Bank of America is one of the largest banks in the United States and there’s a pretty good chance that you have a branch just around the corner from you.
While headquartered in Charlotte, North Carolina, Bank of America has thousands of ATMs and Financial Centers around the nation. I did a quick search on their location tools and found 50 results within 12.7 miles near me!
My main brick & mortar bank is Bank of America for this very reason – they’re everywhere.
Bank of America is the second-largest bank behind JPMorgan Chase – and today you can find out how they will give you money to open an account with them.
Bank of America has one bonus offer for the bank – for new customers – Bank of America has a $200 Bonus Offer.
And one bonus offer for Merrill Edge, their brokerage.
Member FDIC.
💰 BMO Bank – $600
BMO Bank has a generous and easy offer – get up to $600 when you open a new checking account and set up direct deposits that meet their requirements.
The size of your direct deposit determines your bonus – it’s a limited time offer so don’t delay!
Table of Contents
Promotions For New Customers to Bank of America — Cash Bonus Offer
Bank of America Bonus Summary
- What you get: $200 Bonus Offer, See offer page for more details
- Who qualifies: New checking customers only
- Promotion code: TWT200CIS
- Where to open: Online only
- How to get it:
- Open a Bank of America Advantage Banking checking account through the promotional page.
- Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional Terms and Conditions apply. See the Bank of America offer page for more details.
- When does it expire: 1/31/2024
If you are not a Bank of America Advantage Banking customer, their nationwide online offer is a $200 Bonus Offer and must be opened through the Bank of America promotional page.
Three Bank of America Banking accounts qualify for this bonus:
- Bank of America Advantage SafeBalance Banking® – $25 minimum opening deposit and $4.95 monthly maintenance fee. See the offer page for ways to waive the monthly fee.
- Bank of America Advantage Plus Banking® – $100 minimum opening deposit and $12 monthly maintenance fee. See the offer page for ways to waive the monthly fee.
- Bank of America Advantage Relationship Banking® – $100 minimum opening deposit and $25 monthly maintenance fee. See the offer page for ways to waive the monthly fee.
Open the account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening to get your bonus.
Don’t forget, the Bank of America promotional offer code is TWT200CIS. If you click through the links on this site, the code will be entered automatically for you.
Member FDIC.
Learn more about this offer
(Offer expires 1/31/2024)
Merrill Edge Self-Directed – up to $1,000
Bank of America’s Merrill Edge has a welcome bonus offer of up to $1,000 based on how much you deposit into your account. Merrill Edge is a brokerage account and the Self-Directed account is their self-managed investment account (rather than a robo-advisor).
The standard offer is a bonus of up to $600 but there are often other, non public, promotions if you look around. The amount of the bonus is based on the amount of your qualifying deposit, which you must make within 45 days and keep for at least 90 days.
The offer code is 1000PR.
| Qualifying Assets | Cash Bonus |
|---|---|
| $5,000 – $19,999 | $50 |
| $20,000 – $49,999 | $125 |
| $50,000 – $99,999 | $200 |
| $100,000 – $199,999 | $350 |
| $200,000 or more | $750 |
If you aren’t a Preferred Rewards account, the bonus schedule is:
- $20,000 – $49,999: $100
- $50,000 – $99,999: $150
- $100,000 – $199,999: $250
- $200,000+: $600
(Offer expires 5/26/23)
How Does This Bonus Compare?
The $200 Bonus Offer is good from a dollar perspective but not as high as some others but the requirements are easy. Another advantage is that you get an account that is accessible almost anywhere – Bank of America’s footprint is enormous and that’s one of the reasons why it’s my primary bank account.
Also, I’ve never seen a higher offer from Bank of America so this is not a case of “wait and see” if they make a higher offer sometime later. It’s a nice little bonus for opening an account with them.
⭐ BMO Smart Advantage Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
So as you can see, the public offer from Bank of America is OK. Other banks both have similar large geographic footprints (Chase is bigger) so you aren’t getting anything extra by going with Bank of America.
Before you take advantage of this or any other bank offer, review this guide on bank account bonuses to make sure you know what to watch out for.
The offer code for the $200 Bonus Offer new account bonus is TWT200CIS.
Only when they have an active promotion, such as the $200 Bonus Offer offer for opening a new checking account. The most popular promotion is getting $200 Bonus Offer for opening a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening.
TWT200CIS is the promotion code you must enter to get the $200 Bonus Offer bonus for opening a new Bank of America checking account.
The code gives you a $200 Bonus Offer for opening a new Bank of America checking account.
There are three checking accounts and the fees vary from $4.95 a month to $25 a month. They can be waived if you set up a direct deposit or maintain a high enough daily balance.
Bank of America Cash Bonus
Strengths
- Cash bonus for new customers
- Wide geographic footprint
- Relatively easy bonus requirements
- Museums on Us program
Weaknesses
- Lower bonus for non-customers
- Accounts pay no or little interest
- Monthly maintenance fees (that can be easily avoided)
MC says
Is it 4000 qualifying deposit in one transaction or can multiple (most salary account are biweekly and not sure how many get 4000 in a biweekly after all deductions)
I believe it is a total of $4,000 or more within 90 days, not a single $4,000 deposit within that time frame. Since it is a targeted offer (and I’m already an existing customer), I can’t confirm the terms by looking at it myself. If you’re worried, call the bank and they can give you an “official” answer.
Knicki says
It’s $4000 total; so, if you get paid monthly, $1334 per month would satisfy the requirement.
Brett says
Not for me—–BofA denied me the credit as multiple agents told me it had to be a single $4000 deposit. I had $2000 go in twice a month for 7 months and was told that didn’t qualify. I canceled the DD and pulled my money and then was hit with the $12 monthly. Fortunatley they refunded it and now closed the account.
Annette Perron says
Seems like it depends on who you talk to on wether you get the promotion. I am going to call the bank in the morning. Thank you Jim Wang.
AMP
MH says
I opened a new credit card account on Feb 7. I was told if I charge $3000 within 90 days I will receive $300 reward in my account as a promotion. My 90 days are ending this week. Is it true that they have extended the 90 days limit to spend $3000 because of the coronavirus pandemic? I was told that they have given people more time to spend to receive the award since they realize people will not be able to spend as usual. Can you confirm what the extension period is?
You have to call the bank directly and ask.
Glad says
I was considering reopening my checking account with Bank of America when I saw this offer. I had not been targeted but I called for an appointment and showed them the link for the $400 bonus offer on my iPad. They gave it to me with no problem.
That’s great to know!
jessica says
At the time I opened a checking account with BOA there was a promotion for a $300 bonus for new members who had direct deposits of 4k within 90 days. I was advised that this bonus would be deposited within 60 days after the requirement was met. I was wondering how long that generally takes? Like is that usually done relatively quick or would it be towards the end of that 60 days?
Usually it’s closer to the end but you have to check the terms of the promotion, it’ll usually say when they deposit it.
Albert says
I completed the $4K deposit eligibility requirement for the $300 bonus. An amount of $228 was deposited in BOFA account. This is amount is less than the promoted $300. What are the reasons for the reduced bonus amount?
No pre-signup, upfront disclosure or explanation given.
I would contact them and find out why the amount was so odd – perhaps they withheld some for taxes?
Miranda says
When can I close this account with no penalty? I have full filled the $4000 deposit requirement and received my $300 bonus already. I don’t need the account and rather not have it, but I don’t want to be penalized for closing the account too soon…
There doesn’t appear to be an early account closure fee but you could call Bank of America directly to find out, they’ll be able to tell you.