Bank of America's Loyalty Rewards Reset

Banking Transformed with Jim Marous · Sep 15, 2026 · 29m

Bank of America dropped the $20,000 minimum. 5 million clients enrolled.

For most of the last decade, a large bank rewards program was something a client earned their way into. Bank of America’s preferred rewards program required $20,000 in balances, making loyalty a benefit of affluence rather than a feature of everyday relationships. BofA Rewards moved the entry point to any eligible checking account, making 30 million clients eligible immediately. More than 5 million have enrolled since, with 1.5 million of those in the first month.

Shikha Narula, Head of Consumer Deposits and Rewards at…