Bank of America Corp. (BAC) will offer clients with at least $20,000 in deposits and/or investments at the bank certain perks previously available only to wealthier customers.
The changes come as competition heats up among banks in wealth management, particularly for the business of "mass affluent" customers, generally defined as those with $100,000 to $1 million in investable assets.
At B of A, more such clients will be eligible for discounts on loans and other benefits originally designed for those with at least $50,000.
The rewards include lower rates on mortgages and home equity loans, higher interest rates on savings accounts and free stock trades for qualifying members of the Preferred Rewards program.
The new rewards have been tested in five states and will be introduced to customers across the country in four phases in the summer and fall, the bank announced Monday.