Bank of America Promotions





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Some people earn a few hundred dollars a year by signing up for new checking or savings accounts offering promotional bonuses. While bonus amounts vary depending on the bank or credit union, they can be a helpful way to pad your bank account. Just be aware that they count as interest income and are subject to taxes.

Bank of America is a large, well-established institution that offers several new account bonuses for eligible customers. Here’s a look at current Bank of America promotions, how much you can earn, and what the requirements are for each promotion.

Bank of America Promotions: July 2023



Bank of America

:


Advantage Plus – $100


bank of america logo

  • Bonus Amount: $100
  • Promotion Expiry: August 31, 2023
  • Qualifications: Offer code, direct deposit

How to Get the Bonus 
  1. Open a new account with the offer code. Open a qualifying Bank of America Advantage Plus account using offer code DNE100CIS.
  2. Set up direct deposit.
  3. Receive deposits. Receive at least $1,000 worth of direct deposits in the first 90 days of account opening.
  4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements.

Bonus Restrictions and Account Fees
  • You’ll need to make a minimum deposit of at least $100 to open a Bank of America Advantage Plus account.
  • Direct deposits must be made from a qualifying employer. Deposits made via wire, ATM, debit card, or bank transfer, as well as deposits made in person or via ATM, don’t qualify. 
  • Those with an existing Bank of America checking account can’t qualify. To be eligible, any previous accounts must be closed for 12 months.
  • A $12 monthly maintenance fee applies unless you meet one of the following criteria each statement cycle: Make at least $250 worth of direct deposits; maintain a $1,500 daily minimum balance; become a Gold, Platinum, Platinum Honors, or Diamond Preferred Rewards member.
  • ATM, international transaction, and lost debit card replacement fees may also apply. 

A $300 bonus is also available with the Bank of America Advantage checking accounts, but it’s for targeted customers only. If you receive a targeted mailing with a Bank of America $300 promotion code, you may be eligible for the higher bonus. 



Bank of America

:


Advantage Relationship – $100


bank of america logo

  • Bonus Amount: $100
  • Promotion Expiry: August 31, 2023
  • Qualifications: Offer code, direct deposit

How to Get the Bonus 
  1. Open a new account with the offer code. Use offer code DNE100CIS to open a qualifying Bank of America Advantage Relationship account.
  2. Set up direct deposit. Set up direct deposit to your new account through your employer.
  3. Receive deposits. Receive direct deposits totaling $1,000 or more in the first 90 days of account opening.
  4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements.

Bonus Restrictions and Account Fees
  • You’ll need to make a minimum deposit of at least $100 to open a new Bank of America Advantage Relationship account. 
  • You won’t be eligible for the bonus if you don’t set up direct deposit from your employer. Individual deposits and wire, debit card, ATM, and bank transfers don’t qualify. 
  • Existing Bank of America checking account customers aren’t eligible for the bonus. To be eligible, any previous accounts must be closed for 12 months.
  • Bank of America charges a $25 monthly maintenance fee, unless you maintain a daily balance of $10,000 or more in your Advantage Relationship account or are a Preferred Rewards member.
  • Lost debit card, international transaction, and out-of-network ATM fees may apply. 

To earn the highest APY possible (0.02%) on your Bank of America Advantage Relationship account, you’ll need to maintain a balance of $50,000 or more. Otherwise, you’ll earn 0.01%. These APYs are very low compared to some high-yield savings accounts, which offer APYs of 3.00% and above.



Bank of America

:


Advantage SafeBalance – $100


bank of america logo

  • Bonus Amount: $100
  • Promotion Expiry: August 31, 2023
  • Qualifications: Offer code, direct deposit

How to Get the Bonus 
  1. Open a new account with the offer code. Open a Bank of America SafeBalance Banking account using offer code DNE100CIS.
  2. Set up direct deposits. Set up employer direct deposits to your new account.
  3. Receive direct deposits. Receive at least $1,000 worth of direct deposits within 90 days of opening your new account
  4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements

Bonus Restrictions and Account Fees
  • You’ll need to make a minimum deposit of at least $25 to open a Bank of America SafeBalance Banking account.
  • To qualify for the bonus, deposits must be made from a qualifying employer. Other types of deposits, such as wire transfers and individual deposits, don’t qualify. 
  • Those with an existing Bank of America checking account can’t qualify. To qualify, any previous accounts will need to be closed for 12 months.
  • You’ll pay a $4.95 monthly maintenance fee unless you meet one of the following criteria each statement cycle: You’re a student under age 25; one of the account owners is under age 18; you’re a Preferred Rewards member.
  • Fees for using out-of-network ATMs, making international transactions, or replacing a lost debit card may apply. 



Bank of America

:


Business Advantage Fundamentals – $200


bank of america logo

  • Bonus Amount: $200
  • Promotion Expiry: December 31, 2023
  • Qualifications: Deposit, maintain balance

How to Get the Bonus 
  1. Open a new account. Open a Bank of America Business Advantage Fundamentals account; no offer code needed.
  2. Make account deposits. Make at least $5,000 worth of deposits in the first 30 days.
  3. Maintain a minimum daily balance. Maintain an average balance of $5,000 for the next 60 days (days 31-90 of the account).
  4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements. 

Bonus Restrictions and Account Fees
  • Existing Bank of America business customers aren’t eligible for the promotion. To be eligible, any previous Bank of America business accounts must be closed for at least a year.
  • Deposits must be made using new money that’s not already in an existing Bank of America account. If you move money from one Bank of America account into your new business account, you won’t be eligible for the promotion.
  • A monthly maintenance fee of $16 will apply unless you meet one of the following criteria: Maintain a $5,000 monthly balance across your Bank of America business accounts; make at least $250 worth of purchases with your Bank of America business debit card; enroll in the Bank of America Preferred Rewards for Business program.
  • Other fees, such as out-of-network ATM or lost debit card replacement fees, may apply.



Bank of America

:


Business Advantage Relationship – $200


bank of america logo

  • Bonus Amount: $200
  • Promotion Expiry: December 31, 2023
  • Qualifications: Deposit, maintain balance

How to Get the Bonus 
  1. Open a new account. Open a new Bank of America Business Advantage Relationship account; no offer code needed.
  2. Make account deposits. Deposit at least $5,000 within the first 30 days of account opening.
  3. Maintain a daily balance. Maintain a daily balance of $5,000 for two months after the 30 days.
  4. Wait for the bonus. After meeting these requirements, your promotional bonus will be issued within 60 days. 

Bonus Restrictions and Account Fees
  • The promotion is available for new Bank of America business customers only. If you’ve closed a BofA business account within the last 12 months, you won’t be eligible for the bonus.
  • Your deposits must be made with new money, not money from an existing Bank of America account. If you transfer money from an existing account to your new one, you won’t qualify for the promotion.
  • Unless you meet one of the following requirements, Bank of America will charge a monthly maintenance fee of $29.95: Maintain a $15,000 monthly balance across your Bank of America business accounts; enroll in the Bank of America Preferred Rewards for Business program.
  • Your account may be subject to other fees, such as out-of-network ATM, international transaction, and debit card replacement fees.

Compare Bank of America Promotions

Promotion  Bonus Amount  Promotion Expiry  Qualifications* 
Bank of America Advantage Plus $100 August 31, 2023 Offer code, direct deposit
Bank of America Advantage Relationship  $100  August 31, 2023 Offer code, direct deposit
Bank of America Advantage SafeBalance  $100  August 31, 2023 Offer code, direct deposit
Bank of America Business Advantage Fundamentals  $200  December 31, 2023 Deposit, maintain balance 
Bank of America Business Advantage Relationship  $200  December 31, 2023 Deposit, maintain balance 

*Note: Promotions are only available to new Bank of America account holders. 


Who Is Eligible for Bank of America Promotions?

If you open a qualifying Bank of America account, you may be eligible for a bank promotion. Generally, there are certain requirements you’ll need to meet to earn the promotion, though. For instance, you may need to set up direct deposits to your account within a certain timeframe or maintain a certain minimum balance. Existing customers may not be eligible for new account promotions.


Are Bank of America Promotions Worth Opening an Account? 

It may be worth opening a qualifying account with Bank of America for a promotion, but it depends on your situation and if you can meet the requirements to earn the bonus. For those who can set up direct deposit to a new account fairly easily and maintain the required balance, opening an account could make sense. 

The bank is essentially giving qualifying account holders free money for meeting certain criteria, which can be helpful if you’re interested in saving a little extra. Just be sure that the full account details, including monthly and ATM fees, meet your own qualifications.


Are Bank of America Promotions Taxed?

Bank promotions are taxable, no matter which bank is offering them. They are considered interest income, and you’ll receive a 1099-INT from the issuing bank at tax time. So if you earn a $200 bank promotion in 2023 after opening a qualifying Bank of America account, you’ll need to pay taxes on it when you file your tax returns in 2024. 


Does Bank of America Offer Any Promotions for Existing Customers?

If you’re an existing Bank of America customer who doesn’t currently have a promotion-eligible account, you could earn a bonus by opening a qualifying account. For instance, if you’re a Bank of America credit cardholder, you might opt to sign up for an Advantage checking account if you can meet the criteria to earn the bonus. But if you already have an Advantage checking account, it’s unlikely you’ll be able to take advantage of this promotion. Contact a Bank of America customer service representative to discuss available promotions. 


Crumpled one dollar bills on blue background

Tanja Ivanova / Getty Images



Article Sources
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editorial policy.
  1. Internal Revenue Service. “Topic No. 403 Interest Received.”

  2. Bank of America. “You Could Get $100.”

  3. Bank of America. “You Could Get $100.”

  4. Bank of America. “Bank of America Advantage Banking.”

  5. Bank of America. “You Could Get $100.”

  6. Bank of America. “You Could Get $100.”

  7. Bank of America. “Bank of America Advantage Banking.”

  8. Bank of America. “You Could Get $100.”

  9. Bank of America. “You Could Get $100.”

  10. Bank of America. “You Could Get $100.”

  11. Bank of America. “Bank of America Advantage Banking.”

  12. Bank of America. “Open a New Bank of America Business Checking Account and Qualify for a $200 Cash Bonus Offer.”

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more.

Some people earn a few hundred dollars a year by signing up for new checking or savings accounts offering promotional bonuses. While bonus amounts vary depending on the bank or credit union, they can be a helpful way to pad your bank account. Just be aware that they count as interest income and are subject to taxes.

Bank of America is a large, well-established institution that offers several new account bonuses for eligible customers. Here’s a look at current Bank of America promotions, how much you can earn, and what the requirements are for each promotion.

Bank of America Promotions: July 2023



Bank of America

:


Advantage Plus – $100


bank of america logo

  • Bonus Amount: $100
  • Promotion Expiry: August 31, 2023
  • Qualifications: Offer code, direct deposit

How to Get the Bonus 
  1. Open a new account with the offer code. Open a qualifying Bank of America Advantage Plus account using offer code DNE100CIS.
  2. Set up direct deposit.
  3. Receive deposits. Receive at least $1,000 worth of direct deposits in the first 90 days of account opening.
  4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements.

Bonus Restrictions and Account Fees
  • You’ll need to make a minimum deposit of at least $100 to open a Bank of America Advantage Plus account.
  • Direct deposits must be made from a qualifying employer. Deposits made via wire, ATM, debit card, or bank transfer, as well as deposits made in person or via ATM, don’t qualify. 
  • Those with an existing Bank of America checking account can’t qualify. To be eligible, any previous accounts must be closed for 12 months.
  • A $12 monthly maintenance fee applies unless you meet one of the following criteria each statement cycle: Make at least $250 worth of direct deposits; maintain a $1,500 daily minimum balance; become a Gold, Platinum, Platinum Honors, or Diamond Preferred Rewards member.
  • ATM, international transaction, and lost debit card replacement fees may also apply. 

A $300 bonus is also available with the Bank of America Advantage checking accounts, but it’s for targeted customers only. If you receive a targeted mailing with a Bank of America $300 promotion code, you may be eligible for the higher bonus. 



Bank of America

:


Advantage Relationship – $100


bank of america logo

  • Bonus Amount: $100
  • Promotion Expiry: August 31, 2023
  • Qualifications: Offer code, direct deposit

How to Get the Bonus 
  1. Open a new account with the offer code. Use offer code DNE100CIS to open a qualifying Bank of America Advantage Relationship account.
  2. Set up direct deposit. Set up direct deposit to your new account through your employer.
  3. Receive deposits. Receive direct deposits totaling $1,000 or more in the first 90 days of account opening.
  4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements.

Bonus Restrictions and Account Fees
  • You’ll need to make a minimum deposit of at least $100 to open a new Bank of America Advantage Relationship account. 
  • You won’t be eligible for the bonus if you don’t set up direct deposit from your employer. Individual deposits and wire, debit card, ATM, and bank transfers don’t qualify. 
  • Existing Bank of America checking account customers aren’t eligible for the bonus. To be eligible, any previous accounts must be closed for 12 months.
  • Bank of America charges a $25 monthly maintenance fee, unless you maintain a daily balance of $10,000 or more in your Advantage Relationship account or are a Preferred Rewards member.
  • Lost debit card, international transaction, and out-of-network ATM fees may apply. 

To earn the highest APY possible (0.02%) on your Bank of America Advantage Relationship account, you’ll need to maintain a balance of $50,000 or more. Otherwise, you’ll earn 0.01%. These APYs are very low compared to some high-yield savings accounts, which offer APYs of 3.00% and above.



Bank of America

:


Advantage SafeBalance – $100


bank of america logo

  • Bonus Amount: $100
  • Promotion Expiry: August 31, 2023
  • Qualifications: Offer code, direct deposit

How to Get the Bonus 
  1. Open a new account with the offer code. Open a Bank of America SafeBalance Banking account using offer code DNE100CIS.
  2. Set up direct deposits. Set up employer direct deposits to your new account.
  3. Receive direct deposits. Receive at least $1,000 worth of direct deposits within 90 days of opening your new account
  4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements

Bonus Restrictions and Account Fees
  • You’ll need to make a minimum deposit of at least $25 to open a Bank of America SafeBalance Banking account.
  • To qualify for the bonus, deposits must be made from a qualifying employer. Other types of deposits, such as wire transfers and individual deposits, don’t qualify. 
  • Those with an existing Bank of America checking account can’t qualify. To qualify, any previous accounts will need to be closed for 12 months.
  • You’ll pay a $4.95 monthly maintenance fee unless you meet one of the following criteria each statement cycle: You’re a student under age 25; one of the account owners is under age 18; you’re a Preferred Rewards member.
  • Fees for using out-of-network ATMs, making international transactions, or replacing a lost debit card may apply. 



Bank of America

:


Business Advantage Fundamentals – $200


bank of america logo

  • Bonus Amount: $200
  • Promotion Expiry: December 31, 2023
  • Qualifications: Deposit, maintain balance

How to Get the Bonus 
  1. Open a new account. Open a Bank of America Business Advantage Fundamentals account; no offer code needed.
  2. Make account deposits. Make at least $5,000 worth of deposits in the first 30 days.
  3. Maintain a minimum daily balance. Maintain an average balance of $5,000 for the next 60 days (days 31-90 of the account).
  4. Wait for the bonus. Bonus will be issued within 60 days of meeting these requirements. 

Bonus Restrictions and Account Fees
  • Existing Bank of America business customers aren’t eligible for the promotion. To be eligible, any previous Bank of America business accounts must be closed for at least a year.
  • Deposits must be made using new money that’s not already in an existing Bank of America account. If you move money from one Bank of America account into your new business account, you won’t be eligible for the promotion.
  • A monthly maintenance fee of $16 will apply unless you meet one of the following criteria: Maintain a $5,000 monthly balance across your Bank of America business accounts; make at least $250 worth of purchases with your Bank of America business debit card; enroll in the Bank of America Preferred Rewards for Business program.
  • Other fees, such as out-of-network ATM or lost debit card replacement fees, may apply.



Bank of America

:


Business Advantage Relationship – $200


bank of america logo

  • Bonus Amount: $200
  • Promotion Expiry: December 31, 2023
  • Qualifications: Deposit, maintain balance

How to Get the Bonus 
  1. Open a new account. Open a new Bank of America Business Advantage Relationship account; no offer code needed.
  2. Make account deposits. Deposit at least $5,000 within the first 30 days of account opening.
  3. Maintain a daily balance. Maintain a daily balance of $5,000 for two months after the 30 days.
  4. Wait for the bonus. After meeting these requirements, your promotional bonus will be issued within 60 days. 

Bonus Restrictions and Account Fees
  • The promotion is available for new Bank of America business customers only. If you’ve closed a BofA business account within the last 12 months, you won’t be eligible for the bonus.
  • Your deposits must be made with new money, not money from an existing Bank of America account. If you transfer money from an existing account to your new one, you won’t qualify for the promotion.
  • Unless you meet one of the following requirements, Bank of America will charge a monthly maintenance fee of $29.95: Maintain a $15,000 monthly balance across your Bank of America business accounts; enroll in the Bank of America Preferred Rewards for Business program.
  • Your account may be subject to other fees, such as out-of-network ATM, international transaction, and debit card replacement fees.

Compare Bank of America Promotions

Promotion  Bonus Amount  Promotion Expiry  Qualifications* 
Bank of America Advantage Plus $100 August 31, 2023 Offer code, direct deposit
Bank of America Advantage Relationship  $100  August 31, 2023 Offer code, direct deposit
Bank of America Advantage SafeBalance  $100  August 31, 2023 Offer code, direct deposit
Bank of America Business Advantage Fundamentals  $200  December 31, 2023 Deposit, maintain balance 
Bank of America Business Advantage Relationship  $200  December 31, 2023 Deposit, maintain balance 

*Note: Promotions are only available to new Bank of America account holders. 


Who Is Eligible for Bank of America Promotions?

If you open a qualifying Bank of America account, you may be eligible for a bank promotion. Generally, there are certain requirements you’ll need to meet to earn the promotion, though. For instance, you may need to set up direct deposits to your account within a certain timeframe or maintain a certain minimum balance. Existing customers may not be eligible for new account promotions.


Are Bank of America Promotions Worth Opening an Account? 

It may be worth opening a qualifying account with Bank of America for a promotion, but it depends on your situation and if you can meet the requirements to earn the bonus. For those who can set up direct deposit to a new account fairly easily and maintain the required balance, opening an account could make sense. 

The bank is essentially giving qualifying account holders free money for meeting certain criteria, which can be helpful if you’re interested in saving a little extra. Just be sure that the full account details, including monthly and ATM fees, meet your own qualifications.


Are Bank of America Promotions Taxed?

Bank promotions are taxable, no matter which bank is offering them. They are considered interest income, and you’ll receive a 1099-INT from the issuing bank at tax time. So if you earn a $200 bank promotion in 2023 after opening a qualifying Bank of America account, you’ll need to pay taxes on it when you file your tax returns in 2024. 


Does Bank of America Offer Any Promotions for Existing Customers?

If you’re an existing Bank of America customer who doesn’t currently have a promotion-eligible account, you could earn a bonus by opening a qualifying account. For instance, if you’re a Bank of America credit cardholder, you might opt to sign up for an Advantage checking account if you can meet the criteria to earn the bonus. But if you already have an Advantage checking account, it’s unlikely you’ll be able to take advantage of this promotion. Contact a Bank of America customer service representative to discuss available promotions. 


Crumpled one dollar bills on blue background

Tanja Ivanova / Getty Images



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