Offer at a glance
Maximum bonus amount: $750
Availability: Nationwide
APY: 0.01%
Deposit required: $20,000 – $100,000
Hard/soft pull: Soft
ChexSystems: Unknown
Credit card funding: None, but can fund with a debit card up to $300
Monthly fees: None
Early account termination fee: None
Household limit: None listed
Expiration date: September 30, 2024
The Offer
Bank of America is offering a savings bonus of up to $750.
Open a Bank of America Savings account if you don’t have one already
Enroll in this bonus
Within 30 days of enrollment deposit new money
Deposit $20,000, $250 bonus tier
Deposit $50,000, $500 bonus tier
Deposit $100,000, $750 bonus tier
Maintain that balance in your savings account from 31 through 90 days after enrollment
The Fine Print
Offer is limited to individuals who receive the offer via a direct communication from Bank of America.
Fiduciary accounts (e.g., trusts), business accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs) are not eligible for this offer.
Offer cannot be combined with any other savings bonus offer and is limited to one bonus per account and per customer.
Offer expires on September 15, 2024.
Bank of America may change or discontinue this offer at any time before this date without notice.
Enroll in this offer through a Bank of America associate or by clicking the enrollment button or link in a direct communication from Bank of America by September 15, 2024.
Deposit New Money directly into your new or existing personal savings account within thirty (30) days of enrolling (the “Deposit Period”)
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
There is no early account termination fee.
Our Verdict
This account earns 0.01% APY. At minimum you’ll need to maintain the balance on this account for about 61 days (deposit on last day of the 30 day period and then hold until 90th day) but I think it’s safer to assume a 90 day hold period when all is said and done. The $250 bonus is the best return and that works out to be an annualized return of 5%, as the bonuses increased that progressively gets worse (4% and then 3%). Given the current high interest rates available this isn’t worth considering and we won’t be adding this to our best savings bonuses.
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