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  • Preferred Rewards frequently asked questions

    • Hide Show 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 Edge® and Merrill Lynch® investment balances grow, so do your benefits.

      There are 3 tiers in the Preferred Rewards program-Gold, Platinum and Platinum Honors. Your tier is based on your qualifying combined balances in your Bank of America deposit and/or Merrill Edge® and Merrill Lynch® investment accounts. See rewards and benefits by tiers

    • Hide Show How do I qualify?

      All you need to qualify is an eligible Bank of America® personal checking account and a 3-month average combined balance of $20,000 in qualifying Bank of America deposit accounts and/or Merrill Edge® and Merrill Lynch® investment accounts.

      Sign in to Online Banking to see if you qualify

        Video: >Get simple tips to help you reach the required balance layer

    • Hide Show Do I have to enroll to become a Preferred Rewards client?

      Yes, and enrollment is simple. There are no fees to join or participate in Preferred Rewards. And once you"re enrolled, as your balances qualify you for the next level of rewards, we"ll move you up automatically.

      Sign in to Online Banking to get started

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

      You can receive Preferred Rewards benefits on your existing accounts, but you"ll need:

      • A Rewards Money Market Savings account to receive the money market savings interest rate booster
      • An eligible Bank of America credit card, such as a BankAmericard Cash Rewards or BankAmericard Travel Rewards® cards, to receive the credit card rewards bonus

      After you enroll in Preferred Rewards, you can talk to a specialist to convert your existing money market savings account to a Rewards Money Market Savings account or open a new credit card account that's eligible for the rewards bonus.

      If you already have a Rewards Money Market Savings account or an eligible credit card, you'll automatically receive Preferred Rewards benefits after you enroll.

    • Hide Show How can I move to a higher Preferred Rewards tier?

      Once you enroll and begin receiving Preferred Rewards benefits, we"ll review your qualifying balances monthly to see if you"ve reached a higher tier. If so, you"ll receive an automatic tier upgrade. See rewards and benefits by tiers

    • Hide Show How do I maintain my Preferred Rewards program status once I enroll?

      To maintain your status, you need an eligible Bank of America personal checking account and a three-month average combined balance of at least $20,000 for the Gold tier, $50,000 for Platinum tier, or $100,000 for Platinum Honors tier in qualifying Bank of America deposit accounts and/or Merrill Edge and Merrill Lynch® investment accounts.

      • You"ll maintain your Preferred Rewards tier status for 12 months following your enrollment. If after 12 months you no longer meet the checking account or balance requirement, you"ll have a three-month grace period. If you haven"t met the checking account requirement after three months, you"ll lose your Preferred Rewards benefits. If you haven"t met the checking account or balance requirement after three months, depending on your balances you"ll either be moved to a lower tier or lose your Preferred Rewards benefits.

    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 3-month average combined 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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    Enroll in Preferred Rewards

    There are no fees to join or participate in Preferred Rewards. Here's all you need to enroll:

    Sign in to Online Banking to see if you qualify.

    Not an Online Banking Customer?
    Don't have a checking account?
    Would you like to speak to a Preferred Rewards specialist?
    Call 888.888.RWDS (888.888.7937)

    Enroll in Preferred Rewards

    There are no fees to join or participate in Preferred Rewards. Here's all you need to enroll:

    To learn more or enroll today: