By Lindsay Clark & Jessica Duncan
Traditional banks and fintechs are focused on enhancing customer relationships by implementing tiers and status systems that reward loyalty in a manner that is profitable, scalable, and engaging. For customers, these added benefits offer compelling reasons to remain with the institution and potentially expand their financial connections.
2026 has been marked by significant launches of relationship programs, as well as the revitalization of one of the most notable banking programs, Preferred Rewards from Bank of America.
With heightened competition for consumers’ primary financial relationships and advancements in digital onboarding, customer loyalty can no longer be taken for granted based on traditional criteria. Fintechs have introduced simpler, more accessible offerings, prompting banks to rethink their customer reward strategies. Ultimately, every financial institution aims to achieve the same goal: encouraging customers to consolidate their financial activities—such as deposits, spending, and savings—within a single institution.
Let’s explore some of the benefits currently being promoted in the market and the marketing campaigns supporting the program launches.
Key Developments in Reward Programs
-Tiered Rewards and Status‑Based Perks
-Elevated Interest Rates on Deposits
-Fee Waivers
-Early Paycheck Access
-Travel and Lifestyle benefits for Top Tiers
-Access to Merchant Deals
-Elevated Credit Card Earnings
Chime Prime
In early April 2026, Chime unveiled Chime Prime, a new all-in-one financial account that combines banking and credit card rewards into a single offering. In its announcement, the fintech highlighted a growing shift among Americans away from traditional “legacy institutions,” positioning Chime Prime to deepen its reach with this evolving audience. Alongside the launch, Chime also announced enhancements to its existing Chime Plus product, expanding its tiered lineup of financial services.
Chime has touted Chime Prime as the “most rewarding way to bank” and can be unlocked by establishing a direct deposit of $3,000+ per month. Existing Chime Plus customers were informed that it was “Everything you love about Chime Plus, but with even better rewards.” Different benefits of the program were used to market the new Prime tier, including 5% cash back on the Chime Card and premium travel benefits. Comparison grids showing all three tiers, Chime, Chime Plus, and Chime Prime, used consistently below the fold.
PNC TotalRewards
PNC’s TotalRewards program was announced in April 2026. The landing page used the headline “Turn Boring Financial Moves into Brilliant Rewards.” This program will include three tiers: Silver, Gold, and Platinum. The Silver tier starts for customers with eligible balances of $25,000. Although Competiscan has yet to observe direct-to-consumer marketing campaigns for the program’s launch, the landing page effectively uses key phrases to highlight the program’s flexibility and adaptability. Additionally, the press release emphasized the importance of giving customers “greater control” and “tangible” benefits.
“PNC TotalRewards gives us the opportunity to show clients their relationship genuinely matters,” said Victoria Dravneek, head of PNC Loyalty Strategy and Platforms. “We’ve designed the program to provide tangible, straightforward benefits and to give clients more control over how they earn and use their rewards. It reflects who we are as a bank and the experience we want every client to have.”
Preferred Rewards Becomes BofA Rewards
In February 2026, Bank of America announced the launch of BofA Rewards, which will replace Preferred Rewards and be available in May. The bank assured existing Preferred Rewards members that they would automatically become an equivalent-tier member based on their current Preferred Rewards status, and that customers would still enjoy existing benefits, such as 25% credit card rewards bonuses and waived monthly maintenance fees. Plus, new benefits, including cash back deals and fraud and identity monitoring, would be available.
The tagline for the revamped program is “Rewards that revolve around you.” Like the previous Preferred Rewards structure, there will be four tiers, which will still correlate to the customer’s relationship balances.
Final Thoughts
The tiered structure allows a broader range of customers to participate and earn rewards, catering to everyone from entry-level to premium members. Furthermore, these new programs transition from merely promoting standard interest-rate boosts to providing lifestyle benefits, fostering a more comprehensive approach to customer engagement. Competiscan anticipates that more institutions will adopt this modern rewards model, creating enhanced opportunities for customer interaction and attracting a wider audience.