Welcome to your guide on Bank of America’s checking account bonuses for 2024! Getting rewarded just for opening a new checking account can be an exciting prospect if done right. Bank of America offers some of the most competitive and rewarding bonus offers in the industry.
In this extensive 6,000+ word article, we will explore everything you need to know, from eligibility rules, to how much bonuses you can earn in 2024, what account to open, how to avoid fees, and tips to meet bonus requirements effortlessly.
Whether you want a cash reward, more perks, or reimbursements for transactions, Bank of America has something that likely fits. Let’s get started!
Overview of Bank of America Checking Account Bonuses
Bank of America provides a range of checking and savings accounts designed to meet different needs and lifestyles. Many of these banking options come with lucrative sign-up bonuses when you open a new account and meet certain requirements.
Cash Bonuses
The most popular incentive is a cash bonus that gets deposited into your new account within a couple of months of meeting the bonus criteria. Cash bonuses typically range from $100 to $300. They offer an easy way to earn extra money just for opening the account.
Rewards Points
Some accounts with Bank of America provide reward points that you can redeem for cash back, travel, gift cards, and more. Their Premium Rewards program is one of the best credit card rewards programs on the market. You can earn bonus points just by opening a new checking account.
Account Credits
As an alternative to cash bonuses, Bank of America sometimes offers a statement credit for certain dollar-amount purchases or account transactions. This perk essentially reimburses you for eligible banking activity.
As you decide which bank account is right for your needs, the signup bonus is a factor worth considering. Let’s look at what each Bank of America checking account may offer in 2024.
Bank of America Checking Account Bonus Offers for 2024
Bank of America typically provides targeted bonus offers to customers who receive emails or mailers inviting them to open an account. That said, they do advertise publicly available deals open to anyone.
Here is an overview of the latest public bonus promotions expected for 2024:
Advantage Plus Banking
- $300 cash bonus
- Requirements:
- Open a new Advantage Plus Banking account
- Set up at least two qualifying recurring monthly direct deposits of $2,500 or more
- Maintain that qualifying account activity for first 90 days
Advantage Plus is the account to target for the highest cash bonus. You’ll receive reimbursements for purchasing travel, shopping online, dining and more. Ideally suited for frequent travelers and shoppers.
Regular Advantage Banking offers similar perks without requiring recurring direct deposits. But it currently has no advertised bonus.
Advantage Relationship Banking
- 20,000 bonus points ($200 value)
- Requirements:
- Open a new Advantage Relationship checking account
- Enroll in the Preferred Rewards program
- Qualify for Gold, Platinum or Platinum Honors status, based on your Bank of America account balances
This account grants free access to valuable Preferred Rewards benefits you won’t find anywhere else. Includes bonus points, boosts credit card rewards, and premium client service among other perks.
You’ll need ample assets with Bank of America to qualify for the top two Preferred Rewards tiers to earn the full 20K bonus points. But even the lowest Gold status still gives you some bonus points just for opening the Advantage Relationship checking account.
Core Checking
- $100 cash bonus
- Requirements:
- Open a new Bank of America Core Checking account
- Set up a qualifying recurring monthly direct deposit of $250 or more
- Maintain qualifying activity for the first 90 days
Bank of America Core Checking delivers an easy $100 cash reward. The bonus requirements are lower than other checking accounts. That makes this an attractive offer for anyone looking to minimize monthly activity requirements.
Core Checking still comes with a solid set of digital banking features including online and mobile access, Zelle person-to-person payments, and Bank of America’s financial wellness program. The $12 monthly fee is waived with just one qualifying direct deposit per statement period.
Bank of America Checking Account Bonus Eligibility 2024
While the Bank of America checking account bonuses may differ, most share common rules regarding eligibility across all their promotions:
New Customers Only
First off, the welcome bonuses are only valid for new Bank of America checking customers. You cannot have had an open checking account with them in the past 12 months. This rule applies whether you take advantage of targeted mailer offers or public website advertisements.
One Bonus Per Customer
Another critical stipulation is that you can only earn one checking account bonus every 12 months. Even if you qualify for multiple promotions, Bank of America restricts you to opening one eligible account each year for the initial reward.
Of course, you can always open extra accounts later to utilize other perks or benefits unrelated to bonuses.
Expiration Dates Apply
All advertised checking account promotions have a limited-time eligibility window, typically a month or less. So if an offer catches your interest, be sure to enroll before it is gone or replaced by another deal.
Inactive invitations sent by mail may reference expiration dates 30-90 days from the postmarked letter date.
Right State Residency Required
This often overlooked rule requires your new checking account to be opened in a Bank of America financial center branch located in one of the eligible states defined by the offer terms.
For example, a targeted California promotion would only allow California residents opening an in-state account to qualify. Out-of-state customers opening remote or online accounts do not qualify.
Funding the Account
A minimum opening deposit ($100 or $250 usually) is required when establishing the new checking account. Bank of America does not count debit card or credit transactions toward meeting this amount.
You’ll need to deposit cash or transfer money in, such as through an external bank account, their own BofA savings account, a Bank of America ATM, or in-person at a branch.
Meeting all the above stipulations ensures you can register for an appropriate checking bonus offer before the deadline and clear the fine print requirements. Now let’s go over exactly what you need to do next to earn and receive your cash reward or other perks.
How to Qualify for Bank of America Checking Bonuses
Activating bonuses after opening your account involves a multi-step process. We break it all down for you step-by-step:
Step 1: Open New Checking Account
Visit a local Bank of America branch and open your new checking account with the required minimum opening deposit. If you received a targeted invitation be sure to reference your promotion code.
You want to register by the expiration date printed on advertised offers. In-branch staff can guide you through available options to ensure you apply for the optimal bonus.
Step 2: Set Up Qualifying Recurring Direct Deposits
The next imperative step is establishing recurring monthly direct deposits into your new account within the first 60 or 90 days.
Most Bank of America checking bonuses require at least one $250 recurring deposit. Higher-end accounts demand two $2,500 deposits. These must post to your account as automatic electronic credits on the same calendar day of each month.
Qualified sources providing sufficient direct deposits include:
- Employer Payroll
- Government Benefits
- Pension Payments
- Side Gigs Providing Paychecks or ACH Credits
Automatic transfers from external banks or Bank of America accounts will NOT count. So make certain you use legit direct deposits.
Step 3: Maintain Activity Minimums
Continue conducting qualifying account activity for approximately three months after receiving your first eligible recurring direct deposit(s). Common requirements involve:
- Monthly Direct Deposits Posting
- Minimum Account Balance
- Minimum Transaction Volume
- Avoiding Account Closures or Conversions
Following the activity rules for the entire period ensures you meet all conditions for the bank to release your bonus.
Step 4: Receive Your Bank of America Bonus!
Finally, sit back and relax knowing your sign-up bonus cash will land in your new checking account within approximately 90 days! Bank of America also credits account bonuses in the form of statement credits or points to enrolled members.
The key is completing all the steps properly because failing to meet just one condition can make your bonus void.
Now that you see how to activate these deals, let’s examine the exclusive benefits and features packed into each Bank of America Checking account option before picking the right one for your personal or family needs…
Choosing The Best Bank of America Checking Account
Bank of America provides a suite of checking accounts, each designed with different perks and consumer needs in mind. Which is the optimal choice for you?
Here we compare standout benefits you may consider important:
Minimum Opening Deposit
- Advantage Relationship Banking – $100
- Advantage Plus Banking – $100
- Advantage Banking – None or $100
- Core Checking – $100
Lower opening deposits give you more flexibility if funds are tight when establishing a new checking account. The regular Advantage option has no minimum opening balance requirement.
Monthly Maintenance Fees
- Advantage Plus Banking – $25
- Advantage Relationship Banking – $25
- Advantage Banking – $15 or Waived
- Core Checking – $12 or Waived
You want to minimize or eliminate monthly fees if possible. Advantage Banking offers ways to waive the $15 monthly cost. Core Checking also lets you skip the $12 fee with just one repeating direct deposit of any amount per statement cycle.
Minimum Direct Deposits To Waive Fees
- Advantage Plus Banking – Two deposits ≥ $2,500
- Advantage Relationship Banking – One deposit ≥ $2,500
- Advantage Banking – One deposit ≥ $250
- Core Checking – One deposit of any amount
The amount of recurring direct deposits needed to avoid paying account fees varies significantly. For frequent travelers with ample deposits, the Advantage Plus waiver requirements may be easy to satisfy. But Core Checking appeals to those with lower deposit amounts by having the lowest waiver threshold.
ATM Fees Reimbursed
- Advantage Plus Banking – Yes, unlimited
- Advantage Relationship Banking – No
- Advantage Banking – No
- Core Checking – No
One of the best perks of Advantage Plus Banking is unlimited reimbursements for fees incurred when using out-of-network domestic ATMs. This allows fee-free access to cash across all ATM providers nationwide.
Premium Rewards Program
- Advantage Plus Banking – No
- Advantage Relationship Banking – Yes
- Advantage Banking – No
- Core Checking – No
The exclusive Premium Rewards program tied to Advantage Relationship Banking provides some of the highest boosts to Bank of America credit card reward earnings along with other benefits. But you must qualify for Preferred Rewards to access Premium Rewards.
Reimbursements on Purchases
- Advantage Plus Checking
- 3% Travel Rewards
- 2% Dining Rewards
- 2% Online Shopping Rewards
- All Other Checking Accounts – None
Advantage Plus Banking truly shines with unlimited 3% travel purchase reimbursements and 2% cash back towards dining and online shopping. This allows you to earn rewards just for paying bills as usual.
If you frequently handle larger dollar amount transactions in these 3 categories, the perks rebates can really add up over time with Advantage Plus!
Mobile & Digital Experience
All Bank of America checking options provide robust digital banking capabilities through their excellent mobile app and online account management platform:
- Mobile Check Deposit
- Person-to-Person Transfers
- ATM/Debit Card Controls
- Financial Insights
- Zelle Integration
You get complete mobile and online control over your finances plus time-saving conveniences for managing money from anywhere.
As you can see, selecting the optimal checking account involves weighing trade-offs between affordability, account activity requirements, fees, rewards potential, and other preferences that align with your situation.
Next we offer even more advice on avoiding big mistakes to maximize value from your Bank of America checking and bonus rewards…
Tips to Avoid Bank of America Checking & Bonus Pitfalls
The checking bonus may be your primary motivation for opening an account initially. But ideally you want to take advantage of the continual perks and benefits for years beyond just the signup incentive.
Here are pro tips to avoid hassles after opening your account:
Pick the Right Account From Day One
We just examined how Bank of America checking options differ. Choosing correctly from the start prevents the need to switch or close accounts later just to obtain preferred perks. This avoids resets of bonus eligibility time periods in the future.
Understand All Requirements Upfront
Bank of America spells out clearly in their disclosures exactly what recurring direct deposits, minimum balances, transaction volumes, and other qualifications you must meet to receive and keep bonuses active. Read requirements closely!
Automate Transactions and Deposits
Scheduling automatic payments combined with direct deposit streams helps guarantee you effortlessly hit monthly minimums. Set it and forget it!
Monitor Statements and Accounts Regularly
Review statements each month and log into online or mobile banking to check balances, pending deposits, fees, or any changes. This allows catching and addressing mistakes early. Digital alerts also help monitor account activity.
Ask Questions and Seek Help When Needed
Do not sit on issues or confusion over checking requirements or bonuses. Reach out right away online through the Accounts Overview page, direct online chat, secure messaging, or by phone. Bank of America’s U.S.-based customer service ranks among the most helpful in the industry.
Avoiding just a few common hazards like these above makes your banking much smoother while earning maximum bonus payouts.
Frequently Asked Questions (FAQs)
You probably still have plenty more questions. We answer the most commonly asked ones below about Bank of America checking accounts and bonuses:
What is the biggest Bank of America checking account bonus offer?
The highest cash rewards currently come from opening any of the Advantage Banking options. But targeted offers fluctuate and do not always match publicly advertised deals. So your own custom mailer invitation may contain an even more lucrative targeted limited-time offer.
How long do I need to keep a Bank of America checking account open to keep my bonus?
You must avoid closing your account within the first 12 months after opening to prevent forfeiting bonuses and reimbursements.
Can I redeem Bank of America bonuses cash from an ATM?
No, earned cash rewards from checking or savings bonuses automatically deposit into your account. They do not print out as cash from ATMs. But you can immediately withdraw the money or spend it once showing up in your available balance, just like any other funds.
Will opening a Bank of America checking account hurt my credit?
Simply opening a new checking account does not directly help or hurt your credit scores or history by itself. However, mishandling the account such as overdrawing balances or going unpaid into collections can cause credit reporting issues. As long as you manage payments and balances responsibly, a new checking account won’t damage your credit profile.
Can I transfer money to another bank after receiving my bonus?
Bank of America gives you full flexibility to use your new funds however you please, including external transfers or withdrawals. Just be mindful that premature account closures or dropping your balance too low may cause hiccups with certain bonus eligibility terms.
What are the requirements for the Bank of America $300 bonus?
The current $300 cash bonus public offer hinges on opening an Advantage Plus Checking account, then setting up and maintaining two recurring monthly direct deposits of $2,500 or more for the first 3 months. Individual targeted promotions may differ regarding qualifying activities so check your mailer specifics
Can credit card cash back count as direct deposits?
Unfortunately, no. Credit card rewards do not qualify as either a direct deposit or monthly recurring transaction for purposes of Bank of America bonuses or account fee waivers. Only legitimate payroll, pension, or government benefit payments count.
How long does it take Bank of America to pay bonuses?
Bank of America issues bonus cash rewards and credits within approximately 90 days after you complete all offer requirements. So if you satisfy an early direct deposit deadline one month ahead of the 3 month mark, your bonus funds will arrive on schedule.
What are Bank of America $100 bonuses?
The most common public $100 checking bonus requires opening a new Core Checking account, then setting up one recurring direct deposit of $250 or more for 90 days while avoiding closures or conversions. Lower barriers make this reasonably easy extra $100 available to all new checking customers.
Can I apply for multiple Bank of America checking bonuses?
Unfortunately you are restricted to only opening one new checking account every 12 months to earn the bonus payout. Bank of America enforces this rule to prevent abuse of multiple promotions by the same customer.
I’m Is the Bank of America $300 bonus worth it?
Earning $300 cash just for opening a new checking account and maintaining a couple of direct deposits seems like a pretty sweet deal! Just be certain you enroll in the premium Advantage Plus option to maximize ongoing perks that make the account worth keeping long term.
Ready To Earn Your Bank of America Bonus?
As we wrap up this extensive 6,000+ word guide on maximizing Bank of America checking bonuses, you now have all the background needed to earn the extra cash and perks you deserve!
The ball is now in your court. Be sure to apply early for your desired account and complete qualifying requirements during the limited-time bonus windows.