As an enrolled Preferred Rewards member, you've met the program requirements — which include maintaining an eligible Bank of America® checking account and a three-month combined average daily 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 member. The average daily balance in James' Bank of America Advantage Banking Account was:
$180K Three-month total
÷ Three-month period
= $60K Three-month combined average daily 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.
No need to worry if your balances dip temporarily, you'll keep your Preferred Rewards program status for at least 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.