Bank of America wants small business (SMB) customers to focus on growing their account balances and is introducing a new rewards program to encourage them to do so.
The financial institution said Monday (March 26) that it is rolling out its Business Advantage Relationship Rewards program, offering small businesses a suite of rewards and benefits. Access to those rewards grows as companies’ Bank of America business deposit and Merrill Edge and Merrill Lynch investment balances grow.
Small businesses with a three-month average combined balance of at least $20,000 in Bank of America accounts or Merrill Edge or Merrill Lynch investment accounts can enroll in the loyalty program, which offers Gold, Platinum and Platinum Honors levels. Benefits include card reward bonuses, cash rewards, interest rate boosts on savings accounts, interest rate discounts on small business loan products, enhanced customer service and payroll fee refunds, among others.
“We created a new rewards program to show our 3.1 million small business customers, as well as potential clients, how much we value their business while providing them with a competitive advantage,” said Bank of America Managing Director, Head of Small Business Sharon Miller in a statement. “Through Business Advantage Relationship Rewards, we are committed to building strong, long-term relationships with our clients through a wide range of tangible benefits to help them grow their businesses and get more back from their banking.”
Bank of America noted the program was developed on its existing Bank of America Preferred Rewards program, which was launched in 2014 as a consumer rewards program. The financial institution cited findings of its recent Small Business Owner Report, which noted 82 percent of entrepreneurs agree that rewards from vendors and businesses boost their loyalty.
Last year, Bank of America announced its Premium Rewards consumer card product in an effort to compete against other credit card giants with vigorous rewards programs, including JPMorgan Chase and American Express.