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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 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.

Let's look at what account balances are considered eligible

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

  • Deposit accounts: Checking, Bank of America Advantage Banking, savings, money market savings, CD and IRA accounts
  • Merrill® investment accounts, such as the Cash Management Account (CMA) and IRA accounts
  • 529 plans appearing on your Merrill® 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
  • 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® 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 member. The average daily balance in James' Bank of America Advantage Banking Account was:

Month 1

Month 2

Month 3

Three-month total

  • $180K Three-month total

  • ÷ Three-month period

  • = $60K Three-month combined average daily 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 member.

What happens if your balances drop?

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.

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

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