Bank of America: $500 bonus with new checking account (no direct deposit required)

Bank of America is running a promotion for new consumer checking accounts that offers a $500 bonus with fairly simple requirements. Deposit $15,000, keep it there for a minimum of 90 days, perform one of a few easy “actions,” and you get $500. Depending on how long you deposit the money, this effectively works out to an interest rate of ~11-13% on the money while it’s there.

Perhaps even better for many, having a BOA checking account makes it much easier to get credit card approvals with the bank. Without a deposit account, you normally won’t be approved for a card if you have opened 3 or more accounts, with any bank, within the past 12 months. For those with Bank of America deposit accounts, the rule changes to 7 accounts in the past 12 months. Enforcement seems to vary either way.

The Deal

• Bank of America is offering a bonus of $500 with a new checking account.
• Requirements to Receive a $500 cash bonus:
  1. Open a new eligible Bank of America checking account and deposit $15,000 or more in new money directly into the new checking account within 30 days of account opening (see linked Terms & Conditions for a list of eligible checking accounts).
  2. 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
• Promo code=MCC500CIS

Direct link to this promotion

Key Terms

• Offer valid through December 31, 2024.
• 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.
• 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.
• 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.
• 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.
• The value of this bonus may constitute taxable income to you.

Quick Thoughts

The nice thing about this checking account bonus is that it is very simple: deposit the money within 30 days of account opening, leave it there for 90 days, perform one action like depositing a mobile check, collect a nice bonus.

By far, the easiest account to keep fee-free is the SafeBalance. The monthly $4.95 fee is waived if you

• Are under 25
• Maintain a $500 balance
• Have BOA Preferred Rewards

The other two accounts more bells and whistles, but also higher maintenance fees and higher required minimum balances to waives them. In my opinion there’s little reason to mess with them.

This is one that both P2 and I will do, not only because it’s an easy bank bonus, but also because it sets us up for easier approvals for Bank of America credit cards – some which are surprisingly sexy.

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