Bank of America is offering a $500 cash bonus to customers who open an Advantage Plus Banking® or Advantage Relationship Banking® account.
The second-largest bank in the U.S by asset size, Bank of America also owns Merrill Lynch — and you can earn a cash incentive of up to $600 when you invest in a new Merrill account.
Find out about these Bank of America opportunities — and learn how cash bonuses work — below.
Bank of America Advantage Banking: Earn up to $500
How do you get the bonus? Open a Bank of America Advantage Plus Banking® or Advantage Relationship Banking® account and receive qualifying direct deposits within 90 days of account opening:
- $100 cash bonus: Direct deposits totaling $2,000 to $4,999.
- $300 cash bonus: Direct deposits totaling $5,000 to $9,999.
- $500 cash bonus: Direct deposits totaling $10,000+
When do you receive the bonus? Bank of America will typically deposit your bonus within 60 days of completing the promotional requirements.
- Earn cash back on select deals at restaurants, stores, and more through BankAmeriDeals®, turning everyday spending into savings.
- Keep the Change® rounds up debit card purchases and transfers the difference to your savings account, making it easy to save without thinking about it.
- Four ways to waive the $12 monthly maintenance fee, giving you more flexibility to avoid it than most checking accounts.
- Access to 16,000 Bank of America ATMs nationwide for fee-free cash withdrawals.
- $100 minimum deposit required to open an account.
- $12 monthly maintenance fee applies if you don’t meet the criteria to waive it.
- $10 overdraft fee per item with a maximum of two per day, so it’s worth setting up protections to avoid it.
- No reimbursement for out-of-network ATM fees, so it may be worth planning withdrawals around Bank of America’s network when possible.
How to avoid the monthly fee (when you meet ONE of the requirements during each statement cycle):
- Have at least one qualifying direct deposit of $250 or more to your account
- Maintain a minimum daily balance of $1,500 or more in your account
- Enroll in the Preferred Rewards program (Learn more at bankofamerica.com/preferred-rewards)
Bank of America Advantage Relationship Banking®
Annual Percentage Yield (APY)
Varies by balance size (0.01% to 0.02%)
Monthly maintenance fee
$25, with options to waive
Minimum deposit to open
$100
Minimum balance
Maintain a balance of $20,000 or more in your account to waive monthly maintenance fee.
Free ATM network
16,900 Bank of America ATMs
ATM fee reimbursement
None
Overdraft fee
$10 per item (max 2 per day)
Terms apply. Bank of America is a Member FDIC.
What to know about this offer. Qualifying direct deposits include paychecks, pensions, Social Security benefits checks and other regular monthly income. Teller deposits, wire transfers and ATM card transfers do not qualify. This offer isn't available to existing Bank of America deposit account clients or to customers who have closed a Bank of America Advantage account within the past 12 months. The account must be open, in good standing and have a positive balance when the cash bonus is deposited.
When does the offer expire? This promotion expires on Sep. 30, 2026.
Open a new Merrill Lynch investment account: Earn up to $600
How do you get the bonus? Open a Merrill Edge® Self‑Directed, Merrill Guided Investing or Merrill Guided Investing with Advisor account using offer code 600ME and fund your account with qualifying net new assets within 45 days of account opening.
- For the $100 cash bonus: $20,000 to $49,999 balance.
- For the $150 cash bonus: $50,000 to $99,999 balance.
- For the $250 cash bonus: $100,000 to $249,999 balance.
- For the $600 cash bonus: $200,000+ balance.
When do you receive the bonus? Your cash reward will be credited to your IRA or Cash Management Account (CMA) within two weeks following the end of the 90-day qualifying period.
Merrill
Minimum deposit and balance
No minimum for self-directed accounts. Minimum investment of $1,000 for Merrill Guided Investing and $20,000 for Merrill Guided with an Advisor.
Fees
Commission-free stock and ETF trading for self-directed accounts. Broker-assisted trades: $29.95. No commissions for online trading of new-issue CDs or Treasury bonds. Secondary-market corporate, municipal and agency bonds cost $1 per bond ($10 minimum and $250 maximum). There is a $49.95 fee for closing a retirement account.
Bonus
Earn up to $600 by opening an eligible Merrill Edge account with an offer code and making a qualifying investment of at least $20,000 into your new account within 45 days. You must maintain that balance for at least 90 days.
Investment vehicles
Merrill Edge Self-Directed (free), Merrill Guided Investing (0.45% annual fee), Merrill Guided Investing with an Advisor (0.85% annual fee). Individual, joint and custodial accounts and traditional, Roth, SEP and Rollover IRAs
Investment options
Stocks, equities, ETFs, mutual funds, listed options, UITs, fixed income securities (bonds)
What to know about this offer. You must maintain your balance for at least 90 days after the 45-day deposit window. The offer is only valid for new individual Merrill IRAs or Cash Management Accounts (CMAs).
When does the offer expire? There is no expiration date listed for this offer.
What to know about bank bonuses
Before you try to take advantage of a Bank of America sign-up bonus, there are several things to keep in mind:
You must be a new customer: Cash bonuses are intended to attract new business, so if you already have an account, you're likely ineligible. Bank of America also excludes customers who have closed an account within the past 12 months. You may still qualify if you have another product with the bank (for example, a credit card).
You must meet the enrollment requirements: To receive a bonus, you must make a minimum opening deposit or a qualifying total of direct deposits and keep the funds in place for a number of weeks. Residents of certain states may not be eligible for every promotion.
You must use new money: The funds used to open your account typically need to come from an outside source, such as a paycheck, government benefits, a transfer from an account at a different bank or an external wire transfer or ACH transfer.
It might not be the best option: A promotional bonus doesn't necessarily mean the account is the best fit for you. Bank of America's Advantage Checking, for example, doesn't earn an APY and has a monthly fee unless you meet certain requirements.
Pros and cons of bank bonuses
Consider the benefits and drawbacks before taking advantage of a new sign-up bonus.
Pros
- Free cash. Even if you have to meet account requirements, a few hundred dollars can help pay down debt or fatten your emergency fund.
- Other perks. Some banks include additional incentives, such as a higher APY on a checking account or cash back on a linked credit card.
Cons
- Eligibility requirements. You'll need to deposit a minimum amount and leave it in your new account for weeks or even months.
- The account offerings may not be great. A hefty bonus may be used to attract customers to an account with little or no interest, high fees, a limited ATM network or other red flags.
- Bonuses are taxable. Bank account bonuses are usually considered taxable income, so a slice of the bonus you earn will have to be given to the IRS.
FAQs
What states does Bank of America operate in?
Residents of all 50 U.S. states can open checking and savings accounts with Bank of America online, provided they meet the bank's account eligibility requirements. Bank of America has approximately 3,700 physical branches across 39 states and Washington, D.C.
Can I close my Bank of America account after I get my bonus?
Bank of America requires your account to be open and in good standing when you receive the bonus. While some banks assess an early-closure penalty if you close your account immediately after earning your cash incentive, Bank of America does not specify a post-bonus holding period.
What qualifies as direct deposit?
Each institution defines direct deposit differently, but a qualifying direct deposit is usually an electronic transfer of regular income — such as a paycheck, pension, or Social Security benefit check—made by your employer or another payer using the account and routing numbers you provide. Cash deposits, personal checks, internal transfers, transfers from your account at another bank or from peer-to-peer (P2P) payment apps like Venmo are typically excluded.
Is it OK to have more than one bank account?
If you are good at staying on top of your finances, having multiple deposit accounts can allow you to take advantage of various benefits. You can use one checking account for bills and another for daily spending, or use separate accounts for business and personal expenses.
Some couples have joint accounts for household expenses, as well as their own private accounts.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every banking article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
CNBC Select routinely monitors promotions from a range of banks, credit unions and online financial institutions. We focus on banks with large national footprints and consider how difficult it is to qualify for the incentive.
We regularly update our lists of the best checking account, savings account, brokerage account and business bank account bonuses to keep readers informed about promotions while they're available.
We reviewed each promotion on a range of features, including:
- Bonus amount
- Eligibility requirements
- Other account perks
- Maintenance fees and other charges
- Branch locations and nationwide availability
- ATM network
- Availability of other financial products
Most brick-and-mortar banks require you to enter your ZIP code online for the correct account offerings. Product and feature availability vary by market, so these accounts may not be offered in your area.
All of the accounts included on this list are FDIC- or NCUA-insured up to $250,000.
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