Bank of America
Rewards program: Preferred Rewards
One of the largest US retail banks. Its Preferred Rewards tiers raise card earn rates based on combined balances held with the bank and Merrill.
Strengths
- Preferred Rewards tiers can lift card earn rates substantially for customers with large balances
Watch out for
- The best earn rates require holding significant balances, so the headline rate is not what most customers get
Judging their deposit rates
The FDIC national average for savings is 0.38% and 1.68% for a 12-month CD, as of July 20, 2026. Those averages are weighted across every insured institution, so a competitive online account usually pays several times them. Compare any rate Bank of America quotes against that rather than against the word “high-yield”.
Source: FDIC national rates and rate caps.
Frequently asked questions
Is Bank of America insured?
Deposits at Bank of America are covered by FDIC insurance up to $250,000 per depositor, per insured bank, per ownership category. Verify current coverage with the institution before depositing above that amount.
What is Bank of America best at?
Preferred Rewards tiers can lift card earn rates substantially for customers with large balances.
What should I watch out for with Bank of America?
The best earn rates require holding significant balances, so the headline rate is not what most customers get.
Other institutions
Researching and writing about Canadian personal finance since 2026.
Last reviewed August 2026 · How we research
“Bank of America.” VaultNerd, https://www.vaultnerd.com/banks/bank-of-america, updated August 2026.
- Bank of America published product and disclosure pages
- FDIC national rates and rate caps