Bank of America is offering new personal checking customers a tiered cash bonus of up to $500, and the only thing that earns it is qualifying direct deposits. You get $100 for $2,000 in total direct deposits, $300 for $5,000, and $500 for $10,000, all of which must arrive within 90 days of opening the account. The catch sits in the definition of "direct deposit." Bank of America counts electronic payments of regular monthly income sent by an employer or other payer — not transfers you push in yourself from another bank. Miss that distinction and you can move $10,000 through the account and earn nothing.
Table of Contents
- The three bonus tiers and what each requires
- What counts as a qualifying direct deposit
- Which accounts are eligible, and the fee attached
- How to enroll — and why opening an account normally fails
- When the money actually arrives
- Check the live page for the deadline
- Frequently Asked Questions
The three bonus tiers and what each requires
The offer is structured as a single ladder, not three separate promotions. According to CNBC Select's roundup of checking bonuses, all qualifying direct deposits are totaled at the end of the deposit period, and the total decides which tier you land on: Because the deposits are summed rather than measured per paycheck, the shape of your income matters less than the total. Someone paid $1,700 twice a month clears $10,000 in three months with room to spare.
Someone earning $2,500 a month lands at $7,500 and takes the $300 tier. The window is 90 days from account opening, and the account itself must be opened by January 31, 2027, per NerdWallet's October 2026 bank bonus roundup. That date is worth re-checking before you apply — see the last section.
- $2,000 in qualifying direct deposits — $100 bonus
- $5,000 in qualifying direct deposits — $300 bonus
- $10,000 in qualifying direct deposits — $500 bonus
What counts as a qualifying direct deposit
Bank of America's clarity statement for the account defines a Qualifying Direct Deposit as a direct deposit of regular monthly income — salary, pension, or Social Security — sent electronically by an employer or other payer using your account and routing numbers. The payer has to initiate it. Everything you initiate yourself is excluded. The Advantage Plus clarity statement rules out transfers from other bank or brokerage accounts, teller deposits, wire transfers, ATM deposits, debit card transfers, and online or mobile transfers.
This is the single most common reason people miss the bonus. That rules out the usual workarounds. Pushing money from a brokerage account, sending yourself an ACH from a high-yield savings account, or walking cash into a branch all add balance and zero bonus credit. If your income does not arrive as an employer- or payer-initiated electronic deposit, this offer is not realistically available to you.
Which accounts are eligible, and the fee attached
The bonus applies to Advantage Plus Banking and Advantage Relationship Banking — the interest-bearing, check-writing tiers. Advantage SafeBalance Banking, Bank of America's checkless account with no overdraft fees, is not an eligible account type, as Doctor of Credit notes in its coverage of the offer. In practice that means taking an account with a monthly fee.
Advantage Plus Banking carries a $12 monthly maintenance fee under Bank of America's personal schedule of fees, effective August 7, 2026. It is waived in any statement cycle with one of the following: The waiver and the bonus line up neatly for anyone who qualifies at all. If your direct deposits are large enough to reach even the $100 tier, each one clears the $250 threshold and the fee disappears for that cycle. The risk is the months after the bonus period: if the deposits stop and your balance drops below $1,500, the $12 starts.
- A qualifying direct deposit of $250 or more
- A minimum daily balance of $1,500
- BofA Rewards Preferred Plus, Preferred Honors, or Premier status (Preferred Plus starts at $30,000 in combined balances)
How to enroll — and why opening an account normally fails
This is not an offer you earn by walking into a branch and opening a checking account. Per Frequent Miler's write-up of the promotion, you must enroll in the offer at the time of opening, either through the promotional page or with a Bank of America or Merrill associate. An account opened outside the offer is not retroactively eligible.
The same terms limit you to one bonus per account and per customer, and the offer cannot be combined with any other checking bonus from the bank. Existing checking customers are outside the offer's scope, which targets new personal checking customers. A practical sequence:.
- Open through the promotional link or tell the associate explicitly that you are enrolling in the checking bonus offer
- Confirm enrollment is recorded before you fund the account
- Change your payroll, pension, or Social Security direct deposit to the new account and routing numbers
- Note your 90-day deadline on a calendar the day the account opens
When the money actually arrives
Bank of America says it will attempt to deposit the bonus within 60 days after all promotional requirements are met. Stack that on the 90-day deposit window and a $500 payout can land roughly five months after you open the account, as CNBC Select's coverage spells out.
That lag matters if you are comparing offers. A $500 bonus that pays in month five is a different proposition from a $300 bonus that pays in month two, particularly if you are rotating direct deposits between banks to chase promotions. You cannot redirect your paycheck to the next offer until this one's deposit period closes.
Check the live page for the deadline
Coverage of this offer disagrees on when it ends. Current October 2026 roundups give January 31, 2027, while older pages still show January 31, 2026, and at least one site advertised a separate offer ending September 30, 2026 — a discrepancy visible between Bankrate and NerdWallet's pages on the Bank of America checking bonus.
Bank bonus terms get revised without notice, and third-party roundups update on their own schedule. Bank of America's own Advantage Banking page, which advertises the cash offer up to $500, is the only authority on the current expiry, the current tier amounts, and the current eligible account types. Before you move a paycheck, read the offer terms on the page you enroll through and confirm three things: the opening deadline, the length of the deposit period, and the dollar figure at each tier.
Frequently Asked Questions
Do Zelle payments from an employer count as a qualifying direct deposit?
No. The qualifying deposit must be regular monthly income sent electronically by an employer or other payer using your account and routing numbers. Peer-to-peer and mobile transfers are among the excluded transaction types.
Can I get the bonus twice by opening two accounts?
No. The offer is limited to one bonus per account and per customer, and it cannot be combined with any other Bank of America checking bonus offer.
What happens if I only reach $4,500 in direct deposits in 90 days?
You earn the $100 tier. Deposits are totaled at the end of the period and paid at the highest tier you fully cleared, so $4,500 falls short of the $5,000 needed for $300.
Will I owe tax on the bonus?
Bank account bonuses are treated as interest income, so expect the bank to report it on a 1099-INT for the year it is paid. A $500 bonus paid in 2027 belongs on your 2027 return.
You Might Also Like
- Savings Account vs Checking Bonus: Which Earns More This Year?
- HYSA Rates vs a Checking Account Bonus: Which Pays More in a Year?
- Does Ally Bank Have a Checking Bonus Right Now?