Bank of America, $200 Bonus for Business Checking Account
Bank of America has a public offer for new business checking accounts where you can earn a $200 bonus. We have seen higher bonuses for these accounts in the past, but the offers are usually targeted. Plus the requirements are easier with this offer. Let’s see how this Bank of American business checking bonus works.
Offer
Requirements to earn a Business Advantage checking Bonus of $200:
- Open a new Business Advantage Relationship Banking or Business Advantage Fundamentals™ Banking account by June 30, 2023; AND
- Make Qualifying Deposits of $5,000 or more in new money* into your new Business Advantage checking account within thirty (30) days of account opening; AND
- Maintain an average balance of $5,000 during the Maintenance Period** into the new Business Advantage checking account. The Maintenance Period begins thirty-one (31) calendar days after account opening and ends ninety (90) calendar days after account opening.
Are You Eligible?
This offer is available publicly and nationwide, but it comes with some eligibility restrictions that are worth mentioning.
Offer is available only to applicants who apply for a new account online only and is intended for new customers only. That means that you are not eligible for this offer if you were an owner or signer on a Bank of America Business Advantage checking account within the last twelve (12) months. Additionally, you are limited to only one bonus ($200) per business customer, regardless of the number of businesses owned or operated by the customer.
Fees
Bank of America’s Business Advantage Fundamentals Banking account has a $16 monthly fee. But you have three options to waive this fee:
- Maintain a $5,000 combined average balance
- Spend at least $250 in new net purchases on your business debit card
- Become a member of Preferred Rewards for Business
Some banks will charge you a fee if you close your account too early, but Bank of America doesn’t seem to have such a fee for their business accounts.
Guru’s Wrap-Up
This is a small bonus, but an easy one. All you need to do is open a new Business Advantage Fundamentals Banking account, which is easier to keep fee-free. Then deposit $5,000 just before the 31st day and keep the money in the account past the 90th day.
That means that you need to maintain your $5,000 balance for about two months. You would be earning an annualized rate of 24% for those two months, making this a good deal. High yield savings accounts right now only earn about a 5% APY.
On top of that, having a business checking account gives you a better chance at getting approved for Bank of America credit cards.
Bank bonuses are a great way to earn some extra income, often from the comfort of your home. You can take a look at my bank bonus results for 2022 where I made over $6,000. If this bonus is not for you, then you can check our full list of available bank bonuses. And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.
Offer Details
- OFFER PAGE
- Bonus: $200
- Account Type: Business Advantage Fundamentals Banking
- Availability: Nationwide
- Type of Inquiry: Soft pull
- Direct Deposit Requirement: No
- Other Requirements: $5K balance for ~2 months
- Credit Card Funding: No
- Early Account Closing Fee: No
- Expiration Date: 6/30/23
HT: Doctor of Credit
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