Bank of America Business Advantage Banking $750 Bonus

Bank of America : Business Advantage Banking

Bonus Amount
up to $750
Account Type
Business Advantage Banking
Available In Your Area?
Yes
Offer Expires In
Bonus Requirements
  1. Open a new Business Advantage Banking account using the link below.
  2. Within 15 days, make qualifying deposits of $20,000 to earn $500 or $50,000 to earn $750.
  3. Maintain that balance for 75 calendar days.
  4. Bonus will be deposited into your new account within 60 days after meeting the requirements.
Other Details
Hard Credit Pull?
Monthly Fees?
Varies By Account
Open Online?
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Available nationwide with the ability to open online, Bank of America is offering up to $750 and access to the gold tier of their Preferred Rewards for Business program (they're waiving the usual minimum balance requirements) for opening a new business checking account.

The rewards program gives you business benefits and boosts on small business resources – like an increase on your credit card rewards, a savings interest rate boost, credit on payroll service, access to financial advice, discount on loan rates and more.

You'll need to deposit $50,000 to earn the full $750, or $20,000 to earn a $500 welcome bonus instead. Technically, the fine print states that the offer is only available to people who receive the offer directly from Bank of America, but there are a lot of data points saying that Bank of America isn't enforcing this. YMMV, but it might be worth a shot if you're looking at BoA anyway!

How To Earn The Bonus

The Bank of America Business Advantage Banking promotion requires you to deposit and maintain a minimum balance in order to earn the $750 bonus. Full requirements to receive this bonus are:

  1. Open a new Business Advantage Banking account using the link below.
  2. Within 15 days, make qualifying deposits of $20,000 to earn $500 or $50,000 to earn $750.
  3. Maintain that balance for 75 calendar days.
  4. Bonus will be deposited into your new account within 60 days after meeting the requirements.

The fine print

  • Deposit must be in new money, meaning it cannot come from other Bank of America deposit accounts or Merrill investment accounts.
  • You must maintain the balance during the "maintenance period", which begins 16 days after account opening and ends 75 days after account opening.
  • Offer only available to business owners who receive this offer via a direct communication from a Bank of America Small Business Specialist or from a Bank of America communication.
  • Open to new customers only; your business is not eligible for this offer if you were an owner or signer on a Bank of America Business Advantage account within the last six (6) months.
  • Bank of America employees are not eligible for this offer.
  • Account must be open and in good standing at the time bonus is deposited.

Why Bank of America?

Bank of America is one of the "big four" banks in the United States, and is headquartered in Charlotte, but operates in more than 35 countries around the world. Merrill Investing also falls under the Bank of America umbrella, and between the two brands, you can find nearly any financial product you'd want: checking and savings accounts, home and auto loans, HSAs, business products, credit cards, CDs, money market accounts, IRAs, and more.

Their online and mobile tools offer a solid digital experience with alerts, mobile check deposits, spending charts, easy card replacement requests, digital wallets and more. Customers also tend to rank their service favorably, with convenient support hours and real humans on the other line.

The trade off to a plethora of banking products, a huge network of physical locations and ATMs, and a well-reviewed digital experience are the same as most of the other big banks: don't expect wow-ing interest rates. Plus, you'll want to be sure to avoid their penalty fees, which are steep and can be harsh. For example, their overdraft fee is $35, and their policy allows them to charge it as often as 4 times each day.

Business Advantage Fundamentals™

Business Advantage Fundamentals is a business checking account that gives you access to business-specific digital tools like Cash Flow Monitor, access to small business specialists, and all of the security and support you'd expect from a national bank with a huge footprint.

By banking with Bank of America, you'll also receive discounts and rewards on their other business products, like a 25% rewards bonus on eligible credit cards, a $10 credit for the payroll services, and a 5% interest rate boost on business savings accounts.

Fees

Business Advantage Fundamentals™ does charge a monthly fee of $16, but there are ways to get this waived:

  • 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.

Business Advantage Relationship

Business Advantage Relationship is Bank of America's premium business checking account. The account gives you access to business-specific digital tools like Cash Flow Monitor, QuickBooks integration, customizable control for employee access, access to small business specialists, plus all of the security and support you'd expect from a national bank with a huge footprint.

By banking with Bank of America, you'll also receive discounts and rewards on their other business products, like a 25% rewards bonus on eligible credit cards, a $10 credit for the payroll services, and a 5% interest rate boost on business savings accounts.

Fees

Business Advantage Relationship does charge a monthly fee of $29.95, but there are ways to get this waived:

  • Maintain a $15,000 combined average balance.
  • OR, become a member of Preferred Rewards for Business.