Bank of America just recently unveiled a new Preferred Rewards program that’ll certainly begin to roll out across the country in the coming months. This program focuseds on rewarding long-lasting Bank of America consumers, along with Merrill Edge customers for using the service for their investment requires. The aim of this program is to develop existing customer relations by awarding those loyal to the business, and to assist attract new clients who’re planning to benefit by becoming a consumer of a bank for an extended amount of time.
‘Preferred Benefits is the first program of its kind to provide clients advantages and rewards for everyday banking,’ stated Dean Athanasia, president of Preferred Banking at Bank of America. ‘It’s the result of deep client study to develop and deliver a simple program that provides clients advantages and benefits they’ll really utilize, and shows them how much we appreciate it when they choose to do even more company with us.’
Who’s qualified for the program?
The Bank of America Preferred Benefits program is qualified to clients with a Bank of America personal bank account who’s actually kept a minimum of approximately $20,000 or more for three months across their checking, cost savings, and/or Merrill Edge Investment accounts. The even more a customer’s balance starts to grow, the much better benefits and rewards they’re offered. There’s a three-tier structure system offered by Bank of America – Gold, Platinum, and Platinum Honors.
Available benefits for opening and maintaining a Preferred Rewards account include, perk points or cash back benefits on connected Bank of America credit cards, greater rate of interest on Benefits Cash Market Savings accounts, concern banking services, no costs on select banking services, house equity interest rate discount rates, mortgage relationship credit (for example, $200 for a gold account) when acquiring a home loan or refinancing and even more.
The program was first checked in 5 pilot states before it was decided to broaden it throughout the United States. From July to September the program will become available throughout the country. For more information you can check out the Bank of America website to learn if and/or when this program is available to you.
Preferred Benefits compared to premium banking
Bank customers who’re familiar with exceptional banking services will find Bank of America’s Preferred Rewards program comparable in terms of the sorts of perks being offered. The greatest distinction with this program (compared to a common premium checking or savings account) is that there’s an incentive for preserving an account for a prolonged amount of time.
If you manage a Merrill Edge account and frequently bank with Bank of America, the perks provided from this program can be useful, specifically for those that want investing cash into a Rewards Cash Market Cost savings account.
As of now, there are no groundbreaking incentives for changing your cash over to a new Bank of America account Preferred Rewards program, rather than a premium examining account somewhere else. However, if you’re already keep relations with the bank, or are interested in moving your banking services in other places, this brand-new account can be appealing.