If you're a business owner in the market for a new checking account, be sure to check out this offer from Bank of America.
They're offering a $200 cash bonus when you open a new Bank of America® Business Advantage Banking account and maintain qualifying deposits.
To qualify, you can choose between the Bank of America Business Advantage Relationship Banking or Business Advantage Fundamentals™ Banking accounts. Both have monthly fees that can be waived if minimum deposits amounts are met. See below for more details.. Then, you'll just need to deposit $5,000 into your new account. Pretty simple!
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 $200 bonus (step-by-step breakdown is listed above!).
As with any offer, don't forget to read the fine print before opening your new account. It's where the bank will clearly state who is eligible for the deal along with any nuances you'll want to be aware of.
The fine print
- Offer is available only to applicants who apply for a new account online.
- This offer is intended for 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 (12) months.
- Bank of America employees are not eligible for this offer.
- Offer expires on December 31, 2024 and all qualifying activities must be completed within the stated time frames in order to be eligible for this offer.
- This offer may not be combined with any other offers.
- You must meet the requirements of this offer, in order to receive the bonus associated with that offer.
- Bank of America may change or discontinue this offer at any time before this date without notice.
- Only one Banking Relationship bonus offer per business owner, regardless of the number of businesses owned or operated by the customer.
How does this business checking offer from Bank of America compare?
To help you determine how this bonus stacks against the rest, here are some of the most popular offers available right now:
Chase
Chase Business Complete Checking®
- Bonus
- $300
- Account Type
- Business Checking
- Expires In
- 60 days
- Requires
- Min Balance
- Card Spend (optional)
U.S. Bank
Business Checking
- Bonus
- up to $900
- Account Type
- Business Checking
- Expires In
- 59 days
- Requires
- Min Balance
- Bill Pay (optional)
- Card Spend (optional)
Axos
Business Interest Checking
- Bonus
- up to $400
- Account Type
- Business Checking
- Expires In
- 46 days
- Requires
- Min Balance
- Bill Pay
- Card Spend
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.
Learn more in our Bank of America review
Business Advantage Fundamentals™ Banking
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.
Fees
Business Advantage Fundamentals™ Banking does charge a monthly maintenance fee of $16, but there are ways to get this waived:
- Be in the first 12 statement cycles
- OR, 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.
- OR, Starting Nov 1, 2024, use your Bank of America business debit card to make at least $500 in new net qualified purchases
Business Advantage Relationship Banking
Business Advantage Relationship is Bank of America's premium business checking account. You'll receive all the Business Advantage Fundamentals benefits in addition to an extra Relationship Banking checking account and Business Advantage Savings account.
Fees
Business Advantage Relationship Banking does charge a monthly maintenance 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.
Apply now for a Bank of America® Business Advantage Banking account to earn the $200 bonus offer
Share Your Thoughts or Questions
There have been 6 comments about the Bank of America® Business Advantage Banking $200 Bonus.
Joe Bleaux
November 27, 2023Opened the account in June of 2023. Five months later, I have yet to receive the bonus. Chatted with two CSRs, both of whom told me that there was no bonus attached to the account. Neither one would follow the link to the sign-up page on BofA's website and kept asking for the bonus code used when the acct was opened. (There was no bonus code.) Finally got them to open a case. They said they would get back to me in 7 to 10 days. I'm about ready to write it off to incompetence on their part and close the acct. Meanwhile, it's costing me lost interest on $5,000 at 5.25% APY.
ReplyReply to Joe Bleaux
Jon Snow
November 16, 2023I opened this account as a sole proprietorship and was approved online. I have deposited the $5k and will leave it there until I receive the bonus.
ReplyReply to Jon Snow
Jake
November 16, 2023I got this bonus using my business information, however the bonus was worth every penny. I had to go in branch for opening and closing and one time I showed up and the lines were too big so I left. Going into the branch 3 separate times for $200 is just not worth it to me. I would wait until BOA's business bonus amount is $500 because they have had that promotion in the past.
ReplyReply to Jake
Christine June
November 14, 2023I was approved for this one. I'm self-employed so I'm going to set up direct deposit to myself. Yay!
ReplyReply to Christine June
kat
November 14, 2023boa hold times and everything requires a call, despite their major push of "erica" make it hard to consider any more accounts. in person banking is a nightmare at every branch.
ReplyReply to kat
Brittany Harvey
November 3, 2023As a small business owner, I opened a Bank of America Business Advantage Checking Account to take advantage of the $200 bonus offer. You will have to deposit $5,000 to meet the requirements. I used the bonus to cover initial startup expenses and to apply to a statement. The online banking platform was not that good for I had to call every time for simple payments and statements that should be done online. I couldn’t get my external bank set up for transfers and no staff when I called did not help or couldn’t help. The app itself or online sends you to an external website to set up an external bank and it seems rather difficult compared to the bank setups I have. Honestly, this is the most painful account I have, plus the fees to maintain the account can be difficult at times. It’s essential for business owners to carefully review the account details and compare them with their business needs and goals before making a decision.
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