Bank Of America $500 Checking Bonus

Bank of America is offering a $500 bonus when you open a new checking account! This checking account bonus offer is targeted to select customers. See below for more details.

For more current bank offers, see our bank bonuses page. The most popular offers are from Chase BankSoFi, U.S. Bank, and Axos Bank.

Ninja Update: Offer has expired. For current Bank of America offers, see our Bank of America promotions page.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Bank of America $500 Bonus Offer

Bank of America is offering a bonus of $500 when you open a new checking account with them and complete one of the following requirements:

  • Set up and receive a qualifying direct deposits totaling $10,000 or more within 90 days of account opening; OR
  • Make qualifying deposits of $50,000 or more in new money into your new personal checking account within 30 days of opening and maintain that balance for 90 days

The checking accounts eligible for this bonus is the Bank of America Advantage banking product line.

Bank of America $500 checking bonus offer
(Image from Bank of America)

Where Do I Enroll?

There’s no direct link for this offer.

According to BoA, “this exclusive offer is only for select Bank of America customers who don’t already have a personal checking account with us”.

From my research, it appears that customers with a personal BoA credit card account have a higher probability of seeing this offer show up on their main account page after login.

Related:

What Are The Details?

Availability: Targeted
Expiration: 12/31/2021
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: $10,000 within 90 days (or reach deposit requirement)
Hard/Soft Pull: Soft
Early Account Termination Fee: None

Avoiding Fees

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

Bank of America Advantage SafeBalance Banking

The monthly fee of $4.95 can be waived if you do one of the following:

  • Students under age 24 are eligible to have this fee waived while enrolled in high school, college, university, or vocational program; OR
  • Preferred Rewards clients get this fee waived (waiver applies to the first 4 checking account)

Bank of America Advantage Plus Banking

The Advantage Plus Banking account is the easiest account to keep fee-free. The $12 monthly fee can be waived if you do any one of the following:

  • Maintain a minimum daily balance of $1,500 or more; OR
  • Receive a direct deposit of $250; OR
  • Students under age 24 are eligible to have this fee waived while enrolled in high school, college, university, or vocational program; OR
  • Preferred Rewards clients get this fee waived (waiver applies to the first 4 checking account)

Bank of America Advantage Relationship Banking

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

  • Maintain a minimum daily balance of $10,000 or more in eligible linked accounts (combined average daily balance in checking, savings, CDs, IRAs, and Merrill investment accounts); OR
  • Preferred Rewards clients get this fee waived (waiver applies to the first 4 checking account)

The Bottom Line

Some people may not see this offer on their account home page, but a similar offer for $300 instead.

I haven’t found the exact reason why some people are getting the $500 bonus offer, while others are seeing the $300 version, and the rest of the folks have nothing offered at all.

There is some evidence that it’s tied to what type of demographic you fall into.

A common trait seems to be that you need to have some type of personal credit card with Bank of America. Beyond that, it appears that those who have specific cards like the old Merrill+ cards are seen as “high value customers” and thus the $500 bonus shows up more often for them.

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

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Jamie Holland
Jamie Holland
9 months ago

I would like a email sent to me with a link to open up a new checking account..

Mary Austin
Mary Austin
1 year ago

Interested in Bank of America $500 Bonus

Mary Austin
Mary Austin
1 year ago

Interested in BOA $500 bonus offer.

Yvonne Coleman
Yvonne Coleman
1 year ago
Reply to  Mary Austin

Good luck with that! You may want to revisit their ads and read the small print.

Sethik Moul
Sethik Moul
2 years ago

Would you kindly share the link on BoA bonus promotion. Thank you in advance.

Ricardo Reyes
Ricardo Reyes
2 years ago

Hi There,

Can I Please get the link for the BOFA bonus ?

Hanh Nguyen
Hanh Nguyen
2 years ago

Please send me a link of Bank of America $500 bonus offer

John
John
1 year ago
Reply to  Hanh Nguyen

Is there a link?

Stephen
Stephen
2 years ago

Please send me a link; much appreciation if you could help me out.

Vadim Goziker
Vadim Goziker
2 years ago

Is there a link to this deal?

Michael
Michael
2 years ago

Only thing I have with BOA is my car payment. Got the $500 offer!

John
John
1 year ago
Reply to  Michael

Is there a link for the $500 promo?

Manish
Manish
2 years ago

Bank of America $500 Bonus Offer. Please send me the link to apply Is it for a new customer or existence customer also take this bonus benefit

Bonnie Hartnett
Bonnie Hartnett
2 years ago

I am interested in changing my banking and am looking for the best incentive and higher interest rate. I’d like to see what you have to offer. I will have both a checking account and a money market saving account.