We’re talking about The Bank of America Preferred Deposit. Financial security can be defined as being able to pay bills, invest for retirement and have emergency savings funds available when necessary. To reach this goal, steps such as paying down debt, building an emergency fund and investing for future needs might be needed.
Bank of America Preferred Rewards is an incentive program offering benefits such as bonus credit card rewards and reduced investment fees. This tiered program increases as your qualifying Bank of America deposit balance increases or Merrill investment balance does.
Introduction
The Bank of America Preferred Deposit is one of the world’s premier financial institutions, offering individuals and businesses alike an extensive variety of banking, investing, asset management and other financial services. Operating across over 3,800 banking centers in North America alone – as well as 15,000 ATMs – online and mobile banking is available worldwide to clients from 69 million consumer and small business depositors to 16 million credit-card holders to over 25% of Fortune 500 companies – in addition to serving active military personnel veterans their families – Bank of America provides unparalleled financial solutions that deliver on every front.
Bank of America offers various bill payment services tailored specifically for business customers, such as their Direct Payments Service and Online Payments Service. Funds entered as one-time transactions or recurring payments typically begin processing on the same business day (unless entered on a weekend or holiday). Please refer to your Business Services Addendum or account agreement for details regarding fees and limits. Bank of America operates the Department of Defense-chartered community bank DOD Community Bank to offer banking services to military personnel and their families at over 68 branches and locations on U.S. military bases, such as Guantanamo Bay Naval Base Cuba, Diego Garcia and other worldwide bases.
Who Can Benefit from Bank of America Preferred Dep
If you have significant amounts in Bank of America deposit accounts and investment accounts as well as credit cards, Preferred Rewards could provide benefits including bonus credit card earnings as well as discounts on services like mortgages and auto loans.
If eligible, you’ll be invited to join this program based on your rolling three-month average balance across qualifying Bank of America deposit and Merrill investment accounts. Once in one of five tiers, balances are reviewed regularly to see whether you rise up or down tier. Your status will stay with you even if temporary drops in balances occur – as your status remains for one full year!
Diamond Honors is the top tier in Bank of America’s Preferred Rewards program and includes benefits such as 75% bonus credit card earnings and free ATM withdrawals at non-Bank of America locations worldwide. Furthermore, you’ll enjoy a 20 percent interest rate boost for your Bank of America Advantage Savings account; discounts on Merrill Guided Investing program fees; mortgage origination fees and auto loan interest rates and much more!
Is The Bank of America Preferred Deposit Right for You
Bank of America stands out among banks by providing top-of-the-line digital banking tools and an expansive network of free ATMs and branch locations, along with excellent digital banking tools. Their three checking account options come with opening bonuses and competitive savings account rates; its CDs also have superior returns than many online banks; plus their rewards program gives access to benefits like waived monthly fees for its Advantage Savings account and discounted loan interest rates; however it can be hard to avoid monthly fees, particularly if you hold multiple Bank of America accounts at the same time.
Bank of America stands out from competition due to its lower savings and CD rates compared to Chase and other national banks by offering higher interest rates with lower minimum deposit requirements. But their user-friendly website and mobile app, complete with virtual assistant Erica who helps manage money, are easy to use; customer service representatives are readily available via phone or live chat; however, the bank’s recent settlement with Consumer Financial Protection Bureau reduced its overall star rating by 0.50 stars.
What Are the Risks of The Bank of America Preferred Deposit
Bank of America Preferred Deposit is a rewards program offering members benefits such as increased credit card rewards and discounts on fees from Bank of America. They also enjoy higher interest rates on savings accounts and credit cards with Bank of America. There are five tiers in this rewards program: Gold, Platinum, Platinum Honors and Diamond; the benefits increase with each tier and your eligibility is reviewed monthly to determine if there will be more rewards offered at each stage.
The Gold Tier offers rewards bonuses on eligible credit cards, no annual maintenance fee for up to four eligible checking and two eligible savings accounts at Bank of America, an interest rate boost for Advantage Savings accounts of 5 percent, as well as a discount of 0.25 percent off Merrill Guided or Self-Directed Investing program fees. In addition, priority member service and no fees associated with standard check orders, cashier’s checks or domestic wire transfers are perks included with membership in this tier.
Eligible business banking clients who wish to enroll in Preferred Rewards must hold any Small Business Checking, Analyzed Business Interest Checking or Bank of America Private Bank Checking account as well as either Merrill Private Client Cash Management account with Bank of America N.A. (including its affiliated banks who are members of FDIC ) and/or its wholly owned subsidiaries under BofA Corp ( as applicable).
