HSA Account with Merrill Edge
Currently, Merrill Edge does not provide HSA or Health Savings Accounts. If you're looking for a
hassle-free HSA with $0 fees, we recommend checking out
Lively. Lively offers free HSAs for individuals
and families, ensuring transparency without any hidden expenses. Additionally, Lively's health
savings accounts are backed by FDIC insurance and employ robust bank-grade security measures.
Open Lively Account
Is Merrill Edge Worth It?
With everything considered, is Merrill Edge worth it? Not for newer investors. If you are just starting out and do not have the minimum of $50,000 to qualify for
preferred status, you would be better served by investing with Robinhood or Charles Schwab.
If you are a higher net worth individual and especially if you bank with Bank of America, Merrill Edge has a really compelling value position. Free trades, fee waivers,
and rewards boosters mean that Merrill Edge customers can inflate their returns by tapping into benefits that would ordinarily be withheld from them. Penny stock
traders also should seriously consider Merrill Edge due to the lack any premiums or surcharges to trade stocks costing under $1.00.
Buying Stocks on Merrill Edge
When you're ready to purchase some shares with this broker, click on 'Trade'. You will now see the order placement form. The right-hand side of the page will display a box of important trading information. The day's volume and the current bid-ask spread will be shown. This data is important in assessing the day's price action. Charting is also available, which shows more detail of the stock's movement.
In the 'Action' field, select Buy. Confirm that the ticker shown in the 'Symbol' field is XOM. Type in the number of shares you want to purchase. Merrill Edge's $0 trading fee is good regardless of the number of shares ordered. Therefore, placing one trade for all the shares you want instead of several trades is a better value. The website displays a useful calculator that will change a dollar amount to number of shares for the stock you're buying.
Under 'Order Type', there are several types of possible orders. Market and limit are the most common. Limit orders have a price guarantee but no promise of the order actually being filled. Market orders promise order execution without any guarantee of price. Limit orders are more common because there is a safety in them, so choose a Limit order. Next, choose the Duration. This is typically a Day order or Good Until Canceled. The Day order expires at the close of the session, whereas a GTC order sits in your account for up to a month waiting to be filled.
Click on Preview Order if all fields look correct. If the confirmation page looks right, click on Submit Order. Well done, you have just made your first stock trade. Usually, orders are filled in less than a second unless a limit price is away from the current market price. Go to 'Order Status' under the 'Accounts' menu to verify that your trade has been executed. The stock position will display immediately in your account after the order is filled.
Public App Paper Trading Final Thoughts
Merrill Edge does lose some of its competitive edge when considering how the platform treats index and mutual funds. The platform does not offer any
house branded mutual or index funds and offers investors no direct access to commission free ETFs. Traders pay upwards of $19.95 per online
transaction to trade no load, transaction free mutual and index funds. Using the support of a live representative increases that fee to $29.95.
If you are an investor who wants index and mutual funds to build the backbone of your investment portfolio, you are likely going to need an
additional brokerage account to support your investing philosophy.
Updated on 1/1/2025.
Continue Reading