June 28, 2024
26 Comments
by William Charles
Offer at a glance
- Maximum bonus amount:$750
- Availability:Nationwide
- APY: 0.01%
- Deposit required:$20,000 – $100,000
- Hard/soft pull:Soft
- ChexSystems:Unknown
- Credit card funding:None, but can fund with a debit card up to $300
- Monthly fees:None
- Early account termination fee:None
- Household limit:None listed
- Expiration date:September 30, 2024
Contents
- 1 The Offer
- 2 The Fine Print
- 3 Avoiding Fees
- 3.1 Monthly Fees
- 3.2 Early Account Termination Fee
- 4 Our Verdict
The Offer
- Bank of America is offering a savings bonus of up to $750.
- Open a Bank of America Savings account if you don’t have one already
- Enroll in this bonus
- Within 30 days of enrollment deposit new money
- Deposit $20,000, $250 bonus tier
- Deposit $50,000, $500 bonus tier
- Deposit $100,000, $750 bonus tier
- Maintain that balance in your savings account from 31 through 90 days after enrollment
The Fine Print
- Offer is limited to individuals who receive the offer via a direct communication from Bank of America.
- Fiduciary accounts (e.g., trusts), business accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs) are not eligible for this offer.
- Offer cannot be combined with any other savings bonus offer and is limited to one bonus per account and per customer.
- Offer expires on September 15, 2024.
- Bank of America may change or discontinue this offer at any time before this date without notice.
- Enroll in this offer through a Bank of America associate or by clicking the enrollment button or link in a direct communication from Bank of America by September 15, 2024.
- Deposit New Money directly into your new or existing personal savings account within thirty (30) days of enrolling (the “Deposit Period”)
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
There is no early account termination fee.
Our Verdict
This account earns 0.01% APY. At minimum you’ll need to maintain the balance on this account for about 61 days (deposit on last day of the 30 day period and then hold until 90th day) but I think it’s safer to assume a 90 day hold period when all is said and done. The $250 bonus is the best return and that works out to be an annualized return of 5%, as the bonuses increased that progressively gets worse (4% and then 3%). Given the current high interest rates available this isn’t worth considering and we won’t be adding this to our best savings bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
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26 Comments
newest
oldest most voted
Fdic(@guest_1866812)
June 29, 2024 22:11
#1866812
BoA is really the sh*ttiest bank ever.
I can get 5.5 at Marcus and 5.55 at Flagstar/MBD right now. Why should I bother with boa’s stupid promotions? 0.1% regular rate is a joke
Reply
Frey(@guest_1866821)
June 29, 2024 22:32
#1866821
Fdic
Not that I’d defend BoA since it is a sh*tty bank, but doesn’t Marcus require a referral rate and AARP to get 5.5?
1
Reply
escot(@guest_1866294)
June 28, 2024 20:49
#1866294
thanks for running the #’s…. and NOT putting this on a best anything list…. (have squirmed at several you have recently, with ever increasing very high deposit amounts….. time to rethink/pause the whole strategy)
TOm(@guest_1866095)
June 28, 2024 15:49
#1866095
With this bonus the juice is not worth the squeeze.
Unless the invitees are clueless about current interest rates, anyone with some insight will ignore this bonus come on insult.
5
Reply
ethan(@guest_1866087)
June 28, 2024 15:27
#1866087
BoA: we offer $750 for $100k in 90 days.
Treasury Bills: Am I a joke to you?
1
Reply
Paul K.(@guest_1866023)
June 28, 2024 13:25
#1866023
I moved all of money out of BAC a long time into a HYSA paying 5.01%.
Reply
Mori(@guest_1866048)
June 28, 2024 14:09
#1866048
Paul K.
Which HYSA if you don’t mind me asking? I’m looking for a HYSA with stable rates
Reply
Lrdx(@guest_1866057)
June 28, 2024 14:36
#1866057
Mori
You will be looking for a very long time then.
2
Reply
TJ(@guest_1866144)
June 28, 2024 17:28
#1866144
Mori
There no such thing as stable rates. Once fed start cutting rates they will all go down. Laurel Road has hysa over 5%. There are some others. If you already doing Laurel road checking bonus easy just to move money to savings.
Reply
Karl(@guest_1866163)
June 28, 2024 17:53
#1866163
TJ
BoA has very stable rates.
2
Reply
escot(@guest_1866297)
June 28, 2024 20:50
#1866297
Karl
kinda like Chase. (ya know, for that whopper $900 deal…. they’re counting on ya to forget, and let them keep yr money for ya……. at .ooo1% whatever)
Reply
Sam W.C.(@guest_1866014)
June 28, 2024 13:03
#1866014
Bank of America thinks we are stupid.
16
Reply
Terry(@guest_1866327)
June 28, 2024 21:48
#1866327
Sam W.C.
As someone who works in the industry, I can tell you that the vast majority are. This website is certainly not the average representation of the population. Most people are just trying to get a new car loan they can’t afford every few years with a few overdrafts and wonder why they can’t afford things.
3
Reply
Novacat05(@guest_1866013)
June 28, 2024 13:02
#1866013
Yea, how about NO! Sad attempt at luring new customers.
What’s even sadder are the fools who park any kind of money in savings accounts at big banks like this that earn .1%. However it is because of them that banks can afford some decent bonus offers(like Chase does), so I do thank them for that.
2
Reply
Brendan(@guest_1866004)
June 28, 2024 12:48
#1866004
glad I have platinum honors so I can get a whopping 0.012% APY instead
Reply
ink_me_please(@guest_1865999)
June 28, 2024 12:42
#1865999
This is a no go. Easy decision.
2
Reply
Alex(@guest_1865995)
June 28, 2024 12:32
#1865995
The $250 for $20k is 7.5% (60 day hold), which I thought was worth it, given that I already had the savings account, and am trying to maintain preferred rewards status. Not the best offer around but not terrible. Free wires from fidelity, so you can fund right at day 30. It’s a bit better than the 5.5% you might be getting elsewhere.
2
Reply
Gabriel(@guest_1866108)
June 28, 2024 16:18
#1866108
Alex
how are you getting free wires from fidelity?
Reply
Alex(@guest_1866357)
June 28, 2024 22:39
#1866357
Gabriel
I think they’re always free, no? Moomoo has been running the wire bonus, $30/month for $10k. Easy money. I don’t get why everyone is poopoo’ing this. I’m getting 5.55% at Huntington savings (targeted) and I’m still doing the offer since it’s 7.5%. Where are you guys getting better than 7.5%? Yes I’m doing all the bonuses, laurel road, discover savings, moomoo, etc. why all the hate for 7.5% for two months plus bump your preferred rewards status?
Reply
DSP(@guest_1866770)
June 29, 2024 19:35
#1866770
Alex
Yea I agree with this, but I just put the math at 65 day hold for free ACH. It turns it into 7.02%
Reply