[Targeted, YMMV] Bank of America $1,000/$1,500 Business Checking Bonus with $20k/$50k Deposit (Available Online)

Update 7/11/24: Offer extended through 12/31/24 and available from local Small Business Bankers even if you were not targeted. Not available in-branch

Update 5/13/24: There is an online link through July, 31 2024. Hat tip to Venka

Update 4/3/24: Deal is back through May 31, 2024. No online link but being offered by small business bankers in-branch. Hat tip to Rapid Travel Chai.

Offer at a glance

• Maximum bonus amount: $1,500
• Availability: Nationwide, but terms do have targeted language
• Direct deposit required: No
• Additional requirements: Deposit and maintain $30,000 for
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: None, but can fund with a debit card up to $300
• Monthly fees: Avoidable
• Early account termination fee: None
• Household limit: None listed
• Expiration date: December 31, 2023

The Offer

Direct link to offer (not currently working, but can get the deal via a small business banker in-branch)

• Bank of America is offering a $1,000 bonus when you open a new business checking account and complete the following requirements:
  • Make Qualifying Deposits of $20,000 or more in new money within 30 days of opening the new business checking account
    Maintain an average balance of $20,000 or more for next 60 days (day 31-90) during the maintenance period
• There is also a $1,500 bonus when you open a new business checking account and complete the following requirements:
  • Make Qualifying Deposits of $50,000 or more in new money within 30 days of opening the new business checking account
  • Maintain an average balance of $50,000 or more for next 60 days (day 31-90) during the maintenance period

The Fine Print

• This offer is only available to business owners who receive this offer via a direct communication from a Bank of America Specialist or from a Bank of America communication. This offer is intended for new customers only; you are not eligible for this offer if you were an owner or signer on a Bank of America Business Advantage Banking account within the last twelve (12) months. Only one bonus ($1,000) per business customer, regardless of the number of businesses owned or operated by the customer. Bank of America employees are not eligible for this offer. Offer expires on December 31, 2023, and all qualifying activities must be completed within the stated time frames in order to be eligible for this offer. Bank of America may change or discontinue this offer at any time before this date without notice. Reproduction, purchase, sale, transfer or trade of this offer is prohibited.
• Requirements to Receive a $1,000 cash bonus:
  • Open a new Business Advantage Relationship Banking or Business Advantage Fundamentals™ Banking account by December 31, 2023: AND
  • Make Qualifying Deposits of $30,000 or more in new money* into your new Business Advantage Banking account within thirty (30) days of account opening; AND
  • Maintain an average balance of $30,000 or more during the Maintenance Period** into the new Business Advantage Banking account.
• All account applications are subject to approval. Your account does not qualify for the bonus until you provide all of the information we require in connection with opening the account by the promotion end date December 31, 2023. This includes information we require to identify each account owner and to report the bonus to the Internal Revenue Service (IRS), including a validly completed IRS Form W-9 or Form W8 (as applicable). The value of this bonus may constitute taxable income to you. To the extent required by law, Bank of America may withhold tax or other amounts from the payment. Please consult your tax advisor, as neither Bank of America, its affiliates, nor their employees provide tax advice. Please consult a financial center, visit bankofamerica.com, or see the Business Schedule of Fees found at bankofamerica.com/businessfeesataglance for other account fees, rates and information.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The lower level account is the Business Fundamentals at $18 per month. Fee is waived with one of the following:

• Maintain a $5,000 combined average balance, or
• Spend at least $250 in new net purchases on your business debit card, or
• Become a member of Preferred Rewards for Business

Early Account Termination Fee

There is no early account termination fee.

Our Verdict

This is a $1,000 bonus but you need to tie up the $30,000 for 90 day. These accounts basically earn 0% APY, if you had the $30,000 in a 5% APY account for 90 days you’d earn $375 so this bonus is significantly better. After the 90 days you’ll have to keep $5,000 in the account to keep the account fee-free until the bonus posts (doesn’t look necessary). Probably not worth the risk with the targeted language so we won’t add this to the list of the best bank account 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

Post history:

• Update 1/18/24: Deal is back, this time the $1k option for $20k deposit (previously 30k) or a $1.5k option for $50k deposit (not previously offered)
• This offer has targeted language ‘This offer is only available to business owners who receive this offer via a direct communication from a Bank of America Specialist or from a Bank of America communication’. Some people have seen the offer on the Bank of America homepage and in the past this language hasn’t been enforced so YMMV.