Some people earn a few hundred dollars a year by signing up for new checking or savings accounts offering promotional bonuses. While bonus amounts vary depending on the bank or credit union, they can be a helpful way to pad your bank account. Just be aware that they count as interest income and are subject to taxes. Bank of America is a large, well-established institution that offers several new account bonuses for eligible customers. Here’s a look at current Bank of America promotions, how much you can earn, and what the requirements are for each promotion. Bank of America Promotions: April 2024 Bank of America Promotions: April 2024 Compare Promos Pros and Cons Alternatives FAQs How to Get the Bonus Bonus Restrictions and Account Fees A $300 bonus is also available with the Bank of America Advantage checking accounts, but it’s for targeted customers only. If you receive a targeted mailing with a Bank of America $300 promotion code, you may be eligible for the higher bonus. How to Get the Bonus Bonus Restrictions and Account Fees To earn the highest APY possible (0.02%) on your Bank of America Advantage Relationship account, you’ll need to maintain a balance of $50,000 or more. Otherwise, you'll earn 0.01%. These APYs are very low compared to some high-yield savings accounts, which offer APYs of 3.00% and above. How to Get the Bonus Bonus Restrictions and Account Fees How to Get the Bonus Bonus Restrictions and Account Fees How to Get the Bonus Bonus Restrictions and Account Fees *Note: Promotions are only available to new Bank of America account holders. Cash bonuses for opening accounts can be valuable, but having a long-term savings plan is important for financial stability. Part of that plan should include savings that earn a high annual percentage yield. It's wise to look beyond one-off promotions to the amount of interest you can earn on an ongoing basis. Our rankings of the best high-yield savings, best money market accounts, and best certificates of deposit (CDs) include options that pay you more than 10 times the average rate, so it pays to shop around. In the News: The Federal Reserve raised interest rates numerous times throughout 2022 and 2023 to cool high inflation. For its last four meetings, however, the Fed has held the federal funds rate steady, and signaled on Jan. 31 that the committee’s rate-hike cycle has almost certainly ended. While most Fed members expect two to four ratedecreaseswill occur in 2024, the Fed has cautioned that it could be some timebefore the first cut is implemented. Interest rate hikes can directly impact the rate you receive on your interest checking and savings accounts. It's wise to see if your bank offers a high-yield savings account. You could also see if it offers one of the best CD rates right now. Combined, these accounts could help you earn the maximum amount of money on the cash you keep at your financial institution. Pros Relatively simple to earn certain bonuses Minimum deposits to open new accounts are fairly low Targeted bonuses may be available Cons Earnings are taxable Fees may apply High minimum balance requirements for certain bonuses Many banks have begun offering checking and savings account promotions to attract new customers. For instance, these bonuses are also available with certain Chase, Citi, Wells Fargo, and TD Bank accounts. It’s wise to compare bank account promotions, as different banks offer varying bonus amounts, criteria, and timeframes for earning these bonuses. When you open a new rewards credit card, there’s often a welcome bonus available once you spend a certain amount of money in a set time period. Some bonuses can be quite significant. Premium travel rewards credit cards, for example, may offer welcome bonuses worth $1,000 or more. Many banks have raised their CD rates to make their deposit account offerings more competitive in the wake of rate increases from the Federal Reserve. Thus, a short-term CD could provide generous interest earnings if you can afford to keep your money invested. It’s usually possible to find CDs with terms less than 12 months offering excellent rates; explore the best 3-month CDs and 6-month CDs. Alternatively, you could opt for a long-term CD with a duration of a year or more. These CDs may offer even higher rates, depending on the financial institution you choose. Compare options to find the best possible rate and term for your situation: explore 1-year CDs, 18-month CDs, 2-year CDs, 3-year CDs, and more. CDs are a particularly attractive option right now due to their historically high rates. While CD rates may plateau, a CD could be a smart choice if you can afford to invest your money for the term duration. If you open a qualifying Bank of America account, you may be eligible for a bank promotion. Generally, there are certain requirements you’ll need to meet to earn the promotion, though. For instance, you may need to set up direct deposits to your account within a certain timeframe or maintain a certain minimum balance. Existing customers may not be eligible for new account promotions. It may be worth opening a qualifying account with Bank of America for a promotion, but it depends on your situation and if you can meet the requirements to earn the bonus. For those who can set up direct deposit to a new account fairly easily and maintain the required balance, opening an account could make sense. The bank is essentially giving qualifying account holders free money for meeting certain criteria, which can be helpful if you’re interested in saving a little extra. Just be sure that the full account details, including monthly and ATM fees, meet your own qualifications. Bank promotions are taxable, no matter which bank is offering them. They are considered interest income, and you’ll receive a 1099-INT from the issuing bank at tax time. So if you earn a $100 or $200 bank promotion in 2023 after opening a qualifying Bank of America account, you’ll need to pay taxes on it when you file your 2023 tax returns in 2024. If you’re an existing Bank of America customer who doesn’t currently have a promotion-eligible account, you could earn a bonus by opening a qualifying account. For instance, if you’re a Bank of America credit cardholder, you might opt to sign up for an Advantage checking account if you can meet the criteria to earn the bonus. But if you already have an Advantage checking account, you won't be able to take advantage of that promotion. However, if you have an Advantage personal account and are looking to open a business account you may be able to receive that promotion. Contact a Bank of America customer service representative to discuss available promotions. You’ll first need to open an eligible Bank of America account. The bank will also require that you meet certain criteria to earn a bonus, such as directly depositing a specific amount within a set timeframe. If you’re interested in Bank of America bonuses, read the fine print to ensure you’re opening an eligible account and can meet the requirements to qualify for the bonus. The timeframe for earning a Bank of America savings or checking bonus may vary by account. It’s common for banks to allow customers 90 days to meet the bonus criteria and up to 60 days to receive their bonus, but it’s important to review your account’s terms and conditions for specific details. Explore other savings account bonuses and checking account bonuses, which may come with different timeframes. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Internal Revenue Service. "Topic No. 403 Interest Received." Bank of America. "You Could Get $200." Bank of America. "You Could Get $200." Bank of America. "Bank of America Advantage Banking." Bank of America. "You Could Get $200." Bank of America. "You Could Get $200." Bank of America. "Bank of America Advantage Banking." Bank of America. "You Could Get $200." Bank of America. "You Could Get $200." Bank of America. "You Could Get $200." Bank of America. "Bank of America Advantage Banking." Bank of America. "Open a New Bank of America Business Checking Account and Qualify for a $200 Cash Bonus Offer." Bank of America. "Business Checking Accounts for Your Small Business." Bank of America. "Open a New Bank of America Business Checking Account and Qualify for a $200 Cash Bonus Offer." Bank of America. "Business Checking Accounts for Your Small Business." FDIC. "National Rates and Rate Caps." Federal Reserve System. "Open Market Operations.”Bank of America Promotions: April 2024
Bank of America : Advantage Plus – $200
Bank of America : Advantage Relationship – $200
Bank of America : Advantage SafeBalance – $200
Bank of America : Business Advantage Fundamentals – $200
Bank of America : Business Advantage Relationship – $200
Compare Bank of America Promotions
Promotion Bonus Amount Promotion Expiry Qualifications* Bank of America Advantage Plus $200 May 31, 2024 Offer code, direct deposit Bank of America Advantage Relationship $200 May 31, 2024 Offer code, direct deposit Bank of America Advantage SafeBalance $200 May 31, 2024 Offer code, direct deposit Bank of America Business Advantage Fundamentals $200 June 30, 2024 Deposit, maintain balance Bank of America Business Advantage Relationship $200 June 30, 2024 Deposit, maintain balance Also Look at Interest Rates
In the News
Pros and Cons of Bank of America Promotions
Pros Explained
Cons Explained
Alternatives to Bank of America Promotions
Other Bank Promotions
Credit Card Bonuses
Short-Term CD Account
Long-Term CD Account
Frequently Asked Questions
Who Is Eligible for Bank of America Promotions?
Are Bank of America Promotions Worth Opening an Account?
Are Bank of America Promotions Taxed?
Does Bank of America Offer Any Promotions for Existing Customers?
How Do I Redeem a Bank of America Bonus?
When Does Bank of America Provide Bonuses?
Best Checking Account Bonuses Chase Bank Promotions: April 2024 KeyBank Bonuses U.S. Bank Promotions: April 2024 Wells Fargo Bank Promotions