2341 reviews
Bank of America's brokerage offering seamless banking integration, solid research tools, and the valuable Preferred Rewards program for qualifying customers.
Merrill Edge's biggest advantage is its seamless integration with Bank of America. Instant transfers between your BofA checking account and Merrill Edge investment account can be crucial during market volatility.
Users report being able to capitalize on market dips by instantly transferring funds, while customers of other brokers had to wait 2-3 business days for transfers to clear.
The unified Bank of America app lets you manage banking, credit cards, and investments in one place—convenient for those who value having all finances under one roof.
Merrill Edge offers unusual DRIP flexibility. Unlike brokers that require all-or-nothing enrollment, you can selectively enable DRIP for specific securities.
This is valuable for income-focused investors who want to automatically reinvest dividends from growth stocks while receiving cash distributions from income-generating holdings.
DRIP purchases are commission-free and support fractional shares, letting every penny of your dividends go back to work. However, fractional shares are only available through DRIP—not direct purchases.
Bank of America's Preferred Rewards program offers valuable benefits for customers with $20,000+ combined balance across BofA deposit and Merrill investment accounts.
Depending on your tier (Gold, Platinum, Platinum Honors, Diamond), you receive benefits like bonus credit card rewards, reduced loan rates, and fee waivers.
For investors, this can mean better rates on margin, waived fees, and other perks that add up over time.
Merrill Edge provides solid research offerings including the Idea Builder tool that helps you find investments matching your criteria.
The platform includes research from Morningstar, CFRA, and other providers. While not as comprehensive as Fidelity or Schwab, it covers the essentials for most investors.
ESG (Environmental, Social, Governance) investing options and research make Merrill appealing for socially conscious investors.
Merrill Guided Investing is a robo-advisor service requiring $1,000 minimum and charging 0.45% annually.
The service creates a diversified portfolio based on your goals and automatically rebalances. It's an option for hands-off investors who want some professional management.
For DIY dividend investors, the Self-Directed option with $0 commissions makes more sense.
Merrill Edge doesn't offer cryptocurrency, forex, or futures trading. Penny stock trading is also not supported.
Mutual fund transaction fees can reach $19.95, higher than many competitors.
If you sell a position, fractional shares earned through DRIP may take several additional days to sell off.
Transparent breakdown of all fees you might encounter.
| Fee Type | Cost |
|---|---|
| Stock & ETF Trades | $0 |
| Options Trades | $0 + $0.65/contract |
| Account Minimum | $0 |
| Account Maintenance Fee | $0 |
| Inactivity Fee | $0 |
| Dividend Reinvestment (DRIP) | Free |
| Mutual Funds (w/ transaction fee) | Up to $19.95 |
| Guided Investing | 0.45% annually ($1K min) |
| Account Transfer Out (Full) | $49.95 |
| IRA Closure | $49.95 |
Seamless integration and instant transfers make Merrill the natural choice for BofA banking customers.
Combine $20K+ in BofA/Merrill accounts to unlock valuable benefits across all Bank of America products.
Per-security DRIP control lets income investors fine-tune which dividends reinvest vs. pay cash.
Merrill Edge is an excellent choice for Bank of America customers who want their banking and investing integrated. The selective DRIP feature offers unusual flexibility for dividend investors, and the Preferred Rewards program provides meaningful benefits for those with $20K+ combined balance. However, the lack of direct fractional shares, higher mutual fund fees, and limited advanced features mean active traders and small-account beginners may be better served elsewhere. For BofA loyalists seeking simplicity, Merrill Edge delivers.
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