Offer at a glance
- Maximum bonus amount: $500
- Availability: Nationwide
- Direct deposit required: No
- Additional requirements: See below
- 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
- Expiration date: December 31, 2024
Contents
The Offer
- Bank of America is offering a $500 bonus when you open a new checking account with promo code MCC500CIS and complete the following requirements:
- Deposit $15,000 or more in new money directly into the new checking account within 30 days of account opening
- Maintain your checking account balance at $15,000 or above daily from days 31 to 120 after opening your account. Actively use the account by doing one of the following within 120 days of opening to receive a $500 bonus:
- Make at least one qualifying direct deposit
- Send a payment through Zelle® using your newly acquired checking account
- Make a Bank of America Mobile Check Deposit
- Use Bank of America Bill Pay to send a payment
The Fine Print
- Offer valid through December 31, 2024. This is a limited time offer and is not available for use in combination with other offers. Bank of America may change or discontinue this offer at any time without notice before that date.
- Offer limitations: You are not eligible for this offer if you were an owner or co-owner of a Bank of America personal eligible checking account within the last twelve (12) months. The new checking account must be owned or co-owned by one or more individuals only. Non-personal, fiduciary or trust accounts will not satisfy the checking account requirement. Offer limited to one incentive per client. Clients must have a U.S. domestic address (this includes Puerto Rico and P.O. Boxes) to qualify for this offer. Clients with any foreign address are not eligible for this offer.
- Bank of America Advantage SafeBalance Banking®, Bank of America Advantage Plus Banking® and Bank of America Advantage Relationship Banking® for Wealth Management accounts are eligible for this offer. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- How it works:
- Open a new eligible Bank of America checking account by December 31, 2024 here. See above for a list of eligible checking accounts.
- If you have questions, please contact your financial advisor or Wealth Management Banking Specialist.
- Deposit $15,000 in “new money” directly into the new eligible checking account within 30 days of account opening. New money is money not currently or previously held in other accounts at Bank of America, Merrill, Bank of America Private Bank, or retirement plan accounts administered by Merrill or Bank of America.
- Maintain a daily $15,000 balance in your new eligible checking account during the “maintenance period.” The maintenance period begins 31 days after opening the checking account and ends 120 days after account opening. During the maintenance period, if your daily balance drops below the minimum balance of $15,000 you will no longer be eligible for the cash bonus.
- Bank of America checking account must be deemed “active” within 120 days of opening the new account by:
a. Sending a payment through Zelle®4 using your newly acquired checking account, making a Bank of America Mobile Check Deposit5 or Bank of America Bill Pay6 or;
b. Having a “qualifying direct deposit” made into the account. 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 transfers and deposits that are not a qualifying direct deposit 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 account.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Both SafeBalance Banking & Advantage Plus Banking don’t earn interest. SafeBalance is the easier of the two to keep fee free. That account has a $4.95 monthly fee that is waived if any of the following are met:
- 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
Advantage Relationship Banking earns 0.01% APY so that isn’t worth considering.
Early Account Termination Fee
This account has no early account termination fee.
Our Verdict
Ideally you’d deposit the $15,000 close to day 30 and then hold it from then until day 120. Basically a 90 day hold period. If you put the $15,000 into a 5% APY account you’d earn ~$185 during that period (although rates are on the way down). There is a $200 bonus with much easier requirements as well. I think this bonus is better if you’re okay with locking up $15,000 for a period of time and will add this to our best bank bonuses.
Hat tip to Jay
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- 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
- Bank Bonus Posting Times
View Comments (104)
Anyone received confirmation of promo enrollment after approval?. I took screenshots while applying though for backup.
If I closed this BofA checking and savings accts in June 2024, do I need to wait 12 months to requalify for the bonus even if the accounts were opened like 10 yrs ago?
@guest_1943590 - Yes.
You are not eligible for this offer if you were an owner or co-owner of a Bank of America personal eligible checking account within the last twelve (12) months.
Applied and was instant approved. Credited my account with $50 as a start before pushing the 15k.
2 days later account was closed for suspicious activity by the fraud department. And, after I asked about the $50, they said they have no trace of my $50 dollars. Are they for real?.. The rep told me to re-apply but cannot do anything regarding my $50.. WTH ???! Am I dreaming? So unreal.
Ps: I will probably not re-apply as 1# Im not sure it will trigger the bonus, and 2# this first experience sucks..
I should have listened to this warning. I opened an account and made the maximum opening deposit of $250. It's been several business days and the amount was debited from the other bank account but still hasn't shown up in the BOA account. Another deposit I made two days after opening pushed from the other bank account has shown up.
I called BOA about the missing opening deposit and they tell me they don't see anything on their end and to call the other bank...
Have you opened other checking accounts this year elsewhere?
Same thing happened to me. The $50 ACH will be returned to you. What's the point of re-applying? Can't expect a different result when giving them all the same info.
You should still get to the bottom of what caused this "suspicious activity." We're seeing these kinds of seemingly arbitrary closures more and more these days. For that reason, getting an explanation of what exactly is triggering each could prove to be helpful.
Most likely, he was randomly targeted by the security s/w and there was no actual security issue. He probably would get a different result if he reapplied.
It could be random, but it could also be based on certain data points the financial institution is seeing, or weighing after the fact. Either way, it'd be nice to get to the bottom of what's triggering these kinds of actions if possible. And the only way to do that is by asking.
You should ask them what it was that constituted the "suspicious activity." Inquiring minds would like to know.
Most likely, their security s/w simply randomly tags some new customers.
4.5% on 15K for 5 months is $281.25
-I say 5 months because im giving it a 1 month bufferin period
-With the $500 bonus that gives a true bonus of around $220
Pros:
It saves the hassle of getting debit transactions for the month
Negative:
It's only a $200 checking bonus
John Stockton pass on the
If you play your cards right, like the commenter above, it's more like a $300 bonus in the end.
Why not just do this one then? @guest_1930668 @guest_1928069
https://www.doctorofcredit.com/bank-america-100-checking-bonus-public-nationwide/
ok. im doing the bonus since im fine with locking up 15k for 3 months. i think the 5 months you're using is overly cautious. i plan to time my deposit to hit the account right before 30 days, then will hold from 31-120. so really only 90 days (3 months vs 5)
Can this offer be triggered in the branch? I see "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." on their website.
Have the same question, as when applying online it said my account was approved/open only to be closed a day later for not being able to verify my identity. Shouldn't be a problem in-branch.
“Use Bank of America Bill Pay to send a payment”
Is this just for one example paying a credit card off with this bofa account?
Also it says you must do one of the 3 other requirements within 120 days of opening account.. is that the first 120 days or after the first 31 day deposit period is up?
Thanks!
both of your questions are idiotic. lmao ffs its pretty straightforward. how are you overcomplicating this LOL
Maria, you are a cunt
Would not accept an online application, requires going into branch.
Went into branch and they could not open and apply code.
I applied online using the offer code. It asked me to visit the branch with 2 forms of ID to verify identity and complete the application.
I guess if I am getting an APY of at least 4% on my saving then the $300 is a better deal which required no money locked down. Or am I wrong with my maths?
Holding 15k in this bofa account for 4-5 months worst case let’s say $125-$100 “interest” a month.
If you held 15k in a HYSA or something making around 4% you’ll only net around $50 in interest a month.
This account does not have interest as it's a checking. So, basically you have to hold $15 for about 4 months (including transfer periods and all), to gain $200 extra (compared to the $300 offer) which is the same as you earn in 4-month period by keeping that $15 in a HYSA account. Or am I missing something?
I think you are right. 3month $15k at 5% will yield $185. If you only do the $300 checking without $15k requirement, the difference is $500-($300+$185)=$15. I do not feel it is worthy to do $500 bonus with $15k.
Desparation signs are obvious !
it has been a while since interest rate hike that on the day of my pay/ direct deposits I treansfer bulk ol the fund to Capital One (which let you earn APR on the day of submitting your transfer) and keep just enough at the Bastard of American (Banking) to pay my monthly bills, If it wasn't for keeping the bill pay convenience I would have left the bastard bank long time ago but just making them to pay my bills (some via the mail) and keep bare minumum 2 or 3 figure funds in the account after 20 yrs of business with them feels great. Let them be the laborer with least wage
received my bonus in July 22, and closed my account in May 23. Either way, I should be good to qualify, right?
Yes