After enrollment you must maintain the three-month combined average daily balance to stay in the program. Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits, available at bankofamerica.com/fees. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Bank of America Private Bank clients qualify to enroll in the Diamond Tier regardless of balance, and may qualify for the Diamond Honors tier based on their qualifying Bank of America Merrill and Private Bank balances. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. For details on Bank of America employee qualification requirements, please call Employee Financial Services or , visit refer to the Bank of America intranet site. Employees of companies participating in the Bank of America Employee Banking and Investing Program may be eligible to participate on customized terms. Refer to -disclosures for details.
3 The Bank of America Advantage Savings interest rate booster is only available to enrolled Preferred Rewards members. Your enrollment in Preferred Rewards will not automatically convert any existing savings account to a Bank of America Advantage Savings account without your request. If your enrollment in the Preferred Rewards program is discontinued, the interest rate booster may be discontinued. Visit bankofamerica.com/savings for current rates.
Designed around the ways you save, spend and borrow with Bank of America and invest with Merrill, the Preferred Rewards program offers benefits and price discounts on everyday banking. Members enjoy program benefits such as credit card rewards bonuses, discounts on home and auto loans, waivers on monthly account maintenance fees and more.
Pentagon Federal Credit Union is a credit union that offers low auto loan rates for both new and used cars, through the PenFed Car Buying Service. You'll need to become a credit union member to use this service, but membership is open to everyone, and requires opening a savings account with a minimum $5 deposit. If you're not interested in using PenFed's program to buy a car, you can still secure lower-than-average rates on new and used cars purchased outside of the service.
As one of the world's largest banks, Bank of America is widely available and offers competitive rates. Though you don't need to be a member of Bank of America to use its auto loan services, members may qualify for special perks. For example, if you qualify for Bank of America's Preferred Rewards program -- based on your qualifying combined balances in your Bank of America deposit and/or Merrill investment accounts -- you can be eligible for up to 0.50% off your APR.
Though Carvana is mostly known for its online used car shopping experience, it also offers auto loans on vehicles you buy through the site. Carvana's only requirements are that you're over 18, make $10,000 annually and have no active bankruptcies, so it's a great choice for those with poor credit. Furthermore, Carvana's wholly online model combines the buying and financing experience, making the process of purchasing a used car relatively painless.
Finding the best auto lender comes down to a few factors, including whether you're buying a new or used vehicle, whether you're buying from a dealership or private seller and where you qualify for financing. Some lenders only offer new car loans, while others may only offer used car loans. And, though dealerships often offer financing, you can explore outside lender options that may save you money.
2Bank of America works with thousands of automobile dealerships across the country to assist our customers with the financing of their new and used vehicles. Bank of America is not affiliated with these dealerships and does not require any particular dealership for your vehicle buying experience. Consequently, Bank of America makes no warranties and representations and is not otherwise responsible for any aspect related to the purchase of your vehicle and associated products and services from these authorized dealerships.
You must have a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier. Bank of America Private Bank clients qualify to enroll in the Diamond tier, and may qualify for the Diamond Honors tier based on their qualifying Bank of America, Merrill, and Private Bank balances. Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits, available at bankofamerica.com/fees. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. For details on Bank of America employee qualification requirements, please visit the Employee Financial Services intranet site. Employees of companies participating in the Bank of America Employee Banking and Investing Program may be eligible to enroll on customized terms. Please visit -disclosures.> for details
Banking, automobile loans, mortgage and home equity products offered by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Equal Housing Lender. Â2023 Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Other benefits from the Gold tier include a 5 percent interest rate boost on a Bank of America Advantage Savings account and a 0.05 percent program fee discount on a Merrill Guided Investing account. Those who hold an auto loan with Bank of America will get a 0.25 percent interest rate discount, while families with a home equity line of credit get a 0.125 percent interest rate discount.
This tier also sees increased bonuses and discounts for other accounts. Those with a Bank of America Advantage Savings account get a 10 percent interest rate booster, as well as additional discounts on Merrill Guided Investing program fees, home equity lines of credit interest rates and auto loan interest rates. Those who are planning on a new home purchase or current home refinance with Bank of America can get a $400 reduction in origination fees.
Balances in a Bank of America Advantage savings account will get a 20 percent interest rate booster while getting discounted interest rates on home equity lines of credit and auto loans. New purchase or home refinance mortgages by Bank of America will get a $600 reduction in origination fees, while Merrill Guided Investing program fees are discounted by 0.15 percent.
At the Diamond rewards level, you also receive a 0.625 percent interest rate discount on a home equity line of credit, along with a mortgage origination interest rate reduction of 0.250 percent (if a PayPlan is established). The auto-loan interest rate discount at this tier is 0.50 percent, and Merrill Guided Investing program fees are discounted by 0.15 percent.
As noted above, this program determines eligibility based on how much you hold over a rolling three-month period. If your average daily balance is at one of the five Bank of America Preferred Rewards tiers, you will be invited to join at that status through online banking.
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor.
Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S", or "Merrill"), a registered broker-dealer, registered investment adviser, Member SIPC layer, and a wholly-owned subsidiary of Bank of America Corporation. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation.
Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Trust and fiduciary services are provided by Bank of America, N.A. and U.S. Trust Company of Delaware. Both are indirect subsidiaries of Bank of America Corporation.
Insurance Products are offered through Merrill Lynch Life Agency Inc. (MLLA) and/or Banc of America Insurance Services, Inc., both of which are licensed insurance agencies and wholly-owned subsidiaries of Bank of America Corporation.
Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
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