Bank of America savings bonus

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.

There’s a benefit at Bank of America for opening a checking account. Bank of America is offering a $300 bonus through Jan. 31, 2025. 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: LHR300CIS
• Have qualifying direct deposits into that new account totaling $2,000 or more within 90 days of opening the eligible checking 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.

Those planning to open a checking account at Bank of America might as well use the promotion code to earn $300 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.