Best Bank of America Promotions and Offers: January 2020

Consider these offers before you open a Bank of America account.

If you aren’t a current Bank of America customer, now is the time to snag some bonus cash by qualifying for some of January’s best promotions and offers. All you have to do is open a new Bank of America account and meet the promotion’s specific requirements.

A GOBankingRates survey revealed that many Americans miss out on free money from financial institutions. You don’t want to count yourself among those who pass up valuable opportunities. Instead, discover which Bank of America account is best for you and pocket some extra green in the process.

Here’s a quick look at what you’ll find out in this guide to Bank of America’s promotions:

Bank of America Promotions at a Glance

To help you get an idea of what Bank of America currently has to offer before you dive into the specifics, here are the highlights:

Best Bank of America Promotions: January 2020
AccountCash Value of BonusExpiration DateMinimum Deposit To Qualify
Bank of America Advantage SafeBalance Banking$100June 30$25
Bank of America Advantage Plus Banking$100June 30$100
Bank of America Advantage Relationship Banking$100June 30$100
Business Advantage Travel Rewards World Mastercard Credit Card$250NoneSpend at least $1,000 in the first 60 days
Business Advantage Cash Rewards Credit Card$300NoneSpend at least $3,000 in the first 90 days
Platinum Plus Mastercard Business Card$300NoneSpend at least $3,000 in the first 90 days
Select Bank of America Accounts$15 totalJan. 17Must perform specified mobile tasks; by invitation only

Related: Best Bank Promotions and Bonuses Available Now

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Current Bank of America Promotions

Now that you have a basic understanding of what Bank of America is currently offering, it’s time to dive deeper. Although cash bonuses are nice, you should consider them a cherry on top. It’s more important to choose an account that will meet your financial needs. Here’s what you need to know about each offer before creating an account with Bank of America.

Advantage SafeBalance Banking: $100 Bonus

The Bank of America Advantage SafeBalance Banking account offers account holders access to Zelle, cash-back deals with BankAmeriDeals and a debit card with a $0 liability guarantee.

  • Minimum deposit to qualify: $25
  • Expiration date: June 30
  • How to get it: This bonus is only offered if you open the checking account online; the offer is not available if you visit a Bank of America branch to open your account.
  • When you’ll get it: The bonus will be paid out within 60 days after you meet all of the qualifying requirements.
  • Terms and conditions: A $25 opening deposit is required. When you open your Bank of America Advantage SafeBalance Banking account, set up a minimum of two qualifying direct deposits. Each deposit must be $250 or more and be made within the first 90 days of opening your account.
  • Monthly fee: $4.95 per statement cycle
  • Promotion page: Bank of America Advantage SafeBalance Banking $100 bonus offer

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Advantage Plus Banking: $100 Bonus

Like Bank of America Advantage SafeBalance Banking, this checking account gives customers access to Zelle, a debit card with a $0 liability guarantee and cash-back deals with BankAmeriDeals. Plus, the account has the option to add overdraft protection.

  • Minimum deposit to qualify: $100
  • Expiration date: June 30
  • How to get it: You must open this checking account online; the offer is not available if you open the account at a Bank of America branch.
  • When you’ll get it: The payout of the bonus will occur within 60 days after you meet all of the qualifying requirements.
  • Terms and conditions: When you open your Bank of America Advantage Plus Banking account, set up a minimum of two qualifying direct deposits. Each deposit must be $250 or more and be made within the first 90 days of account opening.
  • Monthly fee: $12 per statement cycle
  • Promotion page: Bank of America Advantage Plus Banking $100 bonus offer

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Advantage Relationship Banking: $100 Bonus

Bank of America Advantage Relationship Banking has an option to add overdraft protection. The account earns interest and offers access to Zelle, cash-back deals with BankAmeriDeals and a debit card with a $0 liability guarantee.

  • Minimum deposit to qualify: $100
  • Expiration date: June 30
  • How to get it: Open this checking account online to receive the bonus; the bonus offer is not available if you open your account at a Bank of America branch.
  • When you’ll get it: The bonus will be paid out within 60 days after you meet all of the qualifying requirements.
  • Terms and conditions: When you open your Bank of America Advantage Relationship Banking account, set up a minimum of two qualifying direct deposits. Each deposit must be $250 or more and be made within the first 90 days of account opening.
  • Monthly fee: $25 per statement cycle
  • Promotion page: Bank of America Advantage Relationship Banking $100 bonus offer

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Business Advantage Travel Rewards World Mastercard Credit Card: $250 Bonus

Bank of America’s Business Advantage Travel Rewards World Mastercard credit card offers three points per dollar spent on travel and 1 1/2 points on all other spending.

  • Minimum spend to qualify: $1,000
  • Expiration date: Ongoing
  • How to get it: You must spend the required $1,000 within the first 60 days of account opening to qualify for the bonus.
  • When you’ll get it: Bonus points will be applied to your account within 10-12 weeks after qualifying activities.
  • Terms and conditions: To qualify for the 25,000-point bonus, spend $1,000 in the first 60 days of account opening. Points can be redeemed for a $250 statement credit towards travel purchases.
  • Annual fee: $0
  • Promotion page: Business Advantage Travel Rewards World Mastercard credit card 25,000-point bonus offer

Also See: Your Guide to Bank of America SWIFT Codes

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Business Advantage Cash Rewards Credit Card: $300 Bonus

Bank of America’s Business Advantage Cash Rewards credit card offers a 3% bonus on your choice of six popular spending categories, ranging from gas stations or travel to office supply stores or computer services. You’ll also earn 2% back on dining and unlimited 1% back on all other categories.

  • Minimum spend to qualify: $3,000
  • Expiration date: Ongoing
  • How to get it: You must spend the required $3,000 within the first 90 days of account opening to qualify for the bonus.
  • When you’ll get it: Bank of America will pay out your $300 account bonus within 10-12 weeks after the qualifying transactions post.
  • Terms and conditions: To qualify for the $300 account bonus, make net purchases of at least $3,000 in the first 90 days after opening your account.
  • Annual fee: $0
  • Promotion page: Platinum Plus Mastercard Business card bonus offer

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Platinum Plus Mastercard Business Card: $300 Bonus

Bank of America’s Platinum Plus Mastercard Business card offers a competitive annual percentage rate with no annual fee.

  • Minimum spend to qualify: $3,000
  • Expiration date: Ongoing
  • How to get it: You must spend the required $3,000 within the first 90 days of account opening to qualify for the bonus.
  • When you’ll get it: Expect the $300 account bonus within 10-12 weeks after the qualifying transactions post.
  • Terms and conditions: To qualify for the $300 account bonus, make net purchases of at least $3,000 in the first 90 days after opening your account.
  • Annual fee: $0
  • Promotion page: Platinum Plus Mastercard Business card bonus offer

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Bank of America Mobile App: Up to $15 Bonus

Bank of America’s mobile app allows customers to manage their accounts digitally, including mobile money transfer, bill pay and check deposit.

Though bank promotions are rarely targeted towards current customers, the Bank of America mobile app promotion is invite-only for a limited number of current customers who haven’t used the mobile app. Each of the three different parts to this promotion pays a $5 credit. Customers who receive the invite have up to three actions they can complete.

  • Minimum requirements to qualify:
    • Try mobile check deposit ($5)
    • Transfer money using Zelle ($5)
    • Use mobile bill pay ($5)
  • Expiration date: Jan. 17
  • How to get it: The offer is targeted and is available to specific customers only. You can check your eligibility via the app or when you deposit a check at an ATM or a branch, at which point you’ll be notified of the compensation available through the app.
  • When you’ll get it: After you conduct the qualifying transactions
  • Terms and conditions: This is an invite-only promotion with up to three actions you can perform based on your invite.

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How To Open a Bank of America Account

There are three simple ways to open a Bank of America account:

Check Out: Bank of America Bank Near Me

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Are Bank of America Promotions Right for You?

If you like the idea of banking with a traditional brick-and-mortar financial institution with the advantages Bank of America has to offer, it might be time to open a new account and take advantage of these promotions. But every account with a bonus offer has a monthly service fee, and racking up fees over time can counteract the benefit of earning a bonus. Luckily, Bank of America’s monthly service fees are avoidable if you meet certain qualifications. In the event you earn a bonus and can manage to avoid monthly fees, you can consider the rewards worth the effort.

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More From GOBankingRates

Jared Nigro contributed to the reporting for this article.

Information on promotions is accurate as of Jan. 6, 2020. Additional requirements may apply. Offers and terms are subject to change. This content is not provided by Bank of America. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Bank of America.

About the Author

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.