Bank of America Free Money Promotions For New Accounts

Published 4/7/08 (Modified 3/9/11)
By MoneyBlueBook

Promo Code Links Are Added and Updated Regularly!

Bank of America is the second largest bank in the United States in terms of total account value so needless to say, they must be doing something right. Like other major banks such as Citibank and Wachovia, Bank of America often releases new promotions to attract new deposit customers. The bank is obviously willing to spend money to get their hands on yours, in a good way of course.

As with most bank promotional offers, there are certain basic and fairly benign rules attached. To qualify for most of Bank of America's free money offers for new accounts, you will usually have to open a new checking or savings account with a certain minimum deposit. Afterwards, you are usually required to make a few electronic transactions such as setting up direct deposit or executing a few online bill pays. Obviously, the bank is hoping that by requiring you to make a few transactions that you will grow comfortable with their banking services and ultimately choose to remain on as a long term customer. The promotions are usually limited to only those new to Bank of America - thus, former or current account holders are ineligible to apply or take part. Holders of Bank of America credit cards are okay and are not excluded.

If you one of the select people out there who has never been a Bank of America customer and you are interested in one of the offers listed below, you may want to give them a try. These offers come and go so what may only be one or two deals today, can easily be expanded into several in the next few weeks or months. I will update this list of promo code offers whenever Bank of America releases a new one. Please let me know by dropping a note in the comment section if I'm missing or need to update the information for any BoA deal. Keep in mind, while these promos are advertised as limited time offers, they are often extended past the original expiration date. One thing to note - Bank of America does perform a hard credit inquiry (as opposed to a soft credit check) to approve your first checking account.

Verified Free Money Promotions Offered By Bank Of America:

1) Free $50 Bonus Promotion With A New Checking Account - Offer Code: AOU260708 (active)

"Welcome to the Neighborhood" is the theme of this BoA promotion. For a limited time, if you open a new personal checking account with Bank of America, you'll receive a bonus deposit of $50. Current expiration date: 12-31-08. To qualify for this free money offer, you must complete the following:

• Open a regular Bank of America checking deposit account by applying online, or printing out the checking account bonus offer and bringing it to a Bank of America location. The minimum deposit required to open a new, personal checking account and receive the $50 bonus offer is $100.
• Please note that there may be a small monthly maintenance fee imposed depending on the type of checking account you opt to open (schedule of fees). If you choose to open a Regular Checking account, one of the most basic options offered, the monthly maintenance fee is $7 with a direct deposit, and $8 without. The fee is waived if you maintain a minimum Regular Checking balance of over $750.
• A much better no hassle option is to open a MyAccess Checking account online. Ordinarily, the basic MyAccess Checking Account has a $5.95 monthly maintenance fee waivable with at least one qualifying direct deposit each statement period. However, through a special offer available only online, the MyAccess Checking Account may be opened with no monthly maintenance fee and no minimum balance. However, this special offer is available only through their website and not available at Bank of America financial branches. A downside of this particular account is that it is a non interest bearing account. Most checking accounts that pay interest require high minimum balances.
• Student checking accounts and secondary checking accounts are not eligible. Existing BoA customers are not eligible.
• The bonus reward will be deposited within 90 days of opening your new account.

2) Free $75 Promo Offer With A New BoA MyAccess Checking Account - Offer Code: CH75TAD (active)

To specifically promote its MyAccess checking account service, Bank of America is offering $75 bonus offers for people who open a new MyAccess checking account online. The expiration date for this offer is: 11-30-08. To qualify for this free money offer, you must compete the following very easy steps:

• Open a new MyAccess personal checking account online with the offer code or the link above. Other than the minimum deposit required to fulfill the promo terms, the MyAccess personal checking account has no minimum balance requirement, no maintenance fee, and no direct deposit required.
• Fund your new checking account with at least $25 within 30 days of opening.
• So long as the new account is still active within 90 days of account opening, you will receive a $75 credit made to your account.
• This offer is targeted at current Bank of America credit card holders and those new to Bank of America banking services. Unfortunately, current BoA checking account or student checking account customers are disqualified from the promotion.

While most of the other more lucrative $200 and $100 new account offers have expired after numerous long extensions, I'm sure once the economy and the banking market picks up, the free offers will start rolling out again.