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Preferred Rewards for Business FAQs

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Knowledge is power

Knowledge is power

When you enroll in Preferred Rewards for Business, you’ll receive a welcome kit and program rules – a great resource with detailed information on how the program works. If you aren’t a member yet, or you don’t have your welcome kit handy, that’s ok. Here we address some of the most frequently asked questions about the program.

Need more information? Schedule an appointment to speak with one of our specialists.
When you enroll in Preferred Rewards for Business, you’ll receive a welcome kit and program rules – a great resource with detailed information on how the program works. If you aren’t a member yet, or you don’t have your welcome kit handy, that’s ok. Here we address some of the most frequently asked questions about the program.

Need more information? Schedule an appointment to speak with one of our specialists

Preferred Rewards for Business frequently asked questions

Preferred Rewards for Business rewards you for the business you do with a wide range of benefits across your business banking relationship. There is no fee to join or participate. And as your qualifying balances grow, so do your benefits.

There are 3 tiers in the program: Gold, Platinum and Platinum Honors. Your tier is based on your qualifying combined balances in your Bank of America® business deposit and/or Merrill® business investment accounts. View rewards and benefits by tier

Once you’re a member, you’ll automatically move to a higher tier after any month when your account balances qualify you for the next level of rewards. Don’t worry if your balances dip temporarily: Your balances are reviewed annually to determine whether you’ll move to a lower tier.

Refer to the Preferred Rewards for Business section of the Business Schedule of Fees for qualifying accounts.

Preferred Rewards for Business is available to Bank of America® Small Business, Merrill® Small Business, and Private Bank Small Business clients.

To become a Preferred Rewards for Business member you will need:
  • An active, eligible Bank of America business checking account
  • A 3-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill business investment accounts
Once you’ve met these requirements, you must then take action to enroll.

Once you qualify for the program, you must then take action to enroll.

Sign in to Online Banking to find out if you’re eligible to enroll.

There are no fees to join or participate. And once you’re a member, as your business balances qualify you for the next level of rewards, we’ll move you up.

It depends on what types of accounts you have. After you enroll, some benefits may require you to change your account type or open a new account in order to receive all the benefits. Here are a few examples:

  • If you already have a Business Advantage Savings account, you’ll automatically receive the interest rate booster
  • If you already have an eligible Business Advantage credit card, you’ll automatically receive the rewards bonus

If you’d like to convert an existing savings account or open a new account that’s eligible for the rewards bonus, please call 888.BUSINESS.

Once you’re a member, we’ll review your qualifying balance each month and you’ll automatically move to a higher rewards tier after any month when your balances qualify you for the next level of rewards. Your qualifying balance is your combined average daily balance in your Bank of America® business deposit and/or Merrill business investment accounts over three full calendar months.

The minimum qualifying balance requirements are $20,000 for the Gold tier, $50,000 for the Platinum tier and $100,000 for the Platinum Honors tier.

Refer to the Preferred Rewards for Business section of the Business Schedule of Fees for qualifying accounts.

View rewards and benefits by tier

To maintain your program status you must retain your active, business checking account and qualifying balance. Your qualifying balance is your combined average daily business balance in your Bank of America® business deposit and/or Merrill business investment accounts over 3 full calendar months.

The minimum qualifying balance requirements are $20,000 for the Gold tier, $50,000 for the Platinum tier and $100,000 for the Platinum Honors tier.

Once you’re a member, you’ll keep your benefits for as long as you continue to qualify for the program. No need to worry if your balances dip temporarily, we only review your program qualification on an annual basis. If you no longer meet the eligible business checking account and/or balance requirements, you’ll have a 3-month grace period to restore your eligibility.

When the grace period ends, if you still haven’t met the balance requirement, you’ll be moved to a lower benefit tier. If your qualifying balance falls below $20,000, you’ll lose your benefits entirely. We will monitor your qualifying balance over the next 24 months and will resume your benefits if you meet the balance requirement during that time. If you fail to reestablish a qualifying business checking account you will be removed from the program.

Refer to the Preferred Rewards for Business section of the Business Schedule of Fees for qualifying accounts.

Become a Preferred Rewards for Business member

There’s no fee to join or participate in the program. Here’s all you need to become a member:

  • An active, eligible Bank of America business checking account
  • A 3-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill® business investment accounts

Get started now

Become a Preferred Rewards for Business member

There’s no fee to join or participate in the program. Here’s all you need to become a member:

  • An active, eligible Bank of America business checking account
  • A 3-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill® business investment accounts

Sign in to Online Banking to see if you qualify »


Speak with a Small Business Specialist to get started today

Schedule an appointment now or call 888.BUSINESS (888.287.4637)

Not an Online Banking Customer?

Enroll in Online Banking »

Don’t have a business checking account?

Learn more about business checking »


. Sell trades are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principle. There are costs associated with owning ETFs. To learn more about Merrill pricing, visit merrilledge.com/pricing.