Preferred Rewards FAQs - Bank of America

Bank of America Preferred Rewards

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Preferred Rewards Frequently Asked Questions

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What is Preferred Rewards?

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 three tiers in the Preferred Rewards program. Your tier is based on your qualifying combined balances in your Bank of America^® deposit and/or Merrill^® investment accounts. Once you are a Preferred Rewards member, you'll keep your program benefits for at least a full year, so no need to worry if your balances dip temporarily. In addition, your balances are reviewed monthly to see if you qualify for a higher tier. If so, you'll automatically move to the next level of rewards.

How do I qualify?

Do I have to enroll to become a Preferred Rewards member?

Do I need to open new accounts to take advantage of Preferred Rewards benefits?

How can I move to a higher Preferred Rewards tier?

What happens if my program balance drops after I enroll in Preferred Rewards?

How can I earn rewards on my Bank of America small business accounts?

Calculate your Preferred Rewards potential

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

Calculate your
Preferred Rewards
potential

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

Enroll in Preferred Rewards

There is no fee to join or participate in the program.
To become a Preferred Rewards member you will need:

An active, eligible Bank of America checking account
A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill^® investment accounts.

Once you’ve met these requirements, you must then take action to enroll.

Log in to Online Banking to see if you qualify.

Enroll in Preferred Rewards

There is no fee to join or participate in the program.
To become a Preferred Rewards member you will need:

An active, eligible Bank of America checking account
A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill^® investment accounts.

Once you’ve met these requirements, you must then take action to enroll.

Log in to Online Banking to see if you qualify.

Connect with us

888.888.7937

Mon-Fri 8 a.m. – 10 p.m. ET

888.888.7937

Mon-Fri 8 a.m. – 10 p.m. ET

Schedule an appointment

Learn more about Preferred Rewards for Business

Your money works hardest when it works together.

That's why we created Preferred Rewards

- a program that rewards you

for the everyday banking that you do

when you have an eligible checking account

and a three-month combined average daily balance

of $20,000 or more in your qualifying

Bank of America deposit and/or

Merrill Edge investment accounts.

The great news is that

$20,000 can come from almost anywhere.

It can be transferred from existing accounts

at other banks or investment firms,

from an old 401(k), an IRA, a vacation fund,

or even a rainy day fund.

And a specialist can help with easily transferring

assets by providing assistance at our

financial centers or over the phone.

Of course, the $20,000 can also come

from accounts you already have including

your Merrill Edge investment accounts

and your eligible Bank of America

checking and savings accounts.

So take a look at them all.

Because the average American household

has five bank accounts...

And almost any combination works.

And when you enroll in Preferred Rewards

You can help your money work harder

Allowing you everyday banking benefits

and rewards you'll actually use

Like credit card rewards bonuses

on eligible credit cards,

select no fee banking services,

extra interest

on Rewards Money Market Savings accounts,

and more.

To learn how you could qualify,

talk to a Bank of America employee

To schedule an appointment,

visit bankofamerica.com/schedule

Get used to getting more

with Preferred Rewards from Bank of America.

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Transcript

Your money works hardest when it works together.

That's why we created Preferred Rewards

- a program that rewards you

for the everyday banking that you do

when you have an eligible checking account

and a three-month combined average daily balance

of $20,000 or more in your qualifying

Bank of America deposit and/or

Merrill Edge investment accounts.

The great news is that

$20,000 can come from almost anywhere.

It can be transferred from existing accounts

at other banks or investment firms,

from an old 401(k), an IRA, a vacation fund,

or even a rainy day fund.

And a specialist can help with easily transferring

assets by providing assistance at our

financial centers or over the phone.

Of course, the $20,000 can also come

from accounts you already have including

your Merrill Edge investment accounts

and your eligible Bank of America

checking and savings accounts.

So take a look at them all.

Because the average American household

has five bank accounts...

And almost any combination works.

And when you enroll in Preferred Rewards

You can help your money work harder

Allowing you everyday banking benefits

and rewards you'll actually use

Like credit card rewards bonuses

on eligible credit cards,

select no fee banking services,

extra interest

on Rewards Money Market Savings accounts,

and more.

To learn how you could qualify,

talk to a Bank of America employee

To schedule an appointment,

visit bankofamerica.com/schedule

Get used to getting more

with Preferred Rewards from Bank of America.