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Understanding Preferred Rewards requirements

 
 
 

If you’re wondering how your Preferred Rewards program balance is calculated or how you can get even more rewards, you’ve come to the right place.

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 Edge® and Merrill Lynch® investment accounts. It is not a current total of your account balances.

Let's look at what account balances are considered eligible

Accounts on which you are an owner or co-owner, including

  • Deposit accounts: Checking, savings, money market savings, CD and IRA accounts
  • Merrill Edge or Merrill Lynch accounts, such as the Cash Management Account (CMA) and IRA accounts
  • 529 plans appearing on your Merrill Edge or Merrill Lynch statement
  • Revocable grantor trust accounts

Now let's look at what account balances are not considered eligible

  • Accounts on which you're not an owner or co-owner
  • Business accounts or commercial accounts
  • SafeBalance Banking® accounts
  • Irrevocable trust accounts
  • Uniform Transfers to Minor Acts (UTMA) and Uniform Gifts to Minors Act (UGMA) accounts
  • Employee Benefit plans (such as 401(k) plans) and annuities

Note: If you have questions about which investment balances qualify, ask a Merrill Edge Financial Solutions Advisor™ (in a financial center or by phone) or your Merrill Lynch Financial Advisor.

Tracking the numbers and your tier

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.

Here’s an example:

James is a Preferred Rewards Gold tier client. The average daily balance in James' Bank of America Interest Checking Account was:


$30K
Month 1

$60K
Month 2

$90K
Month 3


$180K
Three-month total

  • $180K Three-month total

  • ÷ Three-month period

  • = $60K Three-month average combined balance

 
 
 

Does he qualify for the Platinum tier after month 3?

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 client.

What happens if your balances drop?

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.

Not enrolled in the Preferred Rewards Program? Learn more about Preferred Rewards

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