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.

Log in to Online Banking to see if you qualify

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.

Log in to Online Banking to get started

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.

Learn more about how we calculate your balance and tier level

Here are some of the no-fee services that Preferred Rewards members are eligible for, based upon their tier:

• Monthly maintenance fees are waived on checking and savings accounts, for up to four accounts for the Gold, Platinum and Platinum Honors tiers; unlimited number of accounts for Diamond tier
• ATM/Debit card rush fees are waived for all Preferred Rewards tiers
• Non-Bank of America ATM fees are waived for withdrawals, transfers at the Platinum tier and above – one per statement cycle for Platinum; and unlimited for Platinum Honors and Diamond tiers
• ATM international transaction fees are waived for Diamond tier
• Incoming domestic wire transfer fees are waived for all Preferred Rewards tiers
• Outgoing wire transfer fees are waived (two per statement cycle), for Diamond tier
• Stop payment fee is waived for all Preferred Rewards tiers
• Small safe deposit box is available for Platinum tier and above

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:

• A Bank of America Advantage Savings account, to receive the savings interest rate booster 
• An eligible Bank of America credit card, such as the Unlimited Cash Rewards, Customized Cash Rewards, Travel Rewards, or Premium Rewards® card, to receive the credit card rewards bonus 

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.