Update 11/8/19: There is now a direct link, but there is still targeted language. Interesting reader culdeus apparently saw an offer for this in branch. That would mean it’s not targeted, but I’d recommend going into your local branch to confirm.
Update 5/25/19: Bonus is back and valid until August 8th, 2019. Hat tip to reader Abey
Update: Bonus is back and valid until April 30th, 2019 but still targeted. Hat tip to DDG
Offer at a glance
- Maximum bonus amount: $500
- Availability: Nationwide but targeted
- Deposit required: $20,000-$100,000
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: None, but you can fund with a debit card up to $250
- Monthly fees: $5-12, avoidable
- Early account termination fee: None listed
- Household limit: None listed
- Expiration date:
December 31st, 2017April 30th, 2019
Contents
The Offer
No direct link, offer sent out via snail mail
- Bank of America is offering a bonus of up to $500 when you open a new eligible savings account by December 30th, 2019. You have 30 days from account opening to make qualifying deposits (bonus is tiered depending on how much you deposit). After the 30 day period all qualifying deposits will be totaled to determine your eligible bonus tier. To receive the bonus you must also maintain your qualifying deposits for an additional 90 days. Bonus tiers are as follows:
- $10,000-$19,999: $100 bonus
- $20,000-$49,999: $200 bonus
- $50,000-$99,999: $300 bonus
- $100,000+: $500 bonus
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
There is no early account termination fee.
Regular Savings $5 Monthly Fee
The monthly fee on this account is waived if you do any of the following:
- Maintain a minimum daily balance of at least $500
- Link your Bank of America Interest Checking to Regular Savings account
- When you are a Bank of America Preferred Rewards client
- Make combined monthly automatic transfers of $25 or more from your Bank of America checking account to savings account
Bank of America Rewards Money $12 Monthly Fee
The monthly fee on this account is waived if you do any of the following:
- Maintain a minimum daily balance of at least $2,500
- Link your Bank of America Interest Checking to Regular Savings account
- When you are a Bank of America Preferred Rewards client
Our Verdict
Rewards Money Market has an APY of 0.03% and interest checking is 0.01% for balances under $50,000 and 0.02% for balances over $50,000 so basically nothing. The returns on each tier are as follows:
- $200 bonus: 4.06% APY
- $300 bonus: 2.43% APY
- $500 bonus: 2.03% APY
As you can see the APY decreases as the bonus increases. Probably only really worth considering the $200 bonus to be honest. Bank of America also has two different checking bonuses currently as well.
Big thanks to reader, CJ who let us know. Learn how to find bonuses and contribute to the site here.
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
I Enrolled and deposited $10k into my BOA Savings at the end of last year. After more than 4 month I still haven’t received my bonus yet. I log into my BOA account, but I cannot send them a message. I cannot find chat in their page either. What’re the best ways to contact them? TIA.
This bonus appears to be back – received a targeted email offer this week for $250 after maintaining $20k in new money for 90 days. Email subject: 💰 NAME: a $250 cash bonus offer – just for you
Is your bonus is $250 or $500? When does it end?
$250 bonus on a $20k deposit. Enroll online or in-branch by Jan 31, deposit funds within 30 days of opening, and maintain for 90 days.
Thanks
Has anyone opened the savings account with this offer online if targeted via email communication with a link ?
Went into my branch today and my banker said I am not targeted and there was no other savings bonus available. 🙁
Same here in Philadelphia. Banker said he needs an offer code. He did find another “offer” with higher rates but no bonus.
I just got this offer for $250 after putting $20000 in for 3 months. That’s an extra 5% APY for that time, but their base rate is so low and I need to worry about fees… so keeping my money elsewhere.
“New money is money not currently or *previously* held in any account at Bank of America or Merrill.”
WTF? The currently part makes sense but how will they determine if money has ever been “previously held” in a BoA account? For example, I transfer 10k from my BoA chk to Ally to BoA sav. How would they prove that it’s the same 10k? Here’s an even better example: your W2 direct deposit is paid from an account held at BoA. Or how about your company’s client banks with BoA and they paid your company from that account; your DD comes from Chase but some of that money presumably came from the client’s BoA account.
I believe BoA intended to specify accounts held by the customer but that’s not what they wrote. In fact, the use the word “any” points to the nebulous interpretation that money from literally any account at BoA is disqualifying.
Seems like an idiotic clause to add to the contract IMO.
Meh, I get 4% with Orion. Do they ever offer better savings bonuses?
But you are capped at 30k
The $150 on $10000 offer that SMan and savemesf mention work out at 6%+
Also, the way I read it the money doesn’t have to be deposited until 30 days after enrollment, and the maintenance period is 90 days after enrollment…that means only 60 days and therefore 9%+ ?
I got this
Qualifying new money*
deposits of:1 Eligible for a bonus of:1
$10,000 – $19,999 $150
$20,000 – $49,999 $200
$50,000 – $99,999 $300
$100,000 + $500
Looking further in offer link it looks like only certain branches are doing it.
My BOA branch said all branches nationwide are doing this. The participating branches list in the small print of the enrollment link seems to cover all major markets. Nonetheless, always a good precaution to double check that your county is specified in that list before starting your application.