Bank Of America Open Checking Account Bonus – This bonus has expired and is no longer valid. Click here for the best business check bonuses.
There is no direct link to this offer that we know of; Reader Matt, a small business banker at Bank of America, contributed this. Check with your local branch to see if this is available to you, you will need to speak with a small business banker to verify. The offer code for this offer is: BBR7OFF which can help banks to find it as they show multiple offer codes in their system all the time.
Bank Of America Open Checking Account Bonus
A Business Advantage checking account comes with a monthly fee of $29.95 per month, but that fee is waived for the first three months. To keep it free after this introductory period, you must do one of the following:
Checking Account Bonus Offer: Get Up To $350
At some point you can downgrade to Basic Checking, which has easier requirements: just $250 in spending or a $5,000 balance on a credit card. It’s worth waiting until bonus posts before downgrading, judging by previous comments this could take about 5-6 months.
A more standard BofA business checking bonus is $200 (recently expired, hopefully renewed soon). We saw a similar $2,000 bonus from BofA in 2015. The downside to this offer compared to the 2015 offer is that it requires a $50,000 fund deposit.
With four subsidiary accounts, a credit card is easy (BofA Business Credit Card Options here). When you open a business credit and business checking card, you’ll earn an impressive $1,000 bonus as long as you deposit $50,000 and spend $2,000 on credit cards. And this is in addition to the sign-up bonus for credit cards:
Make sure your credit card is linked to a checking account, as several readers reported that this was a problem last time. The link is required to get the bonus and waive the monthly checking account fee. Note that it took 5-6 months to get the bonus last time (even though the rules say 90 days), which adds to the hassle of trying to keep it fee-free the whole time .
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Apart from check + card, other accounts can also be made. I guess an overdraft line of credit qualifies for the “line of credit” option and could be a free way to make another $500. The “Merchant Services” option requires $10,000 in settled payments, so it’s not easy or free, but it’s doable. The “term loan” option may include loan fees and interest. It is possible to combine all hard shots into one for products you open at the same time.
A $2,500 bonus is great, but the $50,000 deposit requirement makes it harder to do. My best guess is that you could get a total of $50,000 into the account in 90 days and it would work even if it wasn’t all in the account at the same time. For example. You can deposit a $10,000 check or ACH payment or direct deposit, then withdraw/use that money, next week deposit $10,000 again, then withdraw/use that money and so on until you reach $50,000.
If you have any experience with this bonus, please share it in the comments. We will be adding this bonus to our list of the best business checking bonuses. Bank of America offers many options, whether you’re looking for a basic checking account, personal savings account, or business account.
As one of the largest financial institutions in the United States, Bank of America has a lot to offer. The range of personal and business account options is impressive and the availability of bank branches is very convenient.
Bank Of America Advantage Savings Review
BofA has had its share of controversies, and its sheer size can sometimes make service inconsistent. In 2014, it was fined $16.65 billion for its role in the 2008 financial crisis. Also, some accounts are somewhat lacking in features.
In 2021, several banks and fintech platforms eliminated overdraft fees, with Bank of America joining in 2022, though not entirely. In January 2022, it announced that it would cut its overdraft fees from $35 to $10 starting in May. Other banks, notably Capital One, have eliminated overdraft fees entirely.
As of February 2022, Bank of America has eliminated the overdraft fee and will no longer allow customers to withdraw more than they have at an ATM. The $12 that customers are charged to move funds from another account to cover withdrawals will also be discontinued.
If you need general overdraft protection, we’ve got some helpful tips on how to keep your accounts from going overboard.
Bank Of America Reviews: Savings, Money Markets And Cd’s
Is Bank of America the right place to do your banking? Our deep dive into what the bank has to offer will help you decide.
This Bank of America review looks at the bank’s checking and savings features for individuals and small businesses, as well as its overall convenience and mobile banking features. Please note that Bank of America credit cards and loan products are not included in this review.
You can open Bank of America’s most basic checking account, the Advantage Safe Balance Checking, with a fairly standard initial deposit of $25.
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The AdvantageSafe balance checking account comes with a monthly fee of $4.95. Bank of America waives this fee if you check one of the following boxes:
Can I Open A Bank Account With No Deposit?
The next step up in BofA’s checking account offerings is Advantage Plus Checking. It comes with a $12 monthly fee, but there are still a couple of ways around that. In addition to enrolling in Preferred Rewards or qualifying as a student, you can avoid monthly fees if you:
Even part-time employees are likely to do at least $250 in direct deposit, so the fee shouldn’t be a major hassle. Unfortunately, neither the AdvantageSafe Balance Checking Account nor the Advantage Plus Checking Account earn interest on your money.
However, AdvantageSafe Balance Checking offers Balance Connect, which allows account holders to link accounts to avoid checking account overdrafts. It also offers the opportunity to purchase paper checks.
To earn interest with a Bank of America checking account, you’ll need to switch to an Advantage Relationship checking account. This account offers up to 0.02% APY on your money, which is lower than the national average for interest-bearing checking accounts. You can increase this by joining the Preferred Rewards program.
Interactive: Let’s Choose A Bank
Advantage Relationship bank accounts have a hefty $25 monthly fee, but eligible linked accounts with a combined balance of at least $10,000 can be waived. However, Advantage Relationship offers fee-free banking services that other accounts do not and offers free paper checks (limited styles).
The Bank of America Basic Savings Account is a great starter account, and you can upgrade for more benefits. There is also a savings account for minors.
With a Bank of America Advantage Savings Account, you won’t get a better return on your money through interest. You’ll earn just 0.01% APY, lower than the national average for savings accounts. The only way to earn more is to become a Preferred Rewards member. There are three other tiers of savings accounts: Gold, Platinum, and Platinum Honors, and each tier adds 0.01% to your APY.
The Bank of America Basic Savings Account has a minimum initial deposit of $100. The $8 monthly fee is waived if:
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If you want to open a savings account for minors, you’re in luck. BofA has a small savings account. It only requires an initial deposit of $25, but after that there is no minimum balance requirement or monthly maintenance fee. Interest rates are the same as the Bank of America Advantage Savings Account (0.01%), which is the perfect starter account to help kids get into the savings habit.
Because of its size, with more than 200,000 employees and annual revenues of more than $85 billion, Bank of America has more characteristics than smaller financial institutions. Here are a few we think you should know:
Bank of America offers a (very) large number of credit card options. Some are Bank of America-branded cards, and others are third-party cards supported by Bank of America, such as the Alaska Airlines Visa.
These cards usually come with no annual fee and offer some sort of rewards, whether it’s cash withdrawals, travel rewards or points. There are also options to build loans specifically for students and individuals.
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Credit cards (and credit in general) are a complicated thing; even the best card can cause problems for unwary users. However, Bank of America cards make decent choices if you want or need a new credit card and want to keep things with the same financial institution.
Bank of America also offers a variety of loan options. These include mortgages, mortgage refinancing, home equity loans and various auto loans.
For the most part, the advantages of using Bank of America over other lenders for this type of loan
