New BofA Rewards(TM) Program to Reach Millions More Clients with Expanded Benefits
MWN-AI** Summary
Bank of America is set to launch the BofA Rewards™ program on May 27, 2026, introducing a no-fee loyalty initiative designed to better serve its clients by offering enhanced benefits that recognize their banking and investing relationships. This new program is set to expand access to over 30 million clients with personal checking accounts, allowing them to join without minimum balance requirements.
The BofA Rewards program encourages clients to engage and benefit from their accounts, categorizing members into four tiers based on their average account balances: Member, Preferred Plus, Preferred Honors, and Premier. Clients can derive significant value through cash back deals, credit card rewards, and exclusive discounts on loans and subscription services, with potential annual value ranging from $150 to $4,000 depending on the tier.
This program brings together previously separate rewards offerings and focuses on meeting clients’ various life stages and financial goals. Key benefits include enhanced bonuses on credit card purchases, access to over 15,000 cash back partners, and advanced fraud and identity monitoring services.
For higher-tier members, the program offers curated lifestyle benefits, such as exclusive access to automotive savings, cultural events, premium travel opportunities, and health services. Additionally, the design of the Bank of America Mobile App and Online Banking will undergo significant improvements to enhance user experience and streamline benefit activation.
The BofA Rewards program replaces the existing Preferred Rewards® program, which has grown to over 11 million members since its inception. Clients currently enrolled will transition seamlessly into the new program, ensuring they continue to receive valued benefits tailored to their needs.
MWN-AI** Analysis
The launch of Bank of America's (BofA) new Rewards™ program on May 27 aims to significantly enhance the customer experience by broadening access to benefits for over 30 million clients. With features tailored to various financial goals, this initiative presents a compelling opportunity to attract not only existing customers but also potential clients seeking competitive rewards.
From a market perspective, the BofA Rewards program should be viewed as a strategic move to consolidate existing loyalty offerings into a more encompassing framework that rewards clients for their overall relationship with the bank. The tiered structure—ranging from the Member tier to the Premier tier—allows for differentiated engagement, ensuring that all account holders, regardless of balance, feel valued. This could significantly enhance client retention rates and increase cross-selling opportunities within BofA’s robust suite of financial services.
Investors should closely monitor client uptake and engagement levels with the new rewards program. As clients transition from the existing Preferred Rewards to BofA Rewards, metrics indicating interest and satisfaction will provide insights into potential revenue growth. Specifically, high engagement in cash-back offers, credit card bonuses, and lifestyle benefits could signal increased spending behavior among clients, which bodes well for profitability.
Furthermore, the enhanced digital experience within BofA’s mobile app is likely to attract tech-savvy consumers who appreciate user-friendly features and personalized offers. This digital-first approach may drive higher transaction volumes online, positively impacting fee income.
Overall, the BofA Rewards program positions Bank of America distinctively in a competitive landscape, aligning with clients' desires for personalized financial products while fostering a stronger, loyalty-driven relationship. Financial analysts should recommend viewing BAC stock as an opportunity for investment, particularly as the market responds to the initiative's success in client acquisition and retention.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
No Fee Loyalty Program1 Available to Any Client with a Personal Checking Account
More Than 30 Million Clients Newly Qualify for Personalized Rewards
NEW YORK, Feb. 18, 2026 /PRNewswire/ -- Bank of America today announced plans to launch BofA Rewards, a no fee loyalty program designed to reward and recognize clients for their full relationship across their Bank of America banking and Merrill investing accounts. Starting May 27, millions of clients can enroll in the new program to unlock benefits on eligible credit cards, cash back deals, banking services, curated experiences and more. BofA Rewards members can benefit from $150 to $4,000 in annual value based on their membership tier and program engagement.
"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," said Mary Hines Droesch, Head of Consumer and Small Business Products & Analytics at Bank of America. "Clients want loyalty programs that offer the flexibility to choose benefits that reward their ambitions. BofA Rewards delivers differentiated value that evolves with clients' goals."
Rewards Available to Millions More Clients
Through the expansion of the company's industry-leading loyalty program, all clients with an active Bank of America personal checking account can join BofA Rewards with no minimum balance. This includes more than 30 million existing clients now newly eligible for the program. BofA Rewards features four tiers based on a client's three-month average account balance across their qualifying2 Bank of America banking and Merrill investing accounts:
- Member tier: <$30,000
- Preferred Plus tier: $30,000 to <$100,000
- Preferred Honors tier: $100,000 to <$1 million
- Premier tier: $1 million+
Personalized Benefits for Every Life Stage
BofA Rewards unifies Bank of America's previously separate rewards offerings to recognize clients' goals at every life stage. Every member will enjoy valuable perks designed to make everyday banking – and life's major milestones – more rewarding, including:
- Credit card rewards bonuses of 10 to 75% on everyday purchases with eligible credit cards.
- Cash back deals from more than 15,000 popular national and local brands, plus members exclusives.
- Exclusive discounts on home and auto loans.
- Enhanced fraud and identity monitoring, including dark web monitoring, Social Security number monitoring, full-service identity restoration, and more, in addition to new My Credit tools offered to all clients.
Preferred Honors and Premier tier members can also get reimbursed for popular subscriptions from top streaming, entertainment, and news services. This benefit provides credits of up to $96 per year3 for Preferred Honors tier members and up to $180 per year4 for Premier tier members.
Expanded Access to Lifestyle Benefits
BofA Rewards will offer lifestyle benefits for Preferred Honors and Premier tier members. Through a continuously expanding suite of benefits, clients will enjoy curated offers and premium experiences across top lifestyle categories including travel, automotive, food and wine, sports and fitness, style and fashion, arts and entertainment, home, health and wellness, and personal services. For example:
- Preferred Honors tier: Automotive savings on brands like BMW, Lexus, Audi, Volvo; access to arts and entertainments moments, including major league sports, concerts, Broadway shows, and opera; and premium travel experiences with partners including Regent Seven Seas Cruises, Virgin Hotels, and Sixt.
- Premier tier: Tier-exclusive luxury offers with Backroads, The Eden Residence Club, Mercedes, Sollis Health, and Blacklane, as well as curated private events, such as the Food Network New York City Wine & Food Festival, Lamborghini, and CULTURED magazine.
An Immersive Digital Experience
BofA Rewards members will also enjoy a fully redesigned experience within the Bank of America Mobile App and Online Banking. The reimagined platform includes a modern, intuitive design with personalized offers and tier-specific features, making it easier than ever to activate and maximize the value of their benefits.
Additional Details
Since its launch in 2014, Bank of America's Preferred Rewards® program has grown to more than 11 million members. Building upon this success, BofA Rewards will replace Preferred Rewards on May 27. Previously, clients needed to maintain a three-month combined average account balance of $20,000 or more across their Bank of America banking and Merrill investing accounts to be eligible for enrollment. Current Preferred Rewards members will be automatically enrolled in BofA Rewards5. Bank of America clients enrolled in Preferred Rewards for Business will remain in their current program with additional details coming soon.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,600 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters may contact
Carolyn Batt, Bank of America
Phone: 1.646.983.1369
carolyn.batt@bofa.com
Footnotes
1 To participate, you just need an eligible Bank of America checking account. Checking accounts may have a monthly maintenance fee if waiver requirements are not met.
2 Qualifying accounts include:
- Bank of America deposit accounts: Bank of America Advantage Banking, savings, money market savings, CD and IRA accounts
- Merrill® investment accounts, such as the Cash Management Account (CMA) and IRA accounts
- 529 plans appearing on your Merrill statement
- Revocable grantor trust accounts
3 $8 / month maximum credit on a portfolio of several pre-determined subscription services
4 $15 / month maximum credit on a portfolio of several pre-determined subscription services
5 On or about May 26, 2026, our Bank of America Preferred Rewards program becomes BofA Rewards. If you are enrolled in the Preferred Rewards program on the transition date, your enrollment will be automatically changed to the new BofA Rewards program: current Gold and Platinum tier members will be changed to the Preferred Plus tier; current Platinum Honors members will be changed to the Preferred Honors tier; current Diamond Honors members will be changed to the Premier tier. Review your product within the Personal Schedule of Fees for fee waivers and benefits that will apply to your account once Preferred Rewards changes to BofA Rewards. Clients enrolling in the program for the first time will have their balances reviewed daily during the first 30 days. Benefits activate within 30 days of enrollment. Clients will be automatically upgraded to higher tiers when their qualifying balances increase.
Disclosure
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
Investment products
Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of BofA Corp.
© 2026 Bank of America Corporation. All rights reserved.
SOURCE Bank of America Corporation
FAQ**
How does the expanded BofA Rewards program, targeting over 30 million clients, compare to the customer loyalty strategies of competitors like Douglas Emmett Inc. DEI in the financial services sector?
What specific measures will Bank of America take to ensure that the BofA Rewards program enhances client engagement compared to the offerings of Douglas Emmett Inc. DEI?
In what ways does the tiered structure of BofA Rewards incentivize long-term client relationships, particularly in contrast to loyalty programs offered by Douglas Emmett Inc. DEI?
How will Bank of America assess the effectiveness of the new BofA Rewards program in reaching broader audiences, especially in light of similar initiatives by Douglas Emmett Inc. DEI?
**MWN-AI FAQ is based on asking OpenAI questions about Bank of America Corporation (NYSE: BAC).
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