Bank of America Checking Bonus: Up to $500 for New Customers

If you're in the market for a new checking account and can handle a bit of direct deposit juggling, Bank of America is currently offering a cash bonus that could put up to $500 in your pocket. The exact amount depends on how much you can route into the account within the first three months. It's a straightforward deal, but there are a few nuances worth understanding before you jump in.

How the Bonus Tiers Work

Bank of America has structured this bonus in three tiers. You'll get $100 for receiving at least $2,000 in qualifying direct deposits within the first 90 days. Bump that to $5,000 and you're looking at $300. To snag the full $500, you'll need to bring in $10,000 or more during that same period.

The good news is there's no minimum balance to maintain or extra hoops to jump through—just set up those direct deposits and let them accumulate. The bonus is paid out after the 90-day deposit period ends, and you should see it in your account within 60 days after that.

One thing to note: this offer is only for new checking customers. If you've had a personal checking account with Bank of America in the last 12 months, you won't qualify. Also, the account must be opened online through the offer page—walking into a branch or calling the bank won't get you the bonus.

• $100 bonus for $2,000 in direct deposits
• $300 bonus for $5,000 in direct deposits
• $500 bonus for $10,000+ in direct deposits

Which Account Should You Choose?

Bank of America offers three personal checking accounts that are eligible for this promotion: Advantage Plus Banking, Advantage Relationship Banking, and SafeBalance Banking. However, the $500 bonus is only available on the first two. SafeBalance is only eligible for the $100 offer, which requires 20 debit card or Zelle transactions instead of direct deposits.

Advantage Plus is the most popular choice because it's easier to waive the monthly fee. You just need a qualifying direct deposit of $250 or more each month, or maintain a $1,500 minimum daily balance. The monthly fee is $12, but it's waived if you meet either requirement.

Advantage Relationship Banking comes with a higher $25 monthly fee, but you can waive it by keeping $10,000 in combined balances across your Bank of America accounts, or by having a linked Merrill investment account. It also earns interest, which is a nice perk if you plan to keep a larger balance.

If you're a student or young adult under 25, SafeBalance might be tempting because there's no monthly fee, but it doesn't qualify for the big bonus. You'd only get $100, and you'd need to make 20 qualifying debit card or Zelle transactions within 60 days. That's a lot of small purchases if you're not already using your debit card regularly.

What Counts as a Qualifying Direct Deposit?

This is where you need to pay attention. Bank of America defines a qualifying direct deposit as a regular monthly income payment like your salary, pension, or Social Security benefits, made by your employer or another payer using your account and routing numbers.

Transfers from other bank accounts, brokerage accounts, or Merrill investment accounts don't count. Neither do wire transfers, ATM deposits, or mobile check deposits. So you can't just shuffle money from your existing bank account to meet the threshold.

If you're self-employed or have a side gig, you might be able to set up direct deposits from payment platforms like PayPal or Stripe, but it's not guaranteed. The safest bet is to use your regular payroll direct deposit. Some people have had success with services that let you split your paycheck between multiple accounts, so that's worth exploring if you need to hit the higher tiers.

Avoiding Monthly Fees

The last thing you want is to earn a bonus and then watch it get eaten away by monthly maintenance fees. Here's how to keep your account fee-free:

For Advantage Plus, set up a recurring direct deposit of at least $250 each month. That's easy if you're already getting a paycheck. Alternatively, keep a daily balance of $1,500 or more. If you're going for the $500 bonus, you'll likely have more than that in the account anyway, so you might not even need to worry.

For Advantage Relationship, you need either a $10,000 combined balance across your Bank of America accounts, or a linked Merrill investment account. If you're planning to park $10k in direct deposits anyway, that might not be a stretch, but check the fine print on what counts toward the balance.

SafeBalance has a $4.95 monthly fee, but it's waived if you're under 25 or maintain a $500 minimum daily balance. Since this account isn't eligible for the $500 bonus, it's probably not your first choice unless you're a student looking for a simple account.

What to Watch Out For

There's no early account termination fee, so you can close the account after you receive the bonus without penalty. But you need to keep the account open and in good standing until the bonus is paid. If you close it before then, you might forfeit the bonus.

The bonus is considered taxable income. Bank of America will likely send you a 1099 form, and you'll need to report it on your taxes. Set aside a portion of the bonus to cover the tax hit.

This offer is available online only. If you leave the offer page and navigate to the bank's main website, or if you visit a branch or call customer service, you might lose the promotion. So make sure you complete the application through the specific link.

You can't combine this offer with any other checking promotion, and it's limited to one bonus per customer. If you've had a Bank of America checking account in the past year, you're out of luck.

Also, be aware that Bank of America may pull your credit report, but it's a soft pull if you opt out of overdraft protection. That won't affect your credit score. They might also check ChexSystems, which is a report of your banking history, but most people say they don't pull it.

Is This Bonus Worth It?

If you can easily meet the $10,000 direct deposit requirement, this is a solid deal. That's a $500 return for just moving your payroll around for a few months. Even the $300 tier is decent if you can swing $5,000 in direct deposits.

The $100 tier, though, is less exciting. You could probably find other bank bonuses that pay more for less effort. But if you're already planning to open a Bank of America account for other reasons, it's free money.

Compared to previous offers, this one is actually better for those who can hit the highest tier. Earlier, there was a $300 bonus for $2,000 in direct deposits, but now you need $10,000 for $500. So it's a trade-off: more money but a higher bar.

Just make sure you read the terms carefully and set up your direct deposits correctly. The last thing you want is to miss out because a transfer didn't qualify.

Bottom Line

• Open a new eligible checking account online by September 30, 2026.
• Receive qualifying direct deposits within 90 days to earn up to $500.
• Choose Advantage Plus or Relationship for the higher bonus tiers.
• Waive monthly fees with direct deposits or minimum balances.
• No early termination fee, but keep the account open until bonus is paid.

Common Questions