Bank of America is offering a limited-time $300 cash bonus to new customers who open an eligible personal checking account online. This promotion is valid through May 31, 2025, and is designed to attract new account holders with a simple and rewarding incentive.
Who Is Eligible for the Offer?
To qualify, applicants must:
- Be a new customer: You must not have been an owner or co-owner of a Bank of America personal checking account in the past 12 months.
- Open an eligible checking account: The promotion applies to the following accounts:
- Advantage SafeBalance Banking®
- Advantage Plus Banking®
- Advantage Relationship Banking®
- Use the promo code: During the account opening process, enter the promo code PSJ300CIS on the official offer page.
Business accounts and family banking products are not eligible for this promotion.
How to Earn the $300 Bonus
To receive the $300 cash bonus, customers must complete these two steps:
- Open a new eligible personal checking account online by May 31, 2025.
- Set up and receive direct deposits totaling $2,000 or more within 90 days of account opening.
What Counts as a Qualifying Direct Deposit?
- Payroll, pension, Social Security, or other income payments from an employer or payer using your account’s routing and account numbers.
- Not eligible: Transfers from other accounts, ATM deposits, mobile banking transfers, or Zelle transactions.
Once all conditions are met, Bank of America will deposit the $300 bonus into your account within 60 days. The account must remain open and in good standing at the time of payment.
Tax Implications
The bonus may be reported as taxable income. Customers must provide valid tax documentation, such as an IRS Form W-9 or W-8, to remain eligible.
Overview of Bank of America’s Advantage Banking Accounts
Bank of America offers three checking account options under its Advantage Banking® suite, each designed for different financial needs.
| Account Type | Key Features | Monthly Fee | Minimum Opening Deposit |
|---|---|---|---|
| Advantage SafeBalance Banking® | No overdraft fees; transactions are declined if funds are insufficient. | $4.95 (waivable) | $25 |
| Advantage Plus Banking® | Optional overdraft protection with Balance Connect®. | $12 (waivable) | $100 |
| Advantage Relationship Banking® | Interest-earning with premium perks for high-balance customers. | $25 (waivable) | $100 |
Additional Account Benefits
All Advantage Banking accounts include:
- Security alerts for tracking unusual activity.
- Mobile banking tools, including debit card lock/unlock options.
- BankAmeriDeals® cashback rewards for qualifying purchases.
Is This Offer Worth It?
If you’re looking for a new checking account and can meet the direct deposit requirement, the $300 bonus is an easy way to earn extra cash. However, be mindful of monthly fees and account requirements to maximize your benefits.
FAQs:
1. How long do I have to meet the deposit requirement?
You must receive $2,000 or more in direct deposits within 90 days of opening the account.
2. When will I receive the $300 bonus?
Once you meet the requirements, Bank of America will deposit the bonus within 60 days.
3. Can existing customers qualify for this bonus?
No, only new customers who have not had a personal checking account with Bank of America in the past 12 months are eligible.