Over 450 corporate and commercial clients have enrolled in the Bank of America Employee Banking & Investing (EBI) programme. This is more than double the number of companies in the programme from two years ago. The programme launched initially in 2020. It now provides nearly 4 million employees access to industry-leading financial education, rewards, and banking and investing capabilities. The overall aim is to support employees short-and long-term financial health.
“By the middle of this year, more than 500 companies will be enrolled in our Employee Banking & Investing programme,” said Aron Levine, President, Preferred Banking at Bank of America.
“This accelerated growth reflects employers’ interest in providing valuable benefits and resources that empower employees with greater knowledge and tools to manage their financial lives and pursue their goals.”
Only 2-in-5 US employers offer financial wellness programmes
Corporate clients offering the programme to their employees range from large and mid-sized companies across a variety of industries.
Bank of America’s 2023 Workplace Benefits Report, reveals 96% of employers feel a sense of responsibility for employees’ financial wellness. Yet only 2 out of 5 employers offer financial wellness programmes. This research study has been conducted annually for over a decade. It also found that companies who offer these programmes will continue to stand out as employers of choice. Moreover, they often see higher rates of employee satisfaction and retention and noticeable reductions in employee stress.
Better Money Habits and Preferred Rewards Gold Tier
Through enrolment in the programme, companies have the potential to extend greater financial benefits to their employees. This includes two premier Bank of America solutions. Better Money Habits is an online resource and live seminar series on a wide range of topics designed to help increase employees’ financial knowledge. Meantime, Preferred Rewards Gold Tier reward members with benefits including credit card bonuses and interest rate boosters.
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The Employee Banking & Investing programme is part of the bank’s broader suite of workplace benefits and solutions. They are all designed to help meet the near and long-term financial needs of employees. This complete offering brings together traditional financial benefits. These include retirement plans, health savings, equity compensation and non-qualified deferred compensation plans. In addition, a range of banking and lending capabilities from Bank of America and investing capabilities from Merrill helps address employees’ financial needs more comprehensively.