Bank of America, $500 Business Bonus

Bank of America is offering once again a $500 bonus for new businesses. $300 is probably the highest bonus achievable for most people, but it requires you to open a business checking account and a business credit card. It could stack with the signup bonus of the card that you choose.

Bank of America $500 Business Bonus

Offer & Requirements

Earn a $300 Bonus:

  • When you open a Bank of America® business checking account and make qualifying deposits of at least $5,000 within 60 days of account opening PLUS:
    • Open a Business Advantage credit card and spend at least $500 on the card within 60 days of opening a new business checking account
    • OR
    • Apply for, be approved and activate a Merchant Services account and settle funds totaling a minimum of $1,000 into your new business checking account within 60 days of opening that checking account

Earn a total $500 Bonus when you complete all three qualifications mentioned above.

Offer expires March 29, 2019.

Promotion Page

Eligibility

  • Offer only available to customers who receive this offer via a direct communication from a Bank of America small business specialist or from a Bank of America communication.
  • Bank of America employees are not eligible for this offer.
  • Offer is limited to one per business customer, regardless of the number of businesses owned or operated by the customer.

Fees

Business Fundamentals Checking is probably the best option. It comes with a $18 monthly fee that is waived when you meet one of the following requirements each statement cycle:

  • Spending $250 per month in new purchases using a linked Bank of America business debit or credit card
  • Maintaining a minimum daily balance of $3,000
  • Maintaining an average monthly balance of $5,000
  • Maintaining a combined average monthly balance of $15,000  in linked accounts

Guru’s Wrap-Up

The offer is now public, although it does have some targeted language in the terms. I’m not sure what their Merchant Services account is about but unless you’re interested in that service, I think it’s best to skip it. So that leaves you with a maximum bonus of $300. To get the bonus you need to open an business checking account and credit card. You then need to deposit $5,000 within 60 days in the account and also spend $500 in 60 days on your business credit card. This should stack with the signup bonus of the business card that you choose.

HT: DoC

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