Bank of America Checking Account Bonus: $100 – $300 Cash Promotion

Bank of America is one of the largest banks in the United States and chances are you have a branch just around the corner.

Bank of America Logo

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:

We’ll discuss both:

Discover Bank Logo

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.

Learn more about this offer

Table of Contents
  1. Promotions For New Customers to Bank of America — $100
  2. Existing Non-Checking Customers — $300
  3. How Does This Bonus Compare?

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.

Bank of America activity center screenshot

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.

What is an offer code for Bank of America?

The offer code for the $100 new account bonus is DDX100CIS.

Does Bank of America give you money for opening an account?

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.

What is DDX100CIS?

DDX100CIS is the promotion code you must enter to get the $100 bonus for opening a new Bank of America checking account.

How much is the bonus for using the promotion code DDX100CIS?

The code gives you $100 for opening a new Bank of America checking account.

What are the fees on the 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

8.5

Product Rating

8.5/10

Strengths

  • $300 for existing customers, $100 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)

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About Jim Wang

Jim Wang is a thirty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

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About the comments on this site:

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

  1. 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)

    • Jim Wang says

      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.

      • 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

  2. 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?

  3. 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.

  4. 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?

    • Jim Wang says

      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.

  5. 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.

  6. 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…

    • Jim Wang says

      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.

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