Bank of America Free $500 Checking Account Bonus

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Bank of America (BofA) is a multinational bank and is well-known due to its large footprint in the U.S. The only bank that’s bigger than them at the moment is Chase Bank. BofA is always looking to secure more customers like you and me, and as such have bonus offers to hopefully entice such folks.

Today, we’ll be looking at the $500 checking account bonus that Bank of America has to offer, and the details of it so that by the end of the post, you can know whether to go for this offer or pass.

Let’s get into it.

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Who qualifies for the free $500 checking account bonus?

Unlike the free $100 checking account bonus we’ve posted about, not everyone can simply qualify for this $500 bonus from BofA.

With the $100 account bonus, as long as you haven’t had a personal checking account at Bank of America at any time in the last 12 months, you can apply online and get it.

With BofA’s $500 checking account bonus, the offer comes to you. You have to know where to look for it if you are offered it. The offer may come in the form of $300 or $500.

How does Bank of America target certain people to qualify for the $500 bonus?

There’s some speculation as to how BofA chooses certain potential customers to qualify. Keep in mind that Bank of America is a huge conglomerate, and they have access to information simply by paying for it. Additionally, they have current BofA client information that often indicates how well off a certain client is and what that client could possibly contribute to BofA’s bottom line.

I won’t sugarcoat it; BofA only offers bonuses if they have a high probability of profiting from it. And their algorithmic criteria works well in identifying those individuals. After all, they’ve got the money and resources to do so. If they determine that you’re a high enough net worth individual who can put in enough money in an account for them to make even more money off it, there’s a good chance you’ll get targeted with this $500 (or $300) bonus offer. They can extrapolate that based on your spending habits, payment habits, qualifications for certain premium cards, investment accounts with them, etc.

Where is this BofA $500 checking account bonus offer available?

This offer is available nationwide to select customers.

How do I check to see if I qualify for this $500 checking account bonus?

Simply log in to your home page on your Bank of America account. If you qualify, the offer will clearly show up for you, along with the amount you qualify for. If you don’t qualify, you won’t see anything regarding the $500 (or $300) bonus offer.

What else do I need to do to claim this $500 bonus?

Get your account approved and opened.
Direct deposit at least $10,000 within 90 days.
Receive your free $500 checking account bonus within sixty days.

What checking accounts can I open to claim the $500 bonus?

Any BofA Advantage checking account qualifies. These include:

BofA Advantage SafeBalance checking account
BofA Advantage Plus checking account
BofA Advantage Relationship checking account

Are there any fees?

Yes, there are fees depending on which account you decide to open in order to receive the $500 bonus offer. In order of greatest to least, they are:

$25 monthly fee for the BofA Advantage Relationship checking account
$12 monthly fee for the BofA Advantage Plus checking account
$4.95 monthly fee for the BofA Advantage SafeBalance checking account

Can I waive the monthly fees?

Absolutely. Depending on which account you open, you’ll need to meet certain requirements outlined below.

Waiving the $25 fee for the Advantage Relationship checking account

If you want to waive the $25 monthly fee for the Advantage Relationship account, you’ll need to meet just ONE of the following:

Be enrolled as a Preferred Rewards customer at Bank of America
Meet the minimum $10,000 combined daily balance across eligible linked accounts, including checking, savings, IRAs, CDs, and investment accounts)

Waiving the $12 fee for the Advantage Plus checking account

If you want to waive the $12 monthly fee for the Advantage Plus account, you’ll need to meet just ONE of the following:

Be enrolled as a Preferred Rewards customer at Bank of America
Be a student under 24 years of age that is enrolled in high school, college, university, or a vocational program
Direct deposit $250 or more to your account on a monthly basis (usually from W-2 income)
Meet the minimum $1,500 daily balance

Waiving the $4.95 fee for the Advantage SafeBalance checking account

If you want to waive the $4.95 monthly fee for the SafeBalance account, you’ll need to meet just ONE of the following:

Be enrolled as a Preferred Rewards customer at Bank of America
Be a student under 24 years of age that is enrolled in high school, college, university, or a vocational program

Will applying for the $500 checking account bonus hurt my credit score?

It will not. The application involves a soft pull on your credit. However, it comes with a caveat; you’ll need to opt out of the overdraft protection option in order to ensure that there’s no hard pull on your credit.

When does this offer expire?

Update: This offer has expired.

~~This free online $500 bonus offer expires on December 31^st, 2021.~~

Consider Chase’s free $200 bonus offer for opening a Total Checking account

If you’re looking to get some free bonuses, this offer isn’t bad, provided you qualify.

However, the great part about the $100 bonus they offer is that there is no household limit and everyone who hasn’t had a checking account in the last 12 months can apply. As a family of 4, you could easily bank an extra $400.

While technically there is not household limit to this $500 bonus offer either, the chances of every individual in a family of four seeing this offer on their home page is quite small. You can’t just bank (pun intended) on the fact that everyone will simply qualify and rake in a cool $2,000 altogether. Most households will be lucky if even one individual qualifies.

However, it would be great if one family member gets the $500 offer, and the other three apply for the $100 offer. That’s a total of $800 in one go.

Are there better bonus offers?

Honestly, if you’re one of the few lucky ones to get this offer, there aren’t many other offers that really beat this one. I’d take it.

One offer to consider is Chase’s free $200 bonus offer for opening a Total Checking account. This means a family of 4 can bank an easy $800. How’s that for free money?

However, there’s no rule against opening accounts at multiple banks, especially if a soft pull on your credit is involved. You see where I’m going with this? A family of 4 opening accounts at both Chase and Bank of America can rake in a total of $1,600 in one go, provided at least one member qualifies for this $500 Bank of America checking account bonus offer.