If you're open to using Bank of America as your main financial institution, you could get exclusive benefits through its rewards program. The Bank of America Preferred Rewards program is the bank's way of giving more to its loyal customers. It offers perks with many of the financial products Bank of America offers, such as bonuses to maximize your credit card rewards and lower loan costs.
Access to the program is based on your account balances with Bank of America and Merrill. Since this is a tiered program, the benefits get better for clients with higher average balances. Even if you're shopping around for the best credit cards, Preferred Rewards benefits could play a big role in which card is right for you. Keep reading for all the details on the Preferred Rewards program.
What is Bank of America Preferred Rewards?
Bank of America Preferred Rewards is the bank's rewards program for clients who meet minimum balance requirements. Enrollment is available once you have a three-month combined average daily balance of $20,000 across eligible accounts.
Preferred Rewards benefits cover quite a few of the financial products available through Bank of America. You can get bonus credit card rewards, reduced investing and loan fees, and much more.
The value of the Preferred Rewards program depends on whether you plan to use Bank of America's products and services. If you do and you have the required assets, then it makes sense to deposit them with Bank of America and become a Preferred Rewards member. Bonus credit card rewards are especially valuable. Even among the best rewards credit cards, it's hard to find any that match what you can get with Bank of America Preferred Rewards.
SEE MORE: Best Rewards Credit Cards
How does Bank of America's Preferred Rewards program work?
The option to enroll in Bank of America Preferred Rewards is available in your online banking account when you meet the balance requirements. Upon enrollment, Bank of America puts you in the appropriate Preferred Rewards tier based on your balances. You then receive the Preferred Rewards benefits for that tier. There are five tiers in the Preferred Rewards program, each with their own qualifying balances:
- Gold: $20,000 to $49,999.99
- Platinum: $50,000 to $99,999.99
- Platinum Honors: $100,000 to $999,999.99
- Diamond: $1 million to $9,999,999.99
- Diamond Honors: $10 million and up
Your tier is based on your three-month combined average daily balance in eligible accounts. You can move up from one Preferred Rewards tier to the next by increasing your account balances. Once your three-month combined average daily balance is high enough for the next tier, Bank of America will upgrade you.
If your balances decrease, you keep your Preferred Rewards status for one year plus a three-month grace period. After the grace period ends, Bank of America will see whether you meet balance requirements for your previous Preferred Rewards status. If not, you'll either be moved to a lower tier or lose Preferred Rewards benefits.
How do you qualify for the Preferred Rewards program?
To qualify for the Preferred Rewards program, there are two requirements:
- You must have an eligible Bank of America personal checking account.
- You must have a three-month combined average daily balance of at least $20,000 in your eligible Bank of America accounts.
Here are eligible types of accounts that count towards the Bank of America Preferred Rewards program:
- Checking accounts
- Savings accounts
- Money market accounts
- Certificates of deposit (CDs)
- Individual retirement accounts (IRAs)
- Merrill® investment accounts
- 529 plans
In addition, revocable grantor trust accounts with Bank of America are also eligible.
You need to be the owner or co-owner on the account for its balance to qualify. Business accounts don't qualify for this program. There is, however, a Bank of America Preferred Rewards for Business program offering the same tiers and benefits.
Benefits of the Preferred Rewards program
Here are the benefits for each tier of the Bank of America Preferred Rewards program:
Savings account interest rate booster | 5% | 10% | 20% | 20% | 20% |
Credit card rewards bonus | 25% | 50% | 75% | 75% | 75% |
No-fee transactions at non-Bank of America ATMs | 0 | Up to 12 per year | Unlimited | Unlimited | Unlimited |
Merrill Guided Investing program fee discount | 0.05% | 0.10% | 0.15% | 0.15% | 0.15% |
Reduction in mortgage origination fee or interest rate | $200 | $400 | $600 | 0.250% interest rate reduction with PayPlan established | 0.375% interest rate reduction with PayPlan established |
Home equity interest rate discount | 0.125% | 0.250% | 0.375% | 0.625% | 0.750% |
Auto loan interest rate discount | 0.25% | 0.35% | 0.50% | 0.50% | 0.50% |
Select banking services | No fees | No fees | No fees | No fees | No fees |
Foreign currency exchange rate discount | N/A | N/A | N/A | 2% | 2% |
Lifestyle benefits | N/A | N/A | N/A | Exclusive access to experiences and offers | Exclusive access to experiences and offers |
Data source: Bank of America.
To better explain how these benefits work, let's take a closer look at each one.
Savings account interest rate booster
You receive a higher interest rate on a Bank of America Advantage Savings account. Keep in mind that even with a boost, Bank of America offers much lower interest rates than you could get from the the top savings accounts.
LEARN MORE: Best Online and High-Yield Savings Accounts
Credit card rewards bonus
Eligible Bank of America rewards credit cards earn bonus rewards on purchases. Most Bank of America consumer credit cards are eligible, including its top cash reward and travel credit cards. If you're looking for a Bank of America card, comparing credit card offers is a good way to find the right one.
SEE MORE: Best Bank of America Credit Cards
No-fee transactions at non-Bank of America ATMs
This benefit applies to U.S. ATMs and applies to withdrawals, balance inquiries, and balance transfers. The ATM fee waiver isn't available with the Gold tier.
Merrill Guided Investing program fee discount
You receive a discount on Merrill Guided Investing, which offers professionally managed portfolios and requires a $1,000 minimum investment. If you want to use Merrill Guided Investing with an advisor, the minimum investment is $20,000.
Reduction in mortgage origination fee
You save on mortgage origination fees when closing on a new Bank of America purchase or refinance mortgage.
LEARN MORE: What Is a Mortgage Origination Fee?
Home equity interest rate discount
You get a discount on the interest rate when opening a new home equity line of credit (HELOC).
Auto loan interest rate discount
You get a discount on the interest rate of a new Bank of America auto purchase or refinance loan.
No fees on select banking services
Preferred Rewards clients at every tier receive the following banking fee waivers:
- Monthly maintenance fee waivers for up to four eligible checking and four savings accounts from Bank of America
- No fees for ATM or debit card replacement including rush replacement, standard check orders, cashier's checks, Check Image Services, check copies, stop payments, and incoming domestic wire transfers
- Overdraft protection transfer fees waived from your linked savings accounts, secondary eligible checking accounts, or from a HELOC
All clients in the Platinum tier or higher also don't pay fees for incoming international wire transfers and a small safe deposit box.
Foreign currency exchange rate discount
Diamond and Diamond Honors clients receive a 2% discount on foreign currency exchanges. The discount only applies to mobile and online orders, and it includes free standard shipping.
Lifestyle benefits
Diamond and Diamond Honors clients get exclusive access to unique experiences and premium offers. There's a wide variety of special offers available through this benefit. A few examples include tours of travel destinations, discounts on luxury merchandise, and tickets to popular events.
As of Oct. 18, 2022 Bank of America® Customized Cash Rewards Credit Card for Students Rating image, 4.50 out of 5 stars. 4.50 stars
Info IconCircle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for
you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Rating image, 5.00 out of 5 stars. 5.00 stars
Info IconCircle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for
you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Rating image, 4.50 out of 5 stars. 4.50 stars
Info IconCircle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for
you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Apply Now for Bank of America® Customized Cash Rewards credit card On Bank of America's Secure Website. Apply Now for Bank of America® Travel Rewards credit card On Bank of America's Secure Website. Read Review Read Full Review Read Full Review Credit Rating Requirement: Good/Excellent (670-850)
Info IconCircle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending
decisions. Credit Rating Requirement: Good/Excellent (670-850)
Info IconCircle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending
decisions. Credit Rating Requirement: Fair/New to Credit Under(669)
Info IconCircle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending
decisions. Welcome Offer:
Info IconCircle with letter I in it. $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening $200 cash rewards Welcome Offer:
Info IconCircle with letter I in it. 25,000 online bonus points after making at least $1,000 in purchases within the first 90 days of account opening 25,000 points Welcome Offer:
Info IconCircle with letter I in it. $200 online cash rewards bonus after making at least $1,000 in purchases within 90 days of your account opening $200 cash rewards Rewards Program:
Info IconCircle with letter I in it. 3% cash back in your choice category, 2% at grocery stores & wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% on all other purchases. 1% - 3% cash back Rewards Program: 1.5 points per dollar Rewards Program:
Info IconCircle with letter I in it. 3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on other purchases. 1% - 3% cash
back Intro APR:
Info IconCircle with letter I in it. 0% Intro APR for 18 billing cycles for any purchases, or any balance transfers made in the first 60 days Purchases: 0%, 18 billing cycles Balance Transfers: 0%, 18 billing cycles Intro APR:
Info IconCircle with letter I in it. 0% Intro APR for 18 billing cycles for any purchases, or any balance transfers made in the first 60 days Purchases: 0%, 18 billing cycles Balance Transfers: 0%, 18 billing cycles Intro APR:
Info IconCircle with letter I in it. 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days, then 16.24% - 26.24% variable thereafter. A 3% fee (min $10) applies to all balance transfers Purchases: 0%, 18
billing cycles Balance Transfers: 0%, 18 billing cycles Regular APR: 16.99% - 26.99% Variable Regular APR: 16.99% - 26.99% Variable APR Regular APR: 16.99% - 26.99% variable Annual Fee: $0 Annual Fee: $0 Annual Fee: $0 Highlights: Highlights: Highlights: Apply Now for Bank of America® Customized Cash Rewards credit card On Bank of America's Secure Website. Apply Now for Bank of America® Travel Rewards credit card On Bank of America's Secure Website. Bank of America® Customized Cash Rewards credit card
Bank of America® Travel Rewards credit card
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How to enroll in Bank of America's Preferred Rewards program
To enroll in the Bank of America Preferred Rewards program, deposit at least $20,000 across eligible Bank of America and Merrill Lynch accounts. Maintain an average combined daily balance of $20,000 or more for three months.
Once you qualify for the Preferred Rewards program, the enrollment option is available when you sign in to your online banking account. Choose to enroll, and Bank of America will put you in the program at the appropriate tier.
FAQs
Bank of America Preferred Rewards is a rewards program offering exclusive benefits across its financial services. The program is available to clients with a combined average daily balance of at least $20,000 in eligible Bank of America bank accounts and Merrill investment accounts.
Bank of America gives you the option to enroll in the Preferred Rewards program when you meet the balance requirements. Once you enroll through your online banking account, you automatically receive Preferred Rewards benefits.
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To qualify for the Preferred Rewards program, you must have a combined daily average balance of at least $20,000 in eligible accounts for three months. Eligible accounts are Bank of America bank accounts and Merrill investment accounts.
The Bank of America Preferred Rewards program has multiple tiers. Here are the tiers and the balance requirements for each one:
- Gold: $20,000 to $49,999.99
- Platinum: $50,000 to $99,999.99
- Platinum Honors: $100,000 and up
The Preferred Rewards program offers the following benefits:
- Interest rate boost on a Bank of America Advantage savings account
- Bonus credit card rewards on eligible Bank of America credit cards
- No-fee transactions at non-Bank of America ATMs
- Merrill Guided Investing program fee discount
- Mortgage origination fee reduction on a new purchase or refinance mortgage
- Home equity interest rate discount
- Auto loan interest rate discount
- No fees on select banking services