Experience our award winning program1 with Preferred Rewards for Business. Get exclusive rewards and benefits at no fee with an eligible Bank of America business checking account.
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Explore the tiers
Earn rewards and exclusive benefits inspired by your business needs. It's all about making your Bank of America business deposit accounts and Merrill business investment accounts work for you.
Check out all the benefits
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Select Banking Services
No Fees
Save money on waived monthly maintenance fees, inbound wire transfers and more.2
Business Advantage Credit Card
25%
Bonus Rewards3
Every purchase is more rewarding with an eligible Business Advantage credit card.
Business Advantage Savings
5%
Interest Rate Booster4
Boost your savings on Business Advantage Savings accounts.
Business Advantage Financing
0.25%
Interest Rate Discount6
Pay less on new Business Advantage credit lines, term loans and secured lending.
Merchant Services
0.05%
Processing Rate Discount7
(Simplified Pricing Plan)
Lower your cost to take card payments.
Business Advantage Auto Loans
0.25%
Interest Rate Discount9
Pay less on new Business Advantage Auto loans.
Commercial Real Estate Loans
0.25%
Interest Rate Discount10
Pay less on new Commercial Real Estate loans.
Professional Advice
Yes
Complimentary financial analysis with a Merrill® Financial Solutions Advisor12
Deposits
No Monthly Maintenance Fees
On up to 4 eligible business checking and 4 business savings accounts
There’s no fee to join or participate in the program. Here’s all you need to become a member.
- An active, eligible Bank of America business checking account. Don’t have a Bank of America account yet? Open a checking account
- A 3-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill® business investment accounts
Connect with a Small Business Specialist to learn how Preferred Rewards for Business can help you
Need a business checking account? We have options
Open a Bank of America business checking account to fit your needs.
Preferred Rewards for Business FAQs
Preferred Rewards for Business rewards you for the business you do with a wide range of benefits across your business banking relationship. There are no fees to join or participate. And as your qualifying balances grow, so do your benefits. There are three tiers in the program: Gold, Platinum and Platinum Honors. Your tier is based on your qualifying combined balances in your Bank of America® business deposit and/or Merrill® business investment accounts.
Once you’re a member, you’ll move to a higher tier after any month your account balances qualify you for the next level of rewards. Don’t worry if your balances dip temporarily: Your balances are reviewed annually to determine whether you’ll move to a lower tier. Refer to the Preferred Rewards for Business section of the Business Schedule of Fees to see which accounts qualify.
Preferred Rewards for Business is available to Bank of America® Small Business, Merrill® Small Business and Private Bank Small Business clients. All you’ll need to become a Preferred Rewards for Business member is:
- An active eligible Bank of America business checking account
- A three-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill business investment accounts.
Once you’ve met these requirements you must then take action to enroll.
Yes, enrollment is simple through Online Banking. There are no fees to join or participate in Preferred Rewards for Business. And once you’re enrolled, you’ll automatically receive tier upgrades as your balances qualify you for the next level of rewards. Log in to Online Banking to find out if you’re eligible to enroll.
It depends on what types of accounts you have. After you enroll, some benefits may require you to change your account type or open a new account in order to receive all the benefits. Here are a few examples:
- If you already have a Business Advantage Savings account, you’ll automatically receive the interest rate booster.
- If you already have an eligible Business Advantage credit card, you’ll automatically receive the rewards bonus. View a complete list of ineligible credit cards.
If you’d like to convert an existing savings account or open a new account that’s eligible for the rewards bonus, please call 888.BUSINESS (888.287.4637).
If you’re enrolled in the Preferred Rewards consumer program for personal accounts, you aren’t automatically enrolled in the Preferred Rewards for Business program. As long as your business (entity) is eligible by meeting the eligibility criteria and has:
- An active, eligible Bank of America business checking account and
- A three-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill business investment accounts.
You can enroll in the Preferred Rewards for Business program and begin enjoying all the program’s features and benefits.
All you have to do is maintain your qualifying balance and have an open active checking account. Your qualifying balance is your combined average daily business balance in your Bank of America® business deposit and/or Merrill business investment accounts over three full calendar months.
The minimum qualifying balance requirements are $20,000 for the Gold tier, $50,000 for the Platinum tier and $100,000 for the Platinum Honors tier.
Once you’re a member, you’ll keep your benefits for as long as you continue to qualify for the program.
No need to worry if your balances dip temporarily; you’ll keep your Preferred Rewards for Business program status for a full year. If you no longer meet the eligible business checking account and/or balance requirements, you’ll have a three-month grace period to restore your eligibility.
When the grace period ends, if you still haven’t met the balance requirement, you’ll be moved to a lower benefit tier. If your qualifying balance falls below $20,000, you’ll lose your benefits entirely. We’ll monitor your qualifying balance over the next 24 months and resume your benefits if you meet the balance requirement during that time. If you don’t meet the requirements until after 24 months, you’ll need to re-enroll in the program. Refer to the Preferred Rewards for Business section of the Business Schedule of Fees for qualifying accounts.
No. There are no fees to join or participate. And once you’re a member, as your business balances qualify you for the next level of rewards, we’ll move you up a tier.
The value of your benefits will be determined by all the ways you can use them. On average members increased their overall benefits to $500 a year with Preferred Rewards for Business. For example, you could potentially benefit from interest rate discounts, credit card rewards bonuses and no-fee ATM transactions. To find out more check out our Preferred Rewards for Business calculator.
Typically, Preferred Rewards for Business benefits become active within 30 days of enrolling in the program. Some benefits are automatically activated upon the effective date of your enrollment requiring no action on your part. If you’ve opened a new account and enroll in Preferred Rewards for Business your benefits will become active within 30 days of account opening unless we indicate otherwise. Note that some rewards may require you to open a new account or take other actions to enjoy the complete benefits.
Early Enrollment in the program is available if this is your first Bank of America business checking account and you deposit $20,000 or more within 30 days of opening your account.
If you don’t qualify for Early Enrollment, you can still enroll in Preferred Rewards for Business once you have a three-month combined average daily balance of $20,000 or more in your Bank of America® business deposit and/or Merrill® business investment accounts.
Once you’re a Preferred Rewards for Business member, you’ll earn 25% - 75% more rewards on every purchase made with eligible Bank of America® credit cards. View a complete list of ineligible credit cards. Your reward bonus is based on your enrolled tier: Gold 25%, Platinum 50% or Platinum Honors 75%. For example, a purchase that typically earns $1 in cash rewards will earn $1.25 to $1.75, depending on your Preferred Rewards for Business tier. Bank of America credit cards offer many different benefits to enhance what matters most to you — from cash back to dining and travel rewards.
After you enroll, you can move to a higher Preferred Rewards for Business tier and enjoy more benefits and rewards by increasing your qualifying Bank of America® deposit and/or Merrill® investment balances. Each month, we ll review your qualifying balances and you ll automatically move to a higher tier when those balances qualify you for the next level of rewards.
Here's an example:
You’ve been a Preferred Rewards for Business Gold tier member for six months, with an average combined daily balance in your Bank of America and Merrill accounts of $30,000. If your average balance reached $55,000 in month seven and $70,000 in month eight, you’d qualify for the Platinum tier because your three-month average daily balance would be $51,667.
| $30k balance | $55k balance | $70k balance |
|---|---|---|
| Month 6 | Month 7 | Month 8 |
 |
|
|
Three-month total: $155,000
Divided by three months = $51,667 average daily balance
Congratulations! You’ve qualified for the Platinum tier.
*Your tier upgrade may take a bit longer if there are other changes to your account.
Once you’re a Preferred Rewards for Business member, you can get a Business Advantage auto loan interest rate discount up to 0.50%. You must be enrolled at the time of your application and your interest rate discount is based on your tier level - Gold 0.25%, Platinum 0.35% or Platinum Honors 0.50%. That means if you're a Platinum Honors tier member and qualify for a new Business Advantage auto loan with a 4.00% interest rate, a 0.50% interest rate discount would lower your interest rate to 3.50%. Standard underwriting guidelines and credit policies apply.
Important DIsclosures and Information
Preferred Rewards for Business Eligibility Requirements: The Preferred Rewards for Business program is only available to Bank of America Small Business, Merrill Small Business, and Bank of America Private Bank® Small Business clients. Other categories of clients, such as those commonly referred to as Business Banking, Global Commercial Banking, Global Corporate Investment Banking, or Institutional clients are not eligible to participate in the program. Subject to certain exceptions, eligible business checking accounts generally are any Small Business checking account and the following Analyzed checking accounts: Full Analysis Business Checking or Analyzed Business Interest Checking. Clients in the eligible business categories may enroll in the program. To enroll you must have an active, eligible Bank of America business checking account, and maintain a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier in your combined qualifying Bank of America business deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill business investment accounts (such as Working Capital Management Accounts, Business Investor Accounts, Delaware Business Accounts). The qualifying balance is calculated based on either (i): your average daily balance for a three-calendar month period, or (ii) your current combined balance, provided that you enroll at the time you open your first eligible business checking account and satisfy the balance requirement at the end of at least one day within thirty days of opening that account. Refer to your Business Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements.
1Preferred Rewards for Business: Bank of America Preferred Rewards and Preferred Rewards for Business were recognized for a Platinum award for 360 Degree Award (Brand) in the 2023 Loyalty 360 awards. This award recognizes the brands with the best overall weighted average finishes across multiple categories, as well as the suppliers that had the highest weighted average with single or multiple clients across categories.
2Banking made better with no-fee services: Fee waivers do not apply to analyzed business checking or savings account products or to cards issued under these products. See the Business Schedule of Fees for more information.
3Business Credit Cards: Only certain credit cards are eligible to receive the program bonus. Enrolled members with eligible cards will receive the program bonus of 25% for the Gold tier, 50% for the Platinum tier, or 75% for the Platinum Honors tier based on program tier and type of reward card. The Preferred Rewards for Business bonus for eligible cash rewards credit cards will be applied after all base and bonus cash rewards have been calculated on a purchase. For example, a $100 purchase that earns 3% ($3.00) will actually earn $3.75, $4.50 or $5.25 based on your tier when the purchase posts to your account. For all other eligible card types, a purchase that earns 100 points will actually earn 125, 150, or 175 points based on your tier when the purchase posts to your account. The Preferred Rewards for Business bonus is not applied to any account opening bonus, if applicable. Other terms and conditions apply. If you have an eligible card, please refer to your card’s Program Rules for details about how you will receive the Preferred Rewards for Business bonus on your business card. Program Rules are mailed upon account opening and are accessible through the rewards redemption site via Business Advantage 360, our small business online banking, or by calling the number on the back of your card. Most Bank of America® branded business credit cards (such as our Unlimited Cash Rewards, Customized Cash Rewards, and Travel Rewards credit card products) are eligible to receive the program bonus as long as the card account is open with active charging privileges.
View a complete list of ineligible cards
4Business Advantage Savings accounts: The Preferred Rewards for Business program savings interest rate booster is only available to members who have a Business Advantage Savings account and who have enrolled in the program. The interest rate booster will be applied to your Business Advantage Savings account after program enrollment. Your enrollment in Preferred Rewards for Business will not automatically convert any other existing savings account type to a Business Advantage Savings account. If your enrollment in the program is discontinued for any reason, the interest rate booster will end.
5No Fee ATM: The Platinum and Platinum Honors program tier members using a Bank of America debit or ATM card will not be charged the non-Bank of America ATM fee and will receive a refund of the ATM operator or network fee for withdrawals, and balance transfers (1 each per statement cycle for Platinum tier members, unlimited for Platinum Honors tier members) from non-Bank of America ATMs in the U.S. and U.S. territories.
6Business Advantage Credit Line, Term Loan, and Secured Lending Interest Rate Discounts: Business line of credit and term loan interest rate discounts are available to business applicants and co-applicants who are enrolled in the Preferred Rewards for Business program at the time of line of credit or term loan application for a new credit or refinanced facility (excludes specialty lending products that receive customized pricing). The amount of the discount (0.25% for Gold tier, 0.50% for Platinum tier, and 0.75% for Platinum Honors tier) is based on the business applicant’s or co-applicant’s eligible tier and status at the time of application. The benefit is non-transferable. The interest rate discount is a standalone benefit and in certain instances may be combined with or superseded by other promotional offers. This interest rate discount will be incorporated into final pricing upon loan approval. Standard underwriting guidelines and credit policies apply.
7PRB Merchant Benefit: Merchant Services Processing Rate Discount (Simplified Pricing plan): If you: (1) are enrolled in the Preferred Rewards for Business program, (2) have a Merchant Services processing account with Bank of America that has an 8-digit Merchant ID number (“Merchant Services”), (3) are on the Simplified Pricing plan, and (4) are settling your sales processing transactions into a Bank of America business checking account, then you are eligible to receive a discount on your Merchant Services processing rate based on your tier status in the program as follows: Gold tier: 0.05%, Platinum tier: 0.07%, Platinum Honors tier: 0.10%. For example, if your regular processing rate for swiped transactions is 2.65% +$0.10, your rate at the Gold tier would be 2.60% +$0.10, at Platinum: 2.58% + $0.10, and at Platinum Honors: 2.55%+ $0.10. The processing rate discount savings will be applied as a credit on your Merchant Services account at the end of each billing cycle. To receive this benefit, your Merchant Services processing account, and the Bank of America business checking account where you are settling your sales processing transactions, must be open and you must be enrolled in Preferred Rewards for Business at the time the benefit is paid. Any pending benefits forfeit upon account closure. Your processing rate discount will be based on your Preferred Rewards for Business tier at the time the benefit is paid. Exclusions may apply based on merchant processing product. Subject to change.
Our legacy Merchant Services products that are no longer actively for sale are eligible to receive a separate, and different, Preferred Rewards for Business Cash Reward benefit. Details of this benefit are described below.
If you are: (1) enrolled in the Preferred Rewards for Business program; (2) have a merchant services processing account with Bank of America that does not have an 8-digit Merchant ID number (“Merchant Services”); and (3) direct your Merchant Services settlement funds into an eligible Bank of America business checking or business savings account, then you are eligible to receive a percentage-based rewards payment that is calculated using the combination of the total amount of your monthly net merchant services processing (“Monthly Net Processing “) with Merchant Services and your tier status in the program is as follows: Gold tier: 0.05% of Monthly Net Processing, Platinum tier: 0.10% of Monthly Net Processing, Platinum Honors tier: 0.15% of Monthly Net Processing. Monthly Net Processing equals your total monthly sales processed by Merchant Services, minus any refunds, returns, chargebacks, or other adjustments as determined by Merchant Services. The rewards payment(s) will be deposited into the same eligible Bank of America business checking or business savings account where your Merchant Services settlement funds are deposited. The Merchant Services processing rewards payment is typically paid in the month following a Merchant Services processing statement cycle. In order to receive this reward, the Bank of America business deposit account where your Merchant Services settlement funds are directed, and your Merchant Services processing account, must be open at the time of rewards payment. Any pending rewards payments forfeit upon account closure. Exclusions may apply based on merchant processing product. Subject to change.
8Full Service Payroll: If you are enrolled in the Preferred Rewards for Business program and are a client who has enrolled through Bank of America to receive full service payroll services from ADP® then you are eligible to receive a credit from Bank of America to offset a portion of your payroll product services fees based on your tier status in the Preferred Rewards for Business program as follows: Gold tier: $10, Platinum tier: $15, Platinum Honors tier: $20. Only service fees for the payroll provider’s full service payroll solutions are eligible to receive a credit. In addition to the general eligibility requirements, you also must fund your payroll with an eligible Bank of America business checking or business savings account. The payroll service fee credit is typically reflected monthly as a statement credit into the same account you are using to fund payroll as long as you have processed at least one payroll transaction through the account in the last 180 days. The payroll service fee credit is typically processed in the month following the statement cycle in which the fee was assessed. For example, payroll activity in January may result in a statement credit in your March statement. In order to receive this credit, the Bank of America business deposit account where you fund your payroll must be open at the time the credit is applied. Any pending credits forfeit upon Bank of America account closure or termination of payroll service with ADP®.
To be eligible for a credit, clients must have enrolled through Bank of America in RUN Powered by ADP ® Payroll Services on or after December 31, 2015. Intuit QuickBooks® Online Payroll users are not eligible for this benefit. ADP, the ADP logo, and RUN Powered by ADP are registered trademarks of ADP, Inc., used under license. Bank of America does not deliver and is not responsible for the products, services or performance of ADP, Inc. or Intuit Inc.
Intuit QuickBooks and the Intuit logo are registered trademarks of Intuit Inc., used under license.
Bank of America and/or its affiliates or service providers may receive compensation from third parties for clients’ use of their services.
Internet access may be required. Internet service provider fees may apply. Other bank fees may apply. View the Business Schedule of Fees for details
9Business Advantage Auto Loan Interest Rate Discounts: Preferred Rewards for Business members who apply for a Business Advantage Auto Loan purchase or refinance loan receive an interest rate discount of 0.25% for Gold tier, 0.35% for Platinum tier, and 0.50% for Platinum Honors tier based on the applicant’s or a co-applicant’s Preferred Rewards for Business program tier at the time of loan application.
The maximum Preferred Rewards interest rate discount on a Business Advantage Auto Loan is 0.50%. Business Advantage Auto Loans do not qualify for, or entitle any applicant to, a discount under the consumer Preferred Rewards program. This interest rate discount is not reflected in our published rates on our website but will be reflected in the interest rate quoted upon loan approval. Discounts are only available on vehicle loan applications submitted by you directly to Bank of America through its website, Financial Centers, or Bank call centers. Discounts are not available for applications sourced from car dealerships, car manufacturers, or third-party branded/co-branded relationships.
Benefit is non-transferable. Subject to credit approval. Standard underwriting guidelines and credit policies apply.
10Commercial Real Estate Loan Interest Rate Discounts: Business Commercial Real Estate Loan interest rate discounts are available to business applicants and co-applicants who are enrolled in the Preferred Rewards for Business program at the time of application for a new credit or refinanced facility (excludes specialty lending products that receive customized pricing). The amount of the discount (0.25% for Gold tier, 0.35% for Platinum tier, and 0.50% for Platinum Honors tier) is based on the business applicant’s or co-applicant’s eligible tier and status at the time of application. The benefit is non-transferable. The interest rate discount is a standalone benefit and in certain instances may be combined with or superseded by other promotional offers. This interest rate discount will be incorporated into final pricing upon loan approval. Standard underwriting guidelines and credit policies apply.
11Practice Solutions Client Interest Rate Discounts: Practice Solutions business line of credit and term loan interest rate discounts are available to business applicants and co-applicants who are enrolled in the Preferred Rewards for Business program at the time of line of credit or term loan application for a new credit or refinanced facility (excludes specialty lending products that receive customized pricing). Amount of discount (0.25% for Gold tier, 0.30% for Platinum tier, and 0.35% for Platinum Honors tier) is based on the business applicant’s or co-applicant’s eligible tier and status at the time of application. Benefit is non-transferable. The interest rate discount is a standalone benefit and in certain instances may be combined with or superseded by other promotional offers. This interest rate discount will be incorporated into final pricing upon loan approval. Standard underwriting guidelines and credit policies apply.
12Professional Advice: Members enrolled in the Platinum Honors tier are eligible for an annual relationship analysis with a Bank of America small business specialist. If you are a Merrill client and you have questions about the program, please call 800.MERRILL (800.637.7455) or your Merrill advisor. Enrollment in Preferred Rewards for Business is not required to receive a complimentary financial analysis.
Bank of America Private Bank® and Merrill clients receive financial analysis as part of their advisor relationship.
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.
Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of BofA Corp.
Banking, mortgage and home equity products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of BofA Corp. Bank of America, N.A. Equal Housing Lender. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Investment products are provided by MLPF&S and: