As far as checking account signup bonuses go, this one is solid. $500 if you have $10,000 in direct deposits in 90 days? With that long of a time window, that’s actually quite achievable. Bank of America products are sound, they’re a top tier, large bank. Easy to avoid any fees for the account. Hard to go wrong with this.
The Offer (link to offer here)
Step 1: Open new account (new checking customers only)
Step 2: Set up Direct Deposits
Step 3: Wait for 90 days (DD window) and 60 days (bonus posting window)
Step 4: Close account (no early closure fee, it appears)
| Qualifying Direct Deposits | Bonus Amount |
|---|---|
| < $2,000 | $0 |
| $2,000 – $4,999 | $100 |
| $5,000 – $9,999 | $300 |
| $10,000 or more | $500 |
My take
If you’re able to meet the $500 threshold for Direct Deposits within 90 days ($10,000 or more) and can change direct deposits with employer with low hassle, this is a good deal. If you only want to temporarily use this account, transferring to other checking accounts in my experience is ~2 days. That minor hassle feels worth it for a bonus this size. Fees on the basic checking are waived with $500/mo direct deposit. You’d need that for the offer anyway.
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