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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

  • 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.
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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:

To learn more or enroll today:

You are eligible to enroll in the Preferred Rewards program if you have an active, eligible Bank of America® personal checking account and maintain a 3-month average combined balance in your qualifying Bank of America deposit accounts and/or your qualifying Merrill Edge® and Merrill Lynch® investment accounts of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier. The combined balance is calculated based on your average daily balance for a three calendar month period. SafeBalance Banking® accounts do not count toward the account or balance requirements, and do not receive the fee waivers and other benefits of the program. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. For details on Employee qualification requirements, please visit the Employee Banking & Investments website. The Preferred Rewards Gold tier does not include the $0 online equity and ETF trades via Merrill Edge®, a benefit that is currently available at the Platinum and Platinum Honors tiers of Preferred Rewards.

Some Merrill Edge benefits may be available to customers with less than $20,000 in investable assets. Please speak with a Financial Solutions Advisor for more information about Merrill Edge. Merrill Lynch clients with an active, eligible Bank of America personal checking account and a 3-month average combined balance of at least $20,000 can enroll in Preferred Rewards. Merrill Lynch clients with a 3-month average combined balance of at least $250,000 and an active, eligible Bank of America personal checking account or eligible Merrill Lynch account and all U.S. Trust® clients are eligible for the Banking Rewards for Wealth Management program. Please speak with your Merrill Lynch financial advisor or U.S. Trust advisor for more information.

Merrill Edge is available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), and consists of the Merrill Edge Advisory Center (investment guidance) and self-directed online investing. MLPF&S is a registered broker-dealer, member SIPC and a wholly owned subsidiary of Bank of America Corporation.

Merrill Lynch makes available products and services offered by MLPF&S and other subsidiaries of Bank of America Corporation.

U.S. Trust operates through Bank of America, N.A., and other subsidiaries of Bank of America Corporation ("BofA Corp.").

Banking and mortgage and Home Equity products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Bank of America, N.A. Equal Housing Lender Equal Housing Opportunity Lender (icon)

Credit card programs are issued and administered by Bank of America, N.A.

Investment products are provided by MLPF&S and:

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

Some accounts, services, and fees vary from state to state. Please review the Personal Schedule of Fees for your state, also available at your local financial center.

"Get more rewards with your everyday banking", and BankAmericard Cash Rewards are trademarks and Merrill Edge, Merrill Lynch, the Bull Symbol, Merrill Lynch Cash Management Account, U.S. Trust, BankAmericard Travel Rewards, Bank of America Accolades, Merrill Edge MarketPro, the Bank of America Preferred Rewards logo, SafeBalance Banking, Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.