Bank of America's Business Checking Bonus: Up to $2,500 for Parking Your Cash

If you've got some cash sitting around and you're looking for a quick return, Bank of America is offering a pretty sweet deal on their business checking accounts. We're talking up to $2,500 just for parking your money with them for a few months. No direct deposit needed, no early termination fee, and the whole thing is a soft pull on your credit. Let's break it down.

How the Bonus Structure Works

The offer is straightforward: open a new Business Advantage Banking account online, deposit new money within 30 days, and keep a minimum balance for 60 to 90 days. The more you deposit, the bigger the bonus. Here's the full breakdown:

Deposit $5,000 and you'll get $400. Move up to $15,000 and that bonus jumps to $750. If you've got serious cash to park—$50,000 or more—you're looking at $1,000. At $100,000, it's $1,500. And if you can swing $250,000, you'll pocket the full $2,500.

One thing to note: the maintenance period runs from day 31 to day 90 after opening. So you need to keep that balance steady for about two months after the initial deposit window closes. If your balance dips below $5,000 during that time, you lose the bonus entirely.

What Counts as 'New Money'?

Bank of America is strict about what qualifies. You can't just shuffle funds from another BoA account or a Merrill account. Transfers from existing accounts—whether done online, at an ATM, or with a teller—don't count. Even a cash withdrawal from an existing BoA account that you then deposit into the new one won't work.

The money has to come from outside the bank. Think external bank accounts, payroll, or business revenue. It's a bit of a hassle, but it's standard for these kinds of offers.

Which Account Should You Choose?

You've got two options: Business Advantage Fundamentals or Business Advantage Relationship Banking. For most small businesses, Fundamentals is the way to go. It's $16 per month, but the fee is waived for the first 12 months if you're a smaller company. After that, you can avoid the fee by maintaining a $5,000 combined average balance, spending $500 on your business debit card, or joining Preferred Rewards for Business.

Relationship Banking is for larger companies with more complex needs. It comes with extra perks like no monthly fee on a second account or a Business Savings account, plus free incoming wires. But unless you need those features, stick with Fundamentals.

A Few Things to Watch Out For

First, this offer is only available online. If you leave the offer page, visit the main BoA site, or go to a branch, you might lose access. So bookmark that link and don't stray.

Second, you can't have been an owner or signer on a Business Advantage account in the last 12 months. And employees of Bank of America are out of luck.

Third, the bonus is taxable. The IRS considers it interest income, so expect a 1099-INT at the end of the year.

Finally, while the account earns basically 0% APY, the bonus more than makes up for it. For example, if you park $5,000 for 90 days, you'd earn about $62 in a 5% savings account. Here, you get $400. That's a no-brainer.

Bottom Line

• No direct deposit required—just park your cash.
• No early termination fee, so you can close after the bonus posts.
• Soft pull on credit, so no impact on your score.
• Bonus tiers from $400 to $2,500 based on deposit amount.
• Offer expires December 31, 2026—don't wait too long.

Common Questions