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Preferred Rewards

Preferred Rewards Frequently Asked Questions

Bank of America Preferred Rewards offers real benefits and rewards on your everyday banking. And as your qualifying Bank of America® deposit accounts and/or Merrill® investment balances grow, so do your benefits.

There are three tiers in the Preferred Rewards program. Your tier is based on your qualifying combined balances in your Bank of America® deposit and/or Merrill® investment accounts. Once you are a Preferred Rewards member, you'll keep your program benefits for at least a full year, so no need to worry if your balances dip temporarily. In addition, your balances are reviewed monthly to see if you qualify for a higher tier. If so, you'll automatically move to the next level of rewards.

All you need to qualify is an eligible Bank of America® personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts.

Sign in to Online Banking to see if you qualify

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Calculate your Preferred Rewards potential

Use our Preferred Rewards Calculator to see the benefits you can earn

Yes, and enrollment is simple. There are no fees to join or participate in Preferred Rewards. And once you're enrolled, as your balances qualify you for the next level of rewards, you'll receive an automatic tier upgrade.

Sign in to Online Banking to get started

Once you enroll, you can receive Preferred Rewards benefits on your existing eligible accounts, but some of your accounts may require an account conversion or a new account to receive program benefits. For example, you'll need:

  • A Bank of America Advantage Savings account to receive the savings interest rate booster. To learn more talk to a Bank of America employee or visit bankofamerica.com/savings
  • An eligible Bank of America® credit card, such as a Cash Rewards,Travel Rewards, or Premium Rewards® card to receive the credit card rewards bonus

After you enroll in Preferred Rewards, you can talk to a specialist to convert your existing savings account to a Bank of America Advantage Savings account or open a new credit card account that's eligible for the rewards bonus.

After you enroll, you can move to a higher Preferred Rewards tier - and enjoy more benefits and rewards - by increasing your qualifying Bank of America® deposit and/or Merrill® investment balances. We'll review your program balance monthly to see if you've reached a higher tier. If so, you'll receive an automatic tier upgrade.See rewards and benefits by tiers

No need to worry if your balances dip temporarily, you'll keep your Preferred Rewards program status for a full year. If after a year you no longer meet the balance requirement, you'll have a three-month grace period. If you haven't met the balance requirement after three months, you'll be moved to a lower tier or lose your Preferred Rewards benefits.

We'll reinstate your Preferred Rewards status if you meet the requirements at a later date.

With the Preferred Rewards for Business program, you can earn valuable benefits and rewards on your everyday business banking. As your qualifying Bank of America® business deposit accounts and/or Merrill® business investment balances grow, so do your benefits.

There are 3 tiers in the Preferred Rewards for Business program: Gold, Platinum and Platinum Honors. Your business qualifies for one of these tiers based on the combined balances in your Bank of America business deposit accounts and/or Merrill® business investment accounts. Compare rewards and benefits

Keep in mind that your Bank of America personal accounts do not qualify you for (and are not eligible to receive) Preferred Rewards for Business benefits.

Calculator icon

Calculate your Preferred Rewards potential

Use our Preferred Rewards Calculator to see the benefits you can earn

Calculator icon

Calculate your
Preferred Rewards
potential

Use our Preferred Rewards Calculator to see the benefits you can earn

Enroll in Preferred Rewards

There is no fee to join or participate in the program.
To become a Preferred Rewards member you will need:

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

    Once you’ve met these requirements, you must then take action to enroll.

Sign in to Online Banking to see if you qualify.

Not an Online Banking Customer?
Don't have a checking account?
Would you like to speak to a Preferred Rewards specialist?
Call 888.888.RWDS (888.888.7937)
Want to earn rewards on your Bank of America small business accounts?

Enroll in Preferred Rewards

There is no fee to join or participate in the program.
To become a Preferred Rewards member you will need:

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

    Once you’ve met these requirements, you must then take action to enroll.

Want to earn rewards on your Bank of America small business accounts?

Learn more about Preferred Rewards for Business

To learn more or enroll today:

Sign in to Online Banking to see if you qualify.