Bank of America Free $100 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 $100 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 $100 checking account bonus?

Anybody and everybody can qualify for this checking 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. Plus, there is no limit as to how many of your family members can apply. If you’ve got 4 people in your family, all 4 of you can apply and potentially get $400 in bonuses out of this offer.

Keep in mind that this offer is online only, which I’m sure many of you prefer. I for one quite enjoy being able to apply for an offer in the comfort of my home!

Where is this BofA $100 checking account bonus offer available?

This offer is available nationwide.

How do I claim the $100 Bank of America checking account bonus offer?

Go to Bank of America’s promotion page here.
Decide on one of three available Advantage checking accounts: Advantage SafeBalance Banking, Advantage Plus Banking, or Advantage Relationship Banking. We’ll touch on these more in detail below.
Click on “Open account” and start filling out an application.
Get approved and link a direct deposit to your account of at least $1,000 per month.
Receive your free $100 checking account bonus within sixty days.

Are there any fees?

Yes, there are fees depending on which account you decide to open in order to claim the $100 BofA checking account 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 $100 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?

This free online $100 bonus offer expires on June 30th, 2023.

~~This free online $100 bonus offer expires on December 31^st, 2022.~~

If you’re looking to get some free bonuses, this offer isn’t half bad. As stated above, for a family of 4, you could easily bank an extra $400.

Plus, you’ve got three choices in terms of accounts that fit you best, and there are ways to waive the monthly fees. Bank of America is a nationwide bank with a large footprint, especially in the way of ATMs, so if accessibility is important to you, Bank of America’s got you covered.

Are there better bonus offers?

Yes, there are. Chase has a 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 $1,200 in one go.