Bank of America is paying new checking customers up to $500 to open an eligible Advantage checking account through its offer page by January 31, 2027 and route direct deposits into it. The bonus tier depends on how much qualifying direct deposit lands in the first 90 days. If you haven't owned or co-owned a Bank of America personal checking account in the last 12 months, this one's for you.
Deal Details
Bank of America totals your qualifying direct deposits at the end of a 90-day Deposit Period that starts when you open the account, then pays from this chart:
- Less than $2,000: no bonus
- $2,000 to $4,999: $100
- $5,000 to $9,999: $300
- $10,000 or more: $500
After the Deposit Period ends and you've met every requirement, Bank of America says it will attempt to deposit the bonus into your new checking account within 60 days. The account has to be open and in good standing up to and including the day the bonus is paid.
What counts as a qualifying direct deposit. A direct deposit of regular monthly income, such as salary, pension or Social Security benefits, made by your employer or another payer using the account and routing numbers you give them. Teller deposits, wire transfers, debit card transfers, ATM transfers or deposits, Online and Mobile Banking transfers or deposits, and transfers from a bank, brokerage or Merrill investment account don't count. Moving money in from another bank won't move you up the chart.
Who's excluded. The offer is limited to people who haven't owned or co-owned a Bank of America personal checking account within the last 12 months. Fiduciary accounts such as trusts, Bank of America Advantage SafeBalance Banking for Family Banking accounts and business accounts aren't eligible. It's one bonus per account and per customer, and it can't be combined with any other checking bonus.
You have to enroll through the offer page or through a Bank of America or Merrill associate. Bank of America may change or end the offer before January 31, 2027 without notice, and it may issue a Form 1099 for the bonus, since it may count as taxable income.
The Three Eligible Accounts
Bank of America lists three accounts for this offer, each with a monthly maintenance fee that can drop to $0:
- Bank of America Advantage SafeBalance Banking: $4.95 or $0 a month, with no monthly fee if you're under 25. No paper checks and no Overdraft Item Fees. The minimum opening deposit is $25.
- Bank of America Advantage Plus Banking: $12 or $0 a month. Bank of America says there are multiple ways to waive the fee, including direct deposit. Paper checks are available, and the minimum opening deposit is $100.
- Bank of America Advantage Relationship Banking: $25 or $0 a month. It earns interest (0.01% APY under $50,000 and 0.02% at $50,000 and over, as of October 1, 2026) and waives fees on select services such as incoming domestic wires and stop payments. The minimum opening deposit is $100.
The offer page sends you to Bank of America's Personal Schedule of Fees for the exact waiver rules, so read that before you pick an account.
How to Take Advantage
- Open Advantage SafeBalance, Advantage Plus or Advantage Relationship Banking through Bank of America's offer page by January 31, 2027.
- Give your employer or other payer the new account and routing numbers so your regular income arrives as a direct deposit within 90 days of opening.
- Keep the account open and in good standing until the bonus posts, which Bank of America says it will attempt within 60 days after the Deposit Period ends.
Why This Deal Matters
The tiers reward paychecks, not transfers, so the bonus you can reach depends on how much of your pay you're willing to redirect for 90 days. Say your direct deposits total $4,500 in the window: that's the $100 tier, and another $500 of payroll would move you to $300. If you can split your direct deposit, sending a larger share here for 90 days is how you climb the chart.
A Bank of America personal checking account also makes you eligible for BofA Rewards, which has no fee to join and sets tiers by your combined balances. Our BofA Rewards guide covers how the tiers work, and if you carry a Bank of America card, what each tier pays on every Bank of America card shows what the checking account can add on the credit side.
If you're comparing bank bonuses this fall, TD Bank's checking and savings offer is another up-to-$500 deal we're tracking.
Who Should Open One
This fits you if you can send at least $2,000 of regular income to a new account within 90 days and haven't owned or co-owned a Bank of America personal checking account in the last 12 months. Skip it if your income doesn't arrive by direct deposit, since transfers don't count. The offer ends January 31, 2027, and Bank of America can pull it sooner.
