Being a "preferred customer" at Bank of America isn't just about having an account; it's about unlocking a world of enhanced benefits and exclusive perks through their Preferred Rewards® program. This loyalty program is designed to reward clients who consolidate their banking and investment relationships with Bank of America and Merrill. The more assets you hold, the higher your tier, and the greater the advantages you'll receive.
So, are you ready to elevate your banking experience and gain access to a host of valuable benefits? Let's dive in and discover how you can become a preferred customer at Bank of America!
Step 1: Understand What "Preferred Customer" Means (The Preferred Rewards Program)
Before you embark on this journey, it's crucial to grasp what being a "preferred customer" entails at Bank of America. It refers specifically to enrollment in their Preferred Rewards® program. This isn't a secret club; it's a structured program with clear eligibility requirements and tiered benefits.
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| How To Be A Preferred Customer At Bank Of America |
What is Bank of America Preferred Rewards?
The Bank of America Preferred Rewards program is a comprehensive loyalty initiative that provides a range of benefits to eligible clients based on their combined balances across Bank of America deposit accounts and Merrill investment accounts. It's their way of saying "thank you" for your business and encouraging you to deepen your relationship with them.
Why become a Preferred Customer?
The benefits can be substantial, ranging from increased credit card rewards and interest rate boosts on savings to reduced loan rates and waived banking fees. Imagine getting more out of every dollar you save, spend, and borrow!
Step 2: Meet the Core Eligibility Requirements
The foundation of becoming a preferred customer lies in meeting two key criteria. These are non-negotiable starting points.
Reminder: Focus on key sentences in each paragraph.
Sub-heading: Establish an Eligible Checking Account
The very first requirement is to have an active, eligible Bank of America personal checking account. This is the gateway to the Preferred Rewards program. If you don't already have one, opening a Bank of America checking account is your initial step.
Sub-heading: Accumulate Qualifying Balances
This is where the "preferred" status truly kicks in. You need to maintain a three-month combined average daily balance of at least $20,000 across your qualifying Bank of America deposit accounts and/or Merrill investment accounts.
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What counts towards this balance?
- Bank of America checking accounts
- Bank of America savings accounts (including Advantage Savings)
- Money Market Savings accounts
- Certificates of Deposit (CDs)
- Individual Retirement Accounts (IRAs) held at Bank of America or Merrill
- Merrill investment accounts (including Merrill Edge® and Merrill Lynch® accounts)
- Merrill 529 college savings accounts (if they appear on your banking statement)
- Revocable grantor trust accounts
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Important Note: The $20,000 is the minimum for the lowest tier (Gold). As your combined balance grows, you'll automatically qualify for higher tiers with even better benefits.
Step 3: Understand the Preferred Rewards Tiers
The beauty of the Preferred Rewards program is its tiered structure. The more you consolidate your assets with Bank of America and Merrill, the higher your tier and the more benefits you unlock. There are currently five tiers:
Gold Tier
- Combined Balance Requirement: $20,000 to < $50,000 (3-month combined average daily balance)
- Benefits include (but are not limited to):
- 25% credit card rewards bonus on eligible Bank of America credit cards.
- 5% interest rate booster on Bank of America Advantage Savings accounts.
- 0.25% interest rate discount on new auto loan applications.
- $200 reduced origination fee on new purchase or refinance mortgages.
- No monthly maintenance fees on up to 4 eligible checking and 4 savings accounts.
Platinum Tier
- Combined Balance Requirement: $50,000 to < $100,000 (3-month combined average daily balance)
- Benefits include (in addition to Gold benefits, often enhanced):
- 50% credit card rewards bonus on eligible Bank of America credit cards.
- 10% interest rate booster on Bank of America Advantage Savings accounts.
- 0.35% interest rate discount on new auto loan applications.
- $400 reduced origination fee on new purchase or refinance mortgages.
- Up to 12 no-fee ATM transactions per year at non-Bank of America ATMs.
Platinum Honors Tier
- Combined Balance Requirement: $100,000 to < $1 million (3-month combined average daily balance)
- Benefits include (in addition to Platinum benefits, significantly enhanced):
- 75% credit card rewards bonus on eligible Bank of America credit cards. This is a significant boost that can make a huge difference in your rewards earnings!
- 20% interest rate booster on Bank of America Advantage Savings accounts.
- 0.50% interest rate discount on new auto loan applications.
- $600 reduced origination fee on new purchase or refinance mortgages.
- Unlimited no-fee ATM transactions at non-Bank of America ATMs.
Diamond Tier
- Combined Balance Requirement: $1 million to < $10 million (3-month combined average daily balance)
- Benefits are similar to Platinum Honors but may include additional exclusive perks. For instance, the credit card rewards bonus remains at 75%, and the savings interest rate booster is still 20%.
Diamond Honors Tier
- Combined Balance Requirement: $10 million and up (3-month combined average daily balance)
- This is the highest tier, offering the most comprehensive benefits. Similar to Diamond, the core benefits like credit card rewards and savings boosts are maintained at their highest levels, with potential for even more personalized services and exclusive offers.
Step 4: Strategize to Reach Your Desired Tier
Once you understand the tiers, you can formulate a plan to reach your preferred status.
Sub-heading: Consolidate Your Assets
The most direct path is to move your existing funds from other institutions to Bank of America and Merrill. This could include:
QuickTip: Reading carefully once is better than rushing twice.
- Transferring savings: Move your emergency fund or other savings accounts.
- Rolling over retirement accounts: Consider rolling over 401(k)s or IRAs to Merrill.
- Transferring investment portfolios: Move your brokerage accounts to Merrill.
Sub-heading: Open New Accounts
If you don't have certain account types that contribute to the balance, consider opening them. For example, if you only have a checking account, opening a savings account or a Merrill investment account will help you build your combined balance.
Sub-heading: Utilize Merrill Investment Accounts Effectively
For many, the most effective way to reach higher tiers is through Merrill investment accounts. You don't necessarily need to actively trade stocks; even simply holding cash in a Merrill money market fund or a Merrill Cash Management Account can contribute to your combined balance and still earn a competitive yield. This can be a smart way to hit those higher balance thresholds without taking on significant investment risk.
Step 5: Monitor Your Balances and Enrollment
Becoming a preferred customer isn't a one-time event; it's an ongoing relationship.
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Sub-heading: Track Your Combined Average Daily Balance
Bank of America calculates your tier qualification based on your three-month combined average daily balance. This means your balance isn't just a snapshot; it's an average over time. Keep an eye on your balances to ensure you maintain your desired tier. You can often see your Preferred Rewards status and qualifying balances within your online banking portal or mobile app.
Sub-heading: Enroll in the Program
While some benefits might automatically apply if you meet certain criteria, to fully unlock all the perks of Preferred Rewards, you typically need to enroll in the program. You can often do this through online banking, the mobile app, or by contacting a Bank of America representative or your Merrill advisor. There are no fees to join or participate in the program.
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Sub-heading: Enjoy and Maximize Your Benefits
Once enrolled and in your desired tier, actively use the benefits!
- Credit Card Rewards: Ensure you're using eligible Bank of America credit cards to take advantage of the boosted rewards.
- Savings: If you have an Advantage Savings account, observe the interest rate booster in action.
- Loans: When considering an auto loan, mortgage, or home equity line of credit, remember your potential rate discounts.
- Banking Services: Appreciate the waived fees and priority service.
Step 6: Stay Informed About Program Updates
Banks sometimes adjust their programs. It's a good idea to periodically check the Bank of America website for any updates to the Preferred Rewards program, including changes to tiers, benefits, or eligibility requirements. This ensures you're always maximizing your relationship with the bank.
Being a preferred customer at Bank of America through the Preferred Rewards program can significantly enhance your financial life, offering tangible savings and increased value across your banking and investment activities. By understanding the requirements and strategically managing your finances, you can unlock a world of benefits tailored to reward your loyalty.
10 Related FAQ Questions
How to check my Bank of America Preferred Rewards tier?
You can easily check your current Preferred Rewards tier by logging into your Bank of America online banking account or through the Bank of America mobile app. Your status and qualifying balance are typically displayed prominently in your personalized dashboard.
How to enroll in Bank of America Preferred Rewards?
You can typically enroll in the Preferred Rewards program through your Bank of America online banking portal, by calling customer service, or by speaking with a representative at a Bank of America financial center. As long as you meet the eligibility criteria (eligible checking account and minimum combined balance), enrollment is straightforward and free.
Tip: Pause if your attention drifts.
How to increase my Bank of America Preferred Rewards tier?
To increase your tier, you need to increase your three-month combined average daily balance across your eligible Bank of America deposit accounts and Merrill investment accounts. This can be done by consolidating more of your assets with them or by simply growing your existing balances.
How to qualify for Bank of America Preferred Rewards Platinum Honors?
To qualify for the Platinum Honors tier, you need to maintain a three-month combined average daily balance of $100,000 to less than $1 million in your eligible Bank of America and Merrill accounts.
How to get the credit card rewards bonus with Preferred Rewards?
Once you are an enrolled Preferred Rewards member, the bonus on eligible Bank of America credit cards (25% for Gold, 50% for Platinum, 75% for Platinum Honors and higher) is automatically applied to your earnings. You don't need to do anything extra; the bonus will show up when your rewards post.
How to get waived ATM fees with Bank of America Preferred Rewards?
Waived ATM fees at non-Bank of America ATMs are a benefit of the Platinum and higher tiers. Platinum offers up to 12 no-fee transactions per year, while Platinum Honors and higher offer unlimited no-fee transactions. The fees are typically automatically refunded.
How to link my Merrill account to Bank of America for Preferred Rewards?
Your Merrill investment accounts are generally automatically linked to your Bank of America banking relationship for Preferred Rewards qualification purposes if they are under the same customer profile. If you have any issues, you can contact Bank of America or Merrill customer service for assistance.
How to use the interest rate booster on my Bank of America savings account?
The interest rate booster applies to eligible Bank of America Advantage Savings accounts for enrolled Preferred Rewards members. You may need to ensure your existing savings account is an Advantage Savings account, or open one if you don't have it, to receive this benefit.
How to get a mortgage or auto loan discount with Preferred Rewards?
Preferred Rewards members are eligible for interest rate discounts on new auto loans and reduced origination fees on new purchase or refinance mortgages submitted directly to Bank of America. Inform your loan officer of your Preferred Rewards status when applying.
How to maintain my Preferred Rewards status if my balance drops?
Bank of America typically provides a grace period (often up to 3 months) if your combined average daily balance falls below your current tier's threshold. You have this time to restore your balance and retain your status. After the grace period, if the balance is still below, your tier may be downgraded.
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