Ready to unlock a world of enhanced benefits and exclusive perks with Bank of America? The Bank of America Preferred Rewards program is designed to reward loyal customers who maintain significant relationships with Bank of America and Merrill. If you're looking to maximize your banking and investing, this program could be a game-changer. Let's dive into how you can sign up and start enjoying these fantastic advantages!
Understanding Bank of America Preferred Rewards
Before we jump into the steps, let's understand what Preferred Rewards is all about. It's a tiered loyalty program that offers a range of benefits across your banking, credit cards, loans, and investments. The more assets you hold with Bank of America and Merrill, the higher your tier and the more lucrative your rewards become. Think of it as a "thank you" for your continued trust and business.
The program has several tiers, each with increasing benefits:
- Gold Tier: Requires a 3-month combined average daily balance of $20,000 to < $50,000.
- Platinum Tier: Requires a 3-month combined average daily balance of $50,000 to < $100,000.
- Platinum Honors Tier: Requires a 3-month combined average daily balance of $100,000 to < $1,000,000.
- Diamond Tier: Requires a 3-month combined average daily balance of $1,000,000 to < $10,000,000.
- Diamond Honors Tier: Requires a 3-month combined average daily balance of $10,000,000 or more.
Benefits can include boosted credit card rewards, interest rate increases on savings accounts, discounts on auto and home loans, waived banking fees, and even foreign currency exchange rate discounts. It's truly a comprehensive program designed to give you more back for your relationship.
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| How To Sign Up For Bank Of America Preferred Rewards |
Step 1: Check Your Eligibility – Are You Ready to Be Rewarded?
Let's start with the most important question: Are you currently eligible, or are you on your way to becoming eligible? This is where your journey begins!
To qualify for the Bank of America Preferred Rewards program, you need two main things:
- An active, eligible Bank of America personal checking account. This is a fundamental requirement. If you don't have one, that's your first step!
- A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts (checking, savings, CDs, IRAs) and/or Merrill investment accounts (Merrill Edge, Merrill Lynch, 529 plans).
Sub-heading: How to Assess Your Current Balance
Don't fret if you don't instantly know your combined balance. Here's how you can easily check:
QuickTip: Slow down if the pace feels too fast.
- Log in to your Bank of America Online Banking or Mobile Banking app. This is the quickest and most convenient way.
- Navigate to your account summary. You'll see an overview of all your eligible accounts.
- Look for the Preferred Rewards section or an eligibility checker. Bank of America often has a dedicated section that will tell you if you qualify and what tier you're in or are close to reaching. It's usually quite clear and user-friendly.
If your combined balance meets the Gold tier minimum ($20,000) or higher, congratulations, you're ready to enroll! If not, don't worry, the next steps will guide you on how to reach that threshold.
Step 2: Meeting the Balance Requirement – Growing Your Relationship
If you found that your combined balance isn't quite at the Preferred Rewards threshold yet, this step is for you. Building your balance is key to unlocking these valuable benefits.
Sub-heading: Strategies to Increase Your Qualifying Balance
- Consolidate Your Accounts: Do you have savings or investments held elsewhere? Consider moving them to Bank of America deposit accounts or Merrill investment accounts. This is often the most direct way to meet the balance requirement.
- Utilize Different Account Types: Remember, it's a combined balance. This includes:
- Bank of America Checking and Savings Accounts: Standard checking, Advantage Savings, Money Market Savings, CDs (Certificates of Deposit).
- Merrill Investment Accounts: Merrill Edge investment accounts, Merrill Lynch accounts, and even 529 college savings accounts.
- IRAs: Individual Retirement Accounts held with Bank of America or Merrill also count.
- Set Up Direct Deposit: While not a direct balance increase, establishing direct deposit into your Bank of America checking or savings account can help you consistently build up your funds, which will contribute to your average daily balance over time.
- Consider Rolling Over Old Retirement Accounts: If you have an old 401(k) from a previous employer or an IRA with another institution, rolling it over to a Merrill IRA can quickly boost your qualifying balance. Always consult with a financial advisor before making significant changes to your retirement accounts.
Important Note: The qualification is based on a three-month combined average daily balance. This means simply having a large sum for one day might not instantly qualify you. You need to maintain the balance over a period. However, if you open your first eligible personal checking account and satisfy the balance requirement at the end of at least one day within 30 days of opening that account, you may be eligible to enroll sooner.
Step 3: Enrolling in the Program – Making It Official!
Once you've confirmed your eligibility (or are confident you've met the requirements), it's time to enroll! The good news is, there are no fees to join or participate in Preferred Rewards.
Sub-heading: Online Enrollment (Recommended)
This is typically the easiest and fastest method.
Tip: Use this post as a starting point for exploration.
- Log in to your Bank of America Online Banking account.
- Look for the "Preferred Rewards" section. This is usually prominently displayed on your account summary page, under a "Rewards" or "Benefits" tab, or you might see a banner invitation if you're eligible.
- Follow the on-screen prompts to enroll. The process is usually straightforward and involves reviewing the terms and conditions and confirming your enrollment. It's a quick click-through!
- Confirmation: You should receive an immediate confirmation of your enrollment. Keep an eye out for a confirmation email as well.
Sub-heading: Mobile Banking App Enrollment
The Bank of America Mobile Banking app also provides a convenient way to enroll.
- Open the Bank of America Mobile Banking app on your smartphone or tablet.
- Log in with your credentials.
- Navigate to the "Preferred Rewards" section. Similar to online banking, you'll likely find a dedicated area or an invitation within the app.
- Complete the enrollment process by following the prompts.
Sub-heading: Enrolling by Phone or In-Person
If you prefer a more personal touch, you can also enroll by contacting Bank of America directly.
- Call Bank of America Customer Service: You can find the customer service number on the back of your Bank of America debit or credit card, or on their official website. Ask to speak with a specialist about enrolling in Preferred Rewards.
- Visit a Bank of America Financial Center: If you're near a branch, you can visit in person and speak with a banking associate who can assist you with the enrollment process. Bring a valid ID with you.
Step 4: Activating and Enjoying Your Benefits – The Payoff!
Congratulations! You've successfully enrolled in the Bank of America Preferred Rewards program. Now comes the best part: enjoying the benefits!
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Sub-heading: When Do Benefits Become Active?
Typically, your Preferred Rewards benefits become effective within 30 days of your enrollment. For new accounts opened specifically to meet the eligibility, benefits may also become active within 30 days of account opening, provided you satisfy the balance requirement. You may also see an indicator in your online or mobile banking that confirms your Preferred Rewards status.
QuickTip: Don’t just consume — reflect.
Sub-heading: Maximizing Your Preferred Rewards
- Credit Card Boosts: If you have eligible Bank of America credit cards (like the Customized Cash Rewards, Travel Rewards, or Premium Rewards cards), your rewards earnings will automatically receive a boost (25% for Gold, 50% for Platinum, 75% for Platinum Honors and higher). Make sure to use these cards for your everyday spending to maximize this benefit!
- Savings Interest Rate Boosts: If you have a Bank of America Advantage Savings account, you'll automatically receive an interest rate boost based on your tier. This is a fantastic way to earn more on your savings.
- Loan Discounts: Explore the discounts available on new auto loans, mortgages, and home equity lines of credit. If you're planning a major purchase, be sure to inquire about your Preferred Rewards discount.
- Fee Waivers: Enjoy waived monthly maintenance fees on eligible checking and savings accounts, and potentially no-fee ATM transactions at non-Bank of America ATMs (for Platinum and higher tiers).
- Priority Service: Benefit from access to dedicated specialists for your product and service needs. This can make your banking experience much smoother.
Sub-heading: Monitoring Your Tier Status
Bank of America reviews your three-month average daily balance every month. This means you can automatically move up to a higher tier if your balance increases and meets the next tier's requirements. Similarly, if your balance drops, you might move down a tier, but you generally maintain your current benefits for a grace period (often around 12-15 months) before a tier downgrade takes effect. Continuously monitor your progress through your online banking or mobile app.
Step 5: Staying Engaged and Informed – Keep the Rewards Coming!
Being a Preferred Rewards member isn't a one-and-done deal. Staying informed and engaged will help you continuously leverage the program's full potential.
Sub-heading: Regularly Check Your Benefits
Bank of America occasionally updates its Preferred Rewards program and introduces new benefits or special offers.
- Visit the Bank of America Preferred Rewards Website: Bookmark the official Preferred Rewards page on the Bank of America website. This is your go-to resource for the latest program details, tier benefits, and FAQs.
- Review Your Statements and Communications: Bank of America will often highlight your Preferred Rewards status and benefits on your monthly statements and through email communications.
- Utilize Erica (Bank of America's Virtual Financial Assistant): In the Mobile Banking app, Erica can answer questions about your Preferred Rewards status and benefits. Just ask!
By following these steps, you'll be well on your way to signing up for Bank of America Preferred Rewards and making the most of your relationship with the bank. It's a rewarding journey that truly pays off!
QuickTip: Don’t skim too fast — depth matters.
10 Related FAQ Questions and Quick Answers:
How to qualify for Bank of America Preferred Rewards?
You need an active, eligible Bank of America personal checking account and a three-month combined average daily balance of $20,000 or more across qualifying Bank of America deposit and Merrill investment accounts.
How to find my current Bank of America Preferred Rewards tier?
Log in to your Bank of America Online Banking or Mobile Banking app, and look for the "Preferred Rewards" section or an indicator on your account summary page.
How to increase my Bank of America Preferred Rewards tier?
Increase your combined average daily balance in eligible Bank of America deposit and/or Merrill investment accounts to meet the balance requirement for the next tier (e.g., $50,000 for Platinum, $100,000 for Platinum Honors).
How to get my credit card rewards bonus with Preferred Rewards?
Once enrolled, the bonus (25%, 50%, or 75% depending on your tier) is automatically applied to eligible Bank of America credit card purchases.
How to get fee waivers with Bank of America Preferred Rewards?
Preferred Rewards members typically receive waived monthly maintenance fees on eligible checking and savings accounts, and higher tiers may get no-fee non-Bank of America ATM transactions.
How to get loan discounts with Bank of America Preferred Rewards?
When applying for a new auto loan, mortgage, or home equity line of credit directly through Bank of America, inform them of your Preferred Rewards status to receive applicable interest rate discounts or reduced origination fees.
How to receive the savings interest rate booster?
You need to have a Bank of America Advantage Savings account. As an enrolled Preferred Rewards member, the interest rate booster will be automatically applied to this account.
How to know if my accounts qualify for Preferred Rewards?
Most personal checking, savings, CDs, and IRAs with Bank of America, along with Merrill investment accounts (including 529 plans), generally qualify. Refer to the program terms or check your online banking.
How to maintain my Preferred Rewards tier?
Your tier is based on your three-month combined average daily balance. Continue to maintain the required balance within your eligible accounts to retain your current tier. There is typically a grace period if your balance temporarily drops.
How to contact Bank of America for Preferred Rewards questions?
You can log in to your Online Banking account and use their secure message center, call the customer service number on the back of your card, or visit a local Bank of America financial center.
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