If you have an existing savings account, it will not automatically convert to a Bank of America Advantage Savings account when you enroll in Preferred Rewards. You need to have a Bank of America Advantage Savings account and be an enrolled Preferred Rewards member to enjoy this benefit. Now, let's take a closer look at each of these benefits. and internationallyįoreign currency exchange rate discount (for mobile and online orders only, includes free standard shipping) Here's a chart of the five Preferred Rewards tiers, along with the associated benefits of each:Ġ.250% interest rate reduction (when PayPlan is established)Ġ.375% interest rate reduction (when PayPlan is established)įree non-Bank of America ATM transactions Benefits of Bank of America's Preferred Rewards Program If you still don't meet the criteria after the three-month grace period, you'll either be moved to a lower tier or completely lose your Preferred Rewards benefits. If you no longer meet the qualification requirements after that year, you have a three-month grace period to do so. Instead, you'll maintain your Preferred Rewards tier status for a full year. Once you reach a specific status level, you won't need to keep all your cash in the Bank of America basket. You can rise from one rung to the next any month after your average daily balance for the three previous months reaches the threshold for the following tier. How to move among Preferred Rewards tiers Of course, you'll have to consider other things like account management fees and available investment options to decide whether doing so is a good option.īy signing up, you will receive newsletters and promotional content and agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You can roll existing IRAs and investment accounts over to Merrill or Bank of America and immediately use those balances to begin establishing a three-month average to boost your tier. Your balance doesn't need to originate with Merrill or Bank of America to count toward each threshold. Once you add in investment accounts, such as IRAs, you may even find that the Platinum or Platinum Honors tiers are within reach. If you have an emergency fund, a holiday account, a savings account and a checking account, combining all those balances may qualify you for a Preferred Rewards tier. But don't throw in the towel straight away. While not exorbitant, even the lowest level requires some pretty high figures. Diamond Honors: $10,000,000 or more in total assets.Diamond: $1,000,000 or more in total assets.Platinum Honors: $100,000 or more in total assets.Platinum: $50,000 or more in total assets.You'll qualify for each based on your combined average daily balance:
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