Earn a $500 bonus by opening a new Bank of America checking account and meeting certain requirements. Learn more about this limited-time offer.
Introduction: Big Bonus, Easy Steps
Bank of America is offering a $500 cash bonus for new customers who open an eligible checking account and meet specific conditions. Whether you’re looking for a simple checking option or something more comprehensive, this bonus could be a great way to kick-start your banking relationship with Bank of America!
Key Takeaways
- Earn up to $500 when you open a new eligible Bank of America checking account.
- Deposit $15,000 or more in new money within 30 days.
- Maintain a balance of $15,000 for at least 90 days.
- Actively use the account with deposits, Zelle transfers, or mobile check deposits.
- Promotion expires December 31, 2024.
How to Earn the $500 Bonus
Here’s a step-by-step guide to getting your bonus.
Step 1: Open a New Eligible Checking Account
To get started, you’ll need to open a qualifying Bank of America checking account. The eligible accounts include:
- SafeBalance Banking®: A no-overdraft account with a low $25 minimum opening deposit.
- Advantage Plus Banking®: Offers overdraft protection options and other flexible features.
- Advantage Relationship Banking®: Designed for those with higher balances, offering premium benefits and the ability to earn interest.
Each of these accounts has monthly fees, but they can be waived by meeting certain balance or transaction requirements, giving you the flexibility to avoid extra costs.
Step 2: Deposit $15,000 or More in New Money
Within 30 days of opening your account, deposit at least $15,000 in new money. This refers to funds that have not previously been held at Bank of America or its affiliates, such as Merrill accounts or Bank of America Private Bank.
Step 3: Maintain a $15,000 Balance for 90 Days
After the initial deposit, you’ll need to maintain a daily balance of at least $15,000 from day 31 to day 120 to meet the bonus qualification. Keeping your funds steady ensures that you meet the balance requirement without stress.
Step 4: Actively Use Your Account
You’ll also need to actively use your account within the first 120 days by performing one of the following actions:
- Make a direct deposit, like your paycheck or Social Security benefits.
- Send a payment through Zelle®.
- Complete a mobile check deposit using the Bank of America app.
- Pay a bill using Bank of America Bill Pay.
Account Options to Suit Your Needs
Bank of America offers a range of checking accounts tailored to meet different financial needs. Here’s a closer look at the key options available:
- SafeBalance Banking®: Ideal for those who want simplicity with no risk of overdraft. The $25 minimum opening deposit makes this a perfect choice for new bankers.
- Advantage Plus Banking®: A more flexible account, this option provides overdraft protection and other helpful features for managing your finances.
- Advantage Relationship Banking®: If you maintain a higher balance, this account offers premium benefits such as earning interest and reduced fees on select services.
These accounts give you access to Bank of America’s extensive banking services, including robust mobile banking, access to thousands of ATMs nationwide, and financial tools to help you manage your money.
Trending Checking Account Deal:
Important Details to Keep in Mind
Before you rush to open your new Bank of America checking account, there are a few additional details you should be aware of:
- Eligibility: This offer is available only to new customers who have not had a personal checking account with Bank of America in the past 12 months.
- Tax Reporting: As with most financial bonuses, this $500 will be considered taxable income and reported on IRS Form 1099-INT. Keep this in mind when planning your taxes for the year.
- Expiration Date: This promotion is available until December 31, 2024, so make sure to act quickly if you want to take advantage of it.
Our Take on the Offer
Bank of America’s $500 checking account bonus is a nice opportunity for new customers to earn extra money simply by opening an account and meeting basic requirements. With a solid range of account options, from SafeBalance Banking® to Advantage Relationship Banking®, Bank of America caters to diverse financial needs, whether you want a no-frills account or prefer to earn interest on higher balances.
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