Checking Account Bonus?
Right now, we think that Bank of America’s two flagship deals are both pretty sweet – but you shouldn’t rule out the Chase Total Checking Offer or other bonuses on the market. Always shop around and compare offers to find the best bonus to suit your unique needs.
3. What Documents Do I Need for a New Checking Account Opening?
Usually, most banks will require Photo ID and your Social Security Number. A soft credit check might also be performed depending on the type of account you are opening.
4. Is Every $300 Checking Account Bonus Invitation only?
Bank of America’s latest offers are only available to customers who have had previous communication with the bank – but this isn’t always the case. It’s not uncommon for banks to offer bonuses to new customers all across the US with relatively lax terms and conditions just to secure your custom. FiLife will be the first to update you as soon as any new bonuses become available.
5. What if I Am Not Eligible for the BoA Checking Account Bonus?
If you’re not eligible for Bank of America’s latest offer, don’t fret. BoA and its competitors regularly run rotating promotions which are usually updated once every couple of months. Check back in a month’s time or try comparing the market to see what other amazing bonuses might be available to you.
Related: Best Bank Bonuses
Is the Bank of America $300 Checking Account Bonus Worth It?
It’s hard to say no to a $300 bonus or $500 special offer when opening a new checking account over the internet – but are Bank of America’s latest offers really all that? Well, we think both offers represent excellent value, but you’ll need to make sure you keep in mind more than just one of the following things when you come to sign up:
- Monthly Fee Costs
Both the $300 bonus and the $500 special offer incur monthly fees, so it’s important to ensure you can definitely cover these before you commit. Always investigate any monthly maintenance fee waiver options to see if you qualify for these, too.
- Recurring Direct Deposits
Direct deposits are pretty much always required when claiming any kind of checking account bonus and Bank of America’s latest deals are no different. Make sure you can meet the minimum requirements or keep up with any recurring direct deposits that might be expected of you before registering.
- Waiting Times
Personal finance is rarely straightforward and promotion code bonuses rarely pay out immediately. Don’t forget that you’ll have to meet all the terms and conditions over a set time period before you’ll be paid your tasty account bonus.
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