When you open a new account with a new bank or a bank you’re already working with, an important question to ask is whether there are any bonuses available. This shouldn’t be the only factor in determining where to open a new account, but if there’s free money available, why not cash in? In the past, the Bank of America savings account bonus was an added incentive to take advantage of an already attractive account option with one of the largest banks in the country.
Bank of America bonus details
Currently, Bank of America does not advertise any public offers for opening a new savings account. This includes offers for new customers and offers for existing customers who don’t already have a savings account with the bank.
The bank is offering $100 to new checking customers when they meet a few guidelines.
How do I get a bonus from Bank of America?
While there are no public Bank of America savings account bonuses, there are still private and personalized offers sent out from time to time. The bank doesn’t disclose how customers or potential clients are selected to receive these offers. However, Bank of America does acknowledge that from time to time, personalized bonus offers are sent out to entice people to open a savings account with the bank.
To earn the $100 for opening a checking account, you will need to:
- Make an opening deposit
- Receive two direct deposits of at least $250 each within 90 days of opening an account.,
To get the bonus, which expires on Dec. 31, use the code “PSR100CIS.”
Should I open a Bank of America savings account?
Bonus offers are an exciting part of opening a new savings account. However, these offers shouldn’t be the only factor you consider when opening an account. The bonus offer is almost always a one-time offer, which means once you’ve cashed in, it no longer plays into the equation. Other factors to consider when selecting a savings account provider are fees, account minimums, interest rates, bank reputation, ease of access to your funds and customer service quality.
With Bank of America, it’s a mixed bag of results with these other factors that will depend heavily on what your specific wants and needs are. Regarding interest rate, the bank’s savings account rates are on par with what you would expect from a brick-and-mortar bank. However, if you were to invest your money with an online-only bank, you could see much higher rates of return.
The minimum opening deposit on a Bank of America savings account is $100, which is slightly higher than some other banks but should still be affordable enough for most people. The account fee on a B of A savings account is $8 a month, but there are plenty of ways to waive this fee. If you maintain a minimum balance of $500, link your account to an Advantage Relationship Account with the bank or are a Preferred Rewards client, you can get the fee waived.
Overall, the Bank of America savings account is a competitive option among brick-and-mortar banks. If you’re wanting to stay with a bank with branches but want a bonus, you might want to consider Chase Bank. If you’re okay using an online bank, you have a lot of great options where you can get a welcome bonus as well as no fees and a better interest rate. It all comes down to what you’re looking for.
Bank of America has offered plenty of savings account bonuses in the past, but currently has limited options available for new account holders.