Up to date Might 2025. Merrill Edge is the self-directed brokerage arm fashioned 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 transferring “new money” or belongings over to them from one other brokerage agency. The provide 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 summary together with my private expertise as I’ve had an account with them for a number 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 worth modifications, misplaced dividends, or tax penalties. Any value foundation ought to switch over as properly. Make a qualifying switch and/or deposit to your new account inside 45 days and preserve your stability for at the very least 90 days. The high-quality print model:

1. You have to enroll by coming into the provide 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.
2. Fund your account with at the very least $20,000 in qualifying web new belongings inside 45 days of account opening. Property transferred from different accounts at MLPF&S, Financial institution of America Personal Financial institution, or 401(ok) accounts administered by MLPF&S don’t rely in the direction of qualifying web new belongings.
3. You have to be enrolled in Most well-liked Rewards as of 90 days from assembly the funding standards described in Step 2.
4. After 90 days from assembly the funding standards described in Step 2, your money reward can be decided by the qualifying web new belongings in your account (no matter any losses or beneficial properties because 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 well-liked 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.

Word that Most well-liked Rewards tiers normally requires some time to succeed in, until you fulfill their “fast track” necessities:

You may enroll, and preserve your membership, within the Financial institution of America Most well-liked Rewards® program when you have an energetic, eligible private checking account with Financial institution of America® and preserve 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 (corresponding to checking, financial savings, certificates of deposit) and/or your Merrill funding accounts (corresponding 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 simply enroll on the time you open your first eligible private checking account and fulfill the stability requirement on the finish of at the very least 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 supplied me a customized bonus to maneuver much more belongings over. (The bonus ratios had been about the identical, however larger limits.) Due to this fact, if you’re contemplating this and occur to have greater than $250,000 to switch over, chances are you’ll wish to give them a name and see if they’ll provide 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, nonetheless, 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 authentic value foundation. After you may have ETFs, you’ll be able to transfer these over to Merrill Edge and commerce them as you want.)

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, fastened revenue, mutual funds, and choices.

Most well-liked Rewards bonus. The Most well-liked Rewards program is designed to rewards purchasers with a number of account and better belongings 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 belongings) 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 now not have to fret a couple of 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 well-liked Rewards increase, you’ll be able to 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 the direction of journey and no international 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 overview is that they’ve a “okay/good” consumer interface and solidly “good” customer support (i.e. actual, knowledgeable people out there 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 12 months, 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 simple to brush 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 most important monetary profit to this BofA/Merrill Edge combo with Most well-liked 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 nearly all my each 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 continuing bank card rewards can be the principle purpose to do that deposit provide, because the bonus percentages alone aren’t that top. 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 at the moment providing as much as $1,000 in the event you transfer over new belongings to their self-directed brokerage. This will merely be mutual fund or ETFs shares at the moment being held elsewhere. While you preserve sufficient belongings throughout Financial institution of America and Merrill Edge, their Most well-liked Rewards program can provide ongoing perks like waived checking account charges and boosted bank card rewards.