![]() ![]() Benefits of Bank of America's Preferred Rewards Program If you still don't meet the criteria after the three-month grace period, you'll either be moved to a lower tier or completely lose your Preferred Rewards benefits. If you no longer meet the qualification requirements after that year, you have a three-month grace period to do so. Instead, you'll maintain your Preferred Rewards tier status for a full year. ![]() Once you reach a specific status level, you won't need to keep all your cash in the Bank of America basket. You can rise from one rung to the next any month after your average daily balance for the three previous months reaches the threshold for the following tier. How to move among Preferred Rewards tiers ![]() Of course, you'll have to consider other things like account management fees and available investment options to decide whether doing so is a good option.īy signing up, you will receive newsletters and promotional content and agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You can roll existing IRAs and investment accounts over to Merrill or Bank of America and immediately use those balances to begin establishing a three-month average to boost your tier. Your balance doesn't need to originate with Merrill or Bank of America to count toward each threshold. Once you add in investment accounts, such as IRAs, you may even find that the Platinum or Platinum Honors tiers are within reach. ![]() If you have an emergency fund, a holiday account, a savings account and a checking account, combining all those balances may qualify you for a Preferred Rewards tier. But don't throw in the towel straight away. While not exorbitant, even the lowest level requires some pretty high figures. Diamond Honors: $10,000,000 or more in total assets.Diamond: $1,000,000 or more in total assets.Platinum Honors: $100,000 or more in total assets.Platinum: $50,000 or more in total assets.You'll qualify for each based on your combined average daily balance: A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts.An active, eligible Bank of America checking account.To qualify for the Bank of America Preferred Rewards program, you must have both of the following: Bank of America Preferred Rewards Program How to qualify for Bank of America's Preferred Rewards Program Depending on your holdings and the type of rewards you're looking to accumulate, it might be time to stop ignoring Bank of America Preferred Rewards. The higher your balance of total assets with the bank, the more perks you can unlock, including with its credit cards. That's because Bank of America designed its Preferred Rewards program to incentivize consumers to move their checking, savings, investment and retirement accounts to Bank of America and Merrill. On top of the simple banking benefits members can expect, consolidating your finances with Bank of America can also boost your cash-back earnings with some of the best Bank of America credit cards. With that in mind, let's examine the often-overlooked Bank of America Preferred Rewards® program. Luckily, using cash-back rewards in combination with your points and miles can save you even more money on your next vacation. 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.While it's wonderful to redeem your points and miles for travel arrangements, such as lodging and flights, there can be many other expenses involved in planning a trip, such as car rentals, train tickets, gas and campsite fees. You may also visit the individual sites for additional information on their data and privacy practices and opt-out options. To learn more about ad choices, or to opt out of interest-based advertising with non-affiliated third-party sites, visit YourAdChoices layer powered by the DAA or through the Network Advertising Initiative's Opt-Out Tool layer. 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. Relationship-based ads and online behavioral advertising help us do that.īank 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). We strive to provide you with information about products and services you might find interesting and useful. ![]()
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