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Through February 28, 2018, Bank of America is offering a big bonus for those who can open certain types of business accounts and meet their deposit requirements: up to $2,500 in bonuses for qualifying activity. There are a couple of hoops to jump through, but the payoff might be worth it. Note that this offer is in-branch only, so you’ll have to be able to go into a Bank of America branch and talk to a small business banker. The full $2,500 requires a number of steps, but It won’t be too hard for some readers with cash on hand to earn at least a thousand dollars with this deal.
- Get up to a $2,500 bonus with new Bank of America business accounts (read on for the details)
How to do it
First thing’s first — you’ll have to do this in-branch. You can not get this offer online. It has been reported at Doctor of Credit as being widely available, so it’s very likely that you can get the offer. It will, however, require speaking to a small business banker.
The first part of the offer is the following:
Receive a $1,000 bonus when you do both of the following:
|1) Open a Business Advantage checking account (depositing at least $50,000 of outside funds into the checking account within 90 days)|
|2) ALSO open one of the following account types (A–>D):|
|A) Small Business Credit Card (in addition to applying and being approved, must spend at least $2,000 on it within 90 days)|
|B) Business Term Loan|
|C) Business Line of Credit|
|D) Bank of America Merchant Services Account (must open and activate a merchant services account and settle $10,000 of funds into your Business Advantage account within 90 days of opening it)|
In addition to a $1,000 bonus for opening the Business Advantage checking account (with $50K in new deposits) and ONE of the account types listed above (A->D), you can earn an additional $500 bonus for each additional account type (A–>D) opened within 90 days of the Business Advantage checking account. In other words, if you were to open the Business Advantage checking account and all four of the additional account types listed above, you would get $2,500. That is in addition to the signup bonus on whichever small business credit card you choose.
The challenge for many people will be in meeting the $50,000 deposit requirement for the checking account. According some reports, it may be possible to meet this requirement with multiple deposits. In other words, you could theoretically deposit $10,000 at account opening, and later withdraw and re-deposit that amount repeatedly to hit $50,000 in deposits. YMMV as to whether or not that will work, but it may be possible.
The Business Advantage checking account has a monthly fee of $29.95 per month, which is waived for the first three months. After that, you’ll need to keep an average monthly balance of $15,000 or more, make $2,500 in purchases on your small business credit card, or meet one of a couple of other requirements to keep it fee-free. Past reports indicate that the bonus takes 5-6 months to post, so you’ll need to do something to keep it fee-free or pay for a couple of months.
This is a great bonus if you have the cash on hand to make it happen. The checking account and small business credit card would be a simple way to get a thousand dollars in addition to the credit card signup bonus. Whether or not the others make sense will require more personal analysis. At least one commenter at Doctor of Credit reports having opened his account as a sole proprietor with a registered DBA. See that Doctor of Credit post for more info on this valuable bonus.
H/T: Doctor of Credit