If the interest rate on a Rewards Savings account is 1.00%, a 5% rate booster would increase the interest rate to 1.05%
Rates shown are for illustration only. For current rates, view our Rewards Savings rates.
As a Preferred Rewards client, you get more benefits and rewards with your everyday banking. Plus, you have the opportunity to enjoy an even higher level of benefits and rewards. Here’s how:
When you move to a higher tier, you can earn more, save more and get more back — including extra interest on a Rewards Savings account, a bigger rewards bonus on eligible Bank of America® credit cards, and $0 Merrill Edge® online stock and ETF trades. Other fees may apply.
How do I move to a higher tier?
Your Preferred Rewards tier is based on your 3-month average combined balance in your eligible Bank of America deposit and/or Merrill Edge® and Merrill Lynch® investment accounts. Here’s the minimum balance requirement for each tier:
- We review your program balance monthly to see if you’ve reached a higher tier.
- If you qualify, you receive an automatic tier upgrade — as long as you continue to maintain an active, eligible Bank of America checking account.
Your money works hardest when it works together — and increasing your balances may be easier than you think.
A specialist can help you easily transfer assets from:
- Existing accounts from other banks
- Previous 401(k)s
- Previous IRAs
Understand your choices when it comes to your old 401(k). Merrill Edge can help you find what may best fit your needs: rolling it over to an IRA, maintaining it in a 401(k) with a new or former employer or cashing out.
Learn more about Merrill Edge
Merrill Edge is a streamlined investment service that gives you access to the convenience of Bank of America banking, plus the investment insights of Merrill Lynch® to help you make more informed investment decisions. Your Merrill Edge investment account balances can help you qualify for a higher Preferred Rewards tier.
Here are some of the additional benefits you could be enjoying:
| Gold | Platinum | Platinum Honors | |||
|---|---|---|---|---|---|
| Required balance | $20K to $50K3-month average combined balance | $50K to $100K3-month average combined balance | $100K+3-month average combined balance | ||
| Rewards Savings interest rate booster | 5%interest rate booster layer on a Rewards Savings Account | 10%interest rate booster layer on a Rewards Savings Account | 20%interest rate booster layer on a Rewards Savings Account | ||
| Credit card rewards bonus | 25%rewards bonus on eligible Bank of America credit cards Review card eligibility guidelines layer | 50%rewards bonus on eligible Bank of America credit cards Review card eligibility guidelines layer | 75%rewards bonus on eligible Bank of America credit cards Review card eligibility guidelines layer | ||
| Non-Bank of America ATM Transactions | up to 12/yearno-fee ATM transactions — withdrawals, balance inquiries and balance transfers (one each per statement cycle) — with a Bank of America debit or ATM card at non-Bank of America ATMs in the U.S. | unlimitedno-fee ATM transactions — withdrawals, balance inquiries and balance transfers — with a Bank of America debit or ATM card at non-Bank of America ATMs in the U.S. | |||
Merrill Edge® online investing and trading | up to 30/month$0 online stock and ETF trades on a Merrill Edge online investment account ♦ Other fees may apply Plus Merrill Edge MarketPro® | up to 100/month$0 online stock and ETF trades on a Merrill Edge online investment account ♦ Other fees may apply Plus Merrill Edge MarketPro® | |||
| Priority client service | Priority service through the Preferred Rewards Center (888.888.RWDS), a dedicated team of specialists available to handle your product and service needs. | Priority service through the Preferred Rewards Center (888.888.RWDS), a dedicated team of specialists available to handle your product and service needs. | Priority service through the Preferred Rewards Center (888.888.RWDS), a dedicated team of specialists available to handle your product and service needs. | ||
| Mortgage: Reduced Origination Fee | $200reduction in the origination fee on a new Bank of America purchase or refinance mortgage | $400reduction in the origination fee on a new Bank of America purchase or refinance mortgage | $600reduction in the origination fee on a new Bank of America purchase or refinance mortgage | ||
| Home equity discount | 0.125%interest rate discount on a new Bank of America home equity line of credit | 0.250%interest rate discount on a new Bank of America home equity line of credit | 0.375%interest rate discount on a new Bank of America home equity line of credit | ||
| Auto loan discount | 0.25%interest rate discount on a new Bank of America auto purchase or refinance loan | 0.35%interest rate discount on a new Bank of America auto purchase or refinance loan | 0.50%interest rate discount on a new Bank of America auto purchase or refinance loan | ||
| Additional checking & savings accounts | No monthly maintenance fees on up to 4 eligible checking and 4 savings accounts from Bank of America | No monthly maintenance fees on up to 4 eligible checking and 4 savings accounts from Bank of America | No monthly maintenance fees on up to 4 eligible checking and 4 savings accounts from Bank of America | ||
| No-fee banking services | No fees on select services, including standard check orders, cashier's checks, incoming domestic wire transfers and more layer information on no-fee banking services for Gold tier | No fees on select services, including standard check orders, cashier's checks, incoming domestic wire transfers and more layer information on no-fee banking services for Platinum tier | No fees on select services, including standard check orders, cashier's checks, incoming domestic wire transfers and more layer information on no-fee banking services for Platinum Honors tier |
| Required balance | Rewards Savings interest rate booster | Credit card rewards bonus | Non-Bank of America ATM Transactions |  Merrill Edge® online investing and trading | Priority client service | Mortgage: Reduced Origination Fee | Home equity discount | Auto loan discount | Additional checking & savings accounts | No-fee banking services | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gold | $20K to $50K 3-month average combined balance | 5%interest rate booster layer on a Rewards Savings Account | 25%rewards bonus on eligible Bank of America credit cards Review card eligibility guidelines layer | Priority service through the Preferred Rewards Center (888.888.RWDS), a dedicated team of specialists available to handle your product and service needs. | $200reduction in the origination fee on a new Bank of America purchase or refinance mortgage | 0.125%interest rate discount on a new Bank of America home equity line of credit | 0.25%interest rate discount on a new Bank of America auto purchase or refinance loan | No monthly maintenance fees on up to 4 eligible checking and 4 savings accounts from Bank of America | No fees on select services, including standard check orders, cashier's checks, incoming domestic wire transfers and more layer information on no-fee banking services for Gold tier | |||
| Platinum | $50K to $100K3-month average combined balance | 10%interest rate booster layer on a Rewards Savings Account | 50%rewards bonus on eligible Bank of America credit cards Review card eligibility guidelines layer | up to 12/yearno-fee ATM transactions — withdrawals, balance inquiries and balance transfers (one each per statement cycle) — with a Bank of America debit or ATM card at non-Bank of America ATMs in the U.S. | up to 30/month$0 online stock and ETF trades on a Merrill Edge online investment account ♦ Other fees may apply Plus Merrill Edge MarketPro® | Priority service through the Preferred Rewards Center (888.888.RWDS), a dedicated team of specialists available to handle your product and service needs. | $400reduction in the origination fee on a new Bank of America purchase or refinance mortgage | 0.250%interest rate discount on a new Bank of America home equity line of credit | 0.35%interest rate discount on a new Bank of America auto purchase or refinance loan | No monthly maintenance fees on up to 4 eligible checking and 4 savings accounts from Bank of America | No fees on select services, including standard check orders, cashier's checks, incoming domestic wire transfers and more layer information on no-fee banking services for Platinum tier | |
| Platinum Honors | $100K+3-month average combined balance | 20%interest rate booster layer on a Rewards Savings Account | 75%rewards bonuson eligible Bank of America credit cards Review card eligibility guidelines layer | unlimitedno-fee ATM transactions — withdrawals, balance inquiries and balance transfers — with a Bank of America debit or ATM card at non-Bank of America ATMs in the U.S. | up to 100/month$0 online stock and ETF tradeson a Merrill Edge online investment account ♦ Other fees may apply Plus Merrill Edge MarketPro® | Priority service through the Preferred Rewards Center (888.888.RWDS), a dedicated team of specialists available to handle your product and service needs. | $600reduction in the origination fee on a new Bank of America purchase or refinance mortgage | 0.375%interest rate discount on a new Bank of America home equity line of credit | 0.50%interest rate discount on a new Bank of America auto purchase or refinance loan | No monthly maintenance fees on up to 4 eligible checking and 4 savings accounts from Bank of America | No fees on select services, including standard check orders, cashier's checks, incoming domestic wire transfers and more layer information on no-fee banking services for Platinum Honors tier | |
Interest rate booster example
Interest rate booster example
If the interest rate on a Rewards Savings account is 1.00%, a 10% rate booster would increase the interest rate to 1.10%
Rates shown are for illustration only. For current rates, view our Rewards Savings rates.
Interest rate booster example
If the interest rate on a Rewards Savings account is 1.00%, a 20% rate booster would increase the interest rate to 1.20%
Rates shown are for illustration only. For current rates, view our Rewards Savings rates.
Additional no-fee services
Preferred Rewards Gold tier clients enjoy:
- No fees on ATM or debit card replacement including rush replacement, standard check orders, cashier's checks, Check Image Service, check copies, and incoming domestic wire transfers
- Overdraft Protection transfer fees waived from your linked savings accounts, secondary checking accounts or from a Home Equity Line of Credit
- See the Personal Schedule of Fees for more information.
Additional no-fee services
Preferred Rewards Platinum tier clients enjoy:
- No fees on ATM or debit card replacement including rush replacement, standard check orders, cashier's checks, Check Image Service, check copies, incoming domestic and international wire transfers, and a small safe deposit box
- Overdraft Protection transfer fees waived from your linked savings accounts, secondary checking accounts or from a Home Equity Line of Credit
- See the Personal Schedule of Fees for more information.
Additional no-fee services
Preferred Rewards Platinum Honors tier clients enjoy:
- No fees on ATM or debit card replacement including rush replacement, standard check orders, cashier's checks, Check Image Service, check copies, incoming domestic and international wire transfers, and a small safe deposit box
- Overdraft Protection transfer fees waived from your linked savings accounts, secondary checking accounts or from a Home Equity Line of Credit
- See the Personal Schedule of Fees for more information.
Card eligibility guidelines
Most Bank of America® branded consumer credit cards (such as the Cash Rewards, Travel Rewards, and Premium Rewards® credit cards) are eligible to receive the Preferred Rewards bonus, as long as the card account is open and in good standing. The Preferred Rewards bonus will replace the 10% customer bonus you may receive with certain cards.
Cards not eligible for the rewards bonus:- Non-rewards credit cards
- Business purpose credit cards
- BankAmericard Better Balance Rewards®
- Merrill Lynch branded (including MERRILL+®, Merrill Lynch® Octave® and Private Banking and Investment Group Octave®)
- U.S. Trust® Octave®
- AAA® Gas Rebate
- Alaska Airlines®
- Allegiant World MasterCard®
- Amtrak Guest Rewards®
- Amway™
- Asiana Airlines®
- Bass Pro Shops®
- Celebrity Cruises®
- Royal Caribbean International®
- Spirit Airlines®
- Virgin Atlantic Airways®
This list is subject to change without prior notice.
Ready to take Preferred Rewards to the next level?
We’re here to help. Call us at 888.888.7937 today. If you prefer, schedule an appointment online.
Not enrolled in the Preferred Rewards program? Learn more about Preferred Rewards
Calculate your Preferred Rewards potential
Use our Preferred Rewards calculator to see the benefits you can earn
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