Could you use an extra $200? Are you in the market for a new checking account? If you answered yes to both questions, then Bank of America may have a deal you can use.
Open one of Bank of America’s three Advantage Banking checking accounts by May 31, 2024, and set up qualifying direct deposits of at least $2,000 within the first 90 days of opening the account to snag the new account bonus.
Bank of America, the second-largest US bank based on consolidated assets, isn’t known for offering competitive rates on checking accounts. However, if you value convenience or appreciate the wide range of products and services that large banks offer, scoring free money by opening a personal checking account here isn’t a bad idea. Bank of America operates nearly 3,900 financial centers and has a network of 15,000 ATMs across the US.
If you’re looking to open a savings account along with a checking account, compare different APYs and account benefits before moving your money. The table below shows you some of CNET’s partners’ savings offers.
Bank of America’s new checking account bonus overview
Bank of America’s $200 new account bonus applies to personal checking accounts opened online by new customers -- those who haven’t owned or co-owned a personal checking account at the bank within the previous 12 months. You must open a SafeBalance, Advantage Plus or Advantage Relationship checking account through the offer page and use the offer code TWA200CIS by May 31, 2024.
You’ll earn the bonus after receiving qualifying direct deposits totaling $2,000 or more within 90 days of opening the account. This includes direct deposit payments from an employer, pension or government benefit such as Social Security.
It can take up to 60 days after meeting the requirements for the bonus to hit your account.
It’s important to note that this bonus may be subject to income tax, and you may be required to complete the applicable IRS forms before you receive the bonus. Bank of America may also withhold tax from the bonus payment.
Bank of America’s checking account overview
Bank of America has three checking account options: SafeBalance, AdvantagePlus and Advantage Relationship. All require a minimum deposit to open and charge monthly maintenance fees ranging from $4.95 to $25 per month. The Advantage Plus and Advantage Relationship checking accounts also charge a fee if you don’t maintain a minimum balance.
While each checking account provides steps to waive the monthly fee, it’s important to note the specific requirements so that fees don’t eat into your bonus benefit. See CNET’s Bank of America review for more information about the bank and its products.
Here are Bank of America’s checking account features:
| SafeBalance | Advantage Plus | Advantage Relationship | |
| APY* | N/A | N/A | 0.01% to 0.02% |
| Minimum opening deposit | $25 | $100 | $100 |
| Minimum balance | None | $1,500 OR enrollment in Preferred Rewards OR account owner under 25 | $20,000 across linked accounts OR enrollment in Preferred Rewards |
| Monthly fee** | $4.95 | $12 | $25 |
**Bank of America will waive monthly fees if you meet certain criteria.
Factors to consider with a new account bonus
An account bonus is tempting, but there are a few things you should keep in mind before opening a new account in search of free money.
Read the fine print. It’s important to understand the terms of the offer because failure to meet the requirements can disqualify you from the bonus.
Understand the tax implications. The IRS considers bank account bonuses interest income, just like money you earn from a high-yield savings account or CD. You must report any bank account bonuses earned to the IRS on a 1099 tax form, which the bank may send to you.
Check other account features and fees. Earning a sign-up bonus might not be worth saddling yourself with monthly maintenance fees or high minimum balance requirements you can’t meet.
Review the account closure policy. Opening a new account with the intent to close it soon after receiving the bonus -- known as account churning -- may cost you. Familiarize yourself with early account closure fees and policies to avoid paying unnecessary fees.
Is Bank of America’s new account bonus worth it?
Bank of America’s $200 new account bonus can be a helpful source of free money -- if the account is a good match for your banking needs. Make sure it won’t eventually cost you more in fees than you received by signing up for the new account bonus. If you can meet the eligibility requirements and the account is a good fit for you, it’s worth considering.
