The BofA Rewards program offers benefits and rewards on your everyday banking and investing. As your qualifying Bank of America deposit accounts and Merrill investment balances grow, so do your benefits.

There's no fee to join, and there's no minimum balance needed to stay in the program. All you need is an eligible Bank of America checking account.

Preferred Rewards members don’t have to take any action to join the BofA Rewards program. You’ll get to enjoy new benefits right away. Current Preferred Rewards Gold and Platinum members will change to Preferred Plus members. Platinum Honors members will change to Preferred Honors Members. Diamond Honors members will change to Premier members. Some benefits, like the credit card rewards bonus and no-fee safe deposit boxes, may be subject to change. If this applies to you, you'll keep your Preferred Rewards benefits for at least 6 months (after May 2026). Learn more about our rewards program changes.

Your tier is based on the qualifying combined balances in your Bank of America deposit and Merrill investment accounts. To increase your balances, you can move money over from accounts at other banks or investment firms, such as 401(k) or IRA accounts, or perhaps a vacation or emergency fund.

We review your balances monthly. If you’re eligible for a higher tier, we’ll move you up automatically. Keep in mind that new benefits take up to 30 days to become effective.

If this is your first time enrolling in the program, we’ll review your balances daily for the first 30 days. If you’re eligible for a higher tier within that time, we’ll move you up right away — no action needed on your part.

No need to worry if your balances dip temporarily — you'll retain your BofA Rewards tier until your next anniversary date. If you no longer meet the balance requirement for your tier at your annual review, we'll notify you and provide a 3-month grace period to increase your eligible balances. If you haven't met the minimum balance requirement for your tier after those 3 months, you'll be moved to a lower tier.

We'll let you know if a benefit requires a new account to activate. Some benefits, like the credit card rewards bonus, get applied right away if you have an eligible card when you join.

Other benefits, like the auto loan discount, may require new accounts. For example, if you have an auto loan with us when you join the BofA Rewards program, we can’t retroactively apply the discount to that loan.

Once you activate a benefit, it could take us up to 30 days to reflect it as used in your Activity. Rest assured — you'll get the benefit as long as you follow any steps required to redeem.

No. Preferred Rewards for Business is a separate program focused on business banking relationships. Learn more about Preferred Rewards for Business.