Bank of America replaces Preferred Rewards with no-minimum BofA Rewards program

Bank of America announced BofA Rewards, a loyalty program that replaces Preferred Rewards from May 27, 2026. Any client with an eligible personal checking account can join with no minimum balance, and the bank says more than 30 million existing clients become newly eligible. Membership tiers are set by three-month average balances, from Member under $30,000 up to Premier at $1 million or more.

• Launch: enrollment starts May 27, 2026
• No minimum balance to join; over 30 million existing clients newly eligible
• Four tiers, based on three-month average balances: under $30,000, $30,000 to under $100,000, $100,000 to under $1 million, and $1 million or more
• Credit card bonuses of 10% to 75% on everyday purchases with eligible cards
• Previous Preferred Rewards enrollment threshold was a $20,000 average balance