Bank of America $200 Business Checking Bonus

Update 1/1/25: Extended until Dec 31 2025

Update 6/21/24: Extended until Dec 31 2024

Update 11/28/23: Extended until 6/30/24.

Update 6/4/23: Extended until 12/31/23

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: Nationwide, available online
  • Direct deposit required: No
  • Additional requirements: Deposit $5,000 and maintain $5,000 for 90 days
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None, but can fund with a debit card up to $300
  • Monthly fees: $16, avoidable
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: June 30, 2023

The Offer

Direct link to offer

  • Bank of America is offering a $200 bonus when you open a new business checking account and complete the following requirements:
    • Make Qualifying Deposits of $5,000 or more in new money* within 30 days of opening the new business checking account
    • Maintain an average balance of $5,000 for next 60 days (day 31-90) during the maintenance period

The Fine Print

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Business fundamentals is the easiest account to keep fee free with a $16 monthly fee. This is waived if you do any of the following:

  • Maintain a $5,000 combined average balance
  • Spend at least $250 in new net purchases on your business debit card
  • Become a member of Preferred Rewards for Business

Early Account Termination Fee

There is no early account termination fee

Our Verdict

Bank of America business checking bonuses normally have targeted language, like the frequent $500 bonus. The nice part of this bonus is that it only requires a $5,000 deposit for 90 days vs $20,000 for the $500 bonus. With interest rates being so high for savings accounts the opportunity cost of $5,000 for 90 days at 5% is ~$61 ($244 for the $500 bonus). We will add this to our list of the best bank account bonuses.

Hat tip to reader Sunshine

Useful posts regarding bank bonuses:
    William Charles
  • On November 28, 2023, 20:45
Tags: direct deposit not requirednationwide bank bonusesno credit card fundingsoft pull

View Comments (204)

  • Small Business Checking Tiered Offer
    $20,000/$750
    $50,000/$1,000
    $100,000/$1,500
    $500,000/$3,000
    This offer expires June 30, 2025.

  • 11/21/24 - applied and went pending
    11/22/24 - checking opened
    12/15/24 - $5k fidelity push
    2/21/25 - $4.9k withdrawal (day 91)
    2/28/25 - $200 bonus posted

    Posted on day 98

  • BofA Business Checking $200 Bonus DP:
    10/23/24 Applied online thru DoC link and went pending
    10/28/24 Received Approval email
    11/13/24 Pushed $5005 from Fidelity CMA
    2/14/25 $200 Bonus posted "ACH CREDIT from BofA"

    Second time getting this bonus, this one took longer than the last time I did it. Had to call on 2/7 to get an update and rep had to put in a ticket because they said that I didn't put in a offer code (but I did) and was told to wait for an update, now bonus is showing on account.

  • BOA is not honoring my bonus either. Resolution Specialist said I’m not eligible because I have received a buisness bonus in the past (2022). I told him nowhere in the terms does it state this. Filing a CFPB complaint, but not sure what that will do at this point.

    • Any updates? I'm doing this bonus and its been over 90 days, I called them and they said they would put in a ticket but no updates yet.

  • BofA will not honor the $200 bonus. I met all the qualifications and met all the criteria and have requested them to investigate twice now. Both times I do not get a clear explanation for why the bonus was not honored. Strangely, P2’s bonus was honored.

    Also, I assume a transfer from discover account to BoA would meet the “new money” clause. Confirm?

    Lastly, what would be my next step? Work with the CFPB? How would I start that process?

    • @guest_1980925 just go to the website and submit a complaint. It's not hard. Be sure to include any info you have like bonus terms or screenshots.

  • I plan to do this bonus again.

    I signed up and completed requirements for the $1,000.00 targeted bonus last year. As with many others in the comments, I had to reach out multiple times as the bonus offer did not attach to my account.

    It seems a lot of people click on the "offer code" box when applying and a code populates. This doesn't seem to help anyone. Are there DP's of people not clicking this box and receiving the bonus without reaching out manually? I am wondering if we are hurting ourselves by trying to attach a code that messes things up. There is nothing on the offer landing page about a code.

  • I filled out an online application for this checking bonus but it did not go through, it said 'cannot open at this time' and told me to go into a branch. I have a 20 year old LLC and have received other bonuses in the past (not with Bank of A), so wasn't sure what the problem was.

    I went into branch (NC) and got a better deal, $250 bonus instead of $200, same terms (keep $5000 in acct until 90th day). Plus, the $16 monthly fee is waived for first year, no min balance requirement. On top of that, she offered the option of $500 bonus for $10k deposit or $1000 bonus for $20k deposit (until 90th day).

    While I usually do bonus accounts online, in this case I was very glad I went into the branch

    • @guest_1956490 Did you get your bonus yet? Still waiting for mine. I applied in branch and was offered the same options ($500 bonus for $10k deposit or $1000 bonus for $20k deposit (until 90th day).

    • Following your lead, I popped into a branch in Chicago loop to try my luck at getting a better bonus offer for a business account. At the branch, I was told to download the bank's app and that any customized offer will pop up in the shopping cart on the app and will be determined by my client relationship, even though I said the biz account is for my condo association. I do have a Merrill Edge IRA account, which I opened a few months ago for the bonus.
      After jumping through all these hoops, I haven't received any offer, not even the $200 one. Then I was told a banker will call me. Not holding my breath.
      BOA is simply stingy with bonus offers across the board.

  • How is this different from the $1000 Business Banking offer via a Small Business Banker? I could only go for one, correct?

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