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Bank of America savings bonus

A Bank of America branch
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A new account bonus can be the icing on the cake if you’re looking to open a new bank account. And though Bank of America has offered savings account bonuses, it currently isn’t advertising any incentives for opening a savings account.

Still, if you’re looking for a traditional bank with lots of branches and ATMs and a robust app with lots of handy tools, a Bank of America savings account may fit the bill. Just don’t expect to earn a lot of interest.

Bank of America bonus details

Bank of America isn’t publicly advertising any savings account offers, including for new customers or existing customers who don’t already have a savings account.

How do I get a bonus from Bank of America?

Though there are no Bank of America savings account bonuses being offered publicly, there are still private and personalized offers sent out from time to time. Bofa doesn’t disclose how customers or potential clients are selected to receive these offers, but it does acknowledge that personalized bonus offers are sent out occasionally to entice consumers to open a savings account.

Should I open a Bank of America savings account?

Bonus offers may entice you to open a savings account, but they shouldn’t be the only factor to consider when opening an account. Other factors to consider are fees, account minimums, interest rates, bank reputation, ease of access to your funds and the quality of customer service. One these scores, Bank of America savings accounts are a mixed bag.

BofA’s Advantage Savings account requires just $100 to open, making it accessible to nearly anyone. There is a $8 monthly fee, but it can be waived in several ways, including maintaining a $500 minimum monthly balance. The downside, however, is that savings rates are low — even for those who qualify for BofA’s top tier.

Overall, the Bank of America Advantage Savings account is a competitive option among brick-and-mortar banks. If you’re comfortable banking solely online, there are many options for accounts that charge no fees and offer better interest rates, but you’ll sacrifice branch access and in-person service.

Bottom line

Bank of America has offered plenty of savings account bonuses in the past, but currently there are no publicly advertised offers for new account holders.

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Written by
René Bennett
Banking writer
René Bennett is a writer for Bankrate, reporting on banking products and personal finance.
Edited by
Wealth editor