[Expired] [Targeted] Bank of America $250 Savings Bonus

Deal has ended, view more bank account bonuses by clicking here.

Update 7/24/20: Deal is back and valid until September 30, 2020. More people have been targeted.

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: Nationwide but targeted
  • Deposit required: $20,000
  • 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: January 31st, 2020

The Offer

  • Bank of America is offering a $250 savings bonus when you open a new savings account and complete the following requirements:
    • Deposit $20,000 within 30 days of account opening
    • Maintain that balance for at least 90 days

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

Both of the accounts basically earn 0% interest (0.01 or 0.03% maximum) so it’s really $250 for depositing $20,000 for 90 days, works out to be a return of roughly 5%. Better than the previous savings bonus for up to $500, shame it’s targeted but might be worth doing if you’ve already done the better savings account bonuses.
    William Charles
  • On July 24, 2020, 10:00

View Comments (37)

  • Targeted today. Seems desperate:

    Enroll in this offer through a Bank of America associate OR by clicking the Enroll now button in a direct email communication from Bank of America by May 31, 2022. Deposit $20,000 or more in New Money* directly into a new or existing eligible personal savings account within 30 days of enrolling (the “Deposit Period”). Maintain a daily balance of $20,000 or more in that personal savings account during the Maintenance Period. The “Maintenance Period” begins 31 days after you enroll and ends 90 days after you enroll.

    $20,000 – $49,999 $100
    $50,000 – $99,999 $200
    $100,000 + $400

  • I was targeted for this offer by email and in my online account under “Special Offers & Deals”. I opened the savings account and fulfilled the requirements.

    The bonus did not post. I didn't save the email or screenshot because I didn't think Bank of America would try to scam me.

    I called them and they gave me a case number. They have not contacted me with a resolution. I plan to file a CFPB complaint. If someone has a screenshot of the offer, please post it.

    • Filing a CFPB complaint worked. They finally paid when they realized that I was serious. This is not the first time BOA tried to scam me. Previously they offered $10 for installing their mobile app and making a check deposit. They didn't pay me for that either. Next time I will take screenshots because I can't trust BOA.

  • Funnily enough, about an hour ago I got an email from Bank of America with this subject line:

    "[GengisKhan] add a savings account to get more benefits"

    but with no mention of any kind of bonus - just waiving the monthly maintenance fee for the first 6 months to "help you get started with saving more money".

  • Email target only for me, I couldn't see it in my online account under "Special Offers & Deals"

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