BofA checking account bonus update, now up to $500 with direct deposit. New deadline is September 30, 2026

Details below (see the article for ways to complete the direct deposit requirement)

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

BofA checking account customers can also get additional credit card rewards, as follows

This is a solid bonus, so I’ve also added it to the bank account bonus ranking

About BofA

Bank of America (commonly abbreviated as BofA in the U.S.) is the second-largest commercial bank in the United States by assets, behind JPMorgan Chase. Bank of America has about 5,600 branches and 16,200 ATMs in more than 150 countries around the world. In 2010, based on total revenue, Bank of America was the third-largest company in the U.S. In 2014, according to Forbes Global 2000 listed companies, it was the 13th-largest company in the world. The bank's origins can be traced back to the Massachusetts Bank in 1784, making it the second-oldest bank in the U.S.

As for BofA, I’ve been a customer for a long time. I opened a BofA checking account on my second day in the U.S., with an upperclassman from my program taking me there, and I’ve used it ever since. I’ve used it for international transfers, transfers, bill payments, large cash deposits, and check deposits; it doesn’t often require identity verification or trigger risk controls. You could say its tolerance threshold is very high, and after all the back-and-forth, things basically never go wrong. Chase and Citi, by comparison, are much more sensitive, especially Chase; I’ve already heard plenty of cases where issues with a Chase checking account led to all bank accounts and credit cards being closed. In addition, BofA generally has local branches, and if you have a checking account, they offer some branch services; for things like cash deposits, the branch is still the best place. I also handled a used-car transaction at BofA, where I think a branch manager helped with some paperwork and notarization, and after it was done I was able to deposit the money directly, which was very convenient. BofA also has its unique Preferred Rewards program; if you keep a certain amount on deposit there, you can get many practical benefits.

Overall, although their account-opening bonuses and even their credit cards are not especially remarkable, having an account as a place to move money through and as a central hub account is very useful. If you keep a lot on deposit, the related perks are also quite substantial.

I’ve always used BofA checking, and it’s relatively tolerant of money moving in and out, bill payments, and similar activity, so it’s one of my better primary accounts. Of course, it’s also nice when problems can be resolved quickly.

BofA Checking Account

Account opening bonus

The account opening and bonus details are at the top of the article.

Account overview

BofA offers three checking accounts, all of which can meet the bonus requirements. You can choose the account based on your needs; in general, Plus Banking is the usual choice as long as you keep a certain amount on deposit. Fees are as follows

  • BofA SafeBalance Banking: no monthly fee for college students under 25 or anyone under 18; otherwise $4.99
  • BofA Plus Banking: the monthly fee is waived with $250 in direct deposit each month or a $1,500 daily average balance; otherwise $12
  • BofA Relationship Banking: $10,000 in daily average deposits (including checking accounts, savings accounts, CDs, IRAs, etc.); otherwise $25 per month

Although this section mentions interest, I don’t think the rates are very meaningful

About direct deposit

The most common form of direct deposit is your paycheck. If you don't mind, you can simply change your payroll deposit account to a BofA account. If you don't want to switch accounts, you can try some brokerage or stock investment accounts; withdrawals to a BofA account may also count as direct deposit. The following are the BofA direct deposit methods summarized by DOC; you can use them as a reference

The following count 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 transfers are not considered 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 now been shut down.
  • PurePoint Financial: 1,
  • BofA user-to-user transfers (1)
  • Robinhood: 1, 2, 3,
  • USAA: 1,
  • Vanguard: 1

BofA Savings Account (No Bonus Currently)

Open an account now and deposit $1,000 to earn a $100 signup bonus.

Other BofA Accounts

BofA also offers savings accounts, CDs, and IRA accounts, but there’s nothing especially compelling about them, and they don’t come with any account opening bonus either. So we’d only recommend opening them 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 accounts, savings accounts, IRAs, etc.), you can qualify for higher tiers. The biggest perk is the bonus on credit card cash back, which can be boosted up to 1.75x. In other words, a card that normally earns 3% cash back can effectively earn 5.25%. There are also other perks such as loan discounts, waived ATM fees, and investment discounts. Overall, it’s a pretty worthwhile program. Currently, Preferred Rewards has three tiers

  • Gold requires $20,000-$50,000 in assets and gives a 25% bonus on credit card cash back
  • Platinum requires $50,000-$100,000 in assets and gives a 50% bonus on credit card cash back
  • Platinum Honors requires $100,000+ in assets and gives a 75% bonus on credit card cash back

For a detailed analysis, see our article

Application Link