Bank of America Checking Account Cash Bonus Promotion

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.

Bank of America Logo

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 new customers – Bank of America has a $200 Bonus Offer. (plus one offer for business checking)

And one bonus offer for Merrill Edge, their brokerage.

Member FDIC.

Table of Contents
  1. Promotions For New Customers to Bank of America — Cash Bonus Offer
  2. Bank of America Business Banking – $200
  3. Merrill Edge Self-Directed – up to $600
  4. How Does This Bonus Compare?

💵 U.S. Bank – up to $700

Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.

Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.

Learn more about this offer

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: 5/31/2024

👉 Click here to learn more about this offer

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.

Bank of America, N.A. Member FDIC.

Bank of America Business Banking – $200

Bank of America will give you a large cash bonus when you make large qualifying deposits within 30 days of opening the checking account and then maintaining the average balance during a 60-ish day maintenance period. These must be funds that is not currently or previously been held at an account at Bank of America or Merrill.

The $200 bonus offer is simple – make deposits of $5,000 or more in New Money within 30 days of account opening and then keep it there during the Maintenance Period, which starts 31 days after account opening and ends 90 days after account opening.

You can open either a Business Advantage Fundamentals™ Banking or Business Advantage Relationship Banking account for this bonus. Both have a monthly fee that can be avoided.

Merrill Edge Self-Directed – up to $600

Bank of America’s Merrill Edge has a welcome bonus offer of up to $600 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 600ME.

Qualifying AssetsCash 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

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.

Barclays – $200

Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.

👉 Click here to learn more

BMO Relationship Checking – $400

BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.

*Conditions apply

👉 Click here to learn more

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.

👉 Click here to learn more

Chase Total Checking® – $300

Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more 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!

👉 Click here to learn more

HSBC Premier Checking – up to $4,000

HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.

👉 Click here to learn more

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 $200 Bonus Offer new account bonus is TWT200CIS.

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

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.

What is TWT200CIS?

TWT200CIS is the promotion code you must enter to get the $200 Bonus Offer bonus for opening a new Bank of America checking account.

How much is the bonus for using the promotion code TWT200CIS?

The code gives you a $200 Bonus Offer 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.

Other Posts You May Enjoy:

What Is Drop Servicing? How to Start a Drop Servicing Business

Drop servicing is a great way to scale a freelance business, but it has its challenges, too. Bringing on a team of sub-contractors adds complexity and you need to make sure there's enough money left over after everyone gets paid. Our guide explains how drop servicing works and shows you how to start a drop servicing business. Learn more.

First Horizon Bank Bonus: $450 Checking

First Horizon Bank has a $450 bonus on their checking account with very reasonable qualification requirements. If you've been thinking about getting this account, see how you can get a $450 bonus.

About Jim Wang

Jim Wang is a forty-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.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

Reader Interactions


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.

    • 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.

  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.

    • Jim Wang says

      I would contact them and find out why the amount was so odd – perhaps they withheld some for taxes?

  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.

As Seen In: