[Targeted] Bank of America $300 Checking Bonus

Update 2/25/22: Available again, new link.

Update 5/18/20: Another round has gone out. Valid through August 31, 2020. This round, many people are getting a variety of other offers for higher amounts – more details in this post.

Update 3/26/20: Another round has gone out. Valid through April 30th, 2020.

Update 1/14/20: Another round has gone out, the typical $300 this time. Valid through April 30, 2020.

Update 6/18/19: Another round has gone out, this time it’s for $350 instead of $300 and the end date is September 15th, 2019.

Update 6/5/19: Another round has gone out. New expiry is December 31st, 2019.

Update 5/9/19: Another round has gone out, not 100% sure what the new expiry is. Let us know in the comments below.

Update 4/8/19: Another round has gone out. Check to see if you’re eligible.

Update 2/20/19: Another round of people being targeted has gone out, see if you’re eligible. Hat tip to reader Zalmy

Update 1/9/19: Another round of people have been targeted. Hat tip to reader Heartlanta.

Update 1/6/19: New set of people targeted, end date is now April 30th, 2019. Hat tip to reader hereforthetips

Update 09/09/18: Reposting as a new set of people have been targeted. End date is still December 31st, 2018. Hat tip to readers Abey & Nick.

Update 05/09/18: Offer is back again, extended until December 31st, 2018 and extended to new set of targeted people.

Update 01/25/18: Offer is back and new set of people targeted.

This is a quarterly refresh of a standard targeted Bank of America checking bonus, but I’ve written it up for two reasons: (a) you can check if you’re targeted very easily; (b) you won’t be misled if you see this elsewhere without the full details. You will not get this bonus if you are not targeted, so I wouldn’t even try.

With respect to (a), you can check if you are targeted by logging in to online banking & clicking on the “Special Offers & Deals” header. You may also see it prominently displayed in the Activity Center, after clicking on the “Special Offers & Deals” square. If it’s in your online banking, you should also receive e-mails & physical mail about the offer over the course of the promotion. Some people also see it when they log out. Those without any relationship with Bank of America may still get the offer via physical mail.

Having done this offer in summer 2016, my experience is that having credit cards with Bank of America is a good way to be targeted. An existing non-checking relationship, such as a savings accounts, is also likely to be a good way.

Offer at a glance

Maximum bonus amount: $300
Availability: Nationwide, but targeted
Direct deposit required: $4,000 in 90 days
Additional requirements: Must be targeted!
Hard/soft pull: Soft, as long as you opt out of overdraft protection
ChexSystems: No
Credit card funding: None, but you can fund with a debit card up to $250
Monthly fees: $12-$25, waive-able
Early account termination fee: None
Expiration date: ~~April 15, 2017 December 31st, 2017 April 30th, 2018 December 31st, 2018~~ April 30th, 2019

The Offer

Targeted offer, see above. ~~Direct link here~~, no longer works keep in mind you’re unlikely to get the bonus unless you were targeted

Open a new Bank of America Core Checking ($25 opening deposit) or Bank of America Interest Checking ($100 opening deposit) account and receive a $300 bonus when you:
- Are targeted, AND
- Set up and receive qualifying direct deposits totaling $4,000 or more within the first 90 days of opening your new checking account

The Fine Print

This exclusive offer is only for select Bank of America customers who don’t already have a personal checking account with us and who received an email or direct communication from Bank of America, or have seen the offer when signed into Online or Mobile Banking.
Must open a new Bank of America Core Checking OR Bank of America Interest Checking personal checking account by April 30, 2018, in a participating financial center, online, or via phone, AND
Set up and receive Qualifying Direct Deposits equaling a total of $4000 or more in your new personal checking account within 90 days from account opening.
You are not eligible for this offer if you were a signer on or owner of a Bank of America personal checking account within the last six (6) months.
Bank of America may change or terminate this offer before this date without notice.
A “Qualifying Direct Deposit” is a recurring direct deposit of a paycheck, pension, Social Security or other eligible regular monthly income, electronically deposited by an employer or an outside agency into your new checking account. A transfer done via ATM, online, or teller, or a transfer from a bank or brokerage account, Merrill Edge® or Merrill Lynch® account is not a Qualifying Direct Deposit.
If you meet all the requirements for the $300 Checking Account bonus, the earned bonus will be deposited directly into your new checking account within sixty (60) days of meeting the qualifications. Your new personal checking account must be open up to and including the date the bonus is paid in order to receive the bonus.
All bank account bonuses are treated as income/interest, and as such you have to pay taxes on them. You will be issued a 1099-INT at the start of next year.

Avoiding Fees

Core Checking

The Core Checking account has a $12 monthly fee, which can be waived in any of the following ways:

Make at least one qualifying Direct Deposit of $250 or more, OR
Maintain a minimum daily balance of $1,500 or more, OR
Be a student under age 23 and enrolled in high school, college, or vocational program, OR
Enroll in the Preferred Rewards program and qualify for the Gold, Platinum, or Platinum Honors tier (first 4 checking accounts only).

Interest Checking

The Interest Checking account has a $25 monthly fee, which can be waived in either of the following ways:

Maintain combined balances of $10,000 or more each statement cycle, OR
Enroll in the Preferred Rewards program and qualify for the Gold, Platinum or Platinum Honors tier (first 4 checking accounts only).
“Combined balances” include:
- Average daily balances for the statement cycle in eligible linked checking, savings and money market savings accounts, AND
- The current balances, as of the end of the Interest Checking statement cycle in linked personal CDs and IRAs, AND
- The current balance, as of two business days before the end of the Interest Checking statement cycle, in your eligible linked Merrill Edge and Merrill Lynch investment accounts.

Our Verdict

This is a standard targeted offer and pretty much as good as it gets with Bank of America. Go for it if you have it and can meet the DD requirement (you can view our DPs here). Do note that Bank of America is pretty strict when it comes to what counts as a DD, and many ACH transfers have been found not to work. Unless you’re aiming to become a Preferred Rewards client, the Core Checking account is the way to go, due to the low requirements for the fee to be waived. There is a public bonus for $100 which you can find here.

If you have any questions or thoughts, please comment below and I’ll do my best to answer them.

Useful posts regarding bank bonuses: