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Related: Full guide to Bank of America’s BankAmeriDeals cash-back deals Preferred Rewards program benefitsīank of America launched the Diamond and Diamond Honors tiers at the end of 2021. Then, even if your average daily balance drops below $100,000, you’ll maintain Platinum Honors for a total of 15 months before being downgraded.

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That means if you reach the $100,000 average daily balance threshold for three months, Bank of America will upgrade you to Platinum Honors. 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 12 months, you have a three-month grace period to do so. Instead, you’ll maintain your Preferred Rewards tier status for 12 months. Once you reach a specific status level, though, you might not 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.

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Related: Some Bank of America cardholders now get new perks - and you can use them at home 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. Specifically, 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. Once you add in investment accounts, such as IRAs, you may even find that the Platinum or Platinum Honors tiers are within reach.īalances don’t have to be started with Merrill or Bank of America to count. If you have an emergency fund, a holiday account, a savings account and checking account, combining all those balances could easily qualify you for the first tier of Preferred Rewards. The Points Guy will not share or sell your email. I would like to subscribe to The Points Guy newsletters and special email promotions.

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.

There are now five tiers of Preferred Rewards, which you qualify for based on your combined average daily balance.

A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts.

An active, eligible Bank of America checking account.

To qualify for the Bank of America Preferred Rewards program, you must have both of the following:

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Get the latest points, miles and travel news by signing up for TPG’s free daily newsletter. Depending on your holdings and the type of rewards you’re looking to accumulate, it might be time to stop ignoring Bank of America Preferred Rewards. The higher your balance of total assets with the bank, the more perks you can unlock, including with its credit cards. That’s because Bank of America designed its Preferred Rewards program to incentivize consumers to move all of their checking, savings, investment and retirement accounts to Bank of America and Merrill. On top of the simple banking benefits members can expect, consolidating your finances with Bank of America can also boost your cash-back earnings on some of the best Bank of America credit cards.

With that in mind, we’ll be taking a closer look at the often passed-over Bank of America Preferred Rewards program. Luckily, using cash-back rewards in combination with your points and miles can save you even more money on your next vacation. But there can be many other types of expenses involved in planning a trip, too, such as car rentals, train tickets, gas and campsite fees, among others. It’s wonderful to redeem points and miles for travel arrangements such as lodging and flights. Editor’s note: This is a recurring post, regularly updated with new information.

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