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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteBank of America Preferred Rewards is no longer the current consumer program. Bank of America replaced it with BofA Rewards on May 27, 2026. The old $20,000 minimum balance is historical. Today, an eligible personal Bank of America checking account is the requirement to enroll, with no minimum balance for membership. Your combined balances still matter because they determine your BofA Rewards tier and its benefits.
What happened to Preferred Rewards?
Preferred Rewards was Bank of America’s former relationship-rewards program for consumer customers. On May 27, 2026, it was replaced by BofA Rewards. That date matters because many older articles still describe a $20,000 qualifying-balance requirement. That requirement applied to the former program and should not be used to explain current enrollment.
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BofA Rewards is the program current customers should evaluate. Bank of America says the new structure is intended to let clients receive relationship benefits at different points in their financial lives. The bank reported that more than 3 million clients enrolled during the program’s first seven weeks; that is a company-reported enrollment count, not an independent measure of customer value.
“BofA Rewards ensures every client, no matter where they are in their financial journey, can experience meaningful benefits and feel valued for their relationship with us.”
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The practical distinction is simple: a qualifying personal checking account gets you into the current program, while your three-month combined average balance determines which tier you receive.
How do I qualify for BofA Rewards now?
Current enrollment requirement
Bank of America’s current materials identify an eligible personal checking account as the enrollment requirement. There is no minimum balance to join or maintain BofA Rewards membership. You should confirm that your particular checking product is eligible in the current enrollment materials, since account terms can change.
Enrollment is different from tier qualification
Opening or holding the checking account does not automatically put you in a higher tier. Tier status is based on the three-month combined average of qualifying Bank of America deposit balances and Merrill investment balances. In other words:
- Enrollment access: an eligible personal checking account; no minimum balance.
- Tier status: the combined average balance used by the program’s tier thresholds.
This separation is the key correction to older Preferred Rewards explanations. You do not need $20,000 merely to become a member, but balances can still affect the benefits attached to your tier.
What are the current BofA Rewards tiers?
The published thresholds use three-month combined average balances. The boundary wording below preserves the distinctions in Bank of America’s program materials.
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| Tier | Three-month combined average balance | What determines movement |
|---|---|---|
| Member | Below $30,000 | Automatic tier calculation from qualifying balances |
| Preferred Plus | $30,000 to below $100,000 | Automatic upgrade when qualifying balances rise into the range |
| Preferred Honors | $100,000 to below $1,000,000 | Automatic upgrade when qualifying balances rise into the range |
| Premier | $1,000,000 or more | Automatic upgrade when qualifying balances reach the threshold |
These are balance bands, not fees or deposits that you must pay to Bank of America. A balance exactly at $30,000 enters Preferred Plus, while an amount below $30,000 remains Member. Likewise, $100,000 enters Preferred Honors, and $1,000,000 enters Premier.
How are balances reviewed and when do benefits start?
Regular reviews
BofA Rewards materials state that balance reviews occur monthly. Qualifying increases can trigger an automatic upgrade, so you do not normally need to submit a new tier application each time your combined balance crosses a threshold.
First 30 days for new enrollees
First-time enrollees receive daily reviews during their first 30 days. This is different from the regular monthly review cadence and can matter if your qualifying balances change soon after enrollment.
Activation timing
After a new tier is established, new benefits may take up to 30 days to activate. Do not assume that a same-day balance change produces an immediate discount, rate, or other tier benefit. Check the benefit’s own activation terms if timing is important for a transaction.
What are the fees?
BofA Rewards membership
Bank of America states that there is no fee to join or maintain BofA Rewards membership. That statement applies to the rewards program itself, not to every account connected to it.
Your checking account can still have a monthly fee
The linked checking account is governed by its own account agreement and fee schedule. Bank of America specifically warns that a checking account may charge a monthly maintenance fee when its waiver conditions are not met.
For example, the current Personal Schedule of Fees lists a $12 monthly maintenance fee for Advantage Plus Banking. The schedule describes ways to waive that fee, including qualifying direct deposit, meeting a minimum daily balance condition, or satisfying a qualifying rewards-tier condition. The exact waiver rules belong to that account and can change; do not assume that one checking product’s waiver applies to all products or to every BofA Rewards tier.
How to verify your own cost
- Identify the exact name of your Bank of America checking account.
- Read that account’s current monthly maintenance-fee and waiver section in the Personal Schedule of Fees.
- Check whether your direct deposit, daily-balance, or rewards-tier status satisfies a listed waiver.
- Review the schedule again before changing accounts or relying on a tier-based waiver, because fees and conditions can be revised.
How was eligibility different under former Preferred Rewards rules?
The former rules are useful only for understanding older statements and the 2026 conversion. They are not current BofA Rewards enrollment requirements.
The old $20,000 balance requirement
Former Preferred Rewards materials required an active eligible personal checking account plus qualifying combined balances of at least $20,000 in Bank of America and/or Merrill or Private Bank accounts. That historical figure is why many search results still say that $20,000 is necessary. It is not the current minimum for BofA Rewards membership.
How the former balance test worked
Under the former consumer terms, eligibility generally used a three-calendar-month average daily balance. A new checking customer enrolling when opening the account could instead qualify by having the required combined balance on at least one day within the first 30 days. Eligibility generally became available at least three business days after the qualifying month ended.
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Ownership and account type
Former rules generally counted accounts owned or co-owned by the customer. A person who was only an authorized signer did not qualify on that basis. Business accounts did not count toward consumer Preferred Rewards thresholds, although Bank of America described a separate Preferred Rewards for Business program. Those details explain historical eligibility decisions; they should not be presented as a current $20,000 test for BofA Rewards.
What happened to existing Preferred Rewards members?
Existing Preferred Rewards members were automatically enrolled in BofA Rewards during the transition. They did not choose a new tier through a fresh application. Bank of America’s transition terms mapped former tiers as follows:
| Former Preferred Rewards tier | BofA Rewards tier after conversion |
|---|---|
| Gold | Preferred Plus |
| Platinum | Preferred Plus |
| Platinum Honors | Preferred Honors |
| Diamond Honors | Premier |
The benefits changed after conversion. A former tier name therefore does not guarantee that the same discounts, rates, or other benefits continue unchanged. Existing customers should review the benefits displayed for their current BofA Rewards tier rather than relying on an old Preferred Rewards chart.
Do I have to enroll?
If you were already a Preferred Rewards member, Bank of America says you were automatically moved into BofA Rewards. If you are a new or previously unenrolled customer, the current published requirement is an eligible personal checking account, and you should use Bank of America’s current BofA Rewards enrollment process. The absence of a balance minimum means you should not delay enrollment solely because you have less than $20,000.
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A practical checklist before you rely on a tier benefit
- Confirm that your checking account is a personal account and is eligible for the current program.
- Separate the question “Can I enroll?” from “Which tier will I receive?”
- Estimate your three-month combined average using qualifying Bank of America deposit and Merrill investment balances.
- Use the threshold table to identify the likely tier, paying attention to the “below” boundaries.
- Allow for monthly review timing, or daily reviews during the first 30 days if you are a first-time enrollee.
- Allow up to 30 days for newly granted benefits to activate.
- Read your checking account’s own fee waiver rules; BofA Rewards membership being free does not eliminate account maintenance fees.
- If you were converted from Preferred Rewards, review the new benefit terms instead of assuming your former benefits remain identical.
Common mistakes to avoid
Using the old $20,000 number
The $20,000 figure describes former Preferred Rewards enrollment. Applying it to current BofA Rewards can wrongly discourage an eligible checking customer from enrolling.
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Treating membership as a free checking account
No program fee does not mean no checking-account fee. The account’s fee schedule controls maintenance charges and waivers.
Counting a temporary balance as a guaranteed tier
Tier calculations use the program’s three-month combined average and scheduled reviews. A one-day balance may not produce the same result as a sustained average, except where current program materials specify a first-30-day review process for new enrollees.
Assuming a converted tier preserves every old benefit
The transition changed benefits and mapped former tiers into the new structure. Verify the benefit attached to your current BofA Rewards tier before making a financial decision.
The Bottom Line
Preferred Rewards ended on May 27, 2026. For current customers, an eligible personal checking account is enough to enroll in BofA Rewards with no membership fee or balance minimum; your three-month combined average balance determines whether you are Member, Preferred Plus, Preferred Honors, or Premier. Check the specific checking account’s fee schedule separately.
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