A brand new account bonus could be the icing on the cake in case you’re trying to open a brand new checking account.
Whereas Financial institution of America doesn’t have a bonus for opening a financial savings account in the meanwhile, there may be an online-only $200 bonus for opening a brand new checking account — so long as you utilize a promotional code and have qualifying direct deposits inside 90 days.
Nonetheless, in case you’re on the lookout for a conventional financial institution with a number of branches and ATMs and a sturdy app with a number of helpful instruments, a Financial institution of America financial savings account could match the invoice. Simply don’t anticipate to earn lots of curiosity.
Financial institution of America financial savings bonus particulars
Financial institution of America isn’t publicly promoting any financial savings account presents, both for brand new prospects or for present prospects who don’t have already got a financial savings account.
How do I get a bonus from Financial institution of America?
There’s a profit at Financial institution of America for opening a checking account. Financial institution of America is providing a $200 bonus via Might 31, 2024. To qualify for the supply, you’ll have to:
- Open a brand new Financial institution of America private checking account.
- In the course of the account opening course of, use the supply code: TWA200CIS
- Have qualifying direct deposits into that new account totaling $2,000 or extra inside 90 days of opening the eligible checking account.
Ought to I open a Financial institution of America financial savings account?
Bonus presents could entice you to open a financial savings account, however they shouldn’t be the one issue to contemplate when opening an account. Different components to contemplate are charges, account minimums, rates of interest, financial institution status, ease of entry to your funds and the standard of customer support.
BofA’s Benefit Financial savings account requires simply $100 to open, making it accessible to just about anybody. There’s an $8 month-to-month payment, however it may be waived in a number of methods, together with sustaining a $500 minimal month-to-month stability. The draw back, nevertheless, is that financial savings charges are low — even for many who qualify for BofA’s high tier.
There are numerous choices for accounts that cost no charges and supply larger rates of interest, in case you’re comfy banking solely on-line. However you’ll sacrifice department entry and in-person service, so it might not be the best choice for everybody.
Backside line
These planning to open a checking account at Financial institution of America may as effectively use the promotion code to earn $200 by following the promotion pointers. Financial institution of America’s giant department community may make it a great match for you. However for financial savings accounts, there are a lot of higher-yielding choices at Federal Deposit Insurance coverage Corp. (FDIC) insured on-line banks.
— Bankrate’s Karen Bennett contributed to an replace of this text.
