Offer at a glance
- Maximum bonus amount: $750
- Availability: Nationwide
- APY: 0.01%
- Deposit required: $20,000 – $100,000
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: None, but can fund with a debit card up to $300
- Monthly fees: None
- Early account termination fee: None
- Household limit: None listed
- Expiration date: September 30, 2024
Contents
The Offer
- Bank of America is offering a savings bonus of up to $750.
- Open a Bank of America Savings account if you don’t have one already
- Enroll in this bonus
- Within 30 days of enrollment deposit new money
- Deposit $20,000, $250 bonus tier
- Deposit $50,000, $500 bonus tier
- Deposit $100,000, $750 bonus tier
- Maintain that balance in your savings account from 31 through 90 days after enrollment
The Fine Print
- Offer is limited to individuals who receive the offer via a direct communication from Bank of America.
- Fiduciary accounts (e.g., trusts), business accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs) are not eligible for this offer.
- Offer cannot be combined with any other savings bonus offer and is limited to one bonus per account and per customer.
- Offer expires on September 15, 2024.
- Bank of America may change or discontinue this offer at any time before this date without notice.
- Enroll in this offer through a Bank of America associate or by clicking the enrollment button or link in a direct communication from Bank of America by September 15, 2024.
- Deposit New Money directly into your new or existing personal savings account within thirty (30) days of enrolling (the “Deposit Period”)
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
There is no early account termination fee.
Our Verdict
This account earns 0.01% APY. At minimum you’ll need to maintain the balance on this account for about 61 days (deposit on last day of the 30 day period and then hold until 90th day) but I think it’s safer to assume a 90 day hold period when all is said and done. The $250 bonus is the best return and that works out to be an annualized return of 5%, as the bonuses increased that progressively gets worse (4% and then 3%). Given the current high interest rates available this isn’t worth considering and we won’t be adding this to our best savings bonuses.
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
This offer is back with slightly better terms, per pop up when logging in:
Deposit $20k – get $250 bonus
Deposit $50k – get $500 bonus
Deposit $100k – get $1000 bonus
Enroll by 1/31/25. Since the holding period is 60 days, it’s about 7.5% effective APR for the $20k and 6% for the others.
Got an email this morning for Savings requiring a $1,000 deposit for 90 days. The reward is $100. Seems worth it but just barely. I will probably do this one later, as the email states I have until Oct 31 to enroll.
BoA is really the shittiest bank ever.
I can get 5.5 at Marcus and 5.55 at Flagstar/MBD right now. Why should I bother with boa’s stupid promotions? 0.1% regular rate is a joke
Not that I’d defend BoA since it is a shitty bank, but doesn’t Marcus require a referral rate and AARP to get 5.5?
thanks for running the #’s…. and NOT putting this on a best anything list…. (have squirmed at several you have recently, with ever increasing very high deposit amounts….. time to rethink/pause the whole strategy)
With this bonus the juice is not worth the squeeze.
Unless the invitees are clueless about current interest rates, anyone with some insight will ignore this bonus come on insult.
BoA: we offer $750 for $100k in 90 days.
Treasury Bills: Am I a joke to you?
I moved all of money out of BAC a long time into a HYSA paying 5.01%.
Which HYSA if you don’t mind me asking? I’m looking for a HYSA with stable rates
You will be looking for a very long time then.
There no such thing as stable rates. Once fed start cutting rates they will all go down. Laurel Road has hysa over 5%. There are some others. If you already doing Laurel road checking bonus easy just to move money to savings.
BoA has very stable rates.
kinda like Chase. (ya know, for that whopper $900 deal…. they’re counting on ya to forget, and let them keep yr money for ya……. at .ooo1% whatever)
Bank of America thinks we are stupid.
As someone who works in the industry, I can tell you that the vast majority are. This website is certainly not the average representation of the population. Most people are just trying to get a new car loan they can’t afford every few years with a few overdrafts and wonder why they can’t afford things.
Yea, how about NO! Sad attempt at luring new customers.
What’s even sadder are the fools who park any kind of money in savings accounts at big banks like this that earn .1%. However it is because of them that banks can afford some decent bonus offers(like Chase does), so I do thank them for that.
glad I have platinum honors so I can get a whopping 0.012% APY instead