Bank of America Promotions December 2023
Many individuals earn several hundred dollars annually by enrolling in new checking or savings accounts that provide promotional bonuses. The bonus amounts may differ depending on the bank or credit union, allowing you to boost your bank account. However, it’s important to note that these bonuses are considered interest income and are subject to taxes.
Bank of America is a reputable financial institution that provides various new account bonuses for eligible customers. Let’s review the current Bank of America promotions, the potential earnings, and the specific requirements for each promotion.
Bank of America Promotions for November 2023 include various offers:
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– Advantage Plus: Earn $200
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– Advantage Relationship: Earn $200
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– Advantage SafeBalance: Earn $200
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– Business Advantage Fundamentals: Earn $200
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– Business Advantage Relationship: Earn $200
Bank of America –
Advantage Plus account offers a $200 benefit.
To be eligible for the bonus, follow these steps:
1. Open a new account with Bank of America using the offer code TWA200CIS. Ensure it is a qualifying Bank of America Advantage Plus account.
2. Set up direct deposit for your account.
3. Receive at least $2,000 of direct deposits within the first 90 days of opening the account.
4. Wait for the bonus to be issued. It will be processed within 60 days of meeting these requirements.
Bonus Restrictions and Account Fees
To open a Bank of America Advantage Plus account, you must make a minimum deposit of $100. Direct deposits must be received from a qualifying employer. Deposits made via wire, ATM, debit card, or bank transfer, as well as deposits made in person or via ATM, are not eligible. Existing Bank of America checking account holders are only eligible if previous accounts have been closed for 12 months.
A $12 monthly maintenance fee will be charged unless you meet one of the following criteria each statement cycle:
- To ensure eligibility for the following benefits, it is advised to adhere to the following requirements:
1. Make direct deposits totaling at least $250.
2. Maintain a minimum balance of $1,500 on a daily basis.
3. Obtain membership in any of the following categories: Gold, Platinum, Platinum Honors, or Diamond Preferred Rewards.
Additional fees may apply for ATM transactions, international transactions, and lost debit card replacement.
Bank of America
Advantage Relationship account with a $200 bonus.
To receive the bonus, follow these steps:
1. Open a qualifying Bank of America Advantage Relationship account using the offer code TWA200CIS.
2. Set up direct deposit from your employer to the new account.
3. Ensure you receive direct deposits totaling $1,000 or more within the first 90 days of opening the account.
4. Once you meet these requirements, the bonus will be issued within 60 days.
To receive the bonus, follow these steps:
1. Open a new account with the offer code TWA200CIS. Use offer code TWA200CIS when opening a qualifying Bank of America Advantage Relationship account.
2. Set up direct deposit. Arrange for direct deposits to be credited to your new account through your employer.
3. Receive deposits. Receive direct deposits totaling $1,000 or more within the first 90 days of opening the account.
4. Await the bonus. The bonus will be issued within 60 days after meeting these requirements.
Bank of America
offers Advantage SafeBalance account with a limit of $200.
To receive the bonus:
1. Open a Bank of America SafeBalance Banking account using the offer code TWA200CIS.
2. Set up direct deposits from your employer to your new account.
3. Ensure you receive at least $2,000 of direct deposits within 90 days of opening your account.
4. Once these requirements are met, the bonus will be issued within 60 days.
Follow these steps to claim your bonus.
Bonus Restrictions and Account Fees
You’ll need to make a minimum deposit of at least $25 to open a Bank of America SafeBalance Banking account.
To qualify for the bonus, deposits must originate from a qualifying employer. Other deposit types, like wire transfers and individual deposits, are not eligible. Individuals with an existing Bank of America checking account are also ineligible. To qualify, any previous accounts must be closed for 12 months.
To avoid a $4.95 monthly maintenance fee, you have a few options: be a student under the age of 25, have an account owner who is under the age of 18, or become a Preferred Rewards member.
You’ll need to make a minimum deposit of at least $25 to open a Bank of America SafeBalance Banking account.
To qualify for the bonus, deposits must originate from a qualifying employer.
Other deposit types, like wire transfers and individual deposits, are not eligible. Individuals with an existing Bank of America checking account are also ineligible.. To qualify, any previous accounts must be closed for 12 months.
To avoid a $4.95 monthly maintenance fee, you have a few options: be a student under the age of 25, have an account owner who is under the age of 18, or become a Preferred Rewards member.
Please note that charges may be applicable for utilizing ATMs outside of our network, engaging in international transactions, or obtaining a replacement for a lost debit card.
BANK OF AMERICA
Business Advantage Fundamentals – $200
To qualify for the bonus 30 days
1. Open a Bank of America Business Advantage Fundamentals account. No offer code is required.
2. Make deposits of at least $5,000 within the first 30 days.
3. Maintain an average daily balance of $5,000 for the next 60 days (days 31-90 of the account).
4. Wait for the bonus to be issued, which will occur within 60 days after meeting these requirements.
Please note that existing Bank of America business customers are not eligible for this promotion. To qualify, any previous Bank of America business accounts must be closed for at least one year.
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To be eligible for the promotion, deposits must be made using new funds currently out of an existing Bank of America account. You must transfer money from an existing Bank of America account to your new business account to qualify for the promotion.
A monthly maintenance fee of $16 will be applied unless you meet one of the following criteria:
- To meet the requirements for the Bank of America Preferred Rewards for Business program, you must
- maintain a monthly balance of $5,000 across your Bank of America business accounts. Additionally, you
- must make purchases worth at least $250 using your Bank of America business debit card.
Please be aware that there may be additional fees, such as out-of-network ATM fees or fees for lost debit card replacements.
Bank of America Promotions: Pros and Cons
Pros:
- – Earn certain bonuses with relative ease.
- – Fairly low minimum deposits required to open new accounts.
- – Potential availability of targeted bonuses.
Cons:
- – Earnings from promotions are taxable.
- – Possible application of fees.
- – Some bonuses require high minimum balance requirements.
If you are looking for alternatives to Bank of America promotions, other banks offer enticing checking and savings account promotions as well. For example, Chase, Citi, Wells Fargo, and TD Bank also have similar bonuses on offer.
It is advisable to compare the promotions offered by different banks as they vary in bonus amounts, requirements, and timelines for earning these bonuses.
Credit Card Bonuses
Credit card bonuses are often available when you open a new rewards credit card and spend a certain amount within a specified period. These bonuses can be substantial, with premium travel rewards credit cards sometimes offering welcome bonuses worth $1,000 or more.
Short-Term CD Account
A Short-Term CD Account is a popular choice among many banks, as they have increased their rates to stay competitive following the Federal Reserve’s rate increases. If you can keep your funds invested, a short-term CD can offer generous interest earnings. You can easily find CDs with terms of less than 12 months that offer excellent rates. Look at the top 3-month CDs and 6-month CDs available to explore your options.
Long-Term CD Account
Consider choosing a long-term CD account that lasts for a year or more. Depending on the financial institution you select, these CDs may yield higher rates. To find the optimal rate and term for your needs, compare options such as 1-year CDs, 18-month CDs, 2-year CDs, and 3-year CDs.
Frequently Asked Questions
Who Is Eligible for Bank of America Promotions?
Customers who open a qualifying Bank of America account can qualify for bank promotions. To earn the promotion, specific requirements must be met. These may include setting up direct deposits within a specific timeframe or maintaining a minimum balance. It’s important to note that existing customers may not be eligible for new account promotions.
Are Bank of America Promotions Taxed?
Bank promotions, regardless of the bank providing them, are subject to taxation. These promotions are classified as interest income, and at tax time, you will receive a 1099-INT form from the issuing bank.
So, if you earn a bank promotion of $100 or $200 2023 by opening a qualifying Bank of America account, you must pay taxes on this amount when filing your 2023 tax returns in 2024.
