Bank of America Business Checking Account $750 Bonus

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Bank of America : Business Checking Account

Bonus Amount
up to $750
Account Type
Business Checking
Available In Your Area?
Yes
Offer Expired On
January 31, 2021
Bonus Requirements
  1. Open a new business checking account.
  2. Deposit at least $20,000 (to earn $500) or $50,000 (to earn $750) within 15 days and maintain the balance for the 60 day maintenance period.
  3. Make at least 5 qualifying electronic payments (debit card purchase, online bill pay, ACH payment, wire transfer or Zelle payment) within 60 days.
Other Details
Hard Credit Pull?
Monthly Fees?
Varies By Account
Open Online?
Save for later
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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 (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.

How To Earn The Bonus

The Bank of America Business Checking Account promotion requires you to deposit and maintain a minimum balance, and optionally, make purchases using the account's card and set up bill pay in order to earn the $750 bonus. Full requirements to receive this bonus are:

  1. Open a new business checking account.
  2. Deposit at least $20,000 (to earn $500) or $50,000 (to earn $750) within 15 days and maintain the balance for the 60 day maintenance period.
  3. Make at least 5 qualifying electronic payments (debit card purchase, online bill pay, ACH payment, wire transfer or Zelle payment) within 60 days.

The fine print

  • The deposit requires NEW money, which means you cannot transfer from another Bank of America account.
  • The maintenance period begins 16 days after you open the account, and ends 75 days after you open the account.

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.