If you’re thinking of opening a new Bank of America account, you’ll want to check whether you’re eligible to receive a nice cash bonus with your new account. Right now, you can score a $300 Bank of America new account bonus by opening a personal checking account and receiving a certain amount in direct deposits. If you’re a business owner, you could also benefit from a $200 Bank of America bonus when you open a business checking account.
Bank of America Advantage Banking Bonus: Earn $300
Bank of America is currently offering a $300 bonus to new customers who open one of three Bank of America checking accounts: Advantage SafeBalance Banking, Advantage Plus Banking or Advantage Relationship Banking.
What is the offer? Receive a $300 bonus when you open one of the three eligible checking accounts through the promotion page using the code PSJ300CIS, set up direct deposit and receive $2,000 or more in qualifying direct deposits within the first 90 days.
What type of deposits qualify? A qualifying direct deposit, according to Bank of America, is a direct deposit of regular monthly income. This can be a paycheck, pension payment, Social Security benefits or another electronic income deposit. Deposits that do not count toward the requirement include: wire transfers, cash deposits or any kind of funds transfer.
Can anyone receive this bonus? Individuals who have not been the owner or co-owner of a Bank of America personal checking account within the last 12 months are eligible to receive this bank bonus.
Is there a time limit on this offer? Yes, this promotion is set to expire on June 30, 2025. However, Bank of America may decide to discontinue the offer at any time.
How long will it take to receive the bonus? Once you complete the requirements, Bank of America will deposit $300 into your account in about 60 days.
What else do you need to know? This promotion is online-only, so you’ll have to open an eligible account through the promotion page of Bank of America’s website. If you open through a different page, you may not be eligible to get the bonus.
To receive the reward, your account must still be open and in good standing at the time of payment. This offer can’t be combined with another Bank of America personal checking promotion and can be received only once per customer, per account.
Bank of America Advantage Banking Details
You have the option to choose from three Bank of America checking accounts to be eligible for this offer. So, how do you select the right account for you?
Here are the main details you need to know before making your choice.
- Advantage SafeBalance Banking is a basic checking account most suitable for individuals who are new to banking or want to avoid overspending. This account has a waivable $4.95 monthly fee and requires a $25 opening deposit. It comes with a debit card but doesn’t allow check-writing or overdrafts.
- Advantage Plus Banking is a standard checking account that’s best for customers searching for a straightforward account for day-to-day use. The account has a waivable $12 fee and requires an opening deposit of $100. It comes with a debit card as well as check-writing capabilities. You can also decide how you want Bank of America to handle potential overdrafts.
- Advantage Relationship Banking is an interest-earning checking account that’s appropriate for individuals who have other Bank of America accounts or plan to open other accounts at the bank. The relationship account has a waivable $25 fee and requires an opening deposit of $100. Among the account’s perks is the ability to waive monthly fees for up to seven other linked Bank of America accounts.
Compare Bank of America Advantage Banking Accounts
| ADVANTAGE SAFE BALANCE BANKING | ADVANTAGE PLUS BANKING | ADVANTAGE RELATIONSHIP BANKING | |
|---|---|---|---|
Monthly Fee | $4.95 | $12 | $25 |
Ways to Waive Monthly Fee | Maintain a minimum daily balance of $500 Be under age 25 Be a member of the Preferred Rewards program | Maintain a minimum daily balance of $1,500 Have at least one qualifying direct deposit of $250 Be a member of the Preferred Rewards program | Maintain a minimum daily balance of $20,000 Be a member of the Preferred Rewards program |
Minimum Opening Deposit | $25 | $100 | $100 |
Earns Interest? | No | No | Yes, but a negligible 0.01% or 0.02% APY, depending on balance. |
Payment Methods Available | Debit card, digital wallet, Zelle | Debit card, digital wallet, Zelle, paper checks | Debit card, digital wallet, Zelle, paper checks |
How Overdrafts Are Handled | Any transaction that would overdraft your account will be denied. | You have the option to link another account to fund this account to avoid an overdraft. Or you can choose a “Standard” or “Decline All” setting. | You have the option to link another account to fund this account in order to avoid an overdraft. Or you can choose a “Standard” or “Decline All” setting. |
Notable Features | Access to Erica, Bank of America’s virtual financial assistant | Access to Erica, Bank of America’s virtual financial assistant | Earns interest, allows you to waive fees for other accounts and removes fees for certain banking services |
Bank of America Business Checking Bonus: Earn $200
If you’re a business owner in search of a checking account, you might be able to score an easy $200 by opening one of two Bank of America business checking accounts: Business Advantage Fundamentals Banking or Business Advantage Relationship Banking.
What is the offer? Earn a $200 bonus when you open one of the eligible accounts, deposit $5,000 in new money within 30 days of opening and maintain that balance from Day 31 to Day 90 after account opening.
What counts as new money? To qualify for this bonus, you’ll have to deposit new money, which refers to funds that were not previously held in another Bank of America or Merrill Investment account.
Can anyone receive this bonus? This promotion is available to business owners who open an eligible account online through the promotion page. You won’t be eligible for the offer if you were an owner or signer on a Bank of America Business Advantage Banking account within the last 12 months. In order to open a business bank account at Bank of America, you must have the appropriate documentation, and the business must have been founded and be operating in the U.S.
Is there a time limit on this offer? Yes, this promotion is set to expire on December 31, 2025. However, Bank of America may discontinue the offer at any time.
How long will it take to receive the bonus? Once you complete the required activities and the qualifying period of 90 days ends, Bank of America will deposit the $200 bonus into your account within about 60 days.
What else do you need to know? This offer can’t be combined with other Bank of America Business Advantage offers, and a business owner may receive only one bonus under this promotion.
Bank of America Business Advantage Details
To be eligible for this Bank of America promotion, you’ll have to open one of two accounts. Take a look at each account’s standout features and details to decide which, if either, is best for you.
- Business Advantage Fundamentals Banking is a basic business checking account that requires a $100 opening deposit and charges a $16 waivable monthly fee after the first year. This account supports just 20 fee-free transactions per month and allows free cash processing for the first $5,000 each month.
- Business Advantage Relationship Banking is a slightly more comprehensive offering that lets you link other Bank of America accounts to receive fee waivers. This account requires a $100 opening deposit and charges a $29.95 waivable monthly fee after the first year. It supports 500 fee-free transactions per month and allows free cash processing for the first $20,000 each month.
Compare Bank of America Business Advantage Accounts
| BUSINESS ADVANTAGE FUNDAMENTALS | BUSINESS ADVANTAGE RELATIONSHIP | |
|---|---|---|
Monthly Fee | $16 (after the first year) | $29.95 (after the first year) |
Ways to Waive Monthly Fee | Maintain a combined average monthly balance of $5,000 in eligible linked business accounts Spend $500 in qualifying purchases with linked business debit card Be a member of Preferred Rewards for Business | Maintain a combined average monthly balance of $15,000 in eligible linked business accounts Be a member of Preferred Rewards for Business |
Minimum Opening Deposit | $100 | $100 |
Number of Monthly Fee-Free Transactions | 20 | 500 |
Excess Transaction Fee | 45 cents per item | 45 cents per item |
Monthly Fee-Free Cash Processing Limit | $5,000 | $20,000 |
Excess Cash Processing Fee | 30 cents per $100 | 30 cents per $100 |
Domestic Wire Transfer Fee | Incoming: $15 Outgoing: $30 | Incoming: $0 Outgoing: $30 |
International Wire Transfer Fee | Incoming: $15 Outgoing: $45 (sent in U.S. dollars) | Incoming: $0 Outgoing: $45 (sent in U.S. dollars) |
Notable Features |
Find The Best Business Checking Accounts Of 2025
What Else Should You Know About Bank of America Promotions?
Your Bonus May Be Taxable
Bank bonuses are considered a type of income, so you’ll have to pay taxes on any bonus you receive from Bank of America or another financial institution. The bank will report your earnings to the IRS and likely send you a 1099-INT or 1099-MISC form.
You Can Receive a Personal Checking and Business Checking Bonus
You may not be able to earn more than one of each Bank of America bonus, but the bank’s personal checking and business checking promotions are separate. That means you can earn one of each reward.
How Bank of America Bonuses Stack Up
Before you sign up for one of Bank of America’s accounts, consider other offers from top banks. Here are a few personal and business checking promotions available now:
| BANK ACCOUNT | TYPE OF ACCOUNT | BONUS AMOUNT | REQUIREMENTS TO RECEIVE BONUS | LEARN MORE |
|---|---|---|---|---|
PNC Virtual Wallet with Performance Select | Personal checking | $400 | Open the account and receive $5,000 or more in qualifying direct deposits in the first 60 days. | |
Associated Bank Checking | Personal checking | Up to $600 | Open one of three Associated Bank checking accounts and receive at least $500 in direct deposits in the first 90 days. Add additional funds over the next 60 days to earn a tiered bonus. | |
Chase Business Complete Banking® | Business checking | up to $500 | Open the account and deposit at least $10,000 in new money within 30 days. Maintain that amount for at least 60 days and complete five qualifying transactions within 90 days. | |
Citi Business Checking Account | Business checking | up to $2,000 | Open one of four Citi business checking accounts and deposit funds within 45 days. Maintain your balance for an additional 45 days to receive a tiered bonus between $300 and $2,000. |
Find The Best Bank Bonuses & Promotions Of 2025
Frequently Asked Questions (FAQs)
Am I eligible for a Bank of America bonus?
If you can provide the information needed to open a Bank of America account and meet the deposit or balance requirements of an offer, then you’re eligible to receive a bonus. Bank of America will also check that you haven’t had the same type of account within a specified period of time, usually a year, and that you haven’t received a bonus under the same promotion before. Make sure to read the fine print before signing up for an account, since welcome bonus promotions have specific restrictions and rules.
How do I get $300 from Bank of America?
To get $300 from Bank of America, you’ll have to open an eligible checking account and complete the required activities. Bank of America’s current checking promotion requires customers to receive at least $2,000 in qualifying direct deposits within the first 90 days after account opening.
How do I open a Bank of America checking account?
You can open a Bank of America checking account on the Bank of America website, over the phone with help from a banking representative or in person at a branch. However, if you’re hoping to earn a sign-up bonus, make sure to check the fine print first. Often, a promotion is only available when you open an account online through the offer page.