Bank of America Preferred Rewards: Your Complete Guide
Written by
Caitlyn Moorhead
Edited by
Elizabeth Constantineau
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Instead of just putting your money in the bank, why not put the money to work? If you do most of your banking at Bank of America, Member FDIC, you could be entitled to rewards for products and services you already use. And if you are a customer and not signed up for Bank of America Preferred Rewards, you could be missing out on some great financial perks.
What Is Bank of America Preferred Rewards?
Preferred Rewards is Bank of America’s way of maintaining your loyalty and expanding your relationship with Bank of America and its investment arm, Merrill. Once you meet a minimum balance requirement, you’ll be eligible to enroll in Preferred Rewards. Depending on the amount of your combined Bank of America and Merrill balances, the bank will assign you to a benefits tier.
On average, customers recognize a $500 annual benefit from enrollment in Preferred Rewards, according to the bank’s website.
Bank of America Preferred Rewards Program TiersÂ
The banking benefits you will receive through the Preferred Rewards program will depend on your tier. Your tier is determined by factors such as your monthly balance or what accounts you have through Bank of America or Merrill. The higher your balance, the higher the tier and the better your rewards.
The following are the different tiers available to you. Your assigned tier is based on your average daily balance over the past three months.
The four Preferred Rewards tiers are:
- Gold: For customers with account balances of at least $20,000 and less than $50,000
- Platinum: Balances of at least $50,000 and less than $100,000
- Platinum Honors: Balances of at least $100,000 and less than $1 million
- Diamond: Balances of at least $1 million and less than $10 million
What Are the Bank of America Preferred Rewards?
Being a member of Bank of America Preferred Rewards entitles you to a variety of rewards. They include cash rewards, credit card rewards and many more benefits to cater to your financial needs once you open an account.
If you take out a mortgage loan with Bank of America, you’ll save either on origination fees or your interest rate. And speaking of interest rates, you’ll also get a boost on the rate paid on your savings account or discounts on your auto loan or home equity line of credit.
Here’s a breakdown of some of the benefits afforded to Bank of America Preferred Rewards members, by tier status.
| Benefit | Gold | Platinum | Platinum Honors | Diamond |
|---|---|---|---|---|
| Credit Card Rewards Bonus | 25% | 50% | 75% | 75% |
| Mortgage Benefit | $200 off origination fees | $400 off origination fees | $600 off origination fees | 0.25% Interest rate reduction |
| Savings Interest Rate Booster | 5% | 10% | 20% | 20% |
| Auto Loan Interest Rate Discount | 0.25% | 0.35% | 0.50% | 0.50% |
| Home Equity Line of Credit Discount | 0.125% | 0.25% | 0.375% | 0.625% |
| No-Fee ATM Transactions (non-Bank of America) | 0 | 12 per year | Unlimited | Unlimited |
| Merrill Guided Investing Fee Discount | 0.05% | 0.10% | 0.15% | 0.15% |
Can the Tier Adjust?
You will be moved to the next balance tier if the combined average of your daily balance over a three-month period shifts to a higher level. That move will take place starting in the month after you qualify for the new level.
If your combined balance decreases, you will not be moved to a lower tier right away. Bank of America performs an annual review, and if the review reveals that you have fallen below the tier’s required threshold, you will have a three-month grace period to give you a chance to restore your higher average balance.
Is Bank of America Preferred Rewards Worth It?
There is no fee to sign up, so if you already have a banking relationship with Bank of America and/or Merrill, it is worth discussing with bank staff just how the program can benefit you. Remember that to qualify for Bank of America Rewards, you must have a checking account at the bank and a consistent average balance of at least $20,000.
And if you’re looking for a CD account with great rates or any other account as another way to save money, take a look at some of the top CD rates in 2024.
FAQ
Here are answers to frequently asked questions about the Bank of America Preferred Rewards program.- Is Bank of America Preferred Rewards worth it?
- Bank of America Preferred Rewards can definitely be worth it especially if you already bank there. Here are some potential perks of the program that are based on your needs:
- Cash rewards
- Credit card rewards
- Interest rate reductions
- Home equity lines of credit
- Help with borrowing or investing
- Bank of America Preferred Rewards can definitely be worth it especially if you already bank there. Here are some potential perks of the program that are based on your needs:
- What is Bank of America Preferred Rewards?
- The Preferred Rewards program rewards Bank of America customers with customized banking benefits and tools.
- What does it mean to be a preferred customer at Bank of America?
- A preferred customer at Bank of America is a member of the Preferred Rewards program. Members get 25% to 75% more rewards on every purchase made with eligible Bank of America credit cards along with many other benefits.
- How long do Bank of America Preferred Rewards last?
- How long Bank of America Preferred Rewards will last ultimately depends on your tier. The tier is based on the 3-month combined average daily balance in your Bank of America deposit accounts. These accounts can include the Bank of America Advantage Savings account, Merrill investment account or other qualifying bank accounts. After becoming a Preferred Rewards member, you'll keep your program benefits for at least 365 days after account opening.
Information is accurate as of Feb. 21, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
- Bank of America. "Preferred Rewards."
