As an enrolled Preferred Rewards client, you've met the program requirements — which include maintaining an eligible Bank of America® checking account and a 3-month average combined balance of at least $20,000.
But what is a combined balance? How is it calculated? How can increasing your program balance help you get even more rewards? Let's find out.
By the numbers
Your Preferred Rewards program balance is calculated based on your combined average daily balance for a period of 3 calendar months that you — as the primary or co-owner on the account — keep in your eligible Bank of America® banking and/or Merrill investment accounts. It is not a current total of your account balances.
Accounts on which you are an owner or co-owner, including
Note: If you have questions about which investment balances qualify, ask a Merrill Financial Advisor.
After you enroll, you can track your program balance on your Preferred Rewards Summary in Online Banking or in the Mobile Banking app. By increasing your program balance, you can move to a higher Preferred Rewards tier and enjoy more benefits and rewards.
We'll review your program balance at the beginning of each month to see if you've reached a higher tier. If so, you'll automatically receive a tier upgrade.
James is a Preferred Rewards Gold tier client. The average daily balance in James' Bank of America Advantage Banking Account was:
$180K Three-month total
÷ Three-month period
= $60K Three-month average combined balance
Yes! Because $50,000 is the balance threshold for the Platinum tier. James will be notified that he is now a Preferred Rewards Platinum tier member.
Even if your eligible balances drop below the requirements for your tier (Gold, Platinum or Platinum Honors), you'll maintain your Preferred Rewards status for 12 months following enrollment. If you no longer meet the balance requirements after 12 months, you’ll have a 3-month grace period to increase your balances. After that, if you still don't meet the balance requirements after the grace period, you’ll be moved to a lower tier or lose your Preferred Rewards benefits.