Up to date Might 2025. Merrill Edge is the self-directed brokerage arm shaped after Financial institution of America and Merrill Lynch merged collectively. They’re presently providing an elevated money bonus of as much as $1,000 for shifting “new cash” or property over to them from one other brokerage agency. The supply code is 1000PR. Provide legitimate for each new and present 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 couple of years now.
Money bonus. In case you are holding shares of inventory, ETFs, or mutual funds elsewhere, you’ll be able to 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 value modifications, misplaced dividends, or tax penalties. Any value 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 not less than 90 days. The effective print model:
- You should enroll by getting into the supply code within the on-line utility throughout account opening or by offering it when talking with a Merrill Monetary Options Advisor at 877.657.3847.
- Fund your account with not less than $20,000 in qualifying web new property inside 45 days of account opening. Property transferred from different accounts at MLPF&S, Financial institution of America Personal Financial institution, or 401(okay) accounts administered by MLPF&S don’t rely in direction of qualifying web new property.
- 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 might be decided by the qualifying web new property in your account (no matter any losses or positive aspects resulting from buying and selling or market volatility) as follows:
- $100 bonus with $20,000+ in new property
- $200 bonus with $50,000+ in new property
- $400 bonus with $100,000+ in new property
- $1,000 bonus with $250,000 or extra in new property
Clients not enrolled in Most popular Rewards as of 90 days after funding will obtain the next money reward: qualifying web new property 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 achieve, except 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’ve got an energetic, 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 embody your mixed, qualifying Financial institution of America deposit accounts (akin to checking, financial savings, certificates of deposit) and/or your Merrill funding accounts (akin to Money Administration Accounts, 529 Plans). You may fulfill the mixed stability requirement for enrollment with both:
– a three-month mixed common day by day stability in your qualifying deposit and funding accounts, or
– a present mixed stability, supplied that you just enroll on the time you open your first eligible private checking account and fulfill the stability requirement on the finish of not less than in the future inside 30 days of opening that account.
After I did the same 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 property over. (The bonus ratios had been about the identical, however larger limits.) Subsequently, if you’re contemplating this and occur to have greater than $250,000 to switch over, you might 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 extra shares, however you’ll be able to solely maintain or promote them. You may, nevertheless, purchase extra shares of the corresponding Vanguard ETF if you want. (Alternatively, you need to contemplate having Vanguard convert your Admiral share into ETFs on a one-time foundation that can protect your unique value foundation. After you might have ETFs, you’ll be able to transfer these over to Merrill Edge and commerce them as you would like.)
The options for the account itself look like most different on-line brokerages. Limitless commission-free on-line inventory, ETF and choices trades (+ $0.65 per-contract payment). You may commerce ETFs, mounted earnings, mutual funds, and choices.
Most popular Rewards bonus. The Most popular Rewards program is designed to rewards purchasers with a number of account and better property positioned 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 property) and above, you’ll get the month-to-month upkeep payment 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 kind. You’ll additionally get waived ATM charges at non-BofA ATMs at Platinum and above (12/yr at $50k property, limitless at $100k). Free cashier’s checks.
Bank card rewards. With the Most popular Rewards increase, you’ll be able to rise 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 may as well 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. By way of 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 energetic dealer and solely make about 10-15 trades a yr, however have been fairly happy with the account. I may also transfer cash immediately between my Merrill Edge and Financial institution of America checking accounts, making it comparatively straightforward to brush out idle money into an exterior financial savings account, as their default money sweep pays almost zero curiosity. Don’t go away 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% increase to their bank card rewards, permitting me to get a flat 2.625% money again on just about all my day by day purchases. The second largest profit has in all probability been this money bonus, and the third is the waived checking and ATM charges.
The continued bank card rewards can be the primary cause to do that deposit supply, because the bonus percentages alone aren’t that prime. For instance, a $400 bonus on a $100,000 switch quantity is simply 0.4%. Different brokerage switch bonuses may be 1%, even 2%, and up.
Backside line. Merrill Edge is presently providing as much as $1,000 should you transfer over new property to their self-directed brokerage. This could merely be mutual fund or ETFs shares presently being held elsewhere. Whenever you preserve sufficient property 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.
