Bank of America is offering rewards to customers who expand their use of the bank's everyday services.
Under the new Preferred Rewards program, customers with a personal checking account and a three-month average combined balance of $20,000 or more across their checking, savings and/or Merrill Edge investment accounts can earn special benefits and rewards as they make their money grow.
For example, depending on the tier they reach – Gold, Platinum and Platinum Honors – customers can earn an interest rate discount for their next home equity loan or line of credit. They can also qualify for a ‘mortgage relationship credit’ of $200 for Gold, $400 for Platinum and $600 for Platinum Honors, on a mortgage purchase or refinancing of a loan.
Other, non-mortgage-related perks include points or cash back on eligible Bank of America credit cards; access to a team of specialists dedicated to handle preferred clients' banking and service needs; higher interest rates on Rewards Money Market Savings accounts; and $0 Merrill Edge online equity and Exchange-Traded Funds trades.
There is no fee to enroll in the program for qualified Bank of America customers. Once customers begin receiving benefits, their three-month average balance will be reviewed monthly for the opportunity to receive additional benefits.
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