Personal Finance (Not Investing) • Bank of America/Merrill Edge - Preferred Rewards

Folks,
I am setting the accounts up. I opened BofA banking account and I saw something like : if you deposit $20000 within 30 days of account opening, you will get preferred rewards status. I am planning to open ME IRA account for $100k to Platinum status. Do I still need to do $20k? Any pointers will be appreciated.

Thank you
CVS

$20,000 will only get you Gold status. If you're planning to deposit $100,000 (in an ME IRA account or otherwise), that will get you Platinum Honors, which is probably the level you want. I'd ignore the message about the $20,000; that was likely just telling you about the lowest amount needed.

"Preferred Rewards" is the name of the program, not a specific tier of status. The three relevant tiers are "Gold" ($20k - $50k), "Platinum" ($50k - $100k), and "Platinum Honors," which starts at $100k. There are two higher levels of status, but they don't improve your credit card cash back and honestly don't have a lot of additional benefits at all, so most of us kind of ignore them.

Statistics: Posted by FedGuy — Mon Sep 02, 2024 9:18 pm — Replies 7783 — Views 1054820

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