Best Bank of America Promotions of April 2020: Bonuses Worth Up To $500

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 this month’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.

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 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: April 2020
AccountCash Value of BonusExpiration Date
Bank of America Advantage SafeBalance Banking$100June 30
Bank of America Advantage Plus Banking$100June 30
Bank of America Advantage Relationship Banking$100June 30
Bank of America Cash Rewards credit card$200None
Bank of America Premium Rewards credit card$500None

Check Out: Bank of America Interest Rates — How To Get the Bank’s Best Rates

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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 is a basic checking option for those who don’t write checks. It comes with access to Zelle, a cash rewards program and a debit card with $0 fraud liability.

  • Cash value: $100
  • Minimum deposit to qualify: $25 plus two deposits of $250 or more
  • Expiration date: June 30
  • How to get it: Open an account online before the expiration date; use the offer code PSR100CIS.
  • When you’ll get it: You’ll see the bonus credited to your account within 60 days of meeting the requirements.
  • Terms and conditions: You must receive two qualifying direct deposits of at least $250 within 90 days of opening your new account. Qualifying deposits include salary, pension and Social Security payments you receive regularly.
  • Monthly fee: $4.95 per statement cycle (waived with enrollment in Preferred Rewards)
  • Promotion page: Bank of America Advantage SafeBalance Banking bonus offer

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Advantage Plus Banking: $100 Bonus

Bank of America’s Advantage Plus Banking offers the same basic benefits as the SafeBalance Banking checking account, along with a few additional perks. The account also has the option to add overdraft protection and ways to waive the monthly fee.

  • Cash value: $100
  • Minimum deposit to qualify: $100 plus two deposits of $250 or more
  • Expiration date: June 30
  • How to get it: This bonus is available for new accounts opened online only; use the offer code PSR100CIS.
  • When you’ll get it: The bonus will be paid within 60 days after you meet the requirements.
  • Terms and conditions: When you open your Bank of America Advantage Plus Banking account, set up a minimum of two qualifying direct deposits.
  • Monthly fee: $12 (waived with qualifying minimum direct deposit, minimum daily balance or enrollment in Preferred Rewards)
  • Promotion page: Bank of America Advantage Plus Banking bonus offer

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Advantage Relationship Banking: $100 Bonus

The Advantage Relationship Banking checking account is an interest-earning option with additional features like fee waivers for select accounts. Overdraft protection, access to Zelle, cash rewards and a $0 liability debit card accompany this checking account.

  • Cash value: $100
  • Minimum deposit to qualify: $100 plus two deposits of $250 or more
  • Expiration date: June 30
  • How to get it: This bonus is available for new accounts opened online only; use the offer code PSR100CIS.
  • When you’ll get it: The bonus will be paid within 60 days after you meet the requirements.
  • Terms and conditions: You must set up and receive two qualifying direct deposits within 90 days of opening the account.
  • Monthly fee: $25 (waived with minimum balances in linked accounts or enrollment in Preferred Rewards)
  • Promotion page: Bank of America Advantage Relationship Banking bonus offer

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Cash Rewards Credit Card: $200 Bonus

With the Bank of America Cash Rewards credit card, you earn up to 3% cash back with no annual fee and an introductory annual percentage rate on purchases and balance transfers for 15 billing cycles.

  • Cash value: $200
  • Minimum spend to qualify: $1,000
  • Expiration date: Ongoing
  • How to get it: Use the card to make at least $1,000 in purchases within 90 days of opening the account.
  • When you’ll get it: The cash rewards will post to the account eight to 12 weeks after you meet the purchase criteria.
  • Terms and conditions: This offer is available for new credit card accounts. Balance transfers, fees and adjustments to the account do not qualify as purchases for the bonus.
  • Annual fee: None
  • Promotion page: Bank of America Cash Rewards credit card bonus offer

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Premium Rewards Credit Card: Bonus Points ($500 Value)

The Premium Rewards credit card from Bank of America gives you up to two points for every dollar spent. You can also get travel statement credits: up to $100 per year for airline incidental purchases and up to $100 every four years for TSA Precheck or Global Entry.

  • Cash value: $500
  • Minimum spend to qualify: $3,000
  • Expiration date: Ongoing
  • How to get it: Use the card to make at least $3,000 in purchases within the first 90 days of opening the account.
  • When you’ll get it: The 50,000-point bonus will be applied to your account within eight to 12 weeks after you meet the purchase requirement.
  • Terms and conditions: The bonus offer is available only for new accounts.
  • Annual fee: $95
  • Promotion page: Bank of America Premium Rewards credit card bonus offer

More on Banks: Best Checking Accounts of 2020

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How To Open a Bank of America Account

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

Good To Know: How To Find and Use Your Bank of America Login

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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 if you’re looking for a checking account, keep in mind that every checking option with a bonus offer has a monthly service fee, and racking up fees over time can counteract the benefit of earning a bonus. Luckily, if you meet certain qualifications, Bank of America’s monthly service fees are avoidable. In the event that you earn a bonus and can manage to avoid monthly fees, you can consider the rewards worth the effort.

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More on Bank of America

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    John Csiszar and Arielle Moscati contributed to the reporting for this article.

    Information on promotions is accurate as of March 17, 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.

    This article has been updated with additional reporting since its original publication.

    About the Author

    Jared Nigro is from Pittsburgh, which is obvious by the way he gravitates toward cheese at parties. He is a comedy writer from The Groundlings Sunday Company, Upright Citizens Brigade and has his own digital show on Comedy Central called “Broken People.” When he isn’t being funny, he’s reading books on debt and finance and listening to his favorite finance podcast, ChooseFI.