Bank of America rolled out a redesigned rewards program that changes how customers earn points across checking and savings accounts. The new structure replaces the old tiered system with a simpler approach centered on account balances and banking activity.
Under the refreshed program, BofA customers now earn rewards through Preferred Rewards, which offers cash back rates ranging from 1.25x to 2.625x points depending on their relationship with the bank. The multipliers attach to qualifying credit cards and debit card purchases. Customers holding higher account balances, including checking, savings, and investment accounts, unlock elevated earning rates.
The shift simplifies things for casual savers. Previously, BofA's rewards operated through different card categories and spending caps. Now, the emphasis centers on your total wealth held at the institution rather than complicated bonus categories. Customers with $20,000 to $75,000 in combined balances qualify for the entry level. Those with $75,000 to $100,000 climb to Silver status. Gold requires $100,000 to $500,000, while Platinum demands $500,000 or more.
The actual rewards value depends on how you bank. A customer spending $2,000 monthly who maintains $50,000 in accounts earns different returns than someone with $300,000 sitting idle. BofA counts all eligible accounts toward the threshold, so consolidating your banking there helps reach higher tiers faster.
The program works best for people who already maintain substantial balances at BofA or plan to do so. Those with minimal savings or who prefer spreading accounts across multiple institutions see limited benefit. The earning rates, while competitive, don't dramatically outpace other bank rewards programs for everyday spending.
The real advantage surfaces for high-net-worth customers who hold significant deposits at BofA anyway. They gain enhanced rewards without changing behavior.