Looking to open a checking account with a major national bank? Bank of America, one of the largest financial institutions in the U.S., is currently offering a checking account bonus of up to $500 for new customers. If you prefer a bank with thousands of branches, a solid mobile app, and live chat support, this offer is worth a closer look.
💰 What You’ll Get
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Bonus: Up to $500 cash
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Where to Open: Online only, through the promotional offer page
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Offer Ends: January 31, 2026
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Eligibility: New Bank of America personal checking customers only
✅ How to Qualify for the Bonus
To earn up to $500, follow these steps:
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Open a new eligible Bank of America Advantage Banking® account online via the offer page before 01/31/2026. Eligible accounts include:
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Advantage SafeBalance Banking®
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Advantage Plus Banking®
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Advantage Relationship Banking®
Note: Family Banking versions of SafeBalance accounts are not eligible.
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Receive qualifying direct deposits totaling the following amounts within 90 days of account opening:
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$2,000 or more → $100 bonus
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$5,000 or more → $300 bonus
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$10,000 or more → $500 bonus
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Keep your account open and in good standing. Once you meet the requirements, Bank of America will attempt to deposit your bonus within 60 days.
🏦 What Is a Qualifying Direct Deposit?
Bank of America defines a qualifying direct deposit as regular income—such as your paycheck, pension, or Social Security benefits—sent directly into your account using your account and routing numbers.
📊 Breakdown of Eligible Accounts
You can choose from three Advantage Banking® accounts, depending on your financial habits and preferences:
1. Advantage SafeBalance Banking®
Best for: Students and people who want to avoid overdraft fees.
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Minimum to Open: $25
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Monthly Fee: $4.95
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Waived if you’re under 25, keep a $500 daily balance, or qualify for Preferred Rewards (min. $20,000 across eligible accounts)
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Notable Feature: Overdraft protection—transactions that would overdraw the account are declined, and no overdraft fees are charged.
2. Advantage Plus Banking® (Most Popular)
Best for: People with regular income or a steady balance who want a standard checking account.
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Minimum to Open: $100
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Monthly Fee: $12
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Waived if you have:
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One qualifying direct deposit of $250 or more
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A daily balance of $1,500+
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Preferred Rewards membership
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Notable Feature: Allows overdrafts (up to two fees/day) or lets you opt out of overdraft altogether.
3. Advantage Relationship Banking®
Best for: Those maintaining high balances who want some extra perks.
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Minimum to Open: $100
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Monthly Fee: $25
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Waived if you:
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Maintain a $20,000+ daily balance
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Are a Preferred Rewards member
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Interest Rate: A very low 0.01% to 0.02% APY
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Notable Feature: Interest-earning, but the yield is so low that it might not justify the balance requirements.
⚠️ Heads-up: If you can meet the high balance requirement for this account, you might be better off placing your funds in a high-yield savings account instead. At 4% APY, $20,000 would earn around $800 annually, compared to just a couple of dollars here.
⛔ Who’s Not Eligible?
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If you’ve had a personal checking account with Bank of America (even as a joint owner) in the past 12 months, you’re not eligible for this bonus.
💡 Is the Bank of America Bonus Worth It?
The bonus can be worth it if the account suits your needs and you can waive the monthly fees. For most users, the Advantage Plus Banking® account hits the sweet spot with manageable deposit requirements and a moderate monthly fee that’s easy to avoid.
However, the Advantage Relationship Banking® account is a tougher sell. Its high balance requirement and ultra-low interest rate mean you might earn more elsewhere—even without a bonus.
🏁 Final Thoughts
Bank of America’s up to $500 bonus offer is a solid opportunity for new checking customers—especially those with consistent income who want the convenience of a national bank. Just make sure the account you choose aligns with your financial habits, and that you meet the direct deposit and fee waiver requirements to get the most value.
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