Bank of America $300 Checking Bonus – Public & Nationwide

Extended through Jan 31, 2025

Update 10/1/24: Bonus is now $300 (up from $200) there is also a $500 bonus currently. I’ve tried to refresh this page completely as well.

Offer at a glance

• Maximum bonus amount: $300
• Availability: Nationwide
• Direct deposit required: $2,000+ within 90 days
• Additional requirements: None
• Hard/soft pull: Soft, as long as you opt out of overdraft protection
• ChexSystems: Mixed datapoint, most say they don’t pull
• Credit card funding: None, but you can fund with a debit card up to $250
• Monthly fees: $4.95 avoidable
• Early account termination fee: None
• Household limit: None listed
• Expiration date: January 31, 2025

The Offer

Direct link to offer

• Bank of America is offering a $300 bonus when you open a new eligible checking account and complete the following requirements:
  • Set up and receive Qualifying Direct Deposits of $2,000 or more into that account within 90 days of account opening

 

 

The Fine Print

• This offer is available online only and may not be available if you leave this page, visit bankofamerica.com, visit a Bank of America financial center, or if you call the bank. You may receive different Bank of America promotional checking offers by various methods, i.e., mail, in person or email/online. These promotional offers may have different terms based on how Bank of America introduces them. To ensure you respond to the correct offer, please reference the original offer received.
• This offer is limited to individuals who have not owned or co-owned a Bank of America personal checking account within the last twelve (12) months. Fiduciary accounts (e.g., trusts), Bank of America Advantage SafeBalance Banking® for Family Banking accounts, and business accounts are not eligible for this offer. Offer cannot be combined with any other checking offer and is limited to one bonus per account and per customer. Offer expires on January 31, 2025. Bank of America may change or discontinue this offer at any time before this date without notice.
• (1) Open a new eligible personal checking account online through this offer’s webpage by January 31, 2025, to be enrolled in this offer.
• Bank of America Advantage SafeBalance Banking®, Bank of America Advantage Plus Banking®, Bank of America Advantage Relationship Banking® accounts are eligible for this offer. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer. 
• (2) Set up and receive Qualifying Direct Deposits totaling $2,000 or more into that eligible Bank of America Advantage Banking account within ninety (90) days of account opening. 
• A “Qualifying Direct Deposit” is a direct deposit of regular monthly income — such as your salary, pension or Social Security benefits, which are made by your employer or other payer — using account and routing numbers that you provide to them. Examples of non-qualifying transfers and deposits include the following: teller deposits, wire transfers, debit card transfers, ATM transfers or deposits, Online and Mobile Banking transfers or deposits, or transfers from a bank or brokerage account or Merrill investment account. 
• After you satisfy all of the requirements, we will attempt to deposit the earned bonus directly into your new eligible Bank of America Advantage Banking account within sixty (60) days. The new eligible Bank of America Advantage Banking account must be open and in good standing up to and including the date any earned bonus is paid. 
• Your receipt of any bonus is subject to validation that you have provided all the information we require in connection with maintaining the account. This includes information needed to identify each account owner and to report the bonus to the Internal Revenue Service (IRS), including a validly completed IRS Form W-9 or Form W-8 (as applicable). The value of this bonus may constitute taxable income to you. To the extent required by law, Bank of America may withhold tax or other amounts from the payment. Bank of America may issue an IRS Form 1099 (or other appropriate form) to you that reflects the value of such bonus. Please consult your tax advisor, as neither Bank of America, its affiliates, nor their employees provide tax advice.

Avoiding Fees

Monthly Fees

The SafeBalance has a $4.95 monthly fee, this is waived with any of the following:

• An owner of this account is under the age of 25
• Maintain a minimum daily balance of $500 in your account
• Are a member in our Preferred Rewards program

Early Account Termination Fee – None

This account has no early account termination fee.

Our Verdict

There is a $500 bonus, but that requires a $15,000 deposit for 90 days. I think the offers are comparable when you consider a 5% APY account would earn ~$185 over that period so most people will be better off with this offer as it’s a bit more flexible. The only downside is that this one does require a direct deposit. We will of course add this to our best bank account bonuses.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• 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

Post history:

• Update 5/23/24: Extended until 9/30/24
• Update 1/23/24: Extended until 5/31/24
• Update 9/11/23: Extended until January 31, 2024 and bonus increased to $200.
• Update 6/29/23: Extended until August 31, 2023.
• Update 12/1/22: Extended until June 30, 2023
• Update 11/21/21: Extended until June 30, 2022
• Update 6/30/20: Extended until December 31, 2021
• Update 12/23/20: Extended until June 30, 2021.
• Update 6/12/20: This has been extended until December 31st, 2020. We’d still recommend waiting for a $300 offer to return.
• Update 1/2/19: This has been extended until June 30th, 2020. Probably best to wait for a $300 offer to return though. Hat tip to reader Kyle
• Update: There is now a new bigger deal for $300
• Update 2/18/19: Deal has been extended until December 31st, 2019.
• Update 1/2/2019: Deal has been extended until February 28th, 2019.
• Update 10/03/18: Offer is back and valid until December 31, 2018. Could especially make sense in conjunction with the upgraded $900 Merrill Edge offer. (Hat tip to reader LW)
• Update 03/26/17: Offer is back and valid until May 31st, 2018. Hat tip to reader Bhanna. 
• Update: 01/10/18: Offer is back and valid until February 28th, 2018. Had been expired since end of December 2017. Also looks like you’ll be eligible for a second bonus as long as your old account has been closed for six months. Hat tip to reader LAG.
• There is a targeted $300 offer, please check to see if you’re targeted for that before thinking about this one!