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Understand your Preferred Rewards Requirements Use this infographic to help understand the Bank of America Preferred Rewards program requirements. Bank of America

Understanding the Preferred Rewards program balance requirements

Do you know how your Preferred Rewards program balance is calculated? Or how you can get even more rewards? Find out below

Infographic: Understanding Program Balances Show infographic Text Version

Bank of America Preferred Rewards

It's easy to stay on top of your Preferred Rewards status when you know the basics

As an enrolled Preferred Rewards client, you've met the program requirements — which include maintaining an eligible Bank of America® checking account and a three-month average combined balance of at least $20,000.

But what is a combined balance? How is it calculated? And, how can increasing your program balance help you get even more rewards? Let's find out.

By the numbers

Your Preferred Rewards program balance is calculated based on your combined average daily balance for a three calendar month period that you — as the primary or co-owner on the account — keep in your eligible Bank of America® banking and/or Merrill Edge® and Merrill Lynch® investment accounts. It is not a current total of your account balances.

Let's look at what account balances are considered eligible

  • Accounts on which you are an owner or co-owner including:
    • Deposit accounts: Checking, Savings, Money Market Savings, CD and IRA accounts
    • Merrill Edge or Merrill Lynch accounts, such as the Cash Management Account (CMA) and IRA accountsFootnote1
    • 529 plans appearing on your Merrill Edge or Merrill Lynch statementFootnote2
    • Revocable grantor trust accounts

Note: If you have questions about which investment balances qualify, ask a Merrill Edge Financial Solutions Advisor™ (in a financial center or by phone) or your Merrill Lynch Financial Advisor.

Now let's look at what account balances are not considered eligible

  • Accounts on which you're not an owner or co-ownerFootnote3
  • Business accounts or commercial accounts
  • SafeBalance Banking® accounts
  • Irrevocable trust accounts
  • Uniform Transfers to Minor Acts (UTMA) and Uniform Gifts to Minors Act (UGMA) accounts
  • Employee Benefit plans (such as 401(k) plans) and annuities

Tracking the numbers and your tier

After you enroll, you can track your program balance on your Preferred Rewards Summary in Online Banking. And, you can move to a higher Preferred Rewards tier and enjoy more benefits and rewards by increasing your program balance.

We'll review your program balance at the beginning of each month to see if you've reached a higher tier. If so, you'll receive a tier upgrade. Here’s an example:

James is a Preferred Rewards Gold tier client

The average daily balance in James' Bank of America Interest Checking Account was:
$30K Month 1
$60K Month 2
$90K Month 3

Does he qualify for the Platinum tier after month three?

Let's do the math
His program balance is determined by adding the three amounts together, then dividing by three for the three-month period.

($30K Month 1 + $60K Month 2 + $90K Month 3 = $180K Three-month total) divided by 3 month period = $60K Three-month average combined balance

Yes!
Because $50,000 is the balance threshold for the Platinum tier. James will be notified that he is now a Preferred Rewards Platinum tier client.

What happens if your balances drop?

Even if your eligible balances drop below the requirements for your tier (Gold, Platinum or Platinum Honors), you'll maintain your Preferred Rewards status for 12 months following enrollment. If you no longer meet the balance requirements after 12 months, you’ll have a three-month grace period to increase your balances. After that, if you still don't meet the balance requirements, you’ll be moved to a lower tier or lose your Preferred Rewards benefits.

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Not enrolled in the Preferred Rewards program?
Learn more.