Opening a new bank account can be more rewarding than you think, especially when you consider the long-term benefits beyond the initial account opening bonus. Bank of America’s Preferred Rewards program offers a tiered system of benefits to loyal customers, enhancing your banking experience and maximizing your financial growth. Understanding how to become eligible for Preferred Rewards can significantly amplify the value you receive, starting from the moment you open your Bank of America account.
Understanding Bank of America Preferred Rewards Tiers
The Preferred Rewards program is structured into five tiers, each offering increasingly valuable benefits. Your tier is determined by your combined balances across eligible Bank of America deposit accounts and Merrill investment accounts. These tiers are:
- Gold: Requires a combined balance of $20,000.
- Platinum: Requires a combined balance of $50,000.
- Platinum Honors: Requires a combined balance of $100,000.
- Diamond: Requires a combined balance of $1,000,000.
- Diamond Honors: Requires a combined balance of $10,000,000.
These balances can include a variety of account types, such as checking accounts, savings accounts, certificates of deposit (CDs), and Merrill investment accounts, including Cash Management Accounts and 529 Plans. This broad inclusion allows you to consolidate your finances to reach higher tiers and unlock greater rewards.
Eligibility Criteria: How to Qualify for Preferred Rewards
To become eligible for Preferred Rewards, you need to meet two primary conditions:
- Active, Eligible Personal Checking Account: You must have an active personal checking account with Bank of America that qualifies for the program. Details on eligible accounts are available in the Personal Schedule of Fees.
- Maintain Required Combined Balance: You must maintain the minimum combined balance for your desired tier. Bank of America provides flexibility in how you meet this balance requirement.
Balance Calculation Methods
You can satisfy the combined balance requirement in one of two ways:
- Three-Month Average Daily Balance: Calculate your average daily balance over a consecutive three-month period in your qualifying deposit and investment accounts.
- Current Combined Balance at Account Opening: If you are opening your first eligible personal checking account, you can enroll in Preferred Rewards at the time of account opening. You must then satisfy the balance requirement for your desired tier by the end of at least one day within 30 days of opening the new account. This option is particularly beneficial for new customers looking to maximize their benefits from the start, potentially aligning with a Bank Of America Account Opening Bonus period.
Eligibility for enrollment typically becomes available three or more business days after the end of the calendar month in which you meet the requirements. Once enrolled, your benefits will generally take effect within 30 days of enrollment, or within 30 days of account opening for new accounts, unless otherwise specified by Bank of America.
Special Eligibility Considerations
Certain clients and employees may have special eligibility pathways for Preferred Rewards:
- Bank of America Private Bank Clients: These clients automatically qualify for the Diamond Tier, regardless of their balance. They may also qualify for the Diamond Honors tier based on their qualifying balances across Bank of America, Merrill, and Private Bank accounts.
- Bank of America Employees: Employees should contact Employee Financial Services or refer to the Bank of America intranet site for specific qualification requirements.
- Employees of CEBI Program Companies: Employees of companies participating in the Bank of America Employee Banking and Investing Program (CEBI) may have customized eligibility terms. Further details can be found on the CEBI Program page.
Conclusion: Unlock Enhanced Banking with Preferred Rewards
While a bank of america account opening bonus can provide an immediate incentive, the long-term value of Bank of America’s Preferred Rewards program offers sustained benefits and enhanced financial opportunities. By understanding the eligibility criteria and strategically managing your account balances, you can unlock a range of rewards, including interest rate boosts, credit card rewards bonuses, and fee waivers, ultimately maximizing your banking relationship with Bank of America. Opening a new account and exploring the Preferred Rewards program can be a smart move towards a more rewarding financial future.
