They expect more now: More value, more simplicity, more convenience, more excitement. They want loyalty programs to actually elevate their day-to-day lives and help them save while also being fun, bringing true moments of joy and offering a sense of community and a sense of appreciation. The bar has moved—quietly but permanently.

A new loyalty program, BofA Rewards, launches May 27 and will be open to all personal account holders without a minimum balance requirement. The program introduces new tiers and benefits, expanding access to perks like mortgage fee discounts, auto loan discounts and cash-back deals.

Feb 18 (Reuters) - Bank of America plans to launch a new loyalty program that will extend rewards to a wider range of customers, it said on Wednesday, as U.S. lenders race to deepen relationships with retail clients.