New BofA Rewards™ Program to Reach Millions More Clients with Expanded Benefits

Rhea-AI Summary

Bank of America (NYSE: BAC) will launch BofA Rewards on May 27, 2026, a no‑fee loyalty program open to any client with an active personal checking account, expanding eligibility to more than 30 million additional clients.

Membership tiers use a three‑month average balance; estimated annual member value ranges from $150 to $4,000. Key features include 10–75% credit card bonuses, cash‑back deals, loan discounts, identity monitoring, lifestyle and travel benefits, and tiered subscription credits of up to $96 or $180.

Positive

• Eligibility expanded to >30 million additional clients
• Estimated member value of $150–$4,000 annually
• Credit card bonuses of 10–75% on eligible cards
• Tiered subscription credits up to $96 and $180 annually

Negative

• Preferred Rewards replaced May 27, requiring member reclassification
• Subscription credits capped at $8/month (Preferred Honors) and $15/month (Premier)
• Checking accounts may carry maintenance fees if waiver requirements are not met

Key Figures

Annual rewards value: $150–$4,000 per year Newly eligible clients: More than 30 million Tier thresholds: $30,000 / $100,000 / $1 million +5 more

8 metrics

Annual rewards value $150–$4,000 per year Estimated value range per BofA Rewards member by tier and engagement

Newly eligible clients More than 30 million Clients with checking accounts newly qualifying for BofA Rewards

Tier thresholds $30,000 / $100,000 / $1 million Three-month average balance cutoffs for higher BofA Rewards tiers

Card rewards bonus 10%–75% Bonus on eligible credit card rewards for BofA Rewards members

Cash-back merchants More than 15,000 brands National and local brands offering BofA cash back deals

Streaming credit (Preferred Honors) $96 per year Annual subscription reimbursement cap for Preferred Honors tier

Streaming credit (Premier) $180 per year Annual subscription reimbursement cap for Premier tier

Preferred Rewards members More than 11 million Existing Preferred Rewards membership prior to transition to BofA Rewards

Market Reality Check

Price: $52.74 Vol: Volume 34,219,086 vs 20-d...

normal vol

$52.74 Last Close

Volume Volume 34,219,086 vs 20-day average 38,427,415 (relative volume 0.89) ahead of loyalty program launch normal

Technical Price 52.74 is trading above 200-day MA at 49.96, about 8.36% below 52-week high 57.55

Peers on Argus

BAC up 0.36% while large peers are mixed: JPM, C, HSBC, RY higher and WFC lower....

BAC up 0.36% while large peers are mixed: JPM, C, HSBC, RY higher and WFC lower. Moves appear more stock-specific than a broad bank-sector rotation.

Common Catalyst Large banks are highlighting consumer-facing growth initiatives (e.g., BAC loyalty expansion, JPM branch openings).

Historical Context

5 past events · Latest: Feb 12 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 12	Community financing	Positive	-2.5%	Reported $7.4B 2025 financing creating 11,000+ affordable housing units.
Feb 10	Advisor recognition	Positive	-1.8%	539 Merrill advisors recognized on Forbes Top Women Wealth Advisor lists.
Feb 05	Preferred redemption	Positive	+2.9%	Announced full redemption of Series DD preferred stock and dividend details.
Feb 03	Dividend declaration	Positive	+1.7%	Declared Q1 2026 common and preferred stock cash dividends.
Jan 20	Employee stock awards	Positive	-1.6%	Announced $1B Sharing Success equity awards to non-executive employees.

Pattern Detected

Recent news has generally been positive in tone, but price reactions have been mixed, with several community and employee-focused announcements seeing short-term downside moves, while capital actions and dividends have aligned with modest gains.

Recent Company History

Over the past month, BAC has issued a series of operational and capital-related updates. Community Development Banking delivered $7.4 billion in 2025 financing, while Merrill advisors received prominent industry recognition. BAC announced redemption of Series DD preferred stock and declared Q1 2026 dividends, alongside a $1 billion Sharing Success equity award to employees. Price reactions to these largely positive headlines were mixed, with both gains and declines. The new BofA Rewards launch continues this theme of deepening client and employee relationships rather than shifting core financial guidance.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-10-01

An active S-3 shelf filed on 2025-10-01 allows Bank of America and BofA Finance LLC to issue various securities, including debt, warrants, preferred and common stock, with at least 10 takedowns via 424B2 supplements, indicating ongoing use for structured and fixed-income offerings.

Market Pulse Summary

This announcement expands BofA Rewards to any client with an eligible checking account, making more ...

Analysis

This announcement expands BofA Rewards to any client with an eligible checking account, making more than 30 million additional clients eligible for annual benefits valued between $150 and $4,000 depending on tier and engagement. The program replaces Preferred Rewards, which had over 11 million members and higher balance minimums. Historically, BAC’s client and community initiatives have produced mixed short-term share reactions, so investors may focus on how enrollment, tier mix, and utilization trends evolve after the May 27 launch.

Key Terms

fdic, ira, sipc

3 terms

fdic regulatory

"Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries..."

The Federal Deposit Insurance Corporation (FDIC) is a U.S. government agency that protects individual and business bank deposits by insuring accounts up to a set limit, acting like a safety net for savers if a bank fails. It matters to investors because FDIC insurance reduces the chance of sudden losses for depositors, supports confidence in the banking system, and can influence the perceived risk and stock value of banks and financial firms.

ira financial

"Merrill investment accounts, such as the Cash Management Account (CMA) and IRA accounts"

An individual retirement account (IRA) is a savings account designed to help people put aside money for their retirement, often with tax advantages that encourage long-term savings. It matters to investors because it can grow over time, providing financial security later in life, and offers benefits that can reduce current taxes or allow investments to compound more effectively.

sipc regulatory

"MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary..."

The Securities Investor Protection Corporation (SIPC) is a nonprofit organization that helps customers recover cash and securities if a registered brokerage firm fails and assets are missing. Think of it like an insurance backstop for your brokerage account—it can replace missing holdings up to legal limits but does not protect against losses from market movements or bad investment choices.

AI-generated analysis. Not financial advice.

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.

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SOURCE Bank of America Corporation

FAQ

When does Bank of America (BAC) launch BofA Rewards and who can join?

BofA Rewards launches on May 27, 2026 and any client with an active personal checking account can enroll. According to the company, more than 30 million existing clients become newly eligible with no minimum balance required.

What are the membership tiers and balance thresholds for BofA Rewards (BAC)?

BofA Rewards uses four tiers based on three‑month average balances: Member, Preferred Plus, Preferred Honors, Premier. According to the company, thresholds range from <$30,000 to $1 million+ for Premier membership.

How much annual value can members expect from BofA Rewards (BAC)?

Members can access an estimated $150 to $4,000 in annual value depending on tier and engagement. According to the company, value derives from card bonuses, cash‑back deals, loan discounts, and lifestyle benefits.

What credit and subscription benefits does BofA Rewards (BAC) provide?

BofA Rewards offers 10–75% credit card rewards bonuses and tiered subscription reimbursements. According to the company, Preferred Honors receive up to $96/year and Premier up to $180/year in subscription credits.

Will current Preferred Rewards members be moved to BofA Rewards (BAC) automatically?

Yes. Current Preferred Rewards members will be automatically enrolled in BofA Rewards around May 26–27, 2026. According to the company, existing tiers will be reclassified into corresponding BofA Rewards tiers.

How do clients activate BofA Rewards benefits after enrolling with BAC?

Benefits activate within 30 days of enrollment and balances are reviewed daily during the first 30 days for new enrollees. According to the company, clients will see tiered offers in the redesigned mobile app and online banking.