Bank of America $200 Business Checking Bonus

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 (187)

  • 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

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

  • Does anyone know if we have to wait for a transfer to BoA to "post" before transferring the funds out? Example: I transferred $500 from SoFi and it's in "processing" status. I need to transfer it out to Wise to transfer back to SoFi to try and trigger a DD to hit the 5k requirement for SoFi. I don't know if transferring the funds out while still in "processing" status will technically make it not count because it didn't "post" and in turn cause that transaction to not qualify for the BoA DD bonus.

  • Ended up having to call after meeting requirements but bonus didn't post. Called on a Saturday (6/8). Rep couldn't find any bonus attached to my account, opened an investigation. Bonus posted to my account on Friday 6/14

  • Had to call to get this bonus posted after meeting requirements. Called on a Saturday (6/8). They opened a case to review - no bonus offer was attached to my account. Bonus was credited to my account on 6/14

  • 1/26/2024 - account opened
    2/14/2024 - email received for Bonus Enrollment
    5/3/2024 - bonus posted

  • 4/8/24: Account opened, $100 funded with debit card
    4/15/24: Ally Checking $2,001 push coded as "ALLY BANK P2P"
    4/26/24: $200 Bonus Processing

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