What is the minimum balance for bank of america

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Bank of America wants to welcome you as a new customer—with several hundred dollars cash when you open a business or personal checking account.

As the second-largest U.S. bank in terms of assets, Bank of America has a national presence in keeping with its name: It operates 4,100 branch locations and 16,000 ATMs across 37 states and the District of Columbia. BofA serves around 37 million U.S. customers, including those who hold a substantial amount of assets with the bank and qualify for its Preferred Rewards program, offering additional perks, reduced fees and rewards multipliers.

Bank of America is eager for new customers, too, and uses attractive sign-up bonuses to bring them in.

How Can You Get a Bank of America Checking Account Offer?

It’s relatively easy to qualify for a Bank of America promotion as a new consumer checking customer. Here’s what you need to do:

• Open a new BofA checking account through a promotional offer or by using a Bank of America offer code. This is an online offer only.
• Meet the promotion’s qualifying conditions.
  • Personal checking accounts generally require a minimum ongoing direct deposit.
  • Business accounts usually require you to make a minimum amount of new-money deposits into your account, and maintain an average balance during a qualifying period.
• Receive your bonus, usually 60 days after you meet the qualifying requirements.

Here are the current Bank of America new-account promotions for individual and business checking customers. Offer details are accurate as of Oct. 4, 2022.

Bank of America Promotions for 2022

Bank of America Advantage Banking: Score $100

Bank of America offers a suite of checking account products for consumers, under its Advantage Banking brand.

Options include: Bank of America Advantage SafeBalance Banking®, a “checkless” checking account that doesn’t allow paper check writing and has a $4.95 monthly maintenance fee;  Bank of America Advantage Plus Banking®, which the bank calls “a good choice if you want everyday banking” and carries a $12 monthly fee; and Advantage Relationship Banking, which earns interest and has a $25 monthly fee.

• What is the offer? Open a new Bank of America Advantage Banking personal checking account online, using offer code DNA100CIS. Then, set up and receive qualifying direct deposits totaling $1,000 or more into the account within 90 days of account opening to receive a $100 bonus. This offer is valid online only. Additional terms and conditions apply. See offer page for more details.
• What is considered a direct deposit? Deposits of regular monthly income—such as a salary, pension or Social Security—using your account and routing numbers count as qualifying direct deposits for this promotion.
• When do you receive your bonus? Bank of America says it will attempt to deposit your bonus within 60 days after you satisfy the qualification requirements.
• Is there a time limit on the offer? It’s available to new customers who open accounts by Dec. 31, 2022.
• Can you avoid the monthly service fee? Bank of America offers several ways for Advantage Banking customers to waive the monthly maintenance fees.
  • Students under age 25 or other account holders under 18 can receive monthly maintenance fee waivers for Advantage SafeBalance Banking accounts.
  • Advantage Plus Banking customers can have the monthly maintenance fee waived each month with a qualifying direct deposit of $250, or by maintaining a daily balance of $1,500 or more.
  • With Advantage Relationship Banking, Bank of America waives the monthly maintenance fees when a customer keeps a combined balance of at least $10,000 across linked accounts.
  • You pay no service fees for any Advantage Banking checking account if you’re enrolled in Preferred Rewards.

Bank of America Business Checking: Earn $100 or $200*

For small business customers, Bank of America offers Business Advantage checking, featuring access to small business specialists and tools, including the bank’s Cash Flow Monitor. The more basic Bank of America Business Advantage Fundamentals™ Banking has a monthly maintenance fee of $16, while the more comprehensive Bank of America Business Advantage Relationship Banking account carries a monthly fee of $29.95.

• What is the offer? Earn up to a $200 cash bonus when you open either Business Advantage checking account, make a qualifying deposit within 30 days, then maintain a balance of at least $1,000 for the following 60 days—until the 90th day after the account was opened. Deposit and keep an average $1,000 in your account to get a $100 bonus, or deposit and maintain an average $3,000 balance for a $200 bonus.
• What is considered a qualifying deposit? It must be “new money,” not transfers from other Bank of America or Merrill accounts.
• When do you receive your bonus? Bank of America will attempt to deposit the cash into your Business Advantage Banking account within 60 days from the end of the qualifying period.
• Is there a time limit on the offer? Yes. It’s available to new customers who open their accounts by Dec. 31, 2022.
• Can you avoid the monthly service fee? The fees are waived if you maintain an average balance across your business checking accounts, become a member of Preferred Rewards for Business, or complete other requirements:
  • Business Advantage Fundamentals customers must maintain a $5,000 combined average balance across business accounts or spend at least $250 on new net purchases using their business debit card.
  • Business Advantage Relationship accounts must keep a $15,000 combined average balance.

Is a Bank of America Welcome Bonus a Good Deal?

Bank of America’s welcome bonuses for new personal checking accounts are competitive, on par with bonuses frequently offered by other large national banks. They have fairly simple requirements to qualify, but they’re not as generous as some of the best bank bonuses out there.

What Else Should You Know About Bank of America Checking Account Promotions?

Your Account Must Be Open To Receive a Welcome Bonus

Bank of America requires that you keep your account open until the date your bonus is paid. Customers usually receive their cash within 60 days after meeting the qualification requirements.

Your Bonus May Be Taxable

Your bank account bonus may be considered taxable income. If required by law, Bank of America may withhold taxes or other amounts from your bonus payment. The bank says it may also issue you an IRS Form 1099 that reflects the value of your welcome bonus.

You Must Be a New Customer

Bank of America welcome bonuses are for new checking account customers.

You qualify as a new personal checking customer if you have not owned or co-owned a Bank of America consumer checking account within the last 12 months. You can receive only one welcome bonus as a new personal checking customer.

Business checking customers wanting to receive a bonus must not have been an owner or a signer on a Bank of America Business Advantage account within the last 12 months. Even if you own multiple businesses, you are eligible to receive only one bonus as a new business checking customer.

Find The Best Business Checking Accounts Of 2022

Bottom Line

If you’re looking for a new bank account, Bank of America checking promotions are worth considering. You can earn a decent amount of cash as a welcome bonus, though be aware that competing banks may have more generous welcome offers.

Bank of America promotions cover both personal and business bank accounts, which is a plus if you run a small business or are self-employed. You can also explore Bank of America credit card promotions for a chance to earn introductory miles, points or cash-back bonuses.

Frequently Asked Questions (FAQs)

Who is eligible for the Bank of America bonus?

Bank of America promotions are for new customers only. To qualify, you can’t have had a Bank of America personal or business checking account in your name in the last 12 months.

How does the Bank of America bonuses compare to others?

Bank of America checking account promotions are competitive, though it’s possible to find better offers elsewhere. But keep in mind that a bigger welcome bonus may have additional requirements to qualify. For example, you may need to make an initial deposit of several thousand dollars or meet minimum balance requirements every month to earn the bonus.

How do you get a Bank of America promotion code?

The best place to look for Bank of America promotion codes is BofA’s website. If you’re not able to find any promo codes listed there, try searching online. You can search for “Bank of America checking account promotions” to see what’s available. With some promotions, you may only receive a code if Bank of America sends it to you directly, through a targeted advertising campaign.

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