Up to date Could 2025. Merrill Edge is the self-directed brokerage arm shaped after Financial institution of America and Merrill Lynch merged collectively. They’re at the moment providing an elevated money bonus of as much as $1,000 for shifting “new cash” or belongings over to them from one other brokerage agency. The supply code is 1000PR. Supply legitimate for each new and current IRAs and taxable brokerage accounts (they name them Money Administration Accounts).
Right here’s an outline together with my private expertise as I’ve had an account with them for a number of years now.
Money bonus. If you’re holding shares of inventory, ETFs, or mutual funds elsewhere, you possibly can merely carry out an “in-kind” ACAT switch over to Merrill Edge. Your 100 shares of AAPL will stay 100 shares of AAPL, so that you don’t have to fret about worth modifications, misplaced dividends, or tax penalties. Any price foundation ought to switch over as nicely. Make a qualifying switch and/or deposit to your new account inside 45 days and keep your stability for no less than 90 days. The superb print model:
- You need to enroll by coming into the supply code within the on-line software throughout account opening or by offering it when talking with a Merrill Monetary Options Advisor at 877.657.3847.
- Fund your account with no less than $20,000 in qualifying web new belongings inside 45 days of account opening. Belongings transferred from different accounts at MLPF&S, Financial institution of America Personal Financial institution, or 401(ok) accounts administered by MLPF&S don’t depend in direction of qualifying web new belongings.
- You have to be enrolled in Most popular Rewards as of 90 days from assembly the funding standards described in Step 2.
- After 90 days from assembly the funding standards described in Step 2, your money reward will probably be decided by the qualifying web new belongings in your account (regardless of any losses or beneficial properties on account of buying and selling or market volatility) as follows:
- $100 bonus with $20,000+ in new belongings
- $200 bonus with $50,000+ in new belongings
- $400 bonus with $100,000+ in new belongings
- $1,000 bonus with $250,000 or extra in new belongings
Clients not enrolled in Most popular Rewards as of 90 days after funding will obtain the next money reward: qualifying web new belongings of $20,000 to $49,999 obtain $100; for $50,000-$99,999, obtain $150; for $100,000-$249,999, obtain $250; for $250,000 or extra, obtain $600.
Observe that Most popular Rewards tiers often requires some time to succeed in, until you fulfill their “quick monitor” necessities:
You may enroll, and keep your membership, within the Financial institution of America Most popular Rewards® program when you have an lively, eligible private checking account with Financial institution of America® and keep the stability required for one of many stability tiers. The stability tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, and $1,000,000 for the Diamond Honors tier. Balances embrace your mixed, qualifying Financial institution of America deposit accounts (comparable to checking, financial savings, certificates of deposit) and/or your Merrill funding accounts (comparable to Money Administration Accounts, 529 Plans). You may fulfill the mixed stability requirement for enrollment with both:
– a three-month mixed common each day stability in your qualifying deposit and funding accounts, or
– a present mixed stability, offered that you just enroll on the time you open your first eligible private checking account and fulfill the stability requirement on the finish of no less than someday inside 30 days of opening that account.
After I did an analogous bonus a pair years in the past with a partial switch (simply sufficient to fulfill one of many tiers), a Merrill Edge rep contacted me and provided me a customized bonus to maneuver much more belongings over. (The bonus ratios have been about the identical, however greater limits.) Due to this fact, in case you are contemplating this and occur to have greater than $250,000 to switch over, chances are you’ll need to give them a name and see if they’ll supply much more cash.
You may even switch in Admiral Shares of Vanguard mutual funds – they gained’t allow you to purchase any further shares, however you possibly can solely maintain or promote them. You may, nevertheless, purchase extra shares of the corresponding Vanguard ETF if you want. (Alternatively, you need to take into account having Vanguard convert your Admiral share into ETFs on a one-time foundation that may protect your unique price foundation. After you will have ETFs, you possibly can transfer these over to Merrill Edge and commerce them as you would like.)
The options for the account itself seem to be most different on-line brokerages. Limitless commission-free on-line inventory, ETF and choices trades (+ $0.65 per-contract price). You may commerce ETFs, mounted revenue, mutual funds, and choices.
Most popular Rewards bonus. The Most popular Rewards program is designed to rewards shoppers with a number of account and better belongings situated at Financial institution of America banking, Merrill Edge on-line brokerage, and Merrill Lynch funding accounts. Here’s a partial desk taken from their comparability chart (click on to enlarge):
BofA checking accounts. With Gold standing ($20k in belongings) and above, you’ll get the month-to-month upkeep price on as much as 4 checking or financial savings accounts waived. Which means you not have to fret a few minimal stability or sustaining direct deposit, relying in your account sort. You’ll additionally get waived ATM charges at non-BofA ATMs at Platinum and above (12/12 months at $50k belongings, limitless at $100k). Free cashier’s checks.
Bank card rewards. With the Most popular Rewards enhance, you possibly can stand up to 2.6% money again on all of your purchases with the Financial institution of America Limitless Money Rewards card, or 2.6% in direction of journey and no overseas transaction charges with the Financial institution of America Journey Rewards Card. You can even get 5.2% money again on the primary $2,500 in mixed grocery/wholesale membership/gasoline purchases every quarter with the Financial institution of America Personalized Money Rewards Card.
My private expertise. When it comes to Merrill Edge, I’ve had an account with them for a number of years now and my lightning evaluate is that they’ve a “okay/good” person interface and solidly “good” customer support (i.e. actual, knowledgeable people accessible 24/7 on the cellphone, not email-only customer support that takes hours to days like Robinhood). I’m not an lively dealer and solely make about 10-15 trades a 12 months, however have been fairly glad with the account. I also can transfer cash immediately between my Merrill Edge and Financial institution of America checking accounts, making it comparatively simple to comb out idle money into an exterior financial savings account, as their default money sweep pays practically zero curiosity. Don’t depart an excessive amount of money there!
The largest monetary profit to this BofA/Merrill Edge combo with Most popular Rewards has in all probability been the 75% enhance to their bank card rewards, permitting me to get a flat 2.625% money again on just about all my each day purchases. The second greatest profit has in all probability been this money bonus, and the third is the waived checking and ATM charges.
The continuing bank card rewards could be the principle purpose to do that deposit supply, because the bonus percentages alone aren’t that top. For instance, a $400 bonus on a $100,000 switch quantity is barely 0.4%. Different brokerage switch bonuses will be 1%, even 2%, and up.
Backside line. Merrill Edge is at the moment providing as much as $1,000 in the event you transfer over new belongings to their self-directed brokerage. This could merely be mutual fund or ETFs shares at the moment being held elsewhere. Whenever you preserve sufficient belongings throughout Financial institution of America and Merrill Edge, their Most popular Rewards program can supply ongoing perks like waived checking account charges and boosted bank card rewards.