BofA Checking is currently offering a $1,000 bonus. Although the offer page says it is targeted, users have reported that you can earn the bonus by applying through this link and successfully entering the promo code (offerCode=ADEDEPCIS) during the application process. After applying, you can contact customer service to confirm whether the bonus has been linked to your account.

The bonus tiers are listed below. You must meet the requirements within 90 days. Users report that completing the DD early in the month resulted in receiving the bonus at the end of the month.

  • Direct Deposit $2,000, earn $100
  • Direct Deposit $5,000, earn $300
  • Direct Deposit $10,000, earn $500
  • Direct Deposit $15,000, earn $1,000

BofA is quite flexible about what counts as a DD. I recommend going for the top tier; you can simply move the money back and forth a few times. Recent successful methods include:

  • Withdrawals from various brokerage accounts, such as Fidelity
  • ACH pushes from Chase, US Bank, and Capital One Checking
  • SoFi, LemFi, and others

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BofA has updated its checking account welcome offer. You can now earn up to a $500 bonus with direct deposits. The new expiration date is January 31, 2027.

Here are the requirements (see the article for ways to complete a direct deposit):

  • $100: Make a total of $2,000 in direct deposits within 90 days
  • $300: Make a total of $5,000 in direct deposits within 90 days
  • $500: Make a total of $10,000+ in direct deposits within 90 days

BofA checking account customers may also qualify for additional credit card rewards. See the details here:

This is a great bonus, so I’ve added it to my ranking of bank account bonuses.

About Bank of America

Bank of America, commonly known in the United States as BofA, is the second-largest commercial bank in the U.S. by assets, behind JPMorgan Chase. It has approximately 5,600 branches and 16,200 ATMs in more than 150 countries. In 2010, Bank of America ranked third among U.S. companies by revenue. In 2014, it ranked 13th in the Forbes Global 2000 list of the world's largest public companies. The bank traces its roots to the Massachusetts Bank, founded in 1784, making it the second-oldest bank in the United States.

I’ve been a BofA customer for a long time. On my second day in the U.S., an older student took me to open a BofA checking account, and I’ve used it ever since. I’ve used it for international transfers, regular transfers, bill payments, and large cash and check deposits without often having to verify my identity or triggering fraud controls. It’s very tolerant of unusual activity, and I’ve rarely had problems despite moving money around in different ways. Chase and Citi are more sensitive by comparison, especially Chase. I’ve heard of many cases where problems with a Chase checking account led to customers having all their bank accounts and credit cards shut down. BofA also generally has local branches, where checking account customers can access teller services. For things like cash deposits, it’s best to go to a teller. I’ve also used BofA for a used-car transaction; I believe a manager helped handle some paperwork and notarization, and it was convenient to deposit the money there afterward. BofA also has its own Preferred Rewards program, which offers useful benefits if you have a certain amount of savings.

Overall, although its checking account bonuses—and even its credit cards—aren’t especially remarkable, having a BofA account as a hub for moving and managing money can be very useful. If you have substantial deposits, the associated benefits are worthwhile, too.

I’ve used a BofA checking account for years. It’s relatively tolerant of incoming and outgoing transfers and bill payments, making it a good primary account. It’s also helpful that problems can be resolved quickly.

BofA Checking Accounts

Welcome Bonus

See the beginning of the article for account-opening details and bonus information.

Account Overview

BofA offers three checking accounts, all of which qualify for the welcome bonus. Choose an account based on your needs. In most cases, Plus Banking is a good choice as long as you maintain a certain amount on deposit. The fees are as follows:

  • BofA SafeBalance Banking: No monthly fee for college students under age 25 or anyone under age 18; otherwise, $4.99
  • BofA Plus Banking: No monthly fee with $250 in direct deposits each month or an average daily balance of $1,500; otherwise, the monthly fee is $12
  • BofA Relationship Banking: No monthly fee with an average daily balance of $10,000 (across checking, savings, CDs, IRAs, and other accounts); otherwise, the monthly fee is $25

Although the account information mentions interest, I checked the rates and found them insignificant.

About Direct Deposits

The most common type of direct deposit is a paycheck. If you don’t mind changing your deposit details, you can have your paycheck deposited directly into your BofA account. If you don’t want to switch accounts, you can try withdrawing funds from an investment or brokerage account to your BofA account; the transfer may count as a direct deposit. The following is a list of direct deposit methods for BofA compiled by DOC for reference.

The following have been reported to qualify as BofA direct deposits:

  • ACH Transfer (1,2)
  • Airbnb payout:1,
  • Alliant:1,2 (didn’t work)
  • American Express:
  • Astra:1,
  • Baxter Credit Union:1,2,
  • Chase:
    • YouInvest:1,2,3,
  • Coinbase:1,2,3,4,5(DIDN’T WORK) ,6(didn’t work) ,7 (didn’t work)
  • Connexus:1
  • Emigrant (1)
  • E*Trade (1,2,3,4 (didn’t work)
  • Guilford Bank:1,
  • PenFed:1,2,3,4,5,6,
  • PurePoint Financial:1
  • Robinhood:1,2,3,4 (didn’t work)
  • Serve:1,2,3,
  • SoFi:1,2 (didn’t work)
  • Transferwise:1,2,3,4,5,
  • Treasury Direct:1,
  • Wealthfront:1,2,3,4,5(didn’t work) ,6 (didn’t work)

The following are transfers that are not direct deposits

  • ACH Transfer:1
  • Ally ACH:1, 2 (via e-mail in March, 2015) ,3,
  • Amazon Marketplace: 1 (via e-mail on February 11th, 2018)
  • American Express:
    • Bluebird:1
  • Capital One:1
  • Chase:1(does work to waive fee, not for bonus) ,2,
  • Charles Schwab:1,2,
  • Discover:1(does work to waive fee, not for bonus) ,2,
  • Fidelity:1,2,
  • HSBC:1
  • PayPal (1, 2); there is evidence that it worked previously (1, 2, 3), but this has since been shut down.
  • PurePoint Financial: 1,
  • BofA user-to-user transfers (1)
  • Robinhood: 1, 2, 3,
  • USAA: 1,
  • Vanguard: 1

BofA Savings Account (No Current Bonus)

Open an account now and deposit $1,000 to receive a $100 account opening bonus.

Other BofA Accounts

BofA also offers savings accounts, CDs, and IRAs, but they are not particularly compelling and do not come with an account opening bonus. We recommend opening one only to qualify for the Preferred Rewards program discussed below.

BofA Preferred Rewards

This is one of the standout features of BofA accounts. If you keep a certain amount on deposit (including checking and savings accounts, IRAs, etc.), you can qualify for a higher tier. The biggest benefit is a boost to credit card cash back, up to 1.75x. In other words, a card that normally earns 3% cash back can earn 5.25%. There are also perks such as loan discounts, waived ATM fees, and investment discounts. Overall, the program offers good value. Preferred Rewards currently has three tiers:

  • Gold requires $20,000–$50,000 in assets and provides a 25% bonus on credit card cash back
  • Platinum requires $50,000–$100,000 in assets and provides a 50% bonus on credit card cash back
  • Platinum Honors requires more than $100,000 in assets and provides a 75% bonus on credit card cash back

For a detailed analysis, see our article:

Application Link