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Bank of America Preferred Rewards: How to Elevate Your Banking Experience

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Bank of America Preferred Rewards – As customers, we are always on the lookout for banking solutions that offer greater value and rewards.

Bank of America Preferred Rewards is a premier program designed to provide personalized benefits and exclusive perks to eligible customers.

In this blog post, JonakyBlog will delve into the features and advantages of Bank of America Preferred Rewards, how to qualify for the program, and the unique benefits it offers to enhance your banking experience.

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Understanding Bank of America Preferred Rewards

Bank of America Preferred Rewards is a loyalty program tailored to clients who maintain a qualifying three-month average combined balance of their eligible Bank of America accounts.

The program is divided into three tiers based on the average combined balance: Gold, Platinum, and Platinum Honors.


Each tier unlocks an array of benefits, including rewards, discounts, and enhanced customer service.

Qualifying for Preferred Rewards

To become eligible for Bank of America Preferred Rewards, you need to meet the following criteria:

  1. Maintain a three-month average combined balance of at least $20,000 in eligible Bank of America accounts for the Gold tier.
  2. Maintain a three-month average combined balance of at least $50,000 for the Platinum tier.
  3. Maintain a three-month average combined balance of at least $100,000 for the Platinum Honors tier.
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Eligible Bank of America Accounts

The following accounts are considered eligible for Preferred Rewards:

  1. Bank of America personal checking accounts.
  2. Bank of America personal savings accounts.
  3. Bank of America CDs (Certificates of Deposit).
  4. Bank of America IRAs (Individual Retirement Accounts).
  5. Bank of America Merrill Edge and Merrill Lynch investment accounts.

Benefits of Bank of America Preferred Rewards

#1. Increased Rewards

One of the primary benefits of Preferred Rewards is the boost it provides to your rewards earning potential.

Earn higher cash back on credit card purchases, bonus rewards, and more based on your tier.

#2. Fee Waivers


Depending on your Preferred Rewards tier, you may receive fee waivers for various banking services, such as wire transfers, ATM usage, and select account maintenance fees.

#3. Mortgage and Auto Loan Discounts

Preferred Rewards clients may qualify for discounts on mortgage origination fees and auto loan interest rates, providing potential savings on significant purchases.

#4. Higher Interest Rates on Savings

Earn higher interest rates on Bank of America savings accounts, allowing your money to grow faster and work harder for you.

#5. Dedicated Customer Service

Preferred Rewards members enjoy priority customer service with access to a dedicated team of specialists to assist with their banking needs.

#6. Investment Benefits

For Platinum and Platinum Honors members, there are additional investment benefits through Merrill Edge and Merrill Lynch, such as commission-free trades and access to financial advisors.

Conclusion

Bank of America Preferred Rewards is a powerful loyalty program that caters to customers seeking enhanced banking benefits and rewards.

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By maintaining a qualifying combined balance, you can unlock a host of advantages, from increased rewards to exclusive fee waivers and dedicated customer service.

If you are a Bank of America customer with significant account balances, consider enrolling in Preferred Rewards to elevate your banking experience.

The program offers a unique opportunity to earn more rewards, enjoy higher interest rates, and access specialized financial services, further strengthening your relationship with the bank.

As you explore the benefits of Preferred Rewards, keep your financial goals and priorities in mind.

Evaluate your account balances and determine the tier that aligns best with your needs and objectives.

Whether you’re saving for the future, planning investments, or seeking credit card rewards, Bank of America Preferred Rewards can be a valuable addition to your financial toolkit.