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Summary of Bank of America Checking and Savings Account Bonuses and Promotions

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Bank of America
I thought it would be useful to gather all the Bank of America bonuses and specials into one post. BofA has been known for low savings rates and high fees (although there are signs there might be some changes). With branches and ATMs around the country, it can still be useful to have a BofA account. There are a few important things to note regarding these bonuses:
  • It can take patience and persistence to receive the bonuses. The bonuses that I've received only came after reminding them using their online message system. Other have had to make many calls to a CSR. Not everyone is successful.
  • Many have reported that Bank of America does a hard credit inquiry on your first checking account. No additional ones are done for subsequent accounts (refer to this FW thread for more info on this issue.
  • You have to be careful with fees. One of the lowest fee accounts is the MyAccess Checking account. It has a $5.95 monthly fee which can be avoided with direct deposit. Many have reported using ACH transfers from an online bank account instead of direct deposit (see FW thread). Most of the other BofA accounts typically have high minimum balances to avoid monthly fees. Update 3/29/07: MyAccess may now always be free for those who sign up online see this BoA MyAccess page

Keep the above issues in mind if you sign up for these promotions. Also note, these promotions are often extended past the original expiration date. So be sure to check any expired promo pages. If you've had success or failure with any of these bonuses or if you find new ones, please leave a comment.

My latest Bank of America Posts are available at this page.
Expired Bonuses:

[Edit 3/29/07: New $100 bonus. Update free info on MyAccess.]
[Edit 3/25/07: $75 bonus expiration date has been extended.]
[Edit 2/16/07: Added some new bonuses and other BofA deals]

  Tags: CD rates, savings account, Bank of America

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Comments
27 comments.
Comment #1 by Anonymous posted on
Anonymous
I love BoA and now that existing customers can open additional accts for thr $125 I am game! :) thank god for direct deposit!

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Comment #2 by Anonymous posted on
Anonymous
STAY AWAY FROM BANK OF AMERICA! They'll do a hard credit pull, etc.

As the posts reads... "BofA has been known for low savings rates and high fees." It is very true!!!!! We've paid hundreds of dollars in fees. Their overdraft fees, transfer fees, etc are SUPER HIGH! ****

Bank of America will rip you off at any path! Low or no interest on accounts and forget about calling in! After so many customer service calls, you will get charged! You get charged for using the wrong ATMS too.

STAY AWAY! It's not worth the headache, fees, credit pull, etc. There are so many other great BANK DEALS out there.

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Comment #3 by Anonymous posted on
Anonymous
Well actually thier fees are better than most brock-mortar banks like citi bank that for the first overdraft charge you 30$ where as BoA charges 19 and has a gradual increase. Plus BoA refunds fees as well unlike other banks. Their customer service is great plus they are almost everywhere. You need to be good with your own finances. BoA is ghe one who gives loans/mortgages out to more minorties and small business than anyone as I went through that myself and other banks were least bothered where as BoA took the time to help me out every step of the way.

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Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Good to read some positive opinions on Bank of America. I've also been able to get fees refunded from BoA although, it did cause some aggravation.

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Comment #5 by Anonymous posted on
Anonymous
i agree! To be honest I was charged many fees but it was my fault. But they did help me out and reduced the fees a lot. Besides at least where I live the bank people are really nice and portray a more personal "home-y" atmosphere than other banks. I have banked with chevy chase, citibank, etc but have had nothing but a bad experiance, impersonal service and a lot of errors on their part.

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Comment #6 by Anonymous posted on
Anonymous
I just completed opening a MyAccess Checking account and savings account and enrolling in online banking, all through the promotion links. It does not appear a hard credit check was performed. At least not through Equifax. I am looking forward to receiving the bonuses ($100 for the checking, $50 for savings and $15 for online banking). OR THERE WILL BE HELL TO PAY.

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Comment #7 by Anonymous posted on
Anonymous
Opened MyAccess Checking account on August 18 with $25. $100 bonus was posted to my account on Sept 10. Went to BoA ATM and withdrew $120 on Sept 29 and called the CSR to close the account. CSR closed the account with no problems and told me I will receive a check for $5 in the mail.

The whole process went smoothly for me and I did not have to pay any fees. The MyAccess checking account is free of fees for the first 2 months.

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Comment #8 by Ryan Frost (anonymous) posted on
Ryan Frost
Hello!

I also had success with this bonus offer. I opened my checking account online November 9th 2006 with, and was credited the $100 bonus on December 20th, 2006. I went to a BoA ATM machine and withdrew my money and called them to have the account closed. I was charged no fees. Great offer. =D

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Comment #9 by VS (anonymous) posted on
VS
I was wondering if anyone opened an account with FREECHK offer and confirmed that there is no fee on this account.

Thanks!

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Comment #10 by Nancy (anonymous) posted on
Nancy
BofA has HORRIBLE service in all facets: online, phone and in person.

Last December I opened a promotional account online and didn't receive a confirmation. I called customer service and they said I just didn't do it correctly and to try again because I will get a confirmation. I must have tried about 4 times before I got one confirmation. 2 weeks later I noticed I had 3 more new accounts, and each had a savings account tagged to it, so a total of 7 ACCOUNTS.

I called in to cancel all but one account. Then I looked at my credit report and say that they did a HARD PULL 5 TIMES.

I asked about my promotional bonus and they said they cannot issue promotions on closed accounts. At this point I was exhausted and asked them to give me my savings deposit back, which I was told to go into a branch to do so. Even though I thought I already closed the extra accounts, the branch manager told me I had to close them again on the phone to get my money back. I told them to stop pushing responsibility from one department to another. They agreed to return my money, minus account fees + service charges.

So in the end I lost money, lowered my credit score,lost over 5 active hours of my time following up with BofA, and countless inactive hours telling everyone I know how horrible they are. And all I wanted was a savings account.

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Comment #11 by Banking Guy (anonymous) posted on
Banking Guy
Nancy, thanks for the info.

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Comment #12 by Win_777 (anonymous) posted on
Win_777
http://articles.moneycentral.msn.com/Investing/StreetPatrol/ProfitFromBankOfAmerica.aspx

According to this article, Bank of America has "a sterling reputation for customer service." Copy and paste the URL to read more about BofA's possible growth in the future.

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Comment #13 by Win_777 (anonymous) posted on
Win_777
A clickable link: Link

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Comment #14 by Anonymous posted on
Anonymous
I've actually had pretty good experience wtih BoA, though there were some bumps along the way. I have had a Campus Edge checking account for the past few yrs. Recently (late December) I opened a new checkings (MyAccess) and regular savings accounts, to try and receive a combined $150 bonus. I received immediate confirmation of my savings but not the MyAccess checking account, yet 2-3 days later, both new accounts appeared on my online banking home page. A week later, the welcome package for the savings account arrived. I hadn't received anything regarding the MyAccess account, which might've worried me more if I hadn't already had a debit card and checks. In January, I wrote some emails via the website, inquiring just whether the two promotional codes had been applied to the accounts. Got a pretty standard message back saying they would look into it, and please remember that bonuses may take up to 60 days to appear. I decided to just wait it out, but then I got a message from a CSR concerning my accounts. I called back, was surprised when they said there was no promotional codes in the database. I then gave them the specific ones I'd used (100MYA and PRJ5) and they applied them to my accounts. Told me that I'd have to wait 60 days starting from that day; I said, Fine.

Lo and behold, about two days later I notice the $100 bonus has popped up in my checkings. That night, a check appears in the mail for the $50 bonus. I don't know whether CSR purposefully lied and told me I'd have to wait 60 days, just so I'd be even happier to get the bonuses sooner rather than later. Who cares. I got my bonuses and BoA still has my vote.

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Comment #15 by Christopher (anonymous) posted on
Christopher
All of the bonuses listed in this article expired on 12/6/2006. However, they have at least one new $50 bonus that expires 12/31/2007. You can find the information at http://www.bankofamerica.com/promos/jump/mya/?adlink=000302072r040000g208

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Comment #16 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I've also found a new $75 bonus. I'll try to post on this tomorrow.

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Comment #17 by Mr. Hill (anonymous) posted on
Mr. Hill
Can anyone tell me if BoA charges a fee for bank-to-bank transfers from their online banking?

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Comment #18 by Banking Guy (anonymous) posted on
Banking Guy
Yes, BoA charges $3 for outgoing ACH transfers. They don't charge for incoming transfers. Here's BoA's Account management documentation which lists these fees.

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Comment #19 by Michael (anonymous) posted on
Michael
So how can you enter more than one code? Also I'm entering FREECHK in order to make the My Access Checking account free always. Has anyone had experience with the FREECHK offer code, does it really make the account always free?

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Comment #20 by Anonymous posted on
Anonymous
STAY AWAY FROM BANK OF AMERICA.
Cheated me out of my $100 bonus saying the "offer code" was not entered, however I verified that it was (I printed out my application as I processed it).
Remember Bank of America is really not Bank of America. NationsBank purchased them several years back. Their people all need to pack their bags and all move back to Charlotte, NC. I closed my account and Good Riddiance.

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Comment #21 by Anonymous posted on
Anonymous
Even though the promotion clearly says that the MyAccess checking account will not have any fees or minimums, BofAm keeps trying to charge a $5.95 monthy fee because I don't have direct deposit. Every month I have to call them up and they apologize, credit the fee back and promise that my account will be marked as waived for the fee in the future. Yet, BofAm has charged my account 4 times and I have had to call in 4 times so far and keep having to go through the hassle of getting the fee waived. It almost makes it not worth the effort.

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Comment #22 by always looking for online deals (anonymous) posted on
always looking for online deals
There is a new $100 promotion. The link can be found at www.p2p-loans.com.

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Comment #24 by Anonymous posted on
Anonymous
My advice. Don't bother. I opened a BofA Mastercard until a deal where I was supposed to get 25,000 points, convertible to $250 under the BofA rewards program. I fulfilled all the requirements. They never paid. I've written about 25 emails and letters. No response except "call us".

I've called 7 times, and each time given one stupid excuse after another, until I produce the "deal page" promising the rewards. Then, they say that the points will be credited. Never happens. It has been a year and a half now.

Don't deal with Bank of America. Their "deals" are fraudulent!

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Comment #25 by novakjozsefne (anonymous) posted on
novakjozsefne
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Comment #27 by Business Loans (anonymous) posted on
Business Loans
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