Banking » Promotions » Bank of America Promotions & Welcome Bonus, March 2023
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Bank of America Promotions & Welcome Bonus, May 2024

Bank Of America offer promotions for new bank accounts as well as welcome bonus on many of its credit cards. Here's all you need to know.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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Table Of Content

Bank of America is a leading banking institution, but it does still offer some promotions to attract new customers.

Bank of America does not currently have any savings account promotions.

Yes, Bank of America is currently offering a welcome bonus with its Advantage account.

Yes, if you open a business checking account, you can earn a cash bonus if you meet the qualification criteria.

You can earn up to $500 if you open a Bank of America business checking account and meet the promotion criteria

The Premium Rewards credit cards have a welcome bonus of 50,000 points, worth $500 if you spend $3,000 or more in the first 90 days.

Yes, there are some promotions that require you to enter a code to qualify for the bonus offer.

Bank of America does not currently have any CD promotions.

Yes, via its partnership with Merrill Edge, you can qualify for a welcome bonus if you open and fund a self directed account.

There are a number of Bank of America credit cards that offer 15 months at 0% on purchases and balance transfers made within the first 60 days.

Bank of America does not currently have any loan promotions.

You can check the full terms and conditions of each offer on the website. If you’re still unsure, there is a chat feature or you can call the helpline to speak to the support team

Yes, if you don’t adhere to the qualification criteria or you close your account within a designated period, Bank of America may deduct the total of the bonus from your closing balance.

Banking Promotions

Bank of America offers checking account promotions for two types of accounts: Advantage Banking Account and Business Checking. 

Here are the main things you should know:

Advantage Banking Account

bank of america logo
bank of america logo

Advantage Banking Account

Promotion

$200

Expiration

01/31/2024

Minimum Deposit

$1,000 or more in direct deposits within 90 days

Fees

$12 can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
  • Bonus: You can receive $200 as a welcome bonus when you open an Advantage Banking Account. You can expect to receive your bonus within 60 days of meeting the promotion requirements.

  • Requirements: To qualify for the bonus, you need to open the account using the promotional code “DNL100CIS” and receive $1,000 or more in direct deposits within 90 days. Qualifying direct deposits include regular monthly income sources including pension, salary or Social Security Benefits.

  • Product Info: The Advantage Banking Account is one of the most popular Bank of America options. It is designed to meet your everyday banking needs with anytime, easy access to thousands of ATMs and financial centers or via the virtual banking assistant, Erica. The account also offers smart money management tools. There is a $12 monthly maintenance fee, but this can be waived if you maintain a minimum daily balance of $1,500, have at least $250 in qualifying direct deposits or are enrolled in the Preferred Rewards program.

  • Terms and Conditions:

    • The minimum deposits cannot be from wire deposits, teller deposits or ATM transfers.
    • You cannot be eligible for this promotion if you have been an owner or co-owner of a Bank of America personal checking account in the last 12 months.
    • Offer expires 01/31/2024

What happens if Bank of America Fails??

As with most banks, Bank of America was not immune to the financial crisis in 2008, but even during this turbulent time, customers were protected. Today, deposits of up to $250,000 are FDIC protected. So, should the bank fail, as a customer, you would be reimbursed up to the maximum cap.

How's Bank of America physical coverage?

As a large U.S bank, Bank of America does have impressive coverage. The bank currently has over 4,300 branches across the country and an ATM network with more than 17,000 machines, making it easy to access the products and services almost anywhere across the USA.

What is required to open a BOA account?

Whether you open your Bank of America account in branch or online, you will need to provide some personal information and verify your identity. This will include providing your Social Security number, current mailing address, email address and phone number. If you already have an existing Bank of America account, you will also need to provide the account number.

The acceptable forms of ID include state issued photo ID, Driver’s license, U.S passport, military photo ID or Bank of America photo debit or credit card.

Can I open a Bank of America checking account online?

It is possible to open one of several Bank of America checking accounts online. You will need to confirm your personal details and ID. However, the online application is in a secure portal and once you complete the process, you should receive a decision within one or two days.

Does BOA offer a free checking account?

Bank of America checking accounts do tend to have a monthly maintenance fee, but there are waiver criteria, so you don’t need to pay a fee each month.

The waiver criteria is quite straightforward, for example, you need to meet a minimum deposit requirement or minimum balance. Additionally, the Safebalance checking account has no overdraft fees.

Business Checking

bank of america logo
bank of america logo

Business Checking

Promotion

$200

Expiration

12/31/2022

Minimum Deposit

Within 30 days, you need to make at least $20,000 in qualifying deposits. Between day 31 and day 90, you need to maintain an average balance of at least $20,000

Fees

$16 for Business Advantage Fundamentals or $29.95 for Business Advantage Relationship Can be waived if you’re a Preferred Rewards for Business member or maintain a combined average monthly balance of $5,000 or $15,000 for Advantage Fundamentals or Advantage Relationship respectively
  • Bonus: You can earn up to $200 when you open a new Business Advantage Fundamentals or Business Advantage Relationship account. Your bonus will be deposited into your account within 60 days of the end of the qualifying period.

  • Requirements: Within 30 days, you need to make at least $20,000 in qualifying deposits. Between day 31 and day 90, you need to maintain an average balance of at least $20,000.

  • Product Info: The Bank of America business checking accounts aim to provide a full variety of tools and services including the ability to view and manage both your personal and business accounts in one place, there is also a cash flow monitor, account management tools, digital debit cards and access to a virtual financial assistant.

  • Fees: There is a monthly maintenance fee of $16 for Business Advantage Fundamentals or $29.95 for Business Advantage Relationship. You can have this fee waived if you’re a Preferred Rewards for Business member or maintain a combined average monthly balance of $5,000 or $15,000 for Advantage Fundamentals or Advantage Relationship respectively.

  • Terms and Conditions:

    • You must be a new Bank of America business company and not have been an owner or signer on a Business Advantage account in the last 12 months.
    • The offer cannot be combined with any other promotional bonuses
    • Only one bonus per business owner, regardless of if you own or operate multiple businesses
    • Offer expires 12/31/2022.

What happens if Bank of America Fails??

As with most banks, Bank of America was not immune to the financial crisis in 2008, but even during this turbulent time, customers were protected. Today, deposits of up to $250,000 are FDIC protected. So, should the bank fail, as a customer, you would be reimbursed up to the maximum cap.

How's Bank of America physical coverage?

As a large U.S bank, Bank of America does have impressive coverage. The bank currently has over 4,300 branches across the country and an ATM network with more than 17,000 machines, making it easy to access the products and services almost anywhere across the USA.

What is required to open a BOA account?

Whether you open your Bank of America account in branch or online, you will need to provide some personal information and verify your identity. This will include providing your Social Security number, current mailing address, email address and phone number. If you already have an existing Bank of America account, you will also need to provide the account number.

The acceptable forms of ID include state issued photo ID, Driver’s license, U.S passport, military photo ID or Bank of America photo debit or credit card.

Can I open a Bank of America checking account online?

It is possible to open one of several Bank of America checking accounts online. You will need to confirm your personal details and ID. However, the online application is in a secure portal and once you complete the process, you should receive a decision within one or two days.

Does BOA offer a free checking account?

Bank of America checking accounts do tend to have a monthly maintenance fee, but there are waiver criteria, so you don’t need to pay a fee each month.

The waiver criteria is quite straightforward, for example, you need to meet a minimum deposit requirement or minimum balance. Additionally, the Safebalance checking account has no overdraft fees.

How to Open a Bank of America Bank Account

You can open a Bank of America bank account via the official website.

  • Confirm if you want a savings account: The first thing you’ll need to do is confirm if you want to open a Bank of America savings account with your checking account. There is also a box to enter a promotional code, which you’ll need to enter to qualify for the bonus.
  • Complete the application: You will then be directed to an application form. You’ll need to provide your full name, address, contact details and financial status.
  • Add a Co-Signer: You will see an option to add a co-signer. If you do, you will be directed to complete details about them.
  • Complete account set up: From this point, you can save your application at any time. When you’re ready, Bank of America will guide you through account set up. You can then review the terms and conditions and submit your application.

Things to Watch For When Opening a Bank of America Checking Account

  • ATM Fees: Bank of America has a large ATM and branch network, but if you are not close to a location, you need to check what out of network ATM fees may apply. Some accounts offer fee reimbursement, but others do not.
  • The Monthly Fee Waivers: Most Bank of America have monthly maintenance fees, but there are possibilities to have the fees waived. So, it is a good idea to check the waiver criteria to ensure that you can comfortably meet at least one each month.
  • Overdraft Fees: It is also important to check what overdraft fees will apply if you accidentally drop into the red. Bank of America’s standard overdraft fee has been reduced from $35 to $10, but it is still worth checking the specifics for your potential account.
  • Other Account Possibilities: While the Advantage checking offers a welcome bonus, you may be better suited to the more basic “Safe Balance” account or prefer to take advantage of the greater perks with the “Advantage Relationship”.
  • The Promo Code: Finally, watch out for the section in the application form that asks if you have a promotional code. If you don’t enter the code during your application, you won’t qualify for the welcome bonus.

Credit/Debit Card Promotions

Bank of America has an impressive selection of credit cards, many of which have welcome bonuses.

Bank of America Customized Cash Rewards

This card offers $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening. You can also enjoy 0% APR for the first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account..

The Customized Cash Rewards is a great card option if you want to tailor your rewards. There is a tiered reward structure, but you can designate which categories you wish to receive the highest rewards. You can change the categories once per calendar month or make no changes and they will remain the same.

Bank of America® Customized Cash Rewards

Bank of America® Customized Cash Rewards

Bank of America Travel Rewards

The Bank of America Travel Rewards card offers 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases. You can redeem your bonus as statement credit towards travel or dining purchases. There is also 0% APR for the first 15 billing cycles on purchases and balance transfers.

This card is a good choice if you’re a casual traveler. You can earn unlimited points on all your purchases with no point expiration. However, there is also no annual fee and no foreign transaction fees. You can redeem your accumulated points as statement credit towards travel or dining purchases.

Bank of America® travel rewards

Bank of America® travel rewards

Bank of America Unlimited Cash Rewards

The Unlimited Cash Rewards card offers $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening. There is also a 0% APR rate for the first 18 billing cycles for purchases, 60 days on balance transfers.

As the name suggests, this card is great for those who are looking for unlimited cash back. It is one of the most simple reward cards, as there are no categories or spending caps. You can simply earn cash back on all your purchases. While this may not offer the greatest levels of cash back, the card has no annual fee.

Bank of America® Unlimited Cash Rewards Credit Card

Bank of America® Unlimited Cash Rewards Credit Card

BankAmericard

The BankAmericard sign up bonus include N/A. There is also 0% for the first 21 billing cycles on purchases and balance transfers made within the first 60 days.

This card is a great option for those who want a rewards card while they are improving their credit. There is no annual fee and there are no automatic interest increases if you make a late payment and you can access your FICO score for free.

BankAmericard®

BankAmericard®

Premium Rewards

The Premium Rewards card offers a 50,000-point bonus, with a value of $500.

This card is a solid option for more frequent travelers. You can earn unlimited points on travel and dining purchases, with fewer points for all your other purchases. You can also get up to $200 in statement credit when you pay for Global Entry or TSA PreCheck application fees with your card. Some excellent travel perks include travel protections, concierge services, and access to a luxury hotel collection.

You can redeem your cashback through direct payment into your bank account, a statement credit, or gift cards.

Premium Rewards Elite

The Premium Rewards Elite card also offers a 50,000-point bonus.

This card is better suited to more serious travelers. The reward structure is similar to the Premium Rewards card. Still, you can receive up to $550 in statement credit for TSA PreCheck or Global Entry fees, airline incidentals, and Lifestyle statement credits. Some luxury benefits include premier hotel amenities, airport lounge access, and travel/purchase protections.

However, it does come at the cost of a $550 annual fee. The redemption options are similar to the Premium Rewards, but you can save 20% on airfare if you use the Bank of America Travel Center to book flights and pay with your points.

Customized Cash Rewards for Students

The Customized Cash Rewards for Students card offers a $200 bonus if you make $1,000+ purchases during the first 90 days after opening your account. There is also a 0% APR for the first 15 months.

This is a solid card option for those in full-time education who want to earn rewards and build their credit. There is a tiered reward structure, but you can choose the highest tier category to suit your spending habits. You can change your category once per month or leave it the same. The card also offers free access to your FICO score.

Unlimited Cash Rewards for Students:

This card also has a $200 intro bonus if you spend $1,000 or more within 90 days of opening your account.

As with the conventional Unlimited Cash Rewards card, there are no spending limits or categories; you earn cash back on all purchases. There is also free FICO score access via the app or online banking platform.

BankAmericard for Students

The BankAmericard for Students card offers $100 in statement credit when you make $1,000 or more in purchases during the first 90 days of account opening. There is also a 0% APR for 18 billing cycles.

This card is a good choice for students who value simplicity and security. While minimal rewards exist, there is a $0 liability guarantee and FICO score access.

Travel Rewards for Students

This card offers a 25,000-point bonus if you make $1,000 of purchases in the first 90 days. There is also a 0% APR for 15 billing cycles.

As the name suggests, Travel Rewards for Students is an excellent choice for students who love to travel. You’ll earn unlimited points on all your purchases, and you can use your card to book trips and redeem your points for statement credit against your travel and dining purchases.

Alaska Airlines Visa

The Alaska Airlines Visa offers a 40,000-mile bonus, and you can buy one ticket for just the fees and taxes. To qualify, you must make purchases of $3,000 or more in the first 90 days.

As the name suggests, this card is ideal for those loyal to Alaska Airlines. You can enjoy a Companion Fare each year, valid on all Alaska Airlines flights, free checked bags for up to 6 people on the same reservation, and miles for each dollar you spend.

Susan G Komen Customized Cash Rewards

This card offers a $200 cash rewards bonus if you spend $1,000 in the first 90 days. There is also a 0% APR for the first 15 billing cycles.

This Customized Cash card is an excellent option if you want greater control over your rewards. The card has no annual fee and a tiered reward structure, but you can choose the highest reward category. You can change this top-tier category once a month or make no changes, which will remain the same.

Free Spirit Travel More World Elite

This card offers new cardholders a $100 companion flight voucher and 60,000 bonus points when you spend $1000 in the first 90 days.

The card has a tiered reward structure and no annual fee. However, you’ll also receive a companion flight voucher on your card anniversary if you make at least $5,000 of purchases in the previous year.

Allegiant World

The Allegiant World Mastercard offers 15,000 bonus points worth $150 when you make $1,000 in purchases within 90 days of opening your account.

With a low annual fee, you can earn points on Allegiant and other purchases with no minimum point redemptions, destination restrictions, or blackout days.

Royal Caribbean Visa Signature

This card offers 10,000 bonus points worth $100 in onboard credits when you make a qualifying transaction in the first 90 days.

You’ll earn MyCruise points for your purchases, which you can redeem for cruise vacations, onboard credit, or stateroom upgrades. There are also no foreign transaction fees or annual fees.

Norwegian Cruise Line World Mastercard

This card offers 20,000 bonus points worth $200 in onboard or Norwegian cruise vacation credit when you make $1,000 or more purchases for the first 90 days.

You’ll earn WorldPoints for purchases you can redeem for cash, hotel stays, Norwegian redemptions, car rentals, or gift cards. There are no annual fees or foreign transaction fees.

How to Pick the Best Bank of America Card

With its impressive selection of Bank of America credit cards, you may have a little difficulty choosing the one that is best suited to your financial preferences and circumstances. Fortunately, there are a few tips that can help you.

  • Use the Website Comparison Tool: Bank of America has a comparison feature on the website that allows you to compare the features of up to four cards. You can also filter the card options via the rates and fees.
  • Look at the Annual Fee vs Value: While there are some Bank of America cards that have no annual fee, you may be able to receive greater benefits if you do pay one. So, compare the no fee vs fee cards to see which one is a better fit for you.
  • Apply Online: While you can apply for Bank of America cards by phone or in branch, many of the bonus promotions are online exclusives. This means that if you don’t apply online, you won’t get the welcome bonus.
  • Assess Brand Loyalty: Finally, Bank of America has a number of partnership cards, but you’ll need to assess whether these are a better option or if you would be better suited to a general card. If you are not particularly brand loyal, you may not be able to leverage the full benefits of your new card.

Investing Promotion: Merrill Edge Self Directed Investments

You can earn up to $600 as a welcome bonus if you open up a new Merrill Edge Self Directed account with an initial deposit. The bonus is scaled, so the larger your deposit, the bigger the bonus.

You’ll need to open your new account with the promo code “600ME” and fund it within 45 days. You will also need to maintain your balance for at least 90 days, but you’ll receive your bonus within two weeks of the end of the 90 day period.

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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