Update: The bonus is now showing up on their Small Business page, so it should be available to everyone. It still has the targeted language on it, but it will probably be updated soon, since it is now a publicly advertised.
I received an email from Bank of America with an interesting offer for up to a $500 bonus. $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. You need to have received the offer and also go into a branch to open the accounts. The account was selected as one of the 10 Best Small Business Checking Accounts in 2018.
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 July 31, 2018.
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 targeted so you need to have received an email in order to qualify for the bonus. 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 tthe business card that you choose. Alaska Airlines Business Card could be the best option.
