Update 2024.10: There is a $300 offer and a $500 offer now! These are the best deals ever on this account. HT: DoC.
Update 2023.9: There is a public offer of $200 now!
Update 2023.6: Finally, BoA has eliminated the ridiculous ACH transfer fees! Screenshot.
Application link
Benefits
- Bonus for new checking account: $300/$500. See below the requirements to obtain this bonus. Offer ends 2024.12.31.
- There is a monthly maintenance fee of $4.95/$12/$25 depending on the checking account type. You can avoid this by following the steps below.
- BoA Preferred Rewards Program: If you have this BoA checking account and have sufficient assets in a checking/savings/brokerage account in BoA or Merrill Edge, you can earn additional points based on the amount of assets. Earn 25% more rewards if you’re at Gold level ($20,000 or more on sale); 50% if Platinum level (balance of $50,000 or more); 75% if Platinum Honors level (balance of $100,000 or more).
Unlike most other banks, there is a fee to transfer money from BoA (i.e. transfer money from BoA)! To avoid this fee, you must initiate the transfer from the receiving bank (i.e. ACH pull from another bank).(Updated) As of June 2023, these fees are no longer charged by BoA.- No early termination fees.
- BoA is one of the largest banks in America, so its network of branches and ATMs is extensive.
$500 Bonus Requirements
- If you have had a BoA current account in the last 12 months, you are not eligible for this offer. Data shows that if you close an old BoA current account and apply for a new one after 12 months, you are eligible for the bonus again.
- Deposit $15,000 or more in new money directly into the new checking account within 30 days of account opening.
- Maintain your checking account balance at $15,000 or more daily from the 31st to the 120th day after opening your account.
- Actively use the account by making one of the following within 120 days of opening:
- Make at least one qualifying direct deposit
- Send a payment through Zelle® using your newly acquired checking account
- Make a mobile check deposit at Bank of America
- Use Bank of America Bill Pay to send a payment
$300 Bonus Requirements
- If you have had a BoA current account in the last 12 months, you are not eligible for this offer. The data shows that if you close an old BoA current account and apply for a new one after 12 months, you are eligible for the bonus again.
- Direct Deposit (DD) Requirement: Receive eligible direct deposits totaling $2,000 or more within 90 days.
Different BoA checking accounts
- Bank of America Advantage SafeBalance Banking (formerly BoA Core Checking for Students)
- Bank of America Advantage Plus Banking (formerly BoA Core Checking)
- Bank of America Advantage Relationship Bank (formerly BoA Interest Checking)
Here’s a compare and contrast from the official website. The Advantage Plus banking service is the most popular.
How to avoid monthly fees (meet one of the requirements below)
Bank of America Advantage SafeBalance Banking (formerly BoA Core Checking for Students): $4.95 monthly fee
- Students under the age of 24 may benefit from a waiver of this fee while enrolled at the school.
- Sign up for preferred rewards.
Bank of America Advantage Plus Banking (formerly BoA Core Checking): $12 monthly fee
- Students under the age of 24 may benefit from a waiver of this fee while enrolled at the school.
- Have at least a $250 direct deposit each month.
- Maintain an average daily balance of at least $1,500.
- Sign up for preferred rewards.
Bank of America Advantage Relationship Banking (formerly BoA Interest Checking): $25 monthly fee
- Maintain an average daily balance of at least $10,000.
- Sign up for preferred rewards.
Summary
Bank of America is the largest retail bank in the United States, and many people use it as their primary checking account. The $300 offer is great, get it if you are able to set up direct deposit.