Bank Of America Promotions Of April 2024: Earn Up To $200

Bank of America wants to welcome you as a new customer—with a hundred dollars cash when you open a personal checking account, and even more when you open a credit card.

As the second-largest U.S. bank in terms of assets, Bank of America has a national presence in keeping with its name: It operates approximately 3,900 retail financial centers and 15,000 ATMs across the United States and 35 countries. BofA serves around 68 million U.S. customers, including those who hold a substantial amount of assets with the bank and qualify for its Preferred Rewards program, offering additional perks, reduced fees and rewards multipliers.

Bank of America is eager for new customers, too, and uses attractive sign-up bonuses to bring them in.

Bank of America Bonus

Here are the current Bank of America new-account promotions for individual and business checking customers. Offer details are accurate as of April 1, 2024.

Bank of America Advantage Promotions

Bank of America offers a suite of checking account products for consumers, under its Advantage Banking brand.

Options include:

• Bank of America Advantage SafeBalance Banking®, a “checkless” checking account that doesn’t allow paper check writing and has a $4.95 monthly maintenance fee
• Bank of America Advantage Plus Banking®, which Bank of America calls “a good choice if you want everyday banking” and carries a $12 monthly fee
• Advantage Relationship Banking, which earns interest (up to 0.01% APY) and has a $25 monthly fee

Open any of these accounts, and you could earn the bonus below.

• What is the offer? Open a new Bank of America Advantage Banking personal checking account online, using offer code TWA200CIS. Then, set up and receive qualifying direct deposits totaling $2,000 or more into the account within 90 days of account opening to receive a $200 bonus.
• What is considered a direct deposit? Deposits of regular monthly income—such as a salary, pension or Social Security—using your account and routing numbers count as qualifying direct deposits for this promotion.
• When do you receive your bonus? Bank of America says it will attempt to deposit your bonus within 60 days after you satisfy the qualification requirements.
• Is there a time limit on the offer? Yes. It’s available to new customers who open an account by May 31, 2024.
• Can you avoid the monthly service fee? Bank of America offers several ways for Advantage Banking customers to fend off the maintenance fees.
  • Students under age 25 or other account holders under 18 can receive fee waivers for Advantage SafeBalance Banking accounts.
  • Advantage Plus Banking customers can avoid fees each month with a qualifying direct deposit of $250, or by maintaining a daily balance of $1,500 or more.
  • With Advantage Relationship Banking, Bank of America waives the monthly fees when a customer keeps a combined balance of at least $10,000 across linked accounts.
  • You pay no service fees for any Advantage Banking checking account if you’re enrolled in Preferred Rewards.

Bank of America Credit Card Bonuses

Bank of America® Unlimited Cash Rewards credit card: $200 Cash Bonus

• What is the offer? Earn a $200 online cash rewards bonus after spending $1,000 in purchases in the first 90 days of account opening.
• When do you receive the bonus? You can expect the reward to post to your account eight to 12 weeks after qualifying for the bonus.
• Is there a time limit on the offer? No expiration date is listed.
• Are there any restrictions? Cash advances and balance transfers are not considered purchases and don’t count toward the minimum spending requirement. The offer is limited to one per new account.

Bank of America® Customized Cash Rewards credit card: $200 Cash Bonus

• What is the offer? Receive a $200 online cash rewards bonus after spending $1,000 in purchases in the first 90 days of account opening.
• When do you receive the bonus? It may take up to eight to 12 weeks after qualifying for the bonus for it to land in your account.
• Is there a time limit on the offer? No expiration date is listed.
• Are there any restrictions? Limit of one bonus per new account. This does not apply when converting an existing account.

Bank of America® Travel Rewards credit card: 25,000 points

• What is the offer? Earn 25,000 online bonus points after spending $1,000 in purchases in the first 90 days of account opening.
• When do you receive the bonus? It can take eight to 12 weeks after qualifying for the bonus to reflect in your rewards balance.
• Is there a time limit on the offer? No expiration date is listed.
• Are there any restrictions? There is a limit of one offer per new account.

How Can You Get a Bank of America Checking Account Offer?

It’s relatively easy to qualify for a Bank of America promotion as a new consumer or business checking customer. Here’s what you need to do:

• Open a new BofA checking account through a promotional offer or by using a Bank of America offer code. This is an online offer only.
• Meet the promotion’s qualifying conditions. Personal checking accounts generally require a minimum ongoing direct deposit.
• Receive your bonus, usually 60 days after you meet the qualifying requirements.

Is a Bank of America Welcome Bonus a Good Deal?

Bank of America’s welcome bonuses for new personal checking accounts are competitive, on par with bonuses frequently offered by other large national banks. But they’re not as generous as some of the best bank bonuses out there.

What Else Should You Know About Bank of America Checking Account Promotions?

Your Account Must Be Open to Receive A Welcome Bonus

Bank of America requires that you keep your account open until the date your bonus is paid. Customers usually receive their cash within 60 days after meeting the qualification requirements.

Your Bonus May Be Taxable

Your bank account bonus may be considered taxable income. If required by law, Bank of America may withhold taxes or other amounts from your bonus payment. The bank says it may also issue you an IRS Form 1099 that reflects the value of your welcome bonus.

You Must Be a New Customer

Bank of America welcome bonuses are for new checking account customers.

You qualify as a new personal checking customer if you have not owned or co-owned a Bank of America consumer checking account within the last 12 months. You can receive only one welcome bonus as a new personal checking customer.

Bottom Line

If you’re looking for a new bank account, Bank of America checking promotions are worth considering. You can earn a decent amount of cash as a welcome bonus, though be aware that competing banks may have more generous welcome offers.

You can also explore Bank of America credit card promotions for a chance to earn introductory miles, points or cash-back bonuses.

Frequently Asked Questions (FAQs)