[Targeted, YMMV] Bank of America $1,000/$1,500 Business Checking Bonus with $20k/$50k Deposit (Available Online)

Update 2/24/25: New offer is available, not available in branch. You need a small business banker to mail you out a flyer (more information about small business bankers here). Hat tip to reader RM

Update 7/11/24: Offer extended through 12/31/24 and available from local Small Business Bankers even if you were not targeted. Not available in-branch

Update 5/13/24: There is an online link through July, 31 2024. Hat tip to Venka

Update 4/3/24: Deal is back through May 31, 2024. No online link but being offered by small business bankers in-branch. Hat tip to Rapid Travel Chai.

Offer at a glance

  • Maximum bonus amount: $1,500
  • Availability: Nationwide, but terms do have targeted language
  • Direct deposit required: No
  • Additional requirements: Deposit and maintain $30,000 for
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None, but can fund with a debit card up to $300
  • Monthly fees: Avoidable
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: December 31, 2023

The Offer

Direct link to offer (not currently working, but can get the deal via a small business banker in-branch)

  • Bank of America is offering a $1,000 bonus when you open a new business checking account and complete the following requirements:
  • Open a new Business Advantage Relationship Banking or Business Advantage Fundamentals™ Banking account by June 30, 2025;
  • Deposit New Money directly into a new eligible Business Advantage Banking account within 30 days of account opening;
  • Maintain the required average balance from thirty-one (31) calendar days after account opening until ninety (90) calendar days after account opening.
  • Tiers are worse than before: $20,000/$750; $50,000/$1,000; $100,000/$1,500; $500,000/$3,000.

The Fine Print

  • This offer is only available to business owners who receive this offer via a direct communication from a Bank of America Specialist or from a Bank of America communication. 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 ($1,000) per business customer, regardless of the number of businesses owned or operated by the customer. Bank of America employees are not eligible for this offer. Offer expires on December 31, 2023, and all qualifying activities must be completed within the stated time frames in order to be eligible for this offer. Bank of America may change or discontinue this offer at any time before this date without notice. Reproduction, purchase, sale, transfer or trade of this offer is prohibited.
  • Requirements to Receive a $1,000 cash bonus:
    • Open a new Business Advantage Relationship Banking or Business Advantage Fundamentals™ Banking account by December 31, 2023: AND
    • Make Qualifying Deposits of $30,000 or more in new money* into your new Business Advantage Banking account within thirty (30) days of account opening; AND
    • Maintain an average balance of $30,000 or more during the Maintenance Period** into the new Business Advantage Banking account.
  • All account applications are subject to approval. Your account does not qualify for the bonus until you provide all of the information we require in connection with opening the account by the promotion end date December 31, 2023. This includes information we require to identify each account owner and to report the bonus to the Internal Revenue Service (IRS), including a validly completed IRS Form W-9 or Form W8 (as applicable). The value of this bonus may constitute taxable income to you. To the extent required by law, Bank of America may withhold tax or other amounts from the payment. Please consult your tax advisor, as neither Bank of America, its affiliates, nor their employees provide tax advice. Please consult a financial center, visit bankofamerica.com, or see the Business Schedule of Fees found at bankofamerica.com/businessfeesataglance for other account fees, rates and information.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

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

Early Account Termination Fee

There is no early account termination fee.

Our Verdict

This is a $1,000 bonus but you need to tie up the $30,000 for 90 day. These accounts basically earn 0% APY, if you had the $30,000 in a 5% APY account for 90 days you’d earn $375 so this bonus is significantly better. After the 90 days you’ll have to keep $5,000 in the account to keep the account fee-free until the bonus posts (doesn’t look necessary). Probably not worth the risk with the targeted language so we won’t add this to the list of the best bank account bonuses.

Useful posts regarding bank bonuses:

Post history:

  • Update 1/18/24: Deal is back, this time the $1k option for $20k deposit (previously 30k) or a $1.5k option for $50k deposit (not previously offered)
  • This offer has targeted language ‘This offer is only available to business owners who receive this offer via a direct communication from a Bank of America Specialist or from a Bank of America communication’. Some people have seen the offer on the Bank of America homepage and in the past this language hasn’t been enforced so YMMV.
    William Charles
  • On February 25, 2025, 12:00
Tags: direct deposit not requirednationwide bank bonusessoft pull

View Comments (743)

    • Called local Small Business banker + completed online contact form
    • Received call next day - banker confirmed the tiered offer is available nationwide and is not targeted
    • Banker specifically called out that completing application over the phone is quicker than an in-branch opening
    • Phone application took 30 mins with lots of deadtime - application went pending

    • I have been putting this off and will give them a call shortly. Prefer calling to doing this in branch.

    • Thank you Ben! I hope that you'd get approved next day. Did they ask you for any business docs? @guest_1701584

        • Thanks, I last churned this in early 2024, so it's not been 12 months yet.

          Hopefully still available in summer/autumn.

          • Thanks Jim. Do you remember what your DP was like in early 2024? I didn't see it. Did you get pay out without any surprises? Some readers said that they did NOT get the full amount of the bonus because of some tax withholding issues... How did you deposit the money? ACH transfer from an external bank? Thank you! @guest_1698168

          • @guest_2046641

            I last applied/opened in December 2023 with the $1k/$30k offer, so anticipated the bonus in March/April 2024. Funded with regular ACH push from external bank. I had called in January 2024 to verify offer enrollment, but BofA said they didn't see the promo code, so I just waited it out. Nothing by mid-April, so contacted executive office, they researched further then credited the bonus a few weeks later in late April.

            Once they couldn't verify the promo enrollment in January, I was worried, as they verified things in all my previous churns, leading to the system automatically crediting the bonus. But glad the EO escalation worked...

            I received the full $1k and had nothing withheld, as well as received the 1099-INT. I recall the ownership/tax certification questions in the application were a bit unfamiliar, so had to Google around to figure out how to respond. Fortunately, my responses worked... Screenshot of that section in the application: https://i.imgur.com/AvKgGKi.jpeg

          • Thank you Jim for sharing! The tip that reaching out to executive office is def useful with now CFPB as past tense. I also heard that some readers received a letter/PDF about their promo enrollment. Looking back, did it seem like they didn't pay out because you were not targeted? Or you were? @guest_1698168

          • No idea about why the system didn't enroll/credit me automatically, @guest_2046825 I was not targeted, and have never been targeted in the past, but had no issues in 2022, 2021, etc., so hoped for the best in the last go around :D I had received the mailed enrollment letter for previous churns, but nothing this time...

            Glad to see the current small business banker offer is publicly available, even if it involves some more effort. Hopefully it's still around in a few months as I make it to 12+ months since closing my last account.

            Very grateful to have insider tips from folks like @guest_1780760!

          • Agree. I hope that they'll extend the date so that you can churn again.
            Thanks Edman and RM for the pro tip! @guest_2011883 and @guest_1780760

      • I was approved a few hours later and account appeared in online banking. And no, I didn't have to submit any documentation since I opened as a Sole Prop under my legal name.

  • I was getting ready to do my 24 taxes and was looking at my records, BOA sent me a payment of $1140

    I had deposited $50k so i should have gotten $1500, so that means they deducted $360, i called BOA and they said they dont send tax forms for checking accounts

    Any ideas?

    • Similar for me: I deposited $20k, for the $1k bonus, but I only received $760.
      Same thing happened for P2.

      Haven't heard back from the BOA rep I was working with.

      • Oh k, so yea i guess they do automatically withhold it, but its business checking and they shouldnt be withholding for a business account

        Not sure how to proceed dont want to get in trouble with the IRS

  • I try to email a small business banker and the form won't submit. Anyone else having this issue?

    • Call somebody. I am going to do that this week. I hate calling. But this is a good deal if I can get it.

  • Pro tip when using https://locators.bankofamerica.com/small-business-bankers. Lots of branches have more senior relationship banker folks whose profiles appear on a bunch of neighboring branches. When calling, ask the banker if they know about the small business checking "new money" offer. If they don't know what you're talking about, hang up and try another banker.

    I managed to find an excellent banker who immediately knew about the offer, had me email them some docs and info while they already found my personal profile and began the application for me. Whole process took about 30 minutes.

    • What are some of the docs they requested? Just want to be prepared. Thanks for the tips. With banks and offers I always find it interesting when there are offers and the people at the bank are unaware. Not specificially on this one but especially Wells Fargo and some others. At least my experiences.

        • hello! How many bankers had you reached to until you found the one who knew this offer? I'm also in TX and called almost 10 biz bankers and none of them knew the promotion, so frustrating.

  • There are seven bank of America branches in my local but only one business banker. I met her today but she said there is no business checking account bonus available. She asked me where I saw bank of America business checking promo.

          • Did you open the account with promo?

            I met my local small business banker who is only person does business account today. I showed a promo flyer but she still said this is targeted offer and she could not find promo offer in my account.

          • I showed the promo flyer and she told me she didn't see it before and didn't know what it was. I'll try to contact other biz banker next week.

          • try a neighboring city or zip code, you dont have to speak to your local buisness banker, you can talk to someone in another area. they can just open accounts on the phone, they dont work in the branches

        • There is only one person does business account in my local. I called all other branches gave me the same person name and phone number. I met her yesterday and told her current promo but she said she can not find offer.

  • DP for offer ended on 12/31/24 (similar to @guest_2023385)

    12/03/24: Opened
    12/20/24: $20K Push
    03/14/25: $1,000 Bonus Posted

  • DP for offer that ended on 12/31/24:

    12/06/24 - Opened account w/ initial $100 opening deposit
    12/31/24 - Pushed $20K into account from external bank
    01/06/25 - Maintenance period begins
    03/06/25 - Maintenance period ends
    03/14/25 - $1000 bonus posted to account

    Smooth process and fast payout after the maintenance period.

    • What's your plan with this account? Mine just posted as well! Do you plan to keep/close and/or do you have status with BofA?

      • Will probably close soon so I can start the countdown timer for the next churn. I don't have any preferred rewards status with Bofa.

        • Got it, same here no status but I have the personal checking account that I probably will keep open as I want to hit a few of the BofA cards. I got the Biz UCR and that was a very solid one.

          I'll probably keep open for 1 month, and then close. You're planning to close right away?

  • I call my banker and she said this is no longer a targeted deal. Anyone can apply. We did the application over the phone and I was approved within 30 minutes.

    • Thanks for your posting. Did you made an appointment to see a business banker and the banker mailed you the promotion offer, then you took the offer paper to the branch or applied online? Or you did all these together while meeting with the business banker at the first time?

    • That is great. I wonder why other bankers dont see the offer and I dont see any YMMV language.
      may be they will make it public soon.

        • The banker called me back a few hours later when he had uninterrupted time to open the account. Took about 40 min going over business info and required disclosures. Submitted the application and approved by the next morning.

          The bonus requires money to be moved in by the 31st day, so I'll hold off on the xfer til ~day 25

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