Bank Of America Checking Account Bonus

Bank of America, a household name in the banking industry, offers a variety of checking accounts, each with its unique perks and bonuses. But how do you navigate through these options and choose the one that best suits your financial needs?

That’s where this guide comes in handy. We’ll walk you through the ins and outs of Bank of America’s checking account bonuses, helping you make an informed decision. From understanding the eligibility criteria to learning how to avail these bonuses, we’ve got you covered. Let’s dive right in!

Importance of Checking Account Bonuses and How they can Benefit Customers

Checking account bonuses are more than just a nice welcome gift from your bank. They can play a significant role in your financial journey, offering a host of benefits. Here’s why they matter:

  1. Extra Cash: The most obvious benefit is the extra cash. Who wouldn’t appreciate a financial boost? This bonus can be used to meet immediate needs, saved for future expenses, or even invested to grow your wealth.
  2. Incentive to Save: These bonuses often come with conditions such as maintaining a certain balance or setting up direct deposits. These requirements can encourage good financial habits, like regular saving and prudent spending.
  3. Exploring New Features: When you open a checking account to avail a bonus, you get the opportunity to explore the bank’s services. This could include online banking, mobile apps, customer service, and more. It’s a great way to test if the bank is a good fit for your needs.
  4. Building a Relationship with the Bank: A checking account is often the first step in establishing a relationship with a bank. Once you’re a customer, you may have access to other products and services, such as loans or credit cards, often with preferential terms.
  5. Emergency Fund: The bonus can kickstart or supplement your emergency fund. Having a financial cushion is crucial for unexpected expenses, providing peace of mind.

Remember, while a checking account bonus can be enticing, it’s essential to consider the account’s overall terms and conditions. Look beyond the bonus and ensure the account aligns with your financial goals and lifestyle.

Detailed Review of Bank of America Checking Account Bonuses

Bank of America offers a variety of checking account bonuses that can add a significant boost to your balance. Here’s a detailed review of the current bonuses available, their eligibility criteria, and how to avail them:

1. Bank of America Advantage Plus Banking:

  • Bonus Available: A $100 bonus is available for new customers who open an Advantage Plus Banking account.
  • Eligibility Criteria: To qualify, you must not be a current owner of a Bank of America personal checking account or have had one within the last 12 months. You also need to set up and receive at least two qualifying direct deposits of $250 or more within the first 90 days of opening your account.
  • Steps to Avail: Open an Advantage Plus Banking account online using the offer code, and set up qualifying direct deposits.
  • Timeframes and Deadlines: The bonus will be deposited into your account within 60 days of meeting the eligibility requirements. The offer is typically available for a limited time, so it’s best to check the Bank of America website for the most current information.

2. Bank of America Advantage Relationship Banking:

  • Bonus Available: A $300 bonus is available for new customers who open an Advantage Relationship Banking account.
  • Eligibility Criteria: To qualify, you must not be a current owner of a Bank of America personal checking account or have had one within the last 12 months. You also need to set up and receive qualifying direct deposits totaling $4,000 or more within the first 90 days of opening your account.
  • Steps to Avail: Open an Advantage Relationship Banking account online using the offer code, and set up qualifying direct deposits.
  • Timeframes and Deadlines: The bonus will be deposited into your account within 60 days of meeting the eligibility requirements. The offer is typically available for a limited time, so it’s best to check the Bank of America website for the most current information.

Remember, these bonuses are subject to change, and terms and conditions apply. Always check the latest details on the Bank of America website or contact a bank representative for the most accurate information.

Overview of Bank of America Checking Accounts

Bank of America offers a range of checking accounts designed to cater to different financial needs and lifestyles. Let’s take a closer look at each of them:

1. Bank of America Advantage SafeBalance Banking:

This account is designed for those who want to avoid overdraft fees. It doesn’t allow you to spend more than what’s in your account, providing a safety net against overspending.

  • Features and Benefits: No overdraft fees, low monthly maintenance fee, access to online and mobile banking, debit card with $0 Liability Guarantee.
  • Fees and Requirements: The monthly maintenance fee is $4.95, but it can be waived for eligible students or customers enrolled in the Preferred Rewards program.

2. Bank of America Advantage Plus Banking:

This account offers flexibility with setting up direct deposits and the ability to write checks.

  • Features and Benefits: Overdraft protection options, setting up direct deposits, check-writing capabilities, debit card with $0 Liability Guarantee.
  • Fees and Requirements: The monthly maintenance fee is $12, but it can be waived with at least one qualifying direct deposit of $250 or more, or maintain a minimum daily balance of $1,500 or more.

3. Bank of America Advantage Relationship Banking:

This account is designed for those who keep higher balances in their account and want to earn interest.

  • Features and Benefits: Earns interest, no fees for incoming domestic wire transfers, overdraft protection options, debit card with $0 Liability Guarantee.
  • Fees and Requirements: The monthly maintenance fee is $25, but it can be waived by maintaining a combined balance of at least $10,000 in eligible linked accounts.

Each of these accounts offers unique features and benefits, so it’s important to choose the one that aligns with your financial needs and habits. Always consider the fees and requirements associated with each account to ensure it’s a good fit for your lifestyle.

How to Waive Monthly Maintenance Fees

Bank of America offers several ways to waive the monthly maintenance fees for its checking accounts. Here’s a detailed guide for each type of account:

1. Bank of America Advantage SafeBalance Banking:

The monthly maintenance fee for this account is $4.95. However, you can avoid this fee if you’re a student under 24 enrolled in a high school, college, university, or vocational program. Alternatively, if you’re enrolled in the Preferred Rewards program, the fee is also waived.

2. Bank of America Advantage Plus Banking:

The monthly maintenance fee for this account is $12. You can avoid this fee by:

  • Making at least one qualifying direct deposit of $250 or more each statement cycle.
  • Maintaining a minimum daily balance of $1,500 or more.
  • Being a student under 24 enrolled in a high school, college, university, or vocational program.
  • Enrolling in the Preferred Rewards program.

3. Bank of America Advantage Relationship Banking:

The monthly maintenance fee for this account is $25. You can avoid this fee by:

  • Maintaining a combined balance of at least $10,000 in eligible linked accounts.
  • Being a member of the Preferred Rewards program.

Remember, these requirements can change, so it’s always a good idea to check with Bank of America for the most current information. By understanding these requirements and planning your banking activities accordingly, you can save on fees and make the most of your Bank of America checking account.

Additional Perks and Offers from Bank of America

Bank of America offers a variety of additional perks and promotions that extend beyond the realm of banking. These benefits can enhance your lifestyle and provide you with unique experiences. Here’s an overview:

1. BankAmeriDeals:

With BankAmeriDeals, you can earn cash back on deals you choose when you pay with your eligible Bank of America debit or credit card.

  • Eligibility and How to Avail: Log in to your online banking account or mobile app, select the deals you want, and then shop with your card to earn cash back.

2. Preferred Rewards Program:

This program offers a range of benefits including credit card rewards bonuses, loan discounts, free stock trades, and more.

  • Eligibility and How to Avail: You become eligible for the Preferred Rewards program by maintaining a certain balance across your Bank of America accounts. The benefits increase as your balances grow.

3. Museums on Us:

On the first full weekend of every month, you can get free admission to more than 200 museums, zoos, science centers, and botanical gardens across the U.S.

  • Eligibility and How to Avail: Just present your active Bank of America, Merrill, or Bank of America Private Bank (U.S. Trust) credit or debit card along with a photo ID.

4. Grubhub+ Subscription:

Bank of America offers a free Grubhub+ subscription for a year, which includes unlimited free delivery and exclusive perks.

  • Eligibility and How to Avail: This offer is available to eligible Bank of America credit cardholders. You can avail of this offer by signing up for Grubhub+ using your eligible Bank of America credit card.

Remember, these offers can change, and terms and conditions apply. Always check the Bank of America website or contact a bank representative for the most accurate and current information.

Comparisons with Other Banks

When choosing a bank, it’s important to compare the offerings of different institutions. Here’s how Bank of America’s checking account bonuses stack up against those of other major banks, along with the pros and cons of choosing Bank of America:

Comparison with Other Banks:

  1. Chase Bank: Chase often offers bonuses for new checking customers that can range from $200 to $300. However, the requirements to qualify for these bonuses can be more stringent than Bank of America’s.
  2. Wells Fargo: Wells Fargo occasionally offers bonuses for new checking customers, but these offers are not as frequent as Bank of America’s or Chase’s.
  3. Citibank: Citibank offers bonuses for new checking customers that can go up to $700, but these require a significant initial deposit and a high minimum balance.

Pros of Choosing Bank of America:

  1. Variety of Accounts: Bank of America offers a range of checking accounts to suit different financial needs and lifestyles.
  2. Nationwide Presence: With branches and ATMs across the country, banking with Bank of America is convenient.
  3. Robust Online and Mobile Banking: Bank of America’s digital banking platforms are user-friendly and feature-rich.

Cons of Choosing Bank of America:

  1. Lower Interest Rates: The interest rates on Bank of America’s checking accounts are typically lower than those offered by online banks.
  2. Fees: While it’s possible to waive them, Bank of America’s checking accounts come with monthly maintenance fees.

Remember, the best bank for you depends on your specific needs and circumstances. It’s important to consider all aspects of a bank’s offerings, including account types, fees, customer service, and digital banking capabilities, before making a decision.

Conclusion

Bank of America’s checking account bonuses offer a lucrative opportunity to earn extra cash while enjoying the benefits of a robust checking account. These bonuses, coupled with the variety of checking accounts available, make Bank of America a compelling choice for those seeking a blend of convenience, accessibility, and rewards.

The bank’s checking accounts cater to a wide range of financial needs, whether you’re looking for a basic account to manage your daily transactions, an account that helps you avoid overdraft fees, or an account that earns interest. The ability to waive monthly maintenance fees through various methods adds to the appeal of these accounts.

Additional perks like BankAmeriDeals, the Preferred Rewards program, Museums on Us, and the Grubhub+ subscription offer value that extends beyond traditional banking. These benefits can enhance your lifestyle and provide you with unique experiences.

However, it’s important to remember that while the bonuses are enticing, they should not be the sole factor in choosing a checking account. Consider the overall features, fees, and requirements of the account to ensure it aligns with your financial habits and goals.

If you’re seeking a checking account that offers a blend of rewards, accessibility, and comprehensive banking services, Bank of America’s checking accounts are worth considering. As always, it’s best to compare offerings from different banks to find the one that best suits your needs.

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Frequently Asked Questions (FAQs)

How do I qualify for a Bank of America checking account bonus?

To qualify for a bonus, you typically need to open a new checking account and meet certain requirements, such as setting up and receiving qualifying direct deposits within a certain timeframe. The specific requirements can vary depending on the bonus offer.

How long does it take to receive the bonus?

Once you meet the eligibility requirements, the bonus is typically deposited into your account within 60 days.

Can existing Bank of America customers qualify for these bonuses?

These bonuses are usually targeted at new customers, so existing customers may not qualify. However, Bank of America occasionally offers promotions for existing customers, so it’s worth checking with the bank.

Can the monthly maintenance fee be waived?

Yes, Bank of America offers several ways to waive the monthly maintenance fee, such as maintaining a minimum daily balance, receiving direct deposits of a certain amount, or being a student under 24.

Are there any drawbacks to these bonuses?

While the bonuses can provide a nice financial boost, they often come with requirements such as setting up direct deposits or maintaining a certain balance. If these requirements align with your banking habits, then the bonus can be a great perk. However, if they don’t, you might end up paying monthly maintenance fees or not receiving the bonus.