Bank of America® recently unveiled a new Preferred Rewards program that will begin to roll out across the nation in the coming months. This program aims at rewarding long-term Bank of America® customers, as well as Merrill Edge customers for using the service for their investment needs. The aim of this program is to build current customer relations by rewarding those loyal to the company, and to help draw in new customers who are looking to benefit by becoming a customer of a bank for an extended period of time.

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“Preferred Rewards is the first program of its kind to offer clients benefits and rewards for everyday banking,” said Dean Athanasia, president of Preferred Banking at Bank of America®. “It is the result of deep client research to develop and deliver a simple program that provides clients benefits and rewards they will actually use, and shows them how much we appreciate it when they choose to do more business with us.”

Who is eligible for the program?

The Bank of America® Preferred Rewards program is eligible to customers with a Bank of America® personal checking account who has maintained at least an average of $20,000 or more for three months across their checking, savings, and/or Merrill Edge Investment accounts. The more a customer’s balance begins to grow, the better benefits and rewards they are offered. There is a three-tier structure system offered by Bank of America® — Gold, Platinum, and Platinum Honors.

Available perks for opening and maintaining a Preferred Rewards account include, bonus points or cash back bonuses on linked Bank of America® credit cards, higher interest rates on Rewards Money Market Savings accounts, priority banking services, no fees on select banking services, home equity interest rate discounts, mortgage relationship credit (for instance, $200 for a gold account) when purchasing a mortgage or refinancing and more.

The program was first tested in five pilot states before it was decided to expand it across the United States. From July to September the program will become available across the nation. For more details you can visit the Bank of America® website to learn if and/or when this program is available to you.

Preferred Rewards compared to premium banking

Bank customers who are familiar with premium banking services will find Bank of America®’s Preferred Rewards program similar in terms of the types of perks being offered. The biggest difference with this program (compared to a typical premium checking or savings account) is that there is an incentive for maintaining an account for an extended period of time.

If you manage a Merrill Edge account and regularly bank with Bank of America®, the perks offered from this program can be beneficial, especially for those that are interested in investing money into a Rewards Money Market Savings account.

As of now, there are no groundbreaking incentives for switching your money over to a new Bank of America® account Preferred Rewards program, as opposed to a premium checking account elsewhere. However, if you are already maintain relations with the bank, or are interested in moving your banking services elsewhere, this new account can be appealing.

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  • caseycasey11

    Been a BoA customer for over 5 years but i can’t maintain a minimum $20000 or more but i guess its good to know that the more our balance increases the more benefits/rewards we get. Are there other banks offering something similar without the high minimum balance?

    • Gerald Morales

      At the moment I do not believe there are any other banks that offer this type of incentive for remaining a loyal customer for an extended period of time, at least not on paper.
      Based on your relations with a bank, and whether or not you know staff personally, you may be able to receive deals from your bank if you have been a customer for many years.

  • Joe

    I am on Preferred Gold. Does that mean I get 25% cash back on all my purchases?

    • Simon Zhen

      Joe, if you’re in the Preferred Gold tier, you get a 25% bonus on the cash back that you redeem. So, if you earned $100 in cash back and redeem it into a Bank of America checking or savings account, you get $125.