Looking for a little extra cash this summer? If you’ve been thinking about switching banks—or just opening a new account—Bank of America is currently offering a $300 bonus that’s surprisingly easy to claim.

But time is running out.

The deal ends July 31, and it’s only available online.


For those who qualify, this could be a nice boost to your budget—no sweepstakes, no guessing, just a step-by-step process with a guaranteed reward.

Here's everything you need to know to decide if this offer is worth your time.

What’s the deal?​

Bank of America is offering a $300 cash bonus for new customers who open an eligible personal checking account through their website.

It’s a straightforward promotion: meet the criteria, and you get the money.

This isn’t a raffle or random drawing—everyone who completes the steps gets paid.

Also read: 7 sneaky scams draining bank accounts—how to protect yourself now​

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Step-by-step: how to claim your $300​

1. Open a qualifying checking account online
   Visit Bank of America’s promotions page—not a local branch—to begin. Eligible account types include:
   • Bank of America Advantage SafeBalance Banking
   • Bank of America Advantage Plus Banking
   • Bank of America Advantage Relationship Banking
     Note: The Bank of America Advantage SafeBalance Banking® for Family Banking accounts do not qualify for this offer..
2. Use the promo code
   When prompted during sign-up, enter code AFC300CIS.
3. Meet the direct deposit requirement
   Within 90 days of opening the account, you must receive qualifying direct deposits totaling $2,000 or more. Examples include Social Security, payroll, or pension deposits. Transfers from mobile apps or your own accounts usually don’t count.
4. Maintain the account in good standing
   The account must stay open with no negative balances or overdrafts until you receive the bonus.
5. Receive your $300 bonus
   According to the promotions page, "Bank of America will attempt to pay bonus within 60 days." This timeframe starts after all requirements are met—not when the account is first opened.

Also read: These 39 bank branches are closing soon—Check if yours made the list!​

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Important details to keep in mind​

• Who qualifies?
  This offer is only for new customers. If you’ve had a personal checking account with Bank of America in the past 12 months—even as a joint owner—you’re not eligible.
• Monthly fees
  Some eligible accounts come with a $12 monthly fee. However, you can avoid this fee by maintaining a qualifying minimum balance or setting up direct deposit. Be sure to review the account terms before enrolling.
• Deadline
  You must open your account by July 31 to qualify for the $300 bonus.

Also read: Protect your life savings: The one red flag that could stop a bank scam before it starts​

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A similar offer from US Bank​

If you’re exploring other options, US Bank is also offering a limited-time promotion.

New customers can earn up to $400 by opening a Smartly Checking account and meeting their own deposit requirements by July 31.

Here’s how their tiered bonus breaks down:

• $250 for direct deposits of $2,000–$4,999.99
• $350 for deposits of $5,000–$7,999.99
• $400 for $8,000 or more

The US Bank bonus is usually paid within 30 days of qualifying.

Also read: Unlock hidden benefits! Discover the retirement perks your bank doesn’t advertise​

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Why are banks offering these bonuses?​

These promotions are designed to attract new customers.

Banks benefit from increased deposits and the potential for long-term relationships.

For consumers, these offers can be a great way to try a new financial institution while pocketing some cash.

Just make sure the account fits your long-term needs—not just your short-term interest in the bonus.

Also read: Is your money trapped? Find out why Wells Fargo has started freezing bank accounts.​

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Tips for earning bank bonuses​

• Read the fine print
  Understand the terms before you sign up so you’re not caught off guard by fees or deposit rules.
• Mark key dates
  Set calendar reminders for your deposit deadline, eligibility windows, and bonus payment timeline.
• Stay organized
  If you apply for multiple promotions, keep track of each account’s requirements to avoid missing out.
• Choose wisely
  Don’t open an account just for the bonus—make sure the features actually fit your banking habits.

Whether you're looking to switch banks or simply take advantage of a seasonal promotion, offers like these can put real money back in your pocket.

Just be sure to read the fine print, meet the requirements, and choose the account that works best for your needs.

With deadlines approaching soon, now might be the perfect time to take action and earn a little extra cash.

Read next: This woman found a $950 bank transfer she never authorized–Don’t miss the detail that fooled her!


Have you ever received a bank bonus like this one? Was it worth the effort? Share your tips or experiences in the comments—especially if you’ve found creative ways to maximize these types of offers.

At The GrayVine, we’re always on the lookout for smart money opportunities to help you stretch your dollars a little further!