There’s now a sign up bonus for $200 with the same requirements, so this $100 bonus is useless.
Offer at a glance
- Maximum bonus amount: $100
- Availability: Nationwide
- Direct deposit required: Yes, $1,000+ (not usual restrictions on this account)
- Additional requirements: None
- Hard/soft pull: Soft
- Credit card funding: None, but can fund with a debit card up to $250
- Monthly fees: $16-$29.95
- Early account termination fee: None mentioned
- Expiration date: December 31st, 2016
The Offer
- Receive a sign up bonus of $100 when you open a new eligible small business checking account with Bank of America and complete the following requirements:
- Make at least $1,000 in Qualifying Deposits (less cash received) into that new business checking account within sixty (60) days of account opening
The Fine Print
- You are not eligible for the $100 Bonus if you were an owner or signer on a Bank of America business checking account within the last six (6) months
- Offer is available only online and not available in a financial center or by phone
- “Qualifying Deposits” are deposits of funds new to Bank of America and/or Merrill Lynch®
- If you meet the Requirements to Receive the $100 Bonus, we will make every attempt to deposit the earned $100 Bonus directly into your new business checking account within ninety (90) days of meeting the Requirements to Receive the Bonu
- Eligible accounts are Business Advantage & Business Fundamentals
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Business Fundamentals $16 Per Month
Monthly fee is waived if you do any of the following:
- A $3,000 minimum daily balance in your primary account
- A $5,000 average monthly balance in your primary account
- A $15,000 combined average monthly balance in linked business accounts
- Make $250 in net new qualifying purchases each billing cycle on your Bank of America business credit or debit cardfootnote
Business Advantage $29.95 Per Month
The Business Advantage checking account comes with a monthly fee of $29.95 per month, but this fee is waived for the first three months. After this introductory period you need to do any one of the following to keep it fee free:
- $15,000 average monthly balance
- $35,000 combined average monthly balance of linked business accounts
- Spend $2,500 per month in new purchases using a linked Bank of America business credit card
- Actively use Bank of America Merchant Services or Payroll Services by Intuit® or Remote Deposit Online service
I think the best option is to not worry about the monthly fee the first three months and then either have a $15,000 average balance (you’d be losing out on $12.5 a month in interest compared to a 1% checking account) or putting $2,500 per month on a linked Bank of America business credit card.
Our Verdict
Bank of America offered a much better $2,000 in branch bonus last year, I doubt they will offer something so great again but who knows. You should be able to get this deal again once your account has been closed for 6 months. Personally I’d just wait, this $100 bonus isn’t due to expire until December so worth holding out for something better and if nothing comes along then this would be an option. Personally I think keeping the account fee free is a bit too much of a hassle, but the direct deposit requirements are easy to meet. Because of these reasons I haven’t added this to my best new checking account list.
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