[Targeted] Bank of America $500 Business Checking Bonus with $20,000 Deposit (Available Online)

Update 1/16/23: This targeted offer is back through 3/31/23 (ht Tom)

Update 7/12/22: This now has targeted language added

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Nationwide, available online (now has targeted language)
  • Direct deposit required: None
  • Additional requirements: $20,000 deposit
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None, but can fund with a debit card up to $300
  • Monthly fees: $18-$29.95, avoidable
  • Early account termination fee: None
  • Expiration date: July 31, 2022 March 31, 2023

The Offer

Direct link to offer 

Bank of America is offering a bonus of up to $500 when you open a new Business Checking account. The requirements to Receive a Business Advantage Banking Bonus of $500 are:

  • Open a new business checking account by July 31, 2022;
  • Make Qualifying Deposits of $20,000 or more in new money into the account within 30 days of account opening;
  • Maintain an average balance of $20,000 until day 91 after account opening.

The Fine Print

  • This offer is intended for new customers only; you are not eligible for this offer if you were an owner or signer on a Bank of America Business Advantage Banking account within the last twelve (12) months.
  • Only one bonus ($500) per business customer, regardless of the number of businesses owned or operated by the customer.
  • New money is new funds deposited into your Business Advantage Banking account that are not transfers from other Bank of America deposit accounts or Merrill investment accounts. A transfer done via ATM, online or teller, or a transfer from a Bank of America deposit account or brokerage account, such as a Merrill account, is not considered new money. A cash withdrawal from an existing Bank of America account and deposited into the new Business Advantage Banking account is not considered new money.
  • The Maintenance Period begins thirty-one (31) calendar days after account opening and ends ninety (90) calendar days after account opening.
  • Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill.
  • Bonuses are considered interest and may be reported on IRS Form 1099-INT

Avoiding Fees

There is no early account termination fee. The lower level account is the Business Fundamentals at $18 per month. Fee is waived with one of the following:

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

Our Verdict

Previous business checking offers from Bank of America typically always have targeted language in it while this offer seems to be publicly available to everyone. We even once saw a targeted language offer for $750, though that one had a steeper $50,000 deposit requirement. If you’re doing one bonus, you’ll probably be better off with the Chase $750 Business Checking Bonus which has similar requirements to this $500 bonus.

Overall this is a nice bonus to get $500 for tying up $20,000 for 90 days. After the 90 days you’ll have to keep $5,000 in the account to keep the account fee-free until the bonus posts.

Hopefully the business account verification process with Bank of America is smooth and easy. We’ll add this to our list of Best Bank Account Bonuses. 

Hat tip to reader Matt

Useful posts regarding bank bonuses:
    Chuck
  • On May 12, 2022, 09:02
Tags: bank bonusbank of america

View Comments (400)

  • What's the promo code I should enter in the application for either a $200 or $500 bonus?

    When I opened the "sboffer500" link, it redirected me and didn't show the $500 bonus. Does it mean I'm not eligible?

    The "sboffer200" link works, but I'm not sure about the promo code to enter.

    Thanks!

  • Does have any of you already have bank of america business advantage credit card and still received the bonus ? I don't have BOA biz checking and I do have BOA business advantage credit card. I don't know if my credit card will make me ineligible due the term of: "This offer is intended for new customers only; you are not eligible for this offer if you were an owner or signer on a Bank of America Business Advantage Banking account within the last twelve (12) months". Thanks.

  • In one of the paperwork they sent me it said DBA. I applied as sole prop w/SSN. Is this normal or should I call?

  • Here is my timeline for 1.5k bonus"
    4/24 applied with a snail mail code, and went pending
    4/25 approved
    5/12 called in to confirm the code has attached
    5/23 transferred 50k in total
    7/31 45k out
    8/11 1.5k arrived.
    Plan to transfer out and close. Does not want to keep 5k to get the fee waived. If someone was able to get the fee waived by 250 cash app reload, I would keep it for a few months though.

    • Do you by any chance have the offer code. I opened a business account with this targeted offer and now b of a is telling me that they don’t have a record of the code. I unfortunately did not keep the offer letter.

  • PSA: if you're applying for the 1k bonus for 30k deposit (targeted offer in your dashboard), don't check the box where it asks whether you have a promo code. I did, and it auto-populated the wrong code. Was able to get the Sales department to activate the right offer but only after numerous calls (the code was in the URL:SSPCIS).

    • Do you ave a direct number for the sales department @guest_1663443 ? my targeted URL shows SSPCIS but it populates SGDDIG. So I will have to call in as well I guess if what you say is right.

      • I don't have the direct number. I also don't know for sure if I am right about the code. I did receive a promo confirmation letter about a month after opening with the SSPCIS code.

        Others in the more recent thread are saying that both codes should work?

    • Do you guys have any DPs on churning BOA Biz checking? This target 1K bonus offer pop up everyday when I log to online banking and looks so yummy....
      My previous biz checking was closed just 5 months ago, does BOA enforces the ’12 month’ cooling restriction?

      • I don't as this will be my first. I think you should wait until you're eligible though as there are plenty of other bonuses to go after. If you're targeted now, you'll likely be in the future.

    • Thank @guest_1668323

      I see if we click on "Open Now" links for either account type, the URL has a SGDDIG promo code. If I progress to the app and check the box for a promo code, that's the code that auto-populates, also.

      Did the phone reps you spoke with mention SGDDIG in lieu of SSPCIS? I would guess either works

  • Found out that special offer of $1K bonus will disappear if you don't go for it when you log out damn! Hope it pops back in the future!

      • Have you confirmed that the offer is attached? I chatted with a rep who said there is no promo on my account but I wonder if it's because the account is too new (approved a couple of hours ago).

        I also made the mistake of checking the promo box and a different code auto populated so that could have been the error as well.

        • Just called and the rep said it's too new. I also checked the box because there was no promo code in the offer. Phone rep told me to do it when I was applying. I will call back on Wednesday.

          • The offer is not attached to my account according to the numerous phone reps. I've been calling everyday. I took a screenshot of the offer when you log in the app as proof and will be going to a branch on Saturday to fix the bs!

          • Just got off the phone and rep said it's now showing attached to my account. Either they fixed it or many phone reps don't know where to look according to phone rep Hugo.

  • Anyone has any experience on churning BOA Biz checking. I also received the offer of $1000 bonus with $30k deposit for 60 days, however my previous biz checking was closed just 5 months ago, does BOA enforce the '12 month' cooling restriction?

Leave a Comment