Update 5/13/26: The deal is back. New leaflet here (ht Alex). Valid until 31.07.26. The new levels are as follows:
- $5k – $400
- $15,000 – $700
- $50K – $1000
- $100K – $1500
- $200,000 – $2,500
Hat tip to the reader RM
Update 12/6/25: Extended to 1/31/26. See 2/24/25 update for more details as this is again looking for a small business banker.
Update 2/24/25: New offer available, not available in branch. You need a small business banker to send you a flyer (more information about small business bankers here). Hat tip to the reader RM
Update 7/11/24: Offer extended through 12/31/24 and available at local Small Business Bankers even if you weren’t targeted. Not available in branch
Update 5/13/24: There is an internet connection through July, 31 2024. Hats off to him victorious
Update 4/3/24: Deal is back through May 31, 2024. No online, but offered by small business bankers in branch. Hats off to him Fast Travel Chai.
Offer at a glance
- Maximum bonus amount: 1500 dollars
- Availability: Nationwide, but the terms have a target language
- Direct deposit required: No.
- Additional requirements: Deposit and keep $30,000 per
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card financing: None, but can be financed with a debit card up to $300
- Monthly fees: Avoidable
- Early account closure fee: ANY
- Family boundary: None listed
- Expiration date: December 31, 2023
Offers
- Bank of America offers a $1,000 bonus when you open a new business checking account and meet the following requirements:
- Open a new Business Advantage Relationship Banking or Business Advantage Fundamentals™ bank account by June 30, 2025;
- Deposit new money directly into a new eligible Business Advantage Bank account within 30 days of account opening;
- Maintain the required average balance from thirty-one (31) calendar days after opening the account to ninety (90) calendar days after opening the account.
- Levels are worse than before: $20,000/$750; $50,000 / $1,000; $100,000 / $1,500; $500,000 / $3,000.
Fine Press
- This offer is only available to business owners who receive this offer through a direct communication from a Bank of America specialist or a Bank of America communication. This offer is intended for new customers only; you are not eligible for this offer if you have been the owner or signer on a Bank of America Business Advantage bank account within the past twelve (12) months. Only one bonus ($1,000) per business customer, regardless of the number of businesses owned or operated by the customer. Bank of America employees are not eligible for this offer. The offer expires on December 31, 2023 and all qualifying activities must be completed within the specified timeframes in order to qualify for this offer. Bank of America may change or discontinue this offer at any time prior to this date without notice. Reproduction, purchase, sale, transfer or trade of this offer is prohibited.
- Requirements to get a $1000 cash bonus:
- Open a new Business Advantage Relationship Banking or Business Advantage Fundamentals™ bank account by December 31, 2023: AND
- Make qualifying deposits of $30,000 or more in new money* into your new Business Advantage bank account within thirty (30) days of account opening; AND
- Maintain an average balance of $30,000 or more during the maintenance period** in the new Business Advantage Banking account.
- All account applications are subject to approval. Your account is not eligible for the bonus until you provide all of the information we require regarding account opening by the promotion end date, December 31, 2023. This includes the information we require to identify each account owner and report the bonus to the Internal Revenue Service (IRS), including a validly completed IRS Form W-9 or Form W8 (as applicable). The value of this bonus may constitute taxable income to you. To the extent required by law, Bank of America may withhold tax or other amounts from payment. Please consult your own tax advisor, as neither Bank of America, its subsidiaries, nor their employees provide tax advice. Please consult a financial center, visit bankofamerica.com or see the business fee schedule found at bankofamerica.com/businessfeesataglance for fees, charges and other account information.
- All bank account bonuses are treated as income/interest and as such you must pay tax on them
Avoidance of fees
Monthly fees
The lowest-level account is Business Basics at $18 per month. The fee is waived by one of the following:
- Maintain an average combined balance of $5,000, or
- Spend at least $250 in net new purchases on your business debit card, or
- Become a member of Preferred Rewards for Business
Early account termination fee
There is no fee for early account closure.
Our verdict
This is a $1,000 bonus, but you need to link $30,000 for 90 days. These accounts basically earn 0% APY, if you had $30,000 in one 5% account APY for 90 days you would earn $375, so this bonus is significantly better. After 90 days, you will need to maintain $5,000 in the account to keep the account fee-free until the bonus posts (it doesn’t seem necessary). Probably not worth the risk with the target language, so we won’t add this to their list best bank account bonuses.
Useful posts about bank bonuses:
Post History:
- Update 1/18/24: The deal is back, this time $1k option for $20k deposit (previously $30k) or a $1.5k option for $50k deposit (not previously available)
- This offer has the target language “This offer is only available to business owners who receive this offer through a direct communication from a Bank of America specialist or a Bank of America communication.” Some people have seen the offer on Bank of America’s homepage and in the past this language has not been implemented so YMMV.
