Update 1/20/21: Deal is back and valid until April 30, 2021. Hat tip to reader Conor C
Offer at a glance
- Maximum bonus amount: $500
- Availability: Targeted
- Direct deposit required: $10,000 within 90 days, or reach a deposit requirement
- Additional requirements: See below
- 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, avoidable
- Early account termination fee: None
- Household limit: None listed
- Expiration date: December 31st, 2019
No direct link to offer, showing for some when logged into their Bank of America accounts
- Bank of America is offering a bonus of $500 when you open a new checking account and complete ONE the following requirements:
- Set up and receive qualifying direct deposits totalling $10,000 or more within 90 days of account opening
- Make qualifying deposits of $50,000 or more in new money into your personal checking account within 30 days of opening and maintain that balance for 90 days
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Easiest account to keep fee free seems to be the Bank of America Advantage Plus Banking account. This has a $12 monthly fee that is waived if you do any of the following:
- Maintain a minimum daily balance of $1,500 or more
- Receive a direct deposit of $250+
- Students under age 24 are eligible to have this fee waived while enrolled in high school, college, university or a vocational program.
- Preferred Rewards clients get this fee waived (waiver applies to first 4 checking accounts).
Early Account Termination Fee
As far as I know there is no early account termination fee.
Previous best bonus has been $300, that was recently publicly available. This requires $10,000 in direct deposits, this might be a struggle for some readers although in the past some work arounds have worked and it should be possible to cycle the funds making it a little easier. It’s a shame that this is targeted, because I do think it’s definitely worth doing. I think they have targeted this towards people with cards such as the old Merrill+ card, so they probably see these as high value customers and thus the $500 bonus. If this was a public bonus I’d be adding it to the list of the best checking bonuses.
Hat tip to reader Daniel H
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times