Newest Bank of America Promotions, Bonuses, Offers and Coupons: January 2021

Bank of America bank promotions

If you aren’t a current Bank of America customer, now is the time to snag some bonus cash by checking out the best Bank of America promotions and offers for January 2021. Like many banks, Bank of America regularly pays bonuses to attract new customers. All you have to do is open a new Bank of America account and meet the requirements.

You can earn extra cash to pad your savings account. Being able to save — even a few hundred dollars — is important during the current economic downturn. These Bank of America bonuses made the list because they’re lucrative bonuses with requirements within reach for most people.

Best Checking Account Promotions

Bank of America has one bonus for its Advantage checking accounts. Choose the account that best meets your needs and score some free cash.

Advantage Banking: $100 Bonus Offer

Through June 30, 2021, Bank of America, Member FDIC is offering a $100 bonus offer when you open an Advantage Banking account. This offer is available online only for new checking customers and you must meet certain requirements.

  • Cash value: $100
  • Minimum deposit to qualify: Two qualifying direct deposits of $250 or more
  • Expiration date: June 30, 2021
  • How to get it: To qualify, you must first enroll in the offer through the Bank of America promotional page by opening a new checking account, then set up and receive two qualifying direct deposits of $250 or more each within 90 days. Additional terms and conditions apply. See offer page for more details.
  • When you’ll get it: Within 60 days of meeting all requirements
  • Terms and conditions: This offer is only available to new Bank of America customers and those who have not had a Bank of America account within the last 12 months. Qualifying deposits include salary, pension and Social Security payments you receive regularly. See promotion page for full terms and conditions.
  • Monthly fee:
    • Bank of America Advantage SafeBalance Banking® – $4.95 per statement cycle, though this can be waived with enrollment in Preferred Rewards.
    • Bank of America Advantage Plus Banking®- $12, but this fee is waived if you meet minimum direct deposit or minimum daily balance requirements or enroll in Preferred Rewards.
    • Bank of America Advantage Relationship Banking® – $25, which is waived if you meet the minimum balance requirements in linked accounts or enroll in Preferred Rewards
  • Promotion page: Advantage Banking bonus offer
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Best Business Account Promotions

Currently, there are two Bank of America business accounts that offer a bonus. Choose between a business checking account or a credit card — or both.

Business Checking Account: Up To $750 Bonus

Businesses of all sizes can find a perfect fit between Bank of America’s Business Fundamentals Checking and Business Advantage Checking accounts. New customers can cash in on a $500 or $750 bonus. Here’s more:

  • Cash value: Up to $750
  • Minimum spend to qualify: $20,000
  • Expiration date: Jan. 31
  • How to get it:
    • Open a new Business Fundamentals account or Business Advantage checking account using the unique promo code received in the mail.
    • Deposit at least $50,000 within 15 days of account opening to earn a $750 bonus or at least $20,000 within 15 days of account opening to earn a $500 bonus.
    • Maintain an average balance of the qualifying deposit amount — $50,000 or $20,000 — for 60 days during the maintenance period.
    • Make five qualifying electronic transactions within 60 days of account opening.
  • When you’ll get it: Within 60 days from the end of your qualifying period
  • Terms and conditions: Each requirement must be met before the deadline. Offer is available only to new customers who receive an invitation from the bank.
  • Monthly fee: $16 or $29.95, but can be waived by meeting average monthly balance or minimum daily balance requirements or by spending the required amount on net new purchases on a business debit or credit card.
  • Promotion page: Business Advantage Cash Rewards credit
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Business Advantage Cash Rewards Credit Card: $300 Statement Credit

With the Business Advantage Cash Rewards credit card, you earn 3% cash back in a spending category of your choice, 2% cash back on dining and unlimited 1% cash back on other purchases. Best of all, you can change the 3% category each month via the mobile app. New customers can earn a statement credit worth $300 when they open an account. Here’s more:

  • Cash value: $300
  • Minimum spend to qualify: $3,000
  • Expiration date: None
  • How to get it: Open a new Business Advantage Cash Rewards credit card and use the card to make at least $3,000 in purchases within 90 days.
  • When you’ll get it: 10 to 12 weeks after meeting requirements
  • Terms and conditions: Applicants are subject to credit approval. Only one statement credit is allowed per company.
  • Annual fee: None
  • Promotion page: Business Advantage Cash Rewards credit card bonus offer

Best Credit Card Promotions

Earn lucrative Bank of America bonuses with one of the bank’s rewards credit cards. Not only do you get the perks of a rewards card but also an added bonus to make the deal even sweeter.

Premium Rewards Credit Card: 50,000 Bonus Points ($500 Value)

Bank of America’s top-ranked Premium Rewards credit card gives you up to two points for every dollar you spend. It comes with additional features like travel statement credits and up to $100 every four years for TSA Precheck or Global Entry. Here are the details:

  • Cash value: $500
  • Minimum spend to qualify: $3,000
  • Expiration date: None
  • How to get it: Open an account online or by phone using priority code NAABPK; use the card to make at least $3,000 in purchases within 90 days.
  • When you’ll get it: Eight to 12 weeks after meeting spending requirements
  • Terms and conditions: The bonus offer is available only for new accounts. Customers are limited to one bonus and cannot convert an existing Bank of America account to earn the bonus points.
  • Annual fee: $95
  • Promotion page: Premium Rewards credit card bonus offer

Cash Rewards Credit Card: $200 Bonus

With the Bank of America Cash Rewards credit card, you earn up to 3% cash back — and the option to boost points through Preferred Rewards. The card comes with no annual fee and a low introductory annual percentage rate for 15 billing cycles. New cardholders can earn a $200 bonus. Here are the details:

  • Cash value: $200
  • Minimum spend to qualify: $1,000
  • Expiration date: None
  • How to get it: Use priority code TC0118 when opening the account by phone, or apply online. Then make at least $1,000 in purchases within 90 days.
  • When you’ll get it: Within eight to 12 weeks after you meet the purchase criteria
  • Terms and conditions: The offer is available for new credit card accounts only. Balance transfers, fees and adjustments to the account don’t qualify as purchases for the bonus.
  • Annual fee: None
  • Promotion page: Cash Rewards credit card bonus offer

Is Bank of America the Right Choice for You?

Bank of America offers a full lineup of banking products and services with branches across the country. It may be worth checking out if you like the convenience offered by a large, national bank. Make sure it meets your need and explore the bank’s products and services in this review.

Cash bonuses are great perks, but they shouldn’t be the only reason you choose a bank. Bank of America accounts can come with hefty maintenance fees. Over time, they can cost you more than you earn through a bonus.

Information on promotions is accurate as of Jan. 21, 2021. 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 a writer based in Los Angeles. His experience includes covering a range of personal finance topics for GOBankingRates, specializing in offering actionable advice for banking customers. In addition to writing about personal finance, he has written for environmental and socioeconomic organizations like The Daniel & Susan Gottlieb Foundation and InsideOUT Writers.

Newest Bank of America Promotions, Bonuses, Offers and Coupons: January 2021
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