Update 11/28/23: Extended until 6/30/24.
Update 6/4/23: Extended until 12/31/23
Offer at a glance
Maximum bonus amount: $200
Availability: Nationwide, available online
Direct deposit required: No
Additional requirements: Deposit $5,000 and maintain $5,000 for 90 days
Hard/soft pull: Soft
ChexSystems: Unknown
Credit card funding: None, but can fund with a debit card up to $300
Monthly fees: $16, avoidable
Early account termination fee: None
Household limit: None listed
Expiration date: June 30, 2023
The Offer
Bank of America is offering a $200 bonus when you open a new business checking account and complete the following requirements:
Make Qualifying Deposits of $5,000 or more in new money* within 30 days of opening the new business checking account
Maintain an average balance of $5,000 for next 60 days (day 31-90) during the maintenance period
The Fine Print
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Business fundamentals is the easiest account to keep fee free with a $16 monthly fee. This is waived if you do any of the following:
Maintain a $5,000 combined average balance
Spend at least $250 in new net purchases on your business debit card
Become a member of Preferred Rewards for Business
Early Account Termination Fee
There is no early account termination fee
Our Verdict
Bank of America business checking bonuses normally have targeted language, like the frequent $500 bonus. The nice part of this bonus is that it only requires a $5,000 deposit for 90 days vs $20,000 for the $500 bonus. With interest rates being so high for savings accounts the opportunity cost of $5,000 for 90 days at 5% is ~$61 ($244 for the $500 bonus). We will add this to our list of the best bank account bonuses.
Hat tip to reader Sunshine
Useful posts regarding bank bonuses:
A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
PSA: Don’t Call The Bank
Introduction To ChexSystems
Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
What Banks & Credit Unions Do/Don’t Pull ChexSystems?
How To Use Our Direct Deposit Page For Bank Bonuses Page
Common Bank Bonus Misconceptions + Why You Should Give Them A Go
How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
Affiliate Links & Bank Bonuses – We Won’t Be Using Them
Complete List Of Ways To Close Bank Accounts At Each Bank
Banks That Allow/Don’t Allow Out Of State Checking Applications
Bank Bonus Posting Times