Bank of America (BAC) shares gained 1.65% to trade at $61.42 during intraday trading. The stock held near session highs as the bank reported strong adoption of its new BofA Rewards program. Additionally, the update highlighted growing client engagement across banking and investment services.
Bank of America Corporation, BAC
Bank of America announced that more than 3 million clients enrolled in BofA Rewards since its May 27, 2026 launch. The no-fee loyalty program connects personal banking and Merrill investment relationships under one platform. The milestone reflects strong early demand for the expanded rewards offering.
Mary Hines Droesch said the enrollment pace showed clients responded positively to rewards tied to their complete banking relationship. She added that the program delivers cash back offers, enhanced rewards, and exclusive benefits through a simplified experience. The company designed the platform to support everyday financial activity with personalized value.
The bank reported that about 17,000 new members joining each week are new Bank of America clients. Nearly one million members have already used Deals and earned millions of dollars in cash back. Meanwhile, retail generated 45% of engagement, followed by gasoline at 20%, entertainment at 18%, and food at 10%.
Bank of America said BofA Rewards now serves nearly 14 million enrolled clients across all membership tiers. The program remains available to any customer with an eligible personal checking account and no minimum balance requirement. More than 30 million additional clients became eligible after the expanded rollout.
The program offers four membership levels based on average qualifying balances over three months. These include Member, Preferred Plus, Preferred Honors and Premier tiers with increasing rewards and benefits. Moreover, clients receive credit card bonuses ranging from 10% to 75% on eligible purchases.
Members also receive access to cash back offers from more than 15,000 national and local merchants. Additional benefits include lending discounts and enhanced fraud and identity monitoring services. Higher-tier members also qualify for subscription credits, travel experiences, and exclusive lifestyle offers.
Bank of America reported that about 80% of new enrollments occurred through Online Banking or the Mobile Banking app. The redesigned digital platform helps members activate offers and manage benefits more efficiently. As a result, digital engagement continues supporting wider adoption of the loyalty program.
Preferred Honors members can receive subscription credits worth up to $96 annually. Premier members qualify for credits reaching $180 each year alongside premium lifestyle experiences. Besides that, higher tiers include travel, automotive, entertainment, and wellness benefits through selected partners.
Bank of America introduced BofA Rewards to replace separate loyalty offerings with one unified program. The strategy recognizes customer relationships across banking and investing while expanding eligibility without balance requirements. Consequently, the rapid enrollment growth supports the bank’s broader customer engagement strategy and coincided with stronger BAC share performance.
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