Bank of America is one of the largest banks in the United States and chances are you have a branch just around the corner.
While headquartered in Charlotte, North Carolina, Bank of America has approximately 4,600 retail branch locations and almost 16,000 automated teller machines sprinkled throughout the country. I did a quick search on their location tools and found 50 results within 12.7 miles! (many were ATMs, but still quite a sizable footprint)
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 two cash offers:
- For new customers – Bank of America will give you $100
- For existing customers (maybe) – Bank of America will give you $300
We’ll discuss both:
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus to open your first Online Savings Account. Just open it with the code WH21 by 12/15/2021 and then deposit at least $15,000 to get the lowest bonus amount. Deposit $25,000 to get the higher amount.
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Promotions For New Customers to Bank of America — $100
If you are not a customer of Bank of America at all, the offer is not as generous (though not all existing customers are offered the account bonus listed below). Their public nationwide offer is for $100 and to get it, you need to open a new checking account on their offer page.
Three Bank of America Checking accounts qualify for this bonus:
- Bank of America Advantage SafeBalance Banking® – $25 opening deposit, $4.95 monthly fee waived for eligible students or enrolees of Preferred Rewards
- Bank of America Advantage Plus Banking® – $100 opening deposit, $12 monthly fee waived with direct deposit or daily balance requirements, etc.
- Bank of America Advantage Relationship Banking® – $100 opening deposit, $25 monthly fee waived with direct deposit or daily balance requirements, etc.
Open the account and set up and receive at least 2 qualifying direct deposits of $250 or more into that account within the first 90 days of opening and you’ll get your bonus. Confirm the monthly fee waiver rules for each (they can change from when this is published) but they are relatively easy to satisfy.
Don’t forget, the Bank of America promotional offer code is DDX100CIS. If you click through the links on this site, the code will be entered automatically for you.
Learn more about this offer
(Offer expires December 31st, 2021)
Existing Non-Checking Customers — $300
If you already have an account with Bank of America, such as a credit card, but you don’t have a personal checking account, log in and you may see a higher offer.
On the right-hand side of the screen, you’ll see an “Activity Center.” When you click on Special Offers & Deals, you may see the following offer.
“*This exclusive offer is only for select Bank of America® customers who don’t already have a personal checking account with us and who received an email or direct communication from Bank of America.”
The best one we’ve seen is where you:
- Open a Bank of America Core Checking or Interest Checking account, and,
- Set up a qualifying direct deposit totaling $4,000 or more within the first 90 days of opening your account to get the $300 bonus.
The terms will be similar though the dollar amounts may vary based on what they’ve decided to offer you.
Both accounts have monthly maintenance fees. These can be waived if you meet other qualifications such as a minimum daily balance or maintaining that direct deposit. The bonus money will be reported as income as a 1099-MISC.
To get this offer, you need to log into your existing Bank of America account and look in the Activity Center menu. If you don’t see it, it’s no longer available.
How Does This Bonus Compare?
If you’re an existing customer and qualify, the $300 bonus is pretty good because it’s easy. We maintain a list of bank bonus offers and there are very few offers that are as generous as the $300 (with such easy requirements). Since you already have an existing relationship with Bank of America, it makes the maintenance of the account simpler since you have a login already.
If you’re not a customer, the $100 bonus not bad but not as good as some others. 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.
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 WH21 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.
Chase Total Checking® – $225
Chase Bank will give you $225 when you open a Total Checking account and set up and set up 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!
HSBC Premier Checking – $450
HSBC has an offer where you can get $450 for eligible new customers who open an HSBC Premier checking account and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months. Click here to learn more about this offer.
Huntington Bank – up to $500
If you are a resident of Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, or West Virginia then you could get up to $500 from Huntington Bank for opening a new checking account. There are several checking accounts that qualify but they’re great offers if you live in their geographic region. Click here to learn more about Huntington Bank offers.
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 $100 new account bonus is DDX100CIS.
Only when they have an active promotion, such as the $100 offer for opening a new checking account. The most popular promotion is getting $100 for opening a new account and set up and receive at least 2 qualifying direct deposits of $250 or more into that account within the first 90 days of opening.
DDX100CIS is the promotion code you must enter to get the $100 bonus for opening a new Bank of America checking account.
The code gives you $100 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 $300 Cash Bonus
- $300 for existing customers, $100 for new customers
- Wide geographic footprint
- Relatively easy bonus requirements
- Museums on Us program
- Lower bonus for non-customers
- Accounts pay no or little interest
- Monthly maintenance fees (that can be easily avoided)