Looking to open a new checking account? Bank of America is offering a $300 bonus for new customers who meet certain requirements. Here’s everything you need to know about this promotion and more.
Introduction
If you’re in the market for a new checking account, Bank of America has an enticing offer that’s hard to ignore! You could earn a $300 bonus simply by opening a new checking account and meeting the deposit requirements. But, as with any financial decision, it’s important to understand the details before diving in.
Let’s explore what Bank of America has to offer and how you can maximize your rewards with this promotion.
Key Takeaways
- Bank of America is offering a $300 bonus to new checking account customers.
- The offer is valid through January 31, 2025.
- You must open an eligible account and set up qualifying direct deposits totaling $2,000 or more within 90 days.
- Various Bank of America checking accounts come with different features to suit your banking needs.
- Learn about additional perks like mobile alerts, overdraft protection, and the Preferred Rewards program.
The $300 New Customer Checking Account Offer
The highlight of this promotion is a straightforward $300 bonus for new Bank of America customers. The steps to qualify are simple:
- Open an Eligible Checking Account: Choose from the Bank of America Advantage Banking accounts—SafeBalance Banking®, Advantage Plus Banking®, or Advantage Relationship Banking®. Open the account through the promotion page by January 31, 2025.
- Meet the Direct Deposit Requirement: Set up and receive qualifying direct deposits of $2,000 or more within 90 days of opening your new account. A qualifying direct deposit includes regular income like salary, pension, or Social Security payments.
Once these requirements are met, the $300 bonus will be deposited into your account within 60 days, provided your account remains open and in good standing.
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Exploring Bank of America’s Advantage Banking Accounts
Bank of America offers three types of Advantage Banking accounts to cater to various customer needs. Here’s a quick breakdown of the options:
- SafeBalance Banking®: This account is perfect for customers who want to avoid overdraft fees. It requires a $25 minimum deposit to open, and there’s a $4.95 monthly fee, which can be waived if you meet certain criteria. However, it doesn’t earn interest.
- Advantage Plus Banking®: With a $100 minimum deposit, this account offers more flexibility, including the option to set up overdraft protection with Balance Connect®. The $12 monthly fee can also be waived based on account activity.
- Advantage Relationship Banking®: If you maintain higher balances, this account could be the best choice, as it earns interest. It requires a $100 minimum deposit, and the $25 monthly fee can be waived if you maintain a higher balance. The interest rates are modest but still a perk compared to non-interest-bearing accounts.
Mobile App and Banking Features
Bank of America offers a feature-rich mobile app that makes managing your account easier than ever. Some standout features include:
- Mobile Alerts: Set up alerts for everything from low balances to unusual spending, helping you keep track of your account’s status in real-time.
- Erica®: A virtual financial assistant built into the app, Erica provides personalized financial insights, helps with day-to-day banking, and keeps your finances on track.
- Lock and Unlock Your Debit Card: Misplace your debit card? No problem. With just a few taps in the app, you can lock your card and unlock it once it’s found.
- BankAmeriDeals®: Bank of America customers can take advantage of cashback deals at select retailers. You just need to activate deals in the app and pay with your Bank of America card.
Preferred Rewards Program: Extra Perks for Your Everyday Banking
The Bank of America Preferred Rewards® program offers enhanced benefits for customers who maintain higher balances across Bank of America and Merrill accounts. Here’s how it works:
- Tiered Benefits: The more you bank and invest with Bank of America, the better the perks. Tiers range from Gold ($20,000 in combined balances) to Diamond Honors ($10 million or more in combined balances). Benefits include interest rate boosts on savings, cashback bonuses on credit cards, and discounts on auto loans.
- Comprehensive Banking Rewards: From fee waivers to bonus rewards, this program is designed to make your everyday banking more rewarding. If you qualify, enrolling in Preferred Rewards can provide even more value from your banking relationship.
How to Maximize the $300 Bonus
Here’s how to ensure you get the most out of this Bank of America bonus offer:
- Set Up Direct Deposit Right Away: The sooner you set up direct deposits, the faster you’ll meet the $2,000 requirement. Make sure your payroll or benefit provider uses the correct Bank of America routing and account numbers.
- Choose the Right Account for Your Needs: Whether you prefer low fees or earning interest, select the checking account that best aligns with your financial goals. Advantage Plus and Advantage Relationship Banking accounts offer flexibility and the opportunity to avoid monthly fees.
- Enroll in BankAmeriDeals®: Take advantage of the cashback offers available in the mobile app. It’s an easy way to earn money back on everyday purchases.
- Explore Additional Benefits: Consider joining the Preferred Rewards program if you have qualifying balances. The additional perks, including cashback bonuses and loan discounts, can be valuable.
Our Take on the Bank of America Bonus
This $300 Bank of America checking account bonus is a solid offer for new customers, especially if you’re already in the market for a new bank account. With low entry requirements—such as a $25 minimum deposit—and useful banking features like mobile alerts and overdraft protection, Bank of America is offering both convenience and rewards.
However, make sure you meet the direct deposit requirement to secure the bonus. If you frequently make digital transactions or need overdraft protection, choosing the Advantage Plus or Advantage Relationship accounts will provide even more flexibility.
We like this $600 offer from BMO Bank more.
READ MORE: THE BEST BANK OF AMERICA BONUSES HERE
READ MORE: THE BEST BANK BONUSES HERE
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