The Complete Guide to Bank of America Preferred Rewards

The Bank of America Preferred Rewards program is designed to attract casual Bank of America (BofA) clients and turn them into loyal customers. By consolidating your checking, savings, investments and retirement banking into BofA and Merrill accounts, you’ll get access to a variety of banking perks. Including a 25% to 75% points and cash back boost on qualified BofA credit cards. The more total combined assets you have across eligible accounts, the more benefits you’ll get.

In this guide, you’ll find everything you need to know about Bank of America Preferred Rewards.

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Bank Of America Personal Checking $100 Offer (Available Online)

• What you’ll get: $100 offer
• Where it’s available: Nationwide
• How to earn it:
  • Offer from Bank of America, N.A. Member FDIC.
  • See offer page for more details.

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Preferred Rewards 101

To qualify for Bank of America Preferred Rewards, you need:

• A BofA personal checking account, and
• At least $20,000 in eligible BofA accounts, including Merrill Edge and Merrill Lynch investment accounts.

The Preferred Rewards program has three tiers, based on your three-month average combined balance:

GOLD	PLATINUM	PLATINUM HONORS
$20,000 – $49,999	$50,000 – $99,999	More than $100,000

Qualifying BofA and Merrill account include:

Keep in mind, SafeBalance Banking accounts do not count towards Preferred Rewards balance requirements.

Balances don’t have to originate with BofA or Merrill in order to qualify. You can roll your existing investment accounts and IRAs over to eligible ones, then use those rolled over balances to establish the three-month average you’re aiming for.

You can move up a Preferred Membership tier in any month, when your average daily balance for the three previous month reaches the tier minimum. But moving down a tier can only occur once a year, when Preferred Rewards conducts an annual review of your account.

The information presented has been collected independently by MoneysMyLife. It is current at the time of publishing and will be updated from time-to-time but for the most up-to-date information, please click here to find our source.

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Preferred Rewards Benefits

Let’s dive deep into what you get with your Preferred Rewards membership:

All of the information presented above has been collected independently by MoneysMyLife. It is current at the time of publishing and will be updated from time-to-time but for the most up-to-date information, please click here for details on Preferred Rewards benefits and here for details on free waivers.

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Bottom Line

Bank of America’s Preferred Rewards is an underrated relationship rewards program that most BofA clients aren’t even aware of. Not only do members get boosted credit card rewards, but they’ll also benefit from waived banking fees, free ATM transactions and much more.

If you’re already a BofA customer, you should seriously consider moving all your banking and investing over to Bank of America to take full advantage of the perks that come with the Preferred Rewards program.

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