Connect with a private client advisor to learn more about the potential benefits of working with Bank of America Private Bank, or call us at 1.800.878.7878 Once you have a total of $20,000 in assets betwe… [Interest/dividend payments on certain preferred issues may be deferred by the issuer for periods of 5 to 10 years, depending on the particular issue. If so, you'll automatically receive a tier upgrade. Bank of America recently launched a new rewards and benefit program for its best customers, called Bank of America Preferred Rewards. Depending on your eligible tier of Preferred Rewards, you can get a 25%, 50% to 75% rewards bonus on the baseline rewards. It is a great perk that can help you earn hundreds of dollars per year in value if you have one of the following credit cards: Bank of America Preferred Rewards is a loyalty rewards program that gives additional rewards of up to 75% for Bank of America customers whose combined balances of qualifying Bank of America and/or Merrill accounts are $20,000 or more. The most enticing feature is this: Up to a 75% bonus on all credit card rewards you earn. It can’t hurt to enroll in Chase Private Client if you are eligible since it’s a free service. The qualifying balance is calculated based on your average daily balance for a three calendar month period. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Please review the Personal Schedule of Fees, also available at your local financial center. Relationship-based ads and online behavioral advertising help us do that. "Get more rewards with your everyday banking", Premium Rewards, Merrill, Merrill Edge, Merrill Lynch, the Bull Symbol, Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation. Maintaining a retirement account such as IRA with Merrill is one of the best ways to qualify for the Preferred Rewards program. You're continuing to another website that Bank of America doesn't own or operate. As an enrolled Preferred Rewards member, you've met the program requirements — which include maintaining an eligible Bank of America ® checking account and a three-month combined average daily balance of at least $20,000. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. GoldEach of these has different benefits and qualification criteria, which you’ll find all the in-depth information below.The short of it is: Bank of America rewards customers depending on their investment and deposit balances. There are 3 main tiers of Preferred Rewards: 1. All you need to qualify is an eligible Bank of America personal checking account and a 3-month average combined balance of $20,000 in qualifying Bank of America deposit accounts and/or Merrill investment accounts. James will be notified that he is now a Preferred Rewards Platinum tier member. If you opt out, though, you may still receive generic advertising. There are three tiers in the Preferred Rewards program - Gold, Platinum and Platinum Honors. Equal Housing Lender .Credit and collateral are subject to approval. Let's find out. But what is a combined balance? Bank of America offers a SafeBalance checking option that has no overdraft fees, but it comes with a monthly fee that can’t be waived unless you’re a … As your qualifying account balances grow, you will receive more benefits. If you have a Bank of America credit card and qualify for Preferred Rewards, you are eligible to receive extra rewards. A 3% fee (min $10) applies to all balance transfers, Contactless Cards - The security of a chip card, with the convenience of a tap, 3.75% cash back in the spending category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings, and 2.5% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 4.5% cash back in the spending category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings, and 3% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 5.25% cash back in the spending category of your choice, and 3.5% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), No limit to the points you can earn and your points don't expire, Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center, 2.5 points for every dollar spent on travel and dining purchases, 1.25 points per dollar spent on other purchases, 3 points for every dollar spent on travel and dining purchases, 1.5 points per dollar spent on other purchases, 3.5 points for every dollar spent on travel and dining purchases, 2.625 points per dollar spent on other purchases, Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions, 0% Introductory APR for 12 billing cycles for purchases. After the intro APR ends, 14.99% - 22.99% Variable APR will apply. After you enroll, you can track your program balance on your Preferred Rewards Summary in Online Banking or in the Mobile Banking app. Basically, the more assets you hold with Bank of America, the more rewards and discounts you earn. The average daily balance in James' Bank of America Advantage Banking Account was: = $60K Three-month combined average daily balance. There are 3 tiers in the Bank of America Preferred Rewards program: Gold, Platinum and Platinum Honors. With Preferred Rewards, Bank of America customers may earn up to 5.25% in cash rewards on cash back credit cards, and 2.625 points per dollar on travel credit cards. If you are a Bank of America Preferred Rewards client, you will receive a 25- to 75-percent rewards bonus on every purchase. Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. There are 3 rewards tiers in the Preferred Rewards program: Gold, Platinum and Platinum Honors. If you're enrolled in this security feature, we sent a notification to your registered device. Responses have not been reviewed, approved or otherwise endorsed by the advertiser. Platinum Honors 2. Bank of America, N.A. Bank of America's Preferred Rewards Gold program is available for customers with total balances above $20,000 between their Bank of America … James is a Preferred Rewards Gold tier member. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. You are eligible to enroll in the Preferred Rewards for Wealth Management program if you have an active, eligible Bank of America® personal checking or Bank of America Advantage Banking account and maintain a three-month average combined balance in your qualifying Bank of America deposit accounts and/or your qualifying Merrill investment accounts of at least $250,000. The combined balance is calculated based on your average daily balance for a three calendar month period. We'll review your program balance at the beginning of each month to see if you've reached a higher tier. Merrill Lynch clients with a three-month combined average daily balance of at least $250,000 and an active, eligible Bank of America personal checking account and all Bank of America Private Bank clients are eligible for the Preferred Rewards for Wealth Management program. The following chart shows the qualification requirement of minimum balance and rewards for Gold, Platinum, Platinum Honors tiers of Preferred Rewards. However, Bank of America is now spicing things up a bit by introducing a new points program called Preferred Rewards that targets high-value banking customers, and can boost your points-earning potential by up to 75%. When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts) Or pay $8/month. When you are a Bank of America Preferred Rewards client Make combined monthly automatic transfers of $25 or more from your Bank of America checking account to a savings account To receive your bonus you must provide all of the information we require in … To enroll in the Preferred Rewards program you must have an active, eligible Bank of America personal checking account and maintain a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier in 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). Editorial Note: The editorial content on this page is prepared by CardBenefit.com staff. MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill Lynch makes available products and services offered by MLPF&S and other subsidiaries of BofA Corporation. Get answers to the most popular FAQs and easily contact us through either a secure email address, a mailing address or our customer service phone numbers. How can increasing your program balance help you get even more rewards? Accounts on which you are an owner or co-owner, including. How is it calculated? Preferred Rewards is a tiered program offering a variety of benefits across many Bank of America products and services. Here’s how. We stand by our clients each and every day giving them the power to realize their personal … Just sign in to your Bank of America online account to enroll to begin receiving Preferred Rewards benefits. Member FDIC. Bank of America Preferred Rewards is a rewards program that offers qualified clients extra benefits and rewards on everyday banking. If you have a mutual fund account or a retirement account such as IRA, 401K with Merrill, you probably have already enough funds in your account to qualify for the Preferred Rewards program. Once you’re enrolled, as your balances qualify you for the next level of rewards, your Preferred Rewards tier will be moved up automatically. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America… But what is a combined balance? Bank of America, N.A. Lastly, if you become a Bank of America Preferred Rewards client you will enjoy a free savings account. Bank of America Private Bank clients will also receive a discount of 0.15% off of the annual rate. How is it calculated? It is not the advertiser's responsibility to ensure all posts and/or questions are answered. 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). 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. Chase Sapphire Preferred® ... head of consumer, small business and wealth management client care at Bank of America, in a video statement on the client assistance webpage. Opinions expressed herein are author's alone, not those of the bank, credit card issuer, airlines or hotel chains, and have not been reviewed, approved or otherwise endorsed by any of these entities.Disclosure on User Generated Content: The responses on our site are not provided or commissioned by the advertiser. Programs, rates, terms and conditions are subject to change without notice. $50,000 in total assets qualifies for the Platinum tier, and $100,000 in total assets qualifies for the Platinum Honors tier of Preferred Rewards. Bank of America is no better than Citibank when it comes to basic account fees. Your tier is based on your qualifying combined balances in your Bank of America deposit and/or Merrill investment accounts. If after a year you no longer meet the balance requirement, you'll have a three-month grace period. Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, or U.S. Trust Company of Delaware. To qualify for the Bank of America® Preferred Rewards program, you need: A Bank of America® personal checking account $20,000 or more in qualifying Bank of … Chase and Bank of America have an almost equal number of branch offices nationwide and a similar number of ATMs across the country. When you are a Bank of America Preferred Rewards client; Make combined monthly automatic transfers of $25 or more from your Bank of America checking account to a savings account; To receive your bonus you must provide all of the information … PART TWO: How Bank of America clients can access payments once they’ve been released by the IRS. We strive to provide you with information about products and services you might find interesting and useful. Platinum 3. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Advertiser Disclosure: The personal finance offers that appear on this site are from advertisers from which cardbenefit.com receives compensation. The majority of $25 and $1,000 par preferred securities are “callable,” meaning that the issuer may retire the securities at specific prices and dates prior to maturity. There are no fees to join or participate in the Bank of America Preferred Rewards program. You're continuing to another website. These ads are based on your specific account relationships with us. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. If you havenât met the balance requirement after three months, you'll be moved to a lower tier or lose your Preferred Rewards benefits. So instead of earning 3 percent cash back from the choice category, Preferred Rewards customers can earn 3.75 to 5.25 percent back. © 2020 Bank of America Corporation. Once you become a Bank of America Preferred Rewards member, your credit-card rewards bonus can be between 25% and 75% of your base cash rewards. Cardbenefit.com does not include all advertisers or all available personal finance offers. 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