You’ve seen the ads. A bright red banner promising a few hundred bucks just for moving your money. It’s tempting. But honestly, most people dive into a bofa checking account offer without actually looking at the tripwires.
Bank of America isn't just handing out cash because they’re feeling generous. They want your direct deposit. They want you in their ecosystem. If you play it right, you can snag up to $500 right now. If you mess up a single digit in your deposit total, you get exactly zero.
The Current $100 to $500 Tiered Bonus
Right now, through January 31, 2026, there’s a tiered offer on the table. It’s not a flat rate. How much you get depends entirely on how much your boss (or the government) sends to your account in the first 90 days.
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Here is how the tiers actually break down:
- $100 Bonus: You need qualifying direct deposits totaling between $2,000 and $4,999.
- $300 Bonus: This requires a jump to $5,000–$9,999 in total deposits.
- $500 Bonus: You have to hit $10,000 or more within that 90-day window.
It’s a "90-day sprint." You open the account, and the clock starts. If you’re a freelancer or work for a small shop that pays via Zelle or Venmo, be careful. Those don't count. Bank of America is very specific: it has to be an automated clearing house (ACH) deposit. Think paychecks, Social Security, or a pension.
I’ve seen people try to "game" this by transferring money from their savings account at another bank. That will not work. The bank's systems are smarter than that; they flag those as "person-to-person" or "account-to-account" transfers rather than "direct deposits."
Choosing the Right Account Flavor
You can't just open "any" account. You have to choose between three specific versions of their "Advantage Banking" product.
Advantage SafeBalance is the "starter" version. It’s great if you’re worried about overdrafts because it basically won't let you spend money you don't have. There are no paper checks. The fee is $4.95 a month, but they waive it if you’re under 25 or keep $500 in there.
Advantage Plus is what most people end up with. It’s the standard checking experience. You get checks (if you still use those), and the monthly fee is $12. You can dodge that $12 by having at least one direct deposit of $250 or more each month. Or, just keep a $1,500 daily balance.
Then there’s the Advantage Relationship account. This one is for the high-balance crowd. It’s $25 a month unless you have $20,000 across your accounts. It earns interest, but honestly? The interest is basically a rounding error—think 0.01% to 0.02%. You’re better off looking at a high-yield savings account if you want your money to actually grow.
The "Good Standing" Trap
One thing people forget is the waiting period. After you hit your deposit goal in those first 90 days, the bank takes another 60 days to actually drop the cash into your account.
If you close the account on day 91 because you're "done," you lose the bonus. The account must stay open and "in good standing." That means don't let it sit at a zero balance, and definitely don't let it go negative.
The 2026 "BofA Rewards" Overhaul
If you’re planning to stick around for the long haul, things are about to change. On May 26, 2026, the famous "Preferred Rewards" program is getting rebranded to BofA Rewards.
For years, the Gold, Platinum, and Platinum Honors tiers were the gold standard for credit card hackers. Why? Because if you had $100k with the bank (including Merrill investment accounts), you got a 75% boost on your credit card rewards. That turned a 1.5% card into a 2.625% "everything" card.
The new structure looks like this:
- Member Tier: For those with less than $30,000.
- Preferred Plus: $30,000 to $100,000.
- Preferred Honors: $100,000 to $1,000,000.
- Premier: $1 million and up.
If you’re already in the program, don't panic. Gold and Platinum members are getting rolled into "Preferred Plus." The big question mark is whether the benefits stay the same. Banks usually don't "rebrand" to give you more free stuff; they usually do it to tighten the belt. Keep an eye on your mail for the updated "Schedule of Benefits" this spring.
Is it actually worth the hassle?
Look, $500 is $500. But if you’re only going to hit the $100 tier and you’re going to struggle to waive the $12 monthly fee, you might end up paying back your bonus in fees over the first year.
Also, the IRS considers this interest. You’ll get a 1099-INT at the end of the year. If you’re in a high tax bracket, that $500 bonus might only feel like $350 after Uncle Sam takes his cut.
If you decide to go for it:
- Check your 12-month history. This offer is only for "new" customers. If you’ve had a BofA checking account in the last year, you’re disqualified.
- Use the code. Usually, the "bofa checking account offer" requires a specific promo code (like the current tiered digital offer) to be applied at the time of the online application.
- Track your dates. Set a calendar alert for 90 days out to ensure your deposits hit the total, and another for 150 days out to check for the bonus payout.
The most effective way to use this is as a bridge into the Merrill ecosystem. If you can move an IRA or a brokerage account over to Merrill, those balances count toward your BofA tiers. That’s how you actually win the game—not just by grabbing the $500, but by unlocking the permanent rewards boosts that come with the higher tiers.
To secure the bonus, ensure your first qualifying direct deposit lands within 30 days of account opening and keep the account active through the 60-day verification period.