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Bank of America Free Money Promotions For New Accounts

Published 4/7/08 (Modified 3/9/11)
By MoneyBlueBook

Promo Code Links Are Added and Updated Regularly!

Bank of America is the second largest bank in the United States in terms of total account value so needless to say, they must be doing something right. Like other major banks such as Citibank and Wachovia, Bank of America often releases new promotions to attract new deposit customers. The bank is obviously willing to spend money to get their hands on yours, in a good way of course.

As with most bank promotional offers, there are certain basic and fairly benign rules attached. To qualify for most of Bank of America's free money offers for new accounts, you will usually have to open a new checking or savings account with a certain minimum deposit. Afterwards, you are usually required to make a few electronic transactions such as setting up direct deposit or executing a few online bill pays. Obviously, the bank is hoping that by requiring you to make a few transactions that you will grow comfortable with their banking services and ultimately choose to remain on as a long term customer. The promotions are usually limited to only those new to Bank of America - thus, former or current account holders are ineligible to apply or take part. Holders of Bank of America credit cards are okay and are not excluded.

If you one of the select people out there who has never been a Bank of America customer and you are interested in one of the offers listed below, you may want to give them a try. These offers come and go so what may only be one or two deals today, can easily be expanded into several in the next few weeks or months. I will update this list of promo code offers whenever Bank of America releases a new one. Please let me know by dropping a note in the comment section if I'm missing or need to update the information for any BoA deal. Keep in mind, while these promos are advertised as limited time offers, they are often extended past the original expiration date. One thing to note - Bank of America does perform a hard credit inquiry (as opposed to a soft credit check) to approve your first checking account.

Verified Free Money Promotions Offered By Bank Of America:

1) Free $50 Bonus Promotion With A New Checking Account - Offer Code: AOU260708 (active)

"Welcome to the Neighborhood" is the theme of this BoA promotion. For a limited time, if you open a new personal checking account with Bank of America, you'll receive a bonus deposit of $50. Current expiration date: 12-31-08. To qualify for this free money offer, you must complete the following:

  • Open a regular Bank of America checking deposit account by applying online, or printing out the checking account bonus offer and bringing it to a Bank of America location. The minimum deposit required to open a new, personal checking account and receive the $50 bonus offer is $100.
  • Please note that there may be a small monthly maintenance fee imposed depending on the type of checking account you opt to open (schedule of fees). If you choose to open a Regular Checking account, one of the most basic options offered, the monthly maintenance fee is $7 with a direct deposit, and $8 without. The fee is waived if you maintain a minimum Regular Checking balance of over $750.
  • A much better no hassle option is to open a MyAccess Checking account online. Ordinarily, the basic MyAccess Checking Account has a $5.95 monthly maintenance fee waivable with at least one qualifying direct deposit each statement period. However, through a special offer available only online, the MyAccess Checking Account may be opened with no monthly maintenance fee and no minimum balance. However, this special offer is available only through their website and not available at Bank of America financial branches. A downside of this particular account is that it is a non interest bearing account. Most checking accounts that pay interest require high minimum balances.
  • Student checking accounts and secondary checking accounts are not eligible. Existing BoA customers are not eligible.
  • The bonus reward will be deposited within 90 days of opening your new account.

2) Free $75 Promo Offer With A New BoA MyAccess Checking Account - Offer Code: CH75TAD (active)

To specifically promote its MyAccess checking account service, Bank of America is offering $75 bonus offers for people who open a new MyAccess checking account online. The expiration date for this offer is: 11-30-08. To qualify for this free money offer, you must compete the following very easy steps:

  • Open a new MyAccess personal checking account online with the offer code or the link above. Other than the minimum deposit required to fulfill the promo terms, the MyAccess personal checking account has no minimum balance requirement, no maintenance fee, and no direct deposit required.
  • Fund your new checking account with at least $25 within 30 days of opening.
  • So long as the new account is still active within 90 days of account opening, you will receive a $75 credit made to your account.
  • This offer is targeted at current Bank of America credit card holders and those new to Bank of America banking services. Unfortunately, current BoA checking account or student checking account customers are disqualified from the promotion.

While most of the other more lucrative $200 and $100 new account offers have expired after numerous long extensions, I'm sure once the economy and the banking market picks up, the free offers will start rolling out again.

Disclaimer: Discover is a paid advertiser of this site.
Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.

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32 Responses to “Bank of America Free Money Promotions For New Accounts” 

  1. JoshRogan says:

    This is bullcrap. I opened my acct, did what they said and I never got my money. I guess its because they are a bunch of complete fuck heads

  2. Crackhead says:

    BA didn't give me my $100 bonus. Called many times customer service. Got the run along.

  3. Allan says:

    VirtualBank will give you $20 to sign up through a referal... all you need is to put $100 in a eMoney Market Account, it is very easy and if you are married just sign up with the min. and then refer your spouse and you will make a quick $60...

    Contact me and I will send you the $20 referal FREE
    oh yea... apy is 2.53% and they are FDIC INSURED

    Please only ask for a referal if you want to sign up... they wont let me send more than 50 referals and I have sent 8 already...


  4. Mark says:

    B of A uses largest posting first method which is largely fround upon by most everyone. If account over drafts they post the largest amount first in order to collect more in over draft fees on the all other smaller drafts coming thru. Starting in 2010 I believe this has been made illegal unless the bank lobbyist have defeated it!!! Many banks dont use this method. I asked B of A they always say "we just wanted to pay the largest amount first because usually it is a persons mortgage however all I have spoken with including myself the go ahead and pay all they just nail you with several overdraft fees, instead of paying the smaller first and larger last. They are just ripping the public off to pay for corporate jets and bonuses.

  5. Carl Bannier says:

    Bank of America is a SCAM! Bank of America does not honor its own commitments. Calls to Customer Service are a waste of your good time. They treat their own customers like trash. Avoid Bank of America at all costs. They DO NOT DELIVER on their promises. They are liars, just like their greedy corporate cousins.

  6. Melissa Wilson says:

    I opened a checking account through Bank of America online, entered the promotion code that was mailed to me, and did everything I was supposed to do to get my $100. It has been almost 4 months, and they are refusing to honor it. I even have a printout of the confirmation with the promo code on it that I have faxed to customer service. They keep giving me the run around. DON'T USE THIS BANK!!!! Go to a local credit union. At least they will treat you like a person, not dirt.

  7. Alex Martin says:

    Thank you, pissed off BoA customers... i was about to start an account with these jurk offs but you saved me. = )

  8. pissed at bankofamerica says:

    scrrrewwwwwwwwww boa!!!! same deal here i got the promo code for 150! i am fighting them to the grave they will pay. after the stress test they need more tarp moneey. they are going under. BURN BABY BURN

  9. customer says:

    I tried to start a free checking account online after being reassured by a chat account specialist that there is no deposit required and the minimum fee is waived too. After undergoing verification, not only was it processed under my old address (incorrect because my spouse saw me enter in the correct one--I did this carefully) but the rep. on the phone swore that you still have to pay the $5.95 fee if you don't make a deposit. So much for the free checking. Please do not buy into their claims of free checking--you have to make a deposit or your fee is assessed...I cancelled the application right away.
    It's still lingering in my online accounts. I'll have to call again.

  10. dublindave says:

    BofA is the pits- customer service is horrible, fees are amongst the highest in the industry. Dont do this.

  11. melbacracker says:

    Bank of America does suck. My husband and I got a promotional offer in the mail that if we spent so much money within a month that we would get buy 1 get 1 free airfare. We did so and waited the 6 to 8 weeks. I just called to find out how to collect the airfare and low and behold they don't know anything about this promotion and the promotions are "deleted" from their system after they expire. They state they will honor the promotion if we still have the literature FROM APRIL, but can't help us otherwise. BULL CRAP. I hae only had a credit card account with them for a short while and will be cancelling after I pay my bill next month.

  12. Rick Shrader says:

    Did I hear that you have a $100.00 bonus for opening a checking account? What are the details and when does this offer expire? Thanks, Rick

  13. Doesn't Matter says:

    in january 2009, I opened an new accout with B of A since i had tried every other bank and had bad experiences. i was promissed a bonus for opening a new account and after waiting for 7 months i never got the bonus. When i visited them, i was told that they could not find that promition code to apply to whatever it is. I will close my account and DO NOT RECOMMEND anyone opening a new account with these thieves.

    The account rep who was "trying to help me" as she puts it did not even know their own 1800 customer service phone number and thought that "i was insulting her" when i laughed out loud and told her "you work here and u dont even know your phone number?" Yes ladies and gentlemen, these are the kinds of people that work and make $$ in this country. The kind of people who dont know what the hell they are doing. I learned my lesson with the crooks at B/S of A and will not go back there even if they offer $10000.00 bonus for opening a new account

  14. Dave C says:

    I refuse to do business with any bank placing a hard inquiry on my credit report for a checking account. I'll stick with Sovereign Bank.

  15. C. Ray Tucker says:

    JP Morgan Chase online Banking is Great! Their $100 Bonus offer for new Direct Deposit Checking Accounts is for REAL. No hassle! They fullfilled their end of the bargain within 5 days after the fist direct depost. $28.00 was subtracted from my existing balance for the feds tax, before rewarding me the actual $100. You can sign up for daily email alerts for transactions including balances. Saving postage is very good these hard times.

    If you'd like to read some Eye-Stopping POETRY (SOME f-u-n-n-y) check out my new website and BLOG at: treasury-of-poetry.com. Please email me with your comments.

  16. Carlos Lopez says:


  17. TJP says:

    Is there a class action suit pending on this? I too met all the criteria stated and was told I had not. They will not furnish proof.

  18. PDB says:

    Opened an online BOA account in July 2009 because of the $100 incentive with a $200 opening deposit and after first use of debit card. Transferred more than $200 from my old checking account with another bank. Relocated about 4 weeks later and visited the local Bank of America because I couldn't access my new BOA account and hadn't received anything in the mail. Told my online account had been opened but not funded, so didn't qualify for the $100 incentive because no $200 opening deposit. CS at the BOA branch opened a new account and "closed" the online account that wasn't actually opened. Told the $200 hadn't transferred from my old bank account, so used that to open the account with the CS. Later, received checks on the online BOA account -- charged for the checks which overdrew that account because there was no money in the online account. Went to the local BOA and told the CS what happened. Fees waived. Now, BOA has turned over my old online account to collection for "overdraft" fees. Never did see the $100 incentive since the online account was supposedly never opened. BOA waived their fees because it was their error, but then turned me over to collection for overdraft fees that weren't there!!!! I am going to close my BOA account as soon as I get this mess cleared up. They're a rip-off! BEWARE -- The $100 online incentive is a scam. The collection company has no info except for the amount of the OD for being charged for ordering checks from BOA on an account that BOA said was never opened! STAY AWAY FROM BOA!!!!

  19. asd says:

    maybe we can make a "bofa is a scam" song like the guy who made the "united breaks guitar" song

  20. asd says:

    any guitar players out their

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