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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 .

Preferred Rewards

Maximize your rewards earn with exclusive benefits

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

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*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 .

It's so easy to be rewarded for what you already do

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

$20K 3-month average combined balance Includes balances in your Bank of America deposit and/or Merrill investment accounts

Don’t have a Bank of America account yet?

Open a checking account

Manage all your rewards in one place with Bank of America My Rewards

Track your rewards, deals and benefits throughout the year

Explore what’s available and start redeeming

Discover additional benefits so you never have to miss out

Enroll in Preferred Rewards if you're eligible

Maximize with Merrill

Your Merrill investment accounts and Bank of America deposit balances both count towards helping to maximize the Bank of America Preferred Rewards you could earn.

Awards and accolades 

Best Customer Loyalty Programs List 12

Best Bank Customer Loyalty Program 13

The Ascent (a Motley Fool service) 

Frequently asked questions

What is the Preferred Rewards program?

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.

How do I qualify?

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

Are there any fees associated with the Preferred Rewards 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.

What value of benefits could I potentially earn?

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 .

Do I have to enroll to become a Preferred Rewards member?

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

What happens if my program balance drops after I enroll in Preferred Rewards and I go into a grace status?

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

What is included in the no-fee banking services?

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, and balance inquiries 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
• Check image service fee is waived for all Preferred Rewards tiers
• Stop payment fee is waived for all Preferred Rewards tiers
• Small safe deposit box is available for Platinum tier and above

What is My Rewards?

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. 14 It tracks your Preferred Rewards benefits, credit card rewards and BankAmeriDeals® 15 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.

Do I need to open new accounts to take advantage of Preferred Rewards benefits?

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 open a new credit card account that's eligible for the rewards bonus.

How can I move to a higher Preferred Rewards tier?

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.*

*Your tier upgrade may take a bit longer if there are other changes to your account.

What extra benefits are available in the Preferred Rewards Diamond tier?

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.

How can Preferred Rewards help me earn more rewards on my Bank of America credit cards?

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 .

When will my Preferred Rewards benefits become active?

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.

How can I increase my balance in order to qualify for Preferred Rewards?

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.

Do I need to have a Bank of America® checking account to be a Preferred Rewards member?

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.

Can I enroll in Preferred Rewards now, even though I need to open a Bank of America® checking account and maintain the qualifying balance?

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.

How could having a Merrill® investment account help me get to a higher Preferred Rewards tier?

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.

How is Merrill related to Bank of America?

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.

What types of auto loans are eligible to receive the Preferred Rewards auto loan interest rate discount?

The Preferred Rewards auto loan interest rate discount only applies to new 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.

How can I earn rewards on my Bank of America® small business accounts?

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.

Does Bank of America offer deals and rewards in addition to Preferred Rewards?

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 .

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Privacy & Security

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We are currently updating our systems to bring enhanced features to the online rewards experience. As a result, this website is temporarily unavailable. Rewards redemption will not be accessible until late afternoon on May 20. Thank you for your patience.

En este momento, estamos actualizando nuestros sistemas para incorporar características mejoradas a la experiencia de recompensas en línea. Como resultado, este sitio web se encuentra temporalmente fuera de servicio. El canje de recompensas no estará disponible hasta las últimas horas de la tarde el 20 de mayo. Gracias por su paciencia.

Important Notice

We are in the process of converting your BankAmericard Privileges ® with Travel Rewards credit card to a BankAmericard Travel Rewards ® credit card. As a result, you will not be able to access the rewards site at this time. Thank you for your patience.

Your BankAmericard Privileges ® with Travel Rewards credit card has recently been converted to a BankAmericard Travel Rewards ® credit card. Please visit bankofamerica.com to access your new rewards site and find out what your new credit card program has to offer.