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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 3 tiers in the Preferred Rewards program-Gold, Platinum and Platinum Honors. Your tier is based on your qualifying combined balances in your Bank of America deposit and/or Merrill investment accounts. See rewards and benefits by tiers

All you need to qualify is an eligible Bank of America® personal checking account and a 3-month average combined balance of $20,000 in qualifying Bank of America deposit accounts and/or Merrill investment accounts.

Sign in to Online Banking to see if you qualify

 Video: Get simple tips to help you reach the required balance layer

Calculator icon

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:

  • An eligible 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 an eligible 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

To maintain your status, you need an eligible Bank of America® personal checking account and a three-month average combined balance of at least $20,000 for the Gold tier, $50,000 for Platinum tier, or $100,000 for Platinum Honors tier in qualifying Bank of America deposit accounts and/or Merrill investment accounts.

  • You'll maintain your Preferred Rewards tier status for 12 months following your enrollment. If after 12 months you no longer meet the checking account or balance requirement, you'll have a three-month grace period. If you haven't met the checking account requirement after three months, you'll lose your Preferred Rewards benefits. If you haven't met the checking account or balance requirement after three months, depending on your balances you'll either be moved to a lower tier or lose your Preferred Rewards benefits.

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.

Enroll in Preferred Rewards

There are no fees to join or participate in Preferred Rewards. Here's all you need to enroll:

Calculator icon

Calculate your Preferred Rewards potential

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

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 are no fees to join or participate in Preferred Rewards. Here's all you need to enroll:

Calculator icon

Calculate your Preferred Rewards potential

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

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.