Offer at a glance
- Maximum bonus amount: $200
- Availability: Nationwide, available online
- Direct deposit required: No
- Additional requirements: Deposit $5,000 and maintain $5,000 for 90 days
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: None, but can fund with a debit card up to $300
- Monthly fees: $16, avoidable
- Early account termination fee: None
- Household limit: None listed
- Expiration date: June 30, 2023
The Offer
- Bank of America is offering a $200 bonus when you open a new business checking account and complete the following requirements:
- Make Qualifying Deposits of $5,000 or more in new money* within 30 days of opening the new business checking account
- Maintain an average balance of $5,000 for next 60 days (day 31-90) during the maintenance period
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Business fundamentals is the easiest account to keep fee free with a $16 monthly fee. This is waived if you do any of the following:
- 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
Early Account Termination Fee
There is no early account termination fee
Our Verdict
Bank of America business checking bonuses normally have targeted language, like the frequent $500 bonus. The nice part of this bonus is that it only requires a $5,000 deposit for 90 days vs $20,000 for the $500 bonus. With interest rates being so high for savings accounts the opportunity cost of $5,000 for 90 days at 5% is ~$61 ($244 for the $500 bonus). We will add this to our list of the best bank account bonuses.
Hat tip to reader Sunshine
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