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Bank of America wants to welcome you as a new customer—with several hundred dollars cash when you open a business or personal checking account. As the second-largest U.S. bank in terms of assets, Bank of America has a national presence in keeping with its name: It operates 4,100 branch locations and 16,000 ATMs across 37 states and the District of Columbia. BofA serves around 37 million U.S. customers, including those who hold a substantial amount of assets with the bank and qualify for its Preferred Rewards program, offering additional perks, reduced fees and rewards multipliers. Bank of America is eager for new customers, too, and uses attractive sign-up bonuses to bring them in. How Can You Earn a Bank of America Checking Account Bonus?It’s relatively easy to qualify for a Bank of America promotion as a new consumer or business checking customer. Here’s what you need to do:
Here are the current Bank of America new-account promotions for individual and business checking customers. Offer details are accurate as of Oct. 4, 2022. Bank of America Promotions for 2022Bank of America Advantage Banking: Earn $100Bank of America offers a suite of checking account products for consumers, under its Advantage Banking brand. Options include: Bank of America Advantage SafeBalance Banking®, a “checkless” checking account that doesn’t allow paper check writing and has a $4.95 monthly maintenance fee; Bank of America Advantage Plus Banking®, which Bank of America calls
“a good choice if you want everyday banking” and carries a $12 monthly fee; and Advantage Relationship Banking, which earns interest (up to 0.02% APY) and has a $25 monthly fee.
Bank of America Business Checking: Earn $100 or $200For small business customers, Bank of America offers Business Advantage checking, featuring access to small business specialists and tools, including the bank’s Cash Flow Monitor. The more basic Bank of America Business Advantage Fundamentals™ Banking has a monthly maintenance fee of $16, while the more comprehensive Bank of America Business Advantage Relationship Banking account carries a monthly fee of $29.95.
Is a Bank of America Welcome Bonus a Good Deal?Bank of America’s welcome bonuses for new personal checking accounts are competitive, on par with bonuses frequently offered by other large national banks. They have fairly simple requirements to qualify, but they’re not as generous as some of the best bank bonuses out there. What Else Should You Know About Bank of America Checking Account Promotions?Your Account Must Be Open To Receive a Welcome BonusBank of America requires that you keep your account open until the date your bonus is paid. Customers usually receive their cash within 60 days after meeting the qualification requirements. Your Bonus May Be TaxableYour bank account bonus may be considered taxable income. If required by law, Bank of America may withhold taxes or other amounts from your bonus payment. The bank says it may also issue you an IRS Form 1099 that reflects the value of your welcome bonus. You Must Be a New CustomerBank of America welcome bonuses are for new checking account customers. You qualify as a new personal checking customer if you have not owned or co-owned a Bank of America consumer checking account within the last 12 months. You can receive only one welcome bonus as a new personal checking customer. Business checking customers wanting to receive a bonus must not have been an owner or a signer on a Bank of America Business Advantage account within the last 12 months. Even if you own multiple businesses, you are eligible to receive only one bonus as a new business checking customer. Find The Best Business Checking Accounts Of 2022Bottom LineIf you’re looking for a new bank account, Bank of America checking promotions are worth considering. You can earn a decent amount of cash as a welcome bonus, though be aware that competing banks may have more generous welcome offers. Bank of America promotions cover both personal and business bank accounts, which is a plus if you run a small business or are self-employed. You can also explore Bank of America credit card promotions for a chance to earn introductory miles, points or cash-back bonuses. Frequently Asked Questions (FAQs)Who is eligible for the Bank of America bonus?Bank of America promotions are for new customers only. To qualify, you can’t have had a Bank of America personal or business checking account in your name in the last 12 months. How does the Bank of America bonuses compare to others?Bank of America checking account promotions are competitive, though it’s possible to find better offers elsewhere. But keep in mind that a bigger welcome bonus may have additional requirements to qualify. For example, you may need to make an initial deposit of several thousand dollars or meet minimum balance requirements every month to earn the bonus. How do you get a Bank of America promotion code?The best place to look for Bank of America promotion codes is BofA’s website. If you’re not able to find any promo codes listed there, try searching online. You can search for “Bank of America checking account promotions” to see what’s available. With some promotions, you may only receive a code if Bank of America sends it to you directly, through a targeted advertising campaign. What do you need to open an account at Bank of America?Your Social Security number. Your current residential address. Your email address. Your account number or debit card number to make your opening deposit into your new Bank of America account.. Proof of U.S. residency. ... . One primary photo ID. ... . One secondary ID.. What is required to open a checking account?Checking account: A checking account can be opened individually or jointly, and you'll need your basic information, Social Security number, driver's license, and a minimum opening deposit amount. Most checking accounts come with checks, some don't - choose which you'll need.
What is the minimum amount needed to open a checking account at Bank of America?Set up a transfer from your existing checking or savings account, or you can pay with cash, a debit card, money order or check at a local branch. The minimum opening deposit for many Bank of America accounts is $100.
How much does it cost to open a checking account with Bank of America?The account allows you to pay for purchases with a debit card, Zelle, check, or mobile and online banking. Like the Advantage Plus account, you'll have the option to add overdraft protection to cover for any overdraft transactions. Minimum opening deposit: $100.
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