Bank Of America: Up To $500 Checking Bonus

Bank of America is offering up to a $500 bonus when you open a new checking account and complete qualifying activities! This checking account bonus offer is available nationwide. See below for more details.

For more current bank offers, see our bank bonuses page. The most popular offers are from Chase Bank, SoFi, KeyBank, BMO and Axos Bank.

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Bank of America $500 Bonus Offer

Bank of America is offering a bonus of up to $500 when you open a new checking account and complete qualifying direct deposits within 90 days.

The checking accounts eligible for this bonus are any checking account from Bank of America’s Advantage Banking product line, which are:

• Advantage SafeBalance Banking
• Advantage Plus Banking
• Advantage Relationship Banking

Scroll down to view the differences in the accounts and which one I recommend.

Related:

• List Of The Best Bank Account Bonuses
• What Counts As A Direct Deposit When It Comes To Bank Sign Up Bonuses

What Are The Details?

Availability: Nationwide
Expiration: 05/31/2026
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: $2,000+ within 90 days
Hard/Soft Pull: Soft
Early Account Termination Fee: None

Avoiding Fees

The monthly fee ranges between $4.95 to $25 depending on which Bank of America Advantage Banking account you open. There are 3 different account types:

Advantage SafeBalance Banking:

The Advantage SafeBalance Banking account is the easiest account to keep fee-free. The monthly fee of $4.95 can be waived if you fit one of the following descriptions:

• An owner of this account is under the age of 25; OR
• Maintain a minimum daily balance of $500 in your account; OR
• An account owner is a member of the Preferred Rewards program (waiver applies to the first 4 checking account and 4 savings accounts)

Bank of America Advantage Plus Banking

The $12 monthly fee can be waived if you fit one of the following descriptions:

• Have at least one qualifying direct deposit of $250 or more; OR
• Maintain a minimum daily balance of $1,500 in your account; OR
• An account owner is a member of the Preferred Rewards program (waiver applies to the first 4 checking account and 4 savings accounts)

Bank of America Advantage Relationship Banking

The monthly fee of $25 can be waived if you fit one of the following descriptions:

• Maintain a minimum daily balance of $20,000 in your account; OR
• An account owner is a member of the Preferred Rewards program (waiver applies to the first 4 checking account and 4 savings accounts)

The Bottom Line

Bank of America tends to offer bank bonuses to targeted customers, but it appears as though they’re offering recent promotions to the public. That’s great news for us!

This is a great offer. In fact, I just opened the Advantage SafeBalance Banking for two reasons. The first reason is obviously for the $500 bonus. I can do the $10,000 direct deposit organically, but multiple reports show that a lot of other banking transfers trigger the direct deposit requirement. YMMV.

The second reason is that I just applied for Bank of America’s newly launched Atmos™ Rewards Summit Visa Infinite Card. This is a premium credit card for Alaska Airlines and Hawaiian Airlines merged loyalty program.

While the annual fee is $395, it’s one of the best (and most unique) credit card offerings in recent memory, including 3x points on ALL foreign purchases. Some of you guys may know I’m out of the country for 3-4 months every year so this is very lucrative for me. This is on top of the 100,000 points welcome bonus and a Global Companion Award you can also earn as a card benefit (buy one business class get one free anyone?).

Cardholders receive a 10% bonus on points earned by having a Bank of America banking product. That means all of my foreign purchases earns 3.3 Atmos points for each dollar spent if I have a BoA banking product, so it was a no-brainer for me.