Bank of America savings bonus
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If you’re looking to open a new bank account, a new account bonus can be an extra incentive.
While Bank of America doesn’t have a bonus for opening a savings account at the moment, there is an online-only up to $500 bonus for opening a new checking account with qualifying direct deposits within 90 days.
Still, if you’re looking for a traditional bank with lots of branches and ATMs and a robust app with lots of handy tools, a Bank of America savings account may fit the bill. Just know you’ll earn interest at a rate that’s below the national average.
Bank of America savings bonus details
Bank of America isn’t publicly advertising any savings account offers, either for new customers or for existing customers who don’t already have a savings account.
How do I get a bonus from Bank of America?
There’s a benefit at Bank of America for opening a checking account. Bank of America is offering an up to $500 bonus through January 31, 2026. To qualify for the offer, you’ll need to:
- Open a new eligible Bank of America personal checking account. This includes SafeBalance Banking®, Advantage Plus Banking and Advantage Relationship Banking.
- Have qualifying direct deposits into that new account within 90 days of opening the eligible checking account. A total of $2,000 in deposits will earn a $100 bonus, a total of $5,000 in deposits will earn a $300 bonus and $10,000 or more in deposits will earn $500.
- Once you’ve met the criteria, 90 days after account opening, Bank of America will deposit your bonus into your account within 60 days.
Should I open a Bank of America savings account?
Bonus offers may entice you to open a savings account, but they shouldn’t be the only factor to consider when opening an account. Other factors to consider are fees, account minimums, interest rates, bank reputation, ease of access to your funds and the quality of customer service.
BofA’s Advantage Savings account requires just $100 to open, making it accessible to nearly anyone. There is an $8 monthly fee, but it can be waived in several ways, including maintaining a $500 minimum monthly balance. The downside, however, is that savings rates are low — even for those who qualify for BofA’s top tier.
You can find plenty of other savings account options that charge no fees and offer higher interest rates, especially if you’re comfortable banking solely online. But you’ll sacrifice branch access and in-person service, so it may not be the best option for everyone.
Bottom line
Bank of America’s large branch network can make it a good fit for you. But if you’re looking for the best interest you can find on a savings account, there are many higher-yielding options at other online banks also insured by the Federal Deposit Insurance Corp (FDIC). See Bankrate’s list of best high-yield savings accounts for the latest top-yielding rates.