We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that.
Bank of America participates in the Digital Advertising Alliance ("DAA") self-regulatory Principles for Online Behavioral Advertising and uses the Advertising Options Icon on our behavioral ads on non-affiliated third-party sites (excluding ads appearing on platforms that do not accept the icon). Ads served on our behalf by these companies do not contain unencrypted personal information and we limit the use of personal information by companies that serve our ads. To learn more about ad choices, or to opt out of interest-based advertising with non-affiliated third-party sites, visit YourAdChoices powered by the Digital Advertising Alliance or through the Network Advertising Initiative's Opt-Out Tool. You may also visit the individual sites for additional information on their data and privacy practices and opt-out options.
To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs.
Thanks to our members for 10 great years! Watch our video created just for this special occasion.
Members of the award-winning Bank of America Preferred Rewards® program enjoy many exclusive benefits and pricing discounts, all designed around the ways you save, spend and borrow with Bank of America and invest with Merrill. 1 When your balances work together, you can maximize the rewards you earn. On average, members increased their overall benefits to $500 a year. 2
Don't have a Bank of America checking account yet?
*Other fees may apply. Sales of ETFs are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs and mutual funds. To learn more about Merrill pricing, visit merrilledge.com/pricing.
There's no fee to enroll or participate in Preferred Rewards. To become a member, you'll need:
Bank of America
checking account
Must be an active, eligible account
Includes balances in your Bank of America deposit and/or Merrill investment accounts
Don’t have a Bank of America account yet?
Your Merrill investment accounts and Bank of America deposit balances both count towards helping to maximize the Bank of America Preferred Rewards benefits you could receive.
Best Customer Loyalty Programs List 12
Best Bank Customer Loyalty Program 14
The Ascent (a Motley Fool service)
Frequently asked questions
The Bank of America Preferred Rewards program offers real benefits and rewards on your everyday banking and investing. And as your qualifying Bank of America® deposit accounts and/or Merrill® investment balances grow, so do your benefits.
Your benefits are based on your tier, and your tier is based on the qualifying combined balances in your Bank of America deposit and/or Merrill investment accounts. Once you’re 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.
All you need to qualify is an eligible Bank of America® personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts. Then you can enroll in the program.
No. There is no fee to join, no fee for ongoing participation, no fee to opt-out. There are no fees associated with Preferred Rewards.
The value to you will be determined by all the ways you can utilize the various benefits. On average members increased their overall benefits to $500 a year with Preferred Rewards. For example, you could potentially benefit from interest rate discounts, credit card rewards bonuses, no-fee ATM transactions and Merrill Guided Investing Program discounts. To find out more, check out our Preferred Rewards calculator.
Yes, through Online Banking, but 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, you'll receive an automatic tier upgrade.
No need to worry if your balances dip temporarily; you'll keep your Preferred Rewards program status for a full year. If after a year you no longer meet the balance requirement, you'll get a three-month grace period. If you haven't met the balance requirement after those three months, you'll be moved to a lower tier or lose your Preferred Rewards benefits, if you no longer qualify.
If you meet the balance requirements again within 24 months after losing your benefits, we’ll automatically reinstate your Preferred Rewards membership. If you meet the requirements after 24 months, you’ll need to re-enroll in the program.
Here are some of the no-fee services that Preferred Rewards members are eligible for, based upon their tier:
My Rewards is where you can see the value of all your rewards in one convenient place, whether you’re in Online Banking or on the Bank of America Mobile Banking app. 15 It tracks your Preferred Rewards benefits, credit card rewards and BankAmeriDeals® 16 in a single location, so you can review at a glance and explore other available benefits that you may not be using. Your three-month average daily balance is also displayed in My Rewards.
It depends on which accounts you already have. To become a Preferred Rewards member, you must have an active, eligible Bank of America® checking account. Once you enroll in Preferred Rewards, you can receive benefits on your existing eligible Bank of America banking and Merrill ® investing accounts.
To take advantage of some Preferred Rewards benefits, your existing accounts may require an account conversion, or you may want to open a new account to receive other program benefits. For example, for savings and credit card benefits, you'll need:
Once you’re enrolled in Preferred Rewards, you can speak with a specialist to convert your existing savings account to a Bank of America Advantage Savings account or apply for a new credit card account that's eligible for the rewards bonus.
After you enroll, you can move to a higher Preferred Rewards tier — and enjoy more benefits and rewards — by increasing your qualifying Bank of America® deposit and/or Merrill® investment balances. Every month, we'll review your three-month average daily balance and if it’s high enough, you'll receive an automatic tier upgrade. To view your qualifying three-month combined average daily balance, log in to Online Banking or use our mobile app and go to My Rewards.
Here's an example:
You’ve been a Preferred Rewards Gold tier member for six months, with an average combined daily balance in your Bank of America and Merrill accounts of $30,000. If your average balance reached $60,000 in month seven and $90,000 in month eight, you’d qualify for the Platinum tier because your three-month average daily balance would be $60,000.*
Three-month total: $180,000
Divided by three months = $60,000 average daily balance
Congratulations! You’ve qualified for the Platinum tier.
*Your tier upgrade may take a bit longer if there are other changes to your account.
Diamond tier members have access to a curated suite of luxury benefits and extraordinary experiences across dining, travel, culture, and more. For more details, review the exclusive benefits available to Diamond tier members.
Once you’re a Preferred Rewards member, you’ll earn 25% to 75% more rewards on every purchase made with eligible Bank of America® credit cards. For example, a purchase that typically earns $1.00 in cash rewards will earn $1.25 to $1.75, depending on your Preferred Rewards tier. Bank of America credit cards offer many different benefits to enhance what matters most to you — from cash back to dining and travel rewards. Learn more about how Preferred Rewards can boost your credit card rewards.
Typically, Preferred Rewards benefits become active within 30 days of your enrollment. Some benefits are automatically activated upon the effective date of your enrollment, requiring no action on your part. If you’ve opened a new account and enroll in Preferred Rewards, your benefits will become active within 30 days of account opening, unless we indicate otherwise. Note that some rewards may require you to open a new account or take other action to enjoy the complete benefits.
To meet the minimum $20,000 combined balance requirement, 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 rainy-day fund.
Yes, to enroll in Preferred Rewards you’ll need an eligible Bank of America® personal checking account and a three-month combined average daily balance of $20,000 or more in eligible Bank of America deposit accounts and/or Merrill® investment accounts.
Yes, we offer early enrollment if you don’t currently have an eligible Bank of America® personal checking account (or haven’t had one in 12 months or more). You’ll need to open an eligible checking account, then you’ll have the option to enroll in Preferred Rewards.
You must have the minimum combined balance of $20,000 in your eligible Bank of America deposit accounts and/or your Merrill® investment accounts within 30 days of opening the checking account. Once you meet the $20,000 balance requirement, you’ll be automatically enrolled in Preferred Rewards.
This means that you can enroll in the program early, before you’ve met the three-month combined average daily balance minimum requirement of $20,000.
Merrill® investment account balances count toward Preferred Rewards tier balance requirements to help you make the most of all the program benefits and get to a higher tier.
Merrill and Bank of America are both wholly-owned subsidiaries of Bank of America Corporation. The Bank of America Preferred Rewards program is designed to offer benefits based on the breadth of a client’s relationship with us, including the combined balances in their eligible Bank of America® deposit accounts and/or Merrill® investment accounts.
The Preferred Rewards auto loan interest rate discount only applies to loan applications that you submit directly to Bank of America through its website, Financial Centers, or Bank call centers. Discounts are not available for motor vehicle leases or for applications sourced from car dealerships, car manufacturers, or third-party branded/co-branded relationships.
With the Preferred Rewards for Business program, you can earn valuable benefits and rewards on your everyday business banking. As your qualifying Bank of America® business deposit accounts and/or Merrill® business investment balances grow, so do your benefits.
There are three tiers in the Preferred Rewards for Business program: Gold, Platinum and Platinum Honors. Your business may be eligible to enroll if it qualifies for one of these tiers based on the combined balances in your Bank of America business deposit accounts and/or Merrill business investment accounts. Compare rewards and benefits for business
Keep in mind that your Bank of America personal accounts are not eligible to receive Preferred Rewards for Business benefits.
Deals and rewards, including rewards credit cards like the Customized Cash Rewards card, are available in addition to Preferred Rewards. To learn more visit Rewards Central.
Important Disclosures & Information
Preferred Rewards Program Eligibility. You can enroll, and maintain your membership, in the Bank of America Preferred Rewards® program if you have an active, eligible personal checking account with Bank of America® and maintain the balance required for one of the balance tiers. The balance tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier. Balances include your combined, qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for enrollment with either:
Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Bank of America Private Bank clients qualify to enroll in the Diamond Tier regardless of balance, and may qualify for the Diamond Honors tier based on their qualifying Bank of America, Merrill and Private Bank balances. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. For details on Bank of America employee qualification requirements, please call Employee Financial Services or refer to the Bank of America intranet site. Employees of companies participating in the Bank of America Employee Banking and Investing Program may be eligible to participate on customized terms. Refer to CEBI Program for details.
Your benefits will depend on your Preferred Rewards tier and which products and services you use. The average benefit value is based on earnings by Preferred Rewards members at all tiers and includes benefits that don’t require enrollment in Preferred Rewards and that may be available without maintaining Preferred Rewards qualifying balances.
Credit Card Preferred Rewards Bonus. Certain credit cards are eligible to receive a Preferred Rewards bonus. Enrolled Preferred Rewards members with eligible Bank of America® credit cards can receive a Preferred Rewards bonus of 25% for the Gold tier, 50% for the Platinum tier, or 75% for the Platinum Honors, Diamond or Diamond Honors tier on each purchase. If your card receives the 10% customer bonus, the Preferred Rewards bonus will replace the 10% customer bonus. You will not receive the Preferred Rewards bonus when you redeem your Cash Rewards or Points. The Preferred Rewards bonus for eligible cash rewards credit cards will be applied after all base and bonus cash rewards have been calculated on a purchase. For example, a $100 purchase that earns 3% ($3.00) will actually earn $3.75, $4.50 or $5.25 based on your tier when the purchase posts to your account. For all other eligible card types, a purchase that earns 100 base points will actually earn 125, 150, or 175 points, based on your tier when the purchase posts to your account. The Preferred Rewards bonus is not applied to any account opening bonus, if applicable. The Preferred Rewards bonus also does not apply to the bonus earn for certain programs. This information can be found in the Program Rules associated with those credit cards. Other terms and conditions apply. Please refer to your card's Program Rules for details about how you will receive the Preferred Rewards Bonus. Program Rules are mailed upon account opening and are accessible through the rewards redemption site via Online Banking or by calling the number on the back of your card. View a complete list of ineligible cards.
Preferred Rewards Lifestyle Benefit. You must be enrolled in the Diamond or Diamond Honors tier of Preferred Rewards to be eligible for lifestyle benefits or events. The lifestyle benefits are provided by third party vendors not affiliated with Bank of America. Terms and fulfillment of the offers is the responsibility of the third party vendor and not of Bank of America. Bank of America does not provide your customer information to the third party vendor, but by contacting them to take advantage of an offer you will identify yourself as a Bank of America client. Due to limited availability, some offers may be open only to a limited number of Preferred Rewards members and could change without notice.
Preferred Rewards First Mortgage. The origination fee reduction and/or interest rate reductions are offered to clients who are enrolled or are eligible to enroll in Preferred Rewards, based on their rewards tier at the submittal of a mortgage loan application to Bank of America, N.A. for a new purchase or refinance loan (for co-borrowers, at least one applicant must be enrolled or eligible to enroll). The rewards tier is not subject to adjustment after the application is submitted. The origination fee reduction ($200 for Gold tier, $400 for Platinum tier and $600 for Platinum Honors tier) will not exceed the amount of the Lender Origination Fee. In order to receive the full Diamond and Diamond Honors interest rate reduction (0.25% for Diamond tier and 0.375% for Diamond Honors tier) the client must be approved for an eligible loan and enroll in PayPlan, our automatic payment service, designating an eligible Bank of America checking or savings account. To allow us to apply and disclose the interest rate reduction and close the loan timely, we encourage Diamond and Diamond Honors tier clients to enroll in PayPlan as soon as possible and prior to the expected loan closing date. PayPlan is not available on VA and FHA products and Diamond and Diamond Honors tier clients closing loans without PayPlan enrollment receive a 0.125% interest rate reduction benefit. For adjustable rate mortgages (except PrimeFirst®), the discounts are applied to the interest rate only during the initial fixed-rate period. For PrimeFirst® adjustable rate mortgages, the discount is applied to the margin and cannot reduce the margin below 0%. Some Preferred Rewards benefits cannot be combined with other offers. All mortgage interest rate reduction offers may be subject to a maximum interest rate reduction limit. For further details, Refer to the Preferred Rewards section of the Personal Schedule of Fees. Preferred Rewards benefits are non-transferable and are not available with Custom Residential Real Estate financing.
Visit the Preferred Rewards page on bankofamerica.com for a list of no-fee banking services and see the Personal Schedule of Fees for more information.
Refer to the Personal Schedule of Fees for information on which fees are waived for Preferred Rewards members and other Program benefits.
Preferred Rewards Savings Booster. The Bank of America Advantage Savings interest rate booster is only available to enrolled Preferred Rewards members. Your enrollment in Preferred Rewards will not automatically convert any existing savings account to a Bank of America Advantage Savings account without your request. If your enrollment in the Preferred Rewards program is discontinued, the interest rate booster may be discontinued. Refer to bankofamerica.com/savings for current rates.
Preferred Rewards Home Equity Line of Credit. Home Equity Line of Credit (HELOC) interest rate discounts are offered to clients who are enrolled or are eligible to enroll in Preferred Rewards, based on their rewards tier at the submittal of home equity application (for co-borrowers, at least one applicant must be enrolled or eligible to enroll). Amount of discount (0.125% for Gold tier, 0.250% for Platinum tier, 0.375% for Platinum Honors tier, 0.625% for Diamond tier and 0.750% for Diamond Honors tier) is based on the rewards tier at the submittal of home equity application and is not subject to adjustment after the application is submitted. For further details, refer to the Preferred Rewards section of the Personal Schedule of Fees. Benefit is non-transferable. Preferred Rewards home equity benefit can be combined with certain other home equity interest rate discounts.
Preferred Rewards Auto Loan. Preferred Rewards members who apply for an Auto purchase or refinance loan receive an interest rate discount of 0.25% for Gold tier, 0.35% for Platinum tier, and 0.50% for Platinum Honors and higher based on their Preferred Rewards tier at the time of auto loan application. The maximum Preferred Rewards interest rate discount on a Bank of America auto loan is 0.50%. This interest rate discount is not reflected in all our published rates on our website but will be confirmed and reflected in the interest rate quoted upon loan approval. Discounts are only available on auto loan applications submitted by you directly to Bank of America through its website, Financial Centers, or Bank call centers. Discounts are not available for motor vehicle leases or for applications sourced from car dealerships, car manufacturers, or third-party branded/co-branded relationships. Benefit is non-transferable. Subject to credit approval. Standard underwriting guidelines and credit policies apply.
Merrill Guided Investing. Please review the applicable Merrill Guided Investing Program Brochure (PDF) or Merrill Guided Investing with Advisor Program Brochure (PDF) for information including the program fee, rebalancing, and the details of the investment advisory program. Your recommended investment strategy will be based solely on the information you provide to us for this specific investment goal and is separate from any other advisory program offered with us. If there are multiple owners on this account, the information you provide should reflect the views and circumstances of all owners on the account. If you are the fiduciary of this account for the benefit of the account owner or account holder (e.g., trustee for a trust or custodian for an UTMA), please keep in mind that these assets will be invested for the benefit of the account owner or account holder. Merrill Guided Investing is offered with and without an advisor. Merrill, Merrill Lynch, and/or Merrill Edge investment advisory programs are offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) and Managed Account Advisors LLC (“MAA”) an affiliate of MLPF&S. MLPF&S and MAA are registered investment advisers. Investment adviser registration does not imply a certain level of skill or training.
Clients enrolled in Preferred Rewards receive a Preferred Rewards discount off the Merrill Guided Investing program’s annual asset-based fee of 0.45%, and the Merrill Guided Investing with Advisor and Merrill Edge Advisory Account programs’ annual asset-based fee of 0.85% for any of their accounts enrolled in the respective advisory programs. Preferred Rewards enrolled clients receive a discount of 0.05% off of the annual rate for the Gold tier, 0.10% for the Platinum tier, or 0.15% for the Platinum Honors, Diamond and Diamond Honors tiers based on their Preferred Rewards tier effective at the time the applicable advisory program fee is calculated. It may take up to 30 calendar days for changes to your Preferred Rewards status or tier to be associated with and effective for your accounts in the advisory programs. This fee is charged monthly in advance. In addition to the annual program fee, the expenses of the investments will vary based on the specific funds within each portfolio. Actual fund expenses will vary, please refer to each fund's prospectus.
Preferred Rewards ATM Fee Waiver. Preferred Rewards Platinum tier members using a Bank of America Debit or ATM card are not charged the non-Bank of America ATM fee for one withdrawal and one transfer per statement cycle from a non-Bank of America ATM in the U.S., and receive a refund of the ATM operator fee for one withdrawal and one transfer per statement cycle from a non-Bank of America ATM in the U.S. Preferred Rewards Platinum Honors, Diamond and Diamond Honors tier members using a Bank of America Debit or ATM card are not charged the non-Bank of America ATM fee for withdrawals and transfers from non-Bank of America ATMs in the U.S. and U.S. territories and receive a refund of the ATM operator fee for withdrawals and transfers from non-Bank of America ATMs in the U.S.
Preferred Rewards International Travel Benefit. Preferred Rewards Diamond and Diamond Honors clients using a Bank of America debit or ATM card will not be charged the non-Bank of America ATM fee. Your deposit account statement will reflect the U.S. dollar equivalent of your international ATM withdrawal. Third-party fees may be assessed by the ATM operator or network at international ATMs. For Preferred Rewards Diamond and Diamond Honors clients, the Foreign Transaction Fee is waived when you use your debit card to purchase goods or services in a foreign currency (a “Foreign Transaction”). Foreign Transactions include internet transactions made in the U.S. but with a merchant who processes the transaction in a foreign currency. Fee also waived if you use your card to obtain foreign currency from an ATM. VISA or MasterCard converts the transaction into a U.S. dollar amount, and the Foreign Transaction fee is applied to that converted U.S. dollar amount.
This prestigious award is presented by Newsweek and Statista, Inc. The 2024 ranking of America’s Best Loyalty Programs was compiled based on the results of an independent survey of more than 4,000 U.S. customers who are members of loyalty programs of retailers or service providers in the United States. Customers were given the opportunity to evaluate various loyalty programs: in total around 17,900 evaluations were collected. Loyalty programs were defined as all reward programs that provided the customer with a benefit when purchasing or using the products or services of the associated brands.
The survey was conducted on retailers and service providers from 41 categories, providing results for a broad spectrum of loyalty programs in traditional retail, online retail, and service segments. The awarded loyalty programs each received an above average overall score. Learn more about methodology at Newsweek. Rankings and recognition from Newsweek are no guarantee of future investment success and do not ensure that a current or prospective client will experience a higher level of performance results and such rankings should not be construed as an endorsement.
Bank of America Preferred Rewards was named the Best Customer Loyalty Program by The Ascent (a Motley Fool service), January 2024. Winners were determined by members of The Ascent’s editorial team, consisting of personal finance experts. Nominees were first chosen using The Ascent’s proprietary ratings models that analyze and score hundreds of financial products available in the market based on their feature sets as well as some market favorites. The Ascent’s panel of experts then voted to identify each winner. The Ascent's Rating Methodology (fool.com) Rankings and recognition from The Ascent are no guarantee of future investment success and do not ensure that a current or prospective client will experience a higher level of performance results and such rankings should not be construed as an endorsement.
Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply.
You must be enrolled in Online Banking or Mobile Banking to participate in the BankAmeriDeals® program and have either an eligible Bank of America® debit or credit card or Merrill Lynch® credit card. Earned cash back will be credited into an eligible consumer deposit or credit account in 30 days following redemption. For more information, please read the program terms of use. Data connection required. Wireless carrier fees may apply.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (BofA Corp). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
Credit card programs are issued and administered by Bank of America, N.A.
Banking, 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. 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.
Investment products are provided by MLPF&S and:
| Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
