Bank of America savings bonus

A new account bonus can be the icing on the cake if you’re looking to open a new bank account.

While Bank of America doesn’t have a bonus for opening a savings account at the moment, there is an online-only $200 bonus for opening a new checking account — as long as you use a promotional code and have qualifying direct deposits within 90 days.

Still, if you’re looking for a traditional bank with lots of branches and ATMs and a robust app with lots of handy tools, a Bank of America savings account may fit the bill. Just don’t expect to earn a lot of interest.

Bank of America savings bonus details

Bank of America isn’t publicly advertising any savings account offers, either for new customers or for existing customers who don’t already have a savings account.

How do I get a bonus from Bank of America?

There’s a benefit at Bank of America for opening a checking account. Bank of America is offering a $200 bonus through May 31, 2024. To qualify for the offer, you’ll need to:

• Open a new Bank of America personal checking account.
• During the account opening process, use the offer code: TWA200CIS
• Have qualifying direct deposits into that new account totaling $2,000 or more within 90 days of opening the eligible checking account.

Should I open a Bank of America savings account?

Bonus offers may entice you to open a savings account, but they shouldn’t be the only factor to consider when opening an account. Other factors to consider are fees, account minimums, interest rates, bank reputation, ease of access to your funds and the quality of customer service.

BofA’s Advantage Savings account requires just $100 to open, making it accessible to nearly anyone. There is an $8 monthly fee, but it can be waived in several ways, including maintaining a $500 minimum monthly balance. The downside, however, is that savings rates are low — even for those who qualify for BofA’s top tier.

There are many options for accounts that charge no fees and offer higher interest rates, if you’re comfortable banking solely online. But you’ll sacrifice branch access and in-person service, so it may not be the best option for everyone.

Bottom line

Those planning to open a checking account at Bank of America might as well use the promotion code to earn $200 by following the promotion guidelines. Bank of America’s large branch network might make it a good fit for you. But for savings accounts, there are many higher-yielding options at Federal Deposit Insurance Corp. (FDIC) insured online banks.

— Bankrate’s Karen Bennett contributed to an update of this article.