Feeling that financial pinch and looking for a little boost? Landing a $300 bonus from a reputable institution like Bank of America can certainly help! This isn't just free money, it's a fantastic way to kickstart your savings or cover some unexpected expenses. But like all good things, there are specific steps and conditions to follow.
Ready to learn how to snag that bonus? Let's dive in!
Step 1: Are You Eligible? Let's Find Out!
Before you even think about opening an account, the absolute first thing you need to do is confirm your eligibility. Bank of America, like all banks offering bonuses, has specific criteria. Missing even one can mean you won't get the bonus, so pay close attention!
- New Customer Status: This is usually the most critical requirement. Generally, these bonuses are for new checking account customers. This often means you haven't had a Bank of America checking account (or sometimes any Bank of America account) within a certain timeframe (e.g., the last 12 or 24 months). Make sure to read the fine print of the specific offer to understand what "new customer" entails.
- Offer Code: Many Bank of America promotions require you to use a specific offer code when opening the account. This code is crucial for tracking your eligibility for the bonus. For the current $300 offer (as of June 2025), you might need to use the offer code PSJ300CIS when applying. Always double-check the latest offer details for the correct code.
- Geographic Availability: While Bank of America is a national bank, sometimes specific offers might be geographically limited. Ensure the offer is available in your region.
- Age and Residency: You'll need to be at least 18 years old and a U.S. resident with a valid Social Security Number (SSN) to open a Bank of America account. Non-permanent residents with a valid U.S. visa can sometimes open accounts in person at a financial center with specific documentation.
Self-reflection moment: Have you had a Bank of America checking account recently? Do you meet the basic age and residency requirements? If yes, great! Let's move on. If not, don't worry, there are always other offers, but this specific one might not be for you.
Step 2: Choosing the Right Account for Your $300 Bonus
Bank of America typically offers checking account bonuses on specific account types. For the $300 bonus, you'll generally find it applicable to their Advantage Banking accounts. These often include:
- Bank of America Advantage Relationship Banking®
- Bank of America Advantage Plus Banking®
- Bank of America Advantage SafeBalance Banking®
Important Note: Each of these accounts has different features and, importantly, different monthly maintenance fees and ways to waive them. It's crucial to understand these to avoid eating into your bonus with unnecessary charges.
Sub-heading: Understanding Account Fees and Waivers
Monthly maintenance fees can range from around $4.95 for SafeBalance Banking to $25 for Advantage Relationship Banking. Here's a general overview of how you can waive these fees:
- Advantage Plus Banking® ($12 monthly fee):
- Make at least one qualifying direct deposit of $250 or more per statement cycle.
- Maintain a minimum daily balance of $1,500 or more.
- Be a member of the Preferred Rewards program.
- Advantage SafeBalance Banking® ($4.95 monthly fee):
- Maintain a minimum daily balance of $500 or more.
- Be under the age of 25.
- Be a member of the Preferred Rewards program.
- Advantage Relationship Banking® ($25 monthly fee):
- Maintain a combined balance of $20,000 or more across your linked Bank of America deposit and Merrill investment accounts.
- Be a member of the Preferred Rewards program.
Our recommendation: If your primary goal is just to get the bonus, the Advantage Plus Banking or Advantage SafeBalance Banking might be more straightforward to manage, especially if you can easily meet the direct deposit or minimum balance requirements.
Step 3: The Application Process – Opening Your New Account
Once you've confirmed your eligibility and chosen your account, it's time to apply! Bank of America offers a couple of convenient ways to do this:
Sub-heading: Applying Online (Recommended for Speed and Offer Codes)
The easiest and often most direct way to apply for a bonus-eligible account is online.
- Find the Specific Offer Page: Navigate to the Bank of America website and look for their "promotions" or "special offers" section. There should be a dedicated page for the $300 checking bonus. Make absolutely sure you apply through this specific offer page to ensure the bonus code is applied or linked to your application.
- Click "Open an Account" or "Apply Now": This will typically lead you to the online application form.
- Provide Personal Information: You'll need to input details like your name, address, phone number, email, Social Security Number, and date of birth.
- Select Your Chosen Account: Choose the Bank of America Advantage checking account (e.g., Advantage Plus Banking or Advantage Relationship Banking) that qualifies for the bonus and aligns with your fee waiver strategy.
- Enter the Offer Code: If prompted, this is where you enter the bonus offer code (e.g., PSJ300CIS). Sometimes, if you click directly from a promotional link, the code might be automatically applied. Always verify it.
- Fund Your Account: You'll need to make an initial deposit to open the account. The minimum opening deposit for Advantage Plus and Relationship Banking is typically $100, and for SafeBalance, it's $25. You can usually link an external bank account for this transfer.
- Review and Submit: Carefully review all the information you've provided before submitting your application. Look for any checkboxes or agreements related to the bonus terms and conditions.
Sub-heading: Applying In-Person at a Financial Center
If you prefer a more personal touch or have specific questions, you can visit a Bank of America financial center.
- Schedule an Appointment: It's often advisable to schedule an appointment online or by phone to avoid waiting times.
- Gather Required Documents: Bring your valid government-issued photo ID (driver's license, passport), your Social Security card, and proof of address (utility bill, lease agreement). If you are a non-U.S. citizen, bring additional documentation as required (e.g., U.S. visa, foreign passport, proof of U.S. and foreign address).
- Inform the Representative about the Offer: Explicitly tell the bank representative that you are interested in the $300 checking account bonus and provide them with the offer code. They can guide you through the process and ensure you meet all requirements.
Step 4: Meeting the Direct Deposit Requirements – The Key to Your Bonus!
This is where the rubber meets the road for earning your $300 bonus. Bank of America's current $300 checking bonus generally requires you to make qualifying direct deposits totaling a specific amount within a set timeframe.
- The Specifics (as of June 2025): The offer typically requires you to receive $2,000 in qualifying direct deposits within the first 90 days of opening your new checking account.
- What Counts as a "Qualifying Direct Deposit"? This is critical. Qualifying direct deposits are generally defined as:
- Your regular paychecks from an employer
- Pension payments
- Government benefits, such as Social Security benefits
- These deposits must be made by your employer or other payer using your account and routing numbers.
- What Doesn't Count (Usually):
- Transfers from other Bank of America accounts.
- Transfers from external bank accounts (unless they are specifically payroll-related from your employer).
- Person-to-person payments (like Zelle, Venmo).
- Mobile check deposits.
- Teller deposits or ATM deposits.
Sub-heading: Setting Up Your Direct Deposit
- Get Your Account and Routing Numbers: You'll find these easily within your Bank of America online banking portal or on your checks. Bank of America also offers pre-filled direct deposit forms you can download.
- Inform Your Employer's Payroll Department: This is the most common way to set up direct deposit. Provide your employer with your new Bank of America account and routing numbers. You may need to fill out a direct deposit authorization form.
- Adjust as Needed: If your regular paycheck isn't enough to meet the $2,000 requirement within 90 days, consider splitting your direct deposit between accounts or temporarily routing a larger portion of your pay to the new Bank of America account until the requirement is met.
Pro Tip: Don't wait until the last minute! Set up your direct deposit as soon as your account is open to give yourself ample time to meet the $2,000 threshold within the 90-day window.
Step 5: Waiting for Your Bonus to Arrive
Once you've met all the requirements, the hardest part is waiting!
- Bonus Deposit Timeline: Bank of America typically states that the bonus will be deposited into your account within 60 days after you have met all the qualifying requirements. This means 60 days after you've accumulated the $2,000 in direct deposits, not 60 days after account opening.
- Monitor Your Account: Keep an eye on your new checking account activity. You'll see a credit for $300 from Bank of America when it's deposited.
- Keep Your Account Open: It's generally a good idea to keep the account open for at least six months after receiving the bonus to avoid any potential clawbacks or issues. While not always explicitly stated for checking bonuses, it's a common best practice.
Step 6: Managing Your Account and Avoiding Fees (Post-Bonus)
Now that you've got your bonus, you might decide to keep the account long-term or consider closing it. If you keep it, remember those monthly maintenance fees!
- Continue to Meet Waiver Requirements: If you plan to use the account regularly, ensure you continue to meet the direct deposit or minimum daily balance requirements to avoid fees.
- Downgrade or Close (if desired): If the account doesn't fit your long-term banking needs, you can downgrade to a fee-free option (if available) or close the account after you've received the bonus and waited a reasonable period (e.g., 6 months). Always confirm any early closure fees with the bank before proceeding.
Getting a $300 bonus from Bank of America is a great incentive, but it requires careful attention to detail. By following these steps and understanding the terms, you'll be well on your way to adding that extra cash to your wallet!
Frequently Asked Questions (FAQs)
Here are 10 common questions related to Bank of America bonuses:
How to find the latest Bank of America $300 bonus offer?
The best way is to visit the official Bank of America website and look for their "Special Offers" or "Promotions" section. Financial websites like Investopedia, Bankrate, and Finder also track current bank bonuses.
How to know if I'm eligible for a Bank of America checking bonus?
Check the specific offer's terms and conditions for "new customer" definitions (e.g., no BofA checking account in the last 12 or 24 months), age, and residency requirements.
How to ensure my direct deposits qualify for the bonus?
Qualifying direct deposits typically come from an employer (paychecks), pension, or government benefits, sent via ACH using your account and routing numbers. Transfers from other personal accounts or P2P services usually do not count.
How to waive the monthly maintenance fee on a Bank of America Advantage checking account?
Waiver requirements vary by account type. Common methods include maintaining a minimum daily balance ($1,500 for Advantage Plus, $500 for SafeBalance) or having a qualifying direct deposit ($250 for Advantage Plus). Being a Preferred Rewards member also waives fees.
How to set up direct deposit with Bank of America?
Provide your employer's payroll department with your Bank of America account and routing numbers. You can often download a pre-filled direct deposit form from your Bank of America online banking portal.
How to track my bonus eligibility progress?
While Bank of America doesn't always have a dedicated tracker, you can monitor your account statements to confirm direct deposit amounts and dates. Keep a record of when you opened the account and when deposits were made.
How to receive the $300 bonus after meeting the requirements?
The bonus is usually deposited automatically into your new checking account within 60 days of meeting all the qualifying requirements (e.g., the last qualifying direct deposit).
How to avoid losing the bonus after receiving it?
It's generally recommended to keep your new checking account open for at least six months after the bonus is credited to avoid any potential clawback policies that some banks may have for early account closures.
How to contact Bank of America customer service for bonus inquiries?
You can typically contact Bank of America customer service by phone (check their website for the most current number) or visit a local financial center for assistance with bonus-related questions.
How to close my Bank of America checking account if I no longer need it?
You can usually close your account online, by phone, or in person at a financial center. Ensure all outstanding transactions have cleared and transfer any remaining funds before closing. Confirm any early closure fees if applicable.