Bank of America Preferred Rewards Is Now BofA Rewards™: What You Need to Know

This article is sponsored by Bank of America.

On May 27, 2026, the Bank of America Preferred Rewards program, which debuted in 2014, was officially replaced by BofA Rewards™. Loaded with perks, including some new lifestyle benefits, the updated program is open to all Bank of America customers with an eligible checking account, including those without large balances. Like the old program, BofA Rewards uses a tiered system that expands your perks as you meet higher balance requirements.

Whether you're an existing Bank of America customer or considering opening a new checking account, learn how this new rewards program works and what you need to do to qualify for each tier so you can make the most of it.

What is BofA Rewards?

BofA Rewards is a loyalty program that any customer with an eligible Bank of America personal checking account can join, regardless of balance. The program doesn't have any fees and rewards you for doing business with Bank of America and its wealth management division, Merrill.

The higher your balance across your eligible deposit and investment accounts, the better perks you can access as you climb the tiers. This setup may encourage you to keep more money at Bank of America and Merrill, which benefit from a stronger customer relationship with you.

The program's diverse perks cover a range of financial products and needs. Depending on the tier, you might earn boosted credit card rewards, save on eligible loans, get free monitoring services, avoid certain banking charges, and access premium experiences. The bank estimates the program offers an annual value of $150 to $4,000, based on your tier and program engagement.

How BofA Rewards differs from Preferred Rewards

The main difference between BofA Rewards and Preferred Rewards is accessibility. Preferred Rewards required a $20,000 three-month combined average balance. However, now you only need a simple checking account, such as Bank of America Advantage Banking, a change that has helped more than 30 million current customers become eligible. Plus, some higher-level perks, such as lifestyle benefits, are now accessible to those with a lower balance.

While there are still four program tiers, the names have changed.

Preferred Rewards tiers	New BofA Rewards tiers
Gold	Member
Platinum	Preferred Plus
Platinum Honors	Preferred Honors
Diamond Honors	Premier
Note: Keep in mind that the old and new tiers aren't equivalent and don't directly map to each other.

Additionally, the first two tiers have different balance requirements.

The four tiers at a glance

The BofA Rewards program's four tiers are based on your combined average three-month balance. Bank of America deposit accounts help you reach this threshold, as do qualifying Merrill investment accounts, such as IRAs, 529s, and cash management accounts. After you enroll, the bank will do monthly reviews to determine whether you qualify for a new tier.

Here's a glance at each tier's requirements and key benefits.

Tier	Minimum balance requirement	Credit card rewards bonus	Notable perks
Member	No minimum balance required	10%	$100 mortgage origination fee discount 0.10% interest rate discount on auto loans
Preferred Plus	$30,000-$99,999	25%	Select banking and ATM fee waivers and discounts 0.25% interest rate discount on auto loans and HELOCs
Preferred Honors	$100,000-$999,999	50%	Annual subscription credits of up to $96 Access to lifestyle benefits and experiences
Premier	$1 million+	75%	Annual subscription credits of up to $180 Access to premium lifestyle benefits

What you actually get

Members across all tiers enjoy several key benefits: a credit card rewards bonus, cash back deals, auto loan discounts, mortgage benefits, and free identity and fraud monitoring. The highest tiers include more unique perks, such as lifestyle benefits and annual subscription credits.

Bonus credit card rewards

While Bank of America credit cards already stand out for their rewards and customized options, BofA Rewards membership further boosts your rewards rate up to 75% on eligible cards.

The lowest Member tier gives you a modest 10% boost, which increases to 25% once you reach the Preferred Plus tier. From there, the rewards bonus jumps to 50% for Preferred Honors members and 75% for Premier members.

For example, if you have the Bank of America^® Unlimited Cash Rewards credit card, the would grow to 1.65%, 1.88%, 2.25%, or 2.63%, depending on which tier you're in.

However, Bank of America discloses that you won't earn bonuses on top of account opening bonuses or bonuses received as part of select other programs. Check your card program details for any other exclusions that may impact your bonus rewards.

Cash back deals

You can get rewards when you shop with more than 15,000 online and brick-and-mortar brands using Bank of America's online banking site or mobile app. When you use an eligible Bank of America debit or credit card for purchases, the bank credits any cash back to your account.

While the deals vary and are limited-time offers, some past companies include The Home Depot, Best Buy, Sephora, Lyft, and Expedia. Bank of America also offers special deals for major holidays, buying seasons, and events, including this June's FIFA World Cup 2026™.

Since these cash back rewards can be in addition to any Bank of America credit card rewards and bonuses, you can potentially double-dip and earn even more back on eligible purchases. This is especially useful if you're in a high BofA Rewards tier due to the bonus rewards.

Home and auto loan discounts

All BofA Rewards program members get discounts on Bank of America auto loan interest rates and mortgages. Plus, the top three tiers include HELOC rate discounts.

Tier	Auto loan rate discount	Mortgage discount	HELOC rate discount
Member	0.10%	$100 origination fee discount	None
Preferred Plus	0.25%	$300 origination fee discount	0.25%
Preferred Honors	0.35%	$600 origination fee discount	0.375%
Premier	0.50%	0.375% mortgage rate discount (with PayPlan enrollment)	0.625%

The program's interest rate discounts might save you hundreds or even thousands of dollars on a long-term loan, depending on your tier, loan amount and eligibility. Additionally, Premier members get the best deal across the board, as the lower mortgage rate should lead to much higher savings than a set mortgage origination fee discount.

You must apply directly through Bank of America for these loan-related perks. Existing loans and HELOCs don't qualify.

Identity and fraud monitoring

Unlike some banks that charge fees for identity theft and fraud monitoring services, BofA Rewards members get free access to these features and the standard "My Credit" program.

The service stands out for monitoring your Social Security number, checking the dark web for your information, and helping you restore your identity if someone steals it. Plus, you can do basic tasks like checking your credit report, monitoring your FICO score, receiving alerts about suspicious activity, and getting tips to improve your credit.

These tools are worth it for anyone who wants to protect their finances and identity or improve their credit. And if you're paying for a similar service such as IDShield ($14.95 to $19.95 per month), this BofA Rewards perk could save you some money, depending on the features you use.

Higher-tier extras

The perks get even more interesting once you reach the minimum balance required for the Preferred Honors ($100,000) and Premier ($1 million) tiers, which include subscription credits and unique lifestyle benefits.

If you use your Bank of America checking account's debit card to purchase eligible news and streaming subscriptions, you may qualify for monthly statement credits of up to $8 ($96 per year) on the Preferred Honors tier and $15 ($180 per year) on the Premier Tier. You can find current companies and rules on your BofA Rewards account.

The lifestyle benefits for travel, entertainment, wellness, and more also differ across tiers. For example, Preferred Honors members can save money on eligible vehicles and access special experiences such as premium cruises, sporting events, and Broadway shows. Premier members can attend private events and take advantage of exclusive offers, such as access to premier clubs and adventure tours.

Who gets the most value?

You'll likely get the most value if you qualify for the Preferred Honors or Premier tier and have an eligible Bank of America credit card. These tiers include the best credit card reward bonuses and interest rate discounts as well as access to exclusive statement credits and lifestyle benefits. Other everyday banking benefits, such as waived or reduced fees, are also the most extensive at these tiers.

So if you're an individual who can consistently maintain a $100,000 or higher balance, these perks are worth considering since you may save significant money financing eligible vehicle and home purchases, get more back for your everyday spending, and avoid fees across different transactions and account types. While $100,000 might seem high, keep in mind that this includes Merrill investment accounts, so it might be more attainable than you think.

However, it may still be worth joining the program even if you'd only qualify for the Member or Preferred Plus tier. Since the program costs nothing, those with existing Bank of America checking accounts have nothing to lose. Even a relatively small credit card reward bonus, free identity theft monitoring, and cash back add value. And if a Bank of America auto loan, mortgage, or HELOC is in your future, take advantage of the savings.

How to enroll

You don't need to do anything as a previous Preferred Rewards member. If you're new to Bank of America or you never joined Preferred Rewards, here's how you can enroll in BofA Rewards.

• Open an eligible Bank of America checking account if you don't already have one.
• Visit the BofA Rewards page and click "Join Now."
• Sign in with your Bank of America online banking details.
• Follow the instructions to enroll, including accepting any program terms.
• Note which tier you're in, noting that you may need to take extra steps to activate certain benefits, such as the statement credit for subscriptions.

To get the most value, keep in mind that you can increase your eligible account balances to move up to a higher tier as the bank regularly recalculates your three-month average balance.

FAQs

Bottom line

The no-fee BofA Rewards program has opened the door to benefits for more customers, including those who are newer to banking or don't keep large account balances. While the rewards are most attractive if you qualify for the top two tiers, the program is flexible enough to appeal to eligible customers who need a checking account and want to earn cash back, save money on financial products, and access other loyalty benefits.

Before enrolling, check your eligible account balance to understand which benefits are available and how much value they offer.

This article is sponsored by Bank of America.