What is the Bank of America Saving Bonus for 2023? How to Get a Bonus From Bank of America?

What is the Bank of America Saving Bonus for 2023?

In 2023, Bank of America is not currently offering a savings account bonus for new customers or existing customers who do not already have a savings account. While they do have a bonus available for opening a checking account, there is no publicly advertised bonus specifically for savings accounts at this time.

If you are interested in earning a bonus with Bank of America in 2023, you can take advantage of the $100 bonus for opening a new checking account. To qualify for this bonus, you will need to use a promotional code and have qualifying direct deposits within 90 days of opening the checking account. This offer is valid through August 31, 2023.

It's important to note that while Bank of America offers a wide range of banking services and has a robust mobile app with various tools, their savings accounts may not provide high-interest rates. Therefore, if you're primarily looking to earn significant interest on your savings, you may want to explore other banks or financial institutions that offer more competitive savings account options.

How to Get a Bonus From Bank of America?

To get a bonus from Bank of America, follow these steps:

• Open a New Bank of America Checking Account: Start by opening a new Bank of America checking account. This is where you'll be eligible for the $100 bonus.
• Use the Offer Code: During the account opening process, make sure to use the specified offer code, which is "DNE100CIS." This code is essential to qualify for the bonus.
• Qualify with Direct Deposits: Within 90 days of opening your eligible checking account, you need to have qualifying direct deposits into that account totaling $1,000 or more. These direct deposits are a key requirement for receiving the $100 bonus.

It's important to note that while Bank of America is offering this checking account bonus, they are not currently advertising any savings account bonuses for new customers or existing customers without a savings account.

Does Bank of America Have Saving Bonus?

Bank of America does not currently offer a savings account bonus for new or existing customers. While they do have a $100 bonus available for opening a new checking account with certain requirements, there are no publicly advertised savings account bonuses at this time. It's important to note that bonus offers should not be the sole consideration when choosing a bank account.

Other factors like fees, minimum balances, interest rates, the bank's reputation, access to funds, and customer service quality should also be taken into account when making a decision about which bank to choose.

Bank of America's Advantage Savings account has a relatively low minimum opening deposit requirement of $100 and an $8 monthly fee, which can be waived in various ways, including maintaining a $500 minimum monthly balance.

However, the interest rates on their savings accounts are generally low, even for customers in the top tier. Depending on your banking needs and preferences, there may be other options available with no fees and higher interest rates, especially if you are comfortable with online-only banking. Keep in mind that choosing the right bank account should align with your specific financial goals and requirements.

How Much is Bank of America Saving Bonus?

Bank of America does not currently offer a savings account bonus. While they do have a $100 bonus available for opening a new checking account, there are no publicly advertised savings account bonuses at this time. If you're interested in earning a bonus from Bank of America, you would need to consider their checking account promotions, but these do not apply to savings accounts.

Should I Open a Bank of America Savings Account?

Bank of America offers an Advantage Savings account with a $100 minimum opening deposit and an $8 monthly fee, which can be waived by maintaining a $500 minimum monthly balance. However, the savings rates are relatively low. While the bank may offer bonus incentives for opening other types of accounts, it's important to consider factors beyond bonuses when deciding to open a savings account.

These factors include fees, account minimums, interest rates, the bank's reputation, ease of access to funds, and customer service quality. There are fee-free and higher interest rate options available online, but they may not provide the same level of in-person service or branch access as Bank of America. Your choice should depend on your individual banking preferences and needs.

Bank of America 

Bank of America is a prominent American multinational investment bank and financial services holding company. Its headquarters are situated at the Bank of America Corporate Center in Charlotte, North Carolina, with additional investment banking operations based in Manhattan.

Established in San Francisco, California, the bank has evolved into the second-largest banking institution in the United States, following JPMorgan Chase, and ranks as the second-largest bank in the world by market capitalization. It holds a significant position as one of the Big Four banking institutions in the United States, serving approximately 10.73% of all American bank deposits and competing with major rivals such as JPMorgan Chase, Citigroup, and Wells Fargo.

Bank of America's core financial services encompass commercial banking, wealth management, and investment banking. Its historical roots can be traced back to the Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which aimed to provide banking services to Italian immigrants facing discrimination.

Originally headquartered in San Francisco, the bank expanded its influence by acquiring Banca d'America e d'Italia (Bank of America and Italy) in 1922. Subsequently, significant federal banking legislation in the 1950s facilitated its rapid growth and established its dominant market presence.