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Benefits of Preferred Rewards

 
 
 

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 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.

You have choices for what to do with your employer sponsored retirement plan. You may be able to roll over to a Traditional or Roth IRA, roll over to a 401(k) at a new employer, take a distribution or leave the account where it is, depending on your unique financial needs and retirement goals. Each option presents different benefits and limitations with regard to available investment choices and services, fees and expenses, withdrawal rules, required minimum distributions, tax treatment, and protection from creditors and legal judgments. Additionally, there are limits to how often and when you can roll over your account. Be sure to review your Rollover IRA choices at merrilledge.com/retirement/rollover-ira or call a Merrill Edge specialist at 888.637.3343 for additional information about your choices.

Did you know that there are 2 ways to move assets from one IRA to another? The most common is a transfer. This is when you transfer assets from an IRA held at one financial institution to an IRA at another. You may directly transfer assets between investment firms as frequently as you wish. The second, less common approach is called a rollover. Rollovers occur when you withdraw assets from an IRA and then roll those assets back into the same IRA or into another one within 60 days. IRS rules limit you to 1 rollover per client per 12-month period. If you have questions or want to learn more call 888.MER.EDGE or consult a tax advisor.

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 Platinum honors Platinum honors
Required balance
Gold $20K to < $50K
three-month average combined balance
$20-$50K
Platinum $50K to < $100K
three-month average combined balance
$50-100K
Platinum Honors $100K+ three-month average combined balance
Required three-month average combined balance
Rewards Savings interest rate booster
Gold 5%
interest rate booster layer on a Rewards Savings Account
Platinum 10%
interest rate booster layer on a Rewards Savings Account
Platinum Honors 20%
interest rate booster layer on a Rewards Savings Account
Credit card rewards bonus
Gold 25%
rewards bonus on eligible Bank of America credit cards
Review card eligibility guidelines layer
Platinum 50%
rewards bonus on eligible Bank of America credit cards
Review card eligibility guidelines layer
Platinum Honors 75%
rewards bonus on eligible Bank of America credit cards
Review card eligibility guidelines layer
Non-Bank of America ATM Transactions
Gold
Platinum up to 12/year
no-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.
Platinum Honors unlimited
no-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
Gold
Platinum 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
Platinum Honors 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
Gold Priority service through the Preferred Rewards Center (888.888.RWDS), a dedicated team of specialists available to handle your product and service needs.
Platinum Priority service through the Preferred Rewards Center (888.888.RWDS), a dedicated team of specialists available to handle your product and service needs.
Platinum Honors 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
Gold $200
reduction in the origination fee on a new Bank of America purchase or refinance mortgage
Platinum $400
reduction in the origination fee on a new Bank of America purchase or refinance mortgage
Platinum Honors $600
reduction in the origination fee on a new Bank of America purchase or refinance mortgage
Home equity discount
Gold 0.125%
interest rate discount on a new Bank of America home equity line of credit
Platinum 0.250%
interest rate discount on a new Bank of America home equity line of credit
Platinum Honors 0.375%
interest rate discount on a new Bank of America home equity line of credit
Auto loan discount
Gold 0.25%
interest rate discount on a new Bank of America auto purchase or refinance loan
Platinum 0.35%
interest rate discount on a new Bank of America auto purchase or refinance loan
Platinum Honors 0.50%
interest rate discount on a new Bank of America auto purchase or refinance loan
Additional checking & savings accounts
Gold No monthly maintenance fees on up to 4 eligible checking and 4 savings accounts from Bank of America
Platinum No monthly maintenance fees on up to 4 eligible checking and 4 savings accounts from Bank of America
Platinum Honors No monthly maintenance fees on up to 4 eligible checking and 4 savings accounts from Bank of America
No-fee banking services
Gold 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 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 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
 
 
 

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

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♦ Other fees may apply. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs. To learn more about Merrill Edge pricing, visit merrilledge.com/pricing

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888.888.7937

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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. If your credit card receives the 10% customer bonus, the Preferred Rewards bonus will replace the 10% customer bonus.

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®, American Express® and Private Banking and Investment Group Octave® American Express®)
  • U.S. Trust® Octave® American Express®
  • AAA® Gas Rebate
  • Air France KLM World Elite Mastercard®
  • Alaska Airlines®
  • Allegiant World MasterCard®
  • Amtrak Guest Rewards®
  • Amway™
  • Asiana Airlines®
  • Celebrity Cruises®
  • Royal Caribbean International®
  • Spirit Airlines®
  • Virgin Atlantic Airways®

This list is subject to change without prior notice.

Interest rate booster example

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.

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. If your credit card receives the 10% customer bonus, the Preferred Rewards bonus will replace the 10% customer bonus.

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®, American Express® and Private Banking and Investment Group Octave® American Express®)
  • U.S. Trust® Octave® American Express®
  • AAA® Gas Rebate
  • Air France KLM World Elite Mastercard®
  • Alaska Airlines®
  • Allegiant World MasterCard®
  • Amtrak Guest Rewards®
  • Amway™
  • Asiana Airlines®
  • Celebrity Cruises®
  • Royal Caribbean International®
  • Spirit Airlines®
  • Virgin Atlantic Airways®

This list is subject to change without prior notice.