Newest Bank of America Promotions, Bonuses and Offers: October 2020

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 October. All you have to do is open a new Bank of America account and meet the requirements.

GOBankingRates survey revealed that many Americans miss out on free money by not researching promotional offers. You don’t want to count yourself among those who pass up valuable opportunities. Instead, discover which of these Bank of America accounts is best for you and pocket some extra cash in the process.

    Bank of America Promotions at a Glance

    New customers can take advantage of Bank of America checking account bonus promos and more. Here are the highlights of October’s Bank of America offers:

    Best Bank of America Promotions: October 2020
    Account Cash Value of Bonus Expiration Date
    Advantage Banking $100 Dec. 31
    Business Advantage Cash Rewards Credit Card $300 None
    Premium Rewards Credit Card $500 None
    Cash Rewards Credit Card $200 None

    Current Bank of America Promotions

    If you’re shopping for a new bank, it’s important to choose one that meets your needs and can help you reach your financial goals. Cash-back offers and bonus points are great incentives as long as you meet the criteria for the account and the promotion. Here’s a more in-depth look at the current Bank of America bonuses and what you have to do to earn them.

    Best Checking Account Promotions

    The Bank of America checking account bonus for select accounts was scheduled to expire at the end of June. If you didn’t get to take advantage of it, you’re in luck because the bank extended the deadline to the end of the year. Here’s more about the bonus.

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    Advantage Banking: $100 Bonus Offer for New Checking Customers (Online Only)

    Bank of America Advantage Banking offers one checking account with three different settings depending on your needs. The account comes with access to Zelle, a cash rewards program, and a debit card with a $0 liability guarantee. Here’s a look at this online-only offer available only for new checking customers from Bank of America, Member FDIC:

    • Cash value: $100
    • Expiration date: Dec. 31
    • 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. No Bank of America coupon is needed.
    • 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 six months. Qualifying deposits include salary, pension and Social Security payments you receive regularly. See promotion page for full terms and conditions.
    • Monthly fees:
      • Bank of America Advantage SafeBalance® — $4.95 per statement cycle, though this can be waived with enrollment in Preferred Rewards
      • Bank of America Advantage Plus® — $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® — $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

    Best Business Account Promotions

    The only Bank of America business account bonus currently available is a statement credit for the Business Advantage Cash Rewards credit card. This offer is open to new and existing customers who open a new credit card account.

    Business Advantage Cash Rewards Credit Card: Statement Credit ($300 Value)

    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 top category each month through the mobile app. Here are the details:

    • 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: The statement credit shows up on the account 10 to 12 weeks after you meet the 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

    While there is no current Bank of America savings account bonus, there are credit card offers that can put some money in your wallet.

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

    Bank of America’s Premium Rewards credit card gives you up to two points for every dollar spent. You can also get travel statement credits and up to $100 every four years for TSA Precheck or Global Entry. The October bonus gives you 50,000 points once you meet the requirements. 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, then use the card to make at least $3,000 in purchases within 90 days.
    • 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 spending requirement.
    • Terms and conditions: The bonus offer is available only for new accounts.
    • 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 with no annual fee. The card comes with a low introductory annual percentage rate for 15 billing cycles. Here’s what you need to know to earn the $200 bonus:

    • 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

    How To Open a Bank of America Account

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

    • Apply online for a credit card or a checking, savings or business account.
    • Call the Bank of America customer service number that best fits your needs; use the “Contact Us” link on the homepage for a list of options.
    • Visit any Bank of America branch, but be aware that some bonus offers are only available if you open an account online.

    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 and can avoid paying maintenance fees. Just make sure the bank meets your needs — cash bonuses are great perks, but they shouldn’t be the only reason you choose a bank.

    Information on promotions is accurate as of Sept. 23, 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 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.