Bank of America Corp will announce on Monday it will lower the threshold for consumers who qualify for discounts on loans and other benefits as the No. 2 U.S. bank seeks to win more business from existing customers.
Customers who qualify for this rewards program will get very little in terms of higher deposit rates. I just checked Bank of America's CD rates, and the best CD rate you can get with this rewards program is 0.15% for a term of at least 48 months. That's not much better than the rate without the rewards program (0.13%).