Merrill Edge Rating: 
- Stocks & ETFs: $0
- Options: $0.65 per contract
- Mutual Funds: $19.99
- Minimum to open: $0
Overview of Merrill Edge
Bank of America offers more than just banking services. Through its Merrill Edge branch, it provides a range of investing options. Here’s a look at what it offers.
Investment Selection
Merrill Edge clients can choose between self-directed and investment-advisory accounts. The self-directed option provides a broader selection of securities, including:
- Option contracts
- Stocks (including OTC and penny stocks)
- Bonds and other fixed-income assets
- Mutual funds
- ETFs
- Closed-end funds
The Guided Investing service, Merrill Edge’s advisory program, offers management by Merrill’s professionals and includes a narrower selection of securities—mainly mutual funds and ETFs. It’s not a robo-advisory program; actual advisors make investment choices, though clients won’t work one-on-one with a specific advisor as in full-service setups.
For a more personal touch, Merrill Edge offers Guided Investing with Advisor, which adds one-on-one guidance but doesn’t provide the full range of services found in traditional investment programs, like financial planning and stock trading.
To open an account in either the self-directed or advisory program, Merrill Edge requires a U.S. residential address. It doesn’t accept accounts for non-U.S. residents, although foreign nationals residing in the U.S. can open an account.
Merrill Edge offers various tax-beneficial structures for its accounts, including:
- 529 plans
- Individual taxable accounts
- Joint taxable accounts
- IRAs
- Solo 401k plans
- Custodial accounts
- Small business accounts
- Trusts
Merrill Edge is a member of the Securities Investor Protection Corporation (SIPC), covering securities up to $500,000. The firm also has extra insurance with Lloyd’s of London for an additional billion dollars in coverage beyond SIPC limits.
Customer Support
Under the Help & Settings tab on the website, Merrill Edge provides various self-help resources, including tools for paperless options, account alerts, and login preferences. There is also a forms page with a wide range of documents that accounts may need. These are available in pdf and online formats.
The Merrill site does not have a chat widget, either automated or live, nor does it have internal messaging, though it does offer a document upload tool.
For tasks that need direct assistance, Merrill Edge provides 24/7 phone support with agents who are generally knowledgeable. There is a separate number for clients traveling outside the U.S.
Merrill Edge has branch offices in select Bank of America locations, though these branches don’t handle services for Guided Investing or self-directed accounts.
Fees and Minimums
The Guided Investing program requires a $1,000 minimum deposit to start ($20,000 if you choose the advisor option). Self-directed accounts don’t have any minimum deposit requirements.
Advisory accounts have no commission fees, and self-directed accounts charge zero commissions for most online trades. Options trades carry a 65¢ per-contract fee. Certain mutual funds have a $19.95 transaction fee, and some bond trades are priced at $1 per bond.
Self-directed accounts have no management fees, while advisory accounts charge an annual fee of 0.45% (or 0.85% for Guided Investing with an Advisor).
Mobile App
The Merrill Edge mobile app includes a watchlist that can sync with the website’s watchlist or be kept device-only. Tapping on an item brings up the asset’s profile, which has basic charts and trade buttons.
Charts come with several tools, including indicators, company event markers, and different plot styles. During testing on an iPhone 6S, we encountered some display issues. The order entry process is straightforward, with separate tickets for options and mutual funds. The stock ticket includes eight trade types, four of which are trailing orders, and has specific actions for buy to cover and sell short.
The app also provides mobile check deposit, bill pay, Zelle transfers (for Bank of America accounts), and research tools like pdf reports from CFRA. The document upload feature from the website is also available in the app.
Website
Merrill Edge’s website provides a strong trading experience, divided into two sections: MarketPro and the main website. MarketPro is a browser-based platform that can be accessed under the Trade tab.
MarketPro includes six trade types (missing two trailing orders found on the mobile app) and allows orders to be saved for later. It has full-screen charting with numerous tools, including:
- Down Gann Fan
- Fibonacci Extension
- Cycle Tool
- Andrew’s Pitchfork
Charts can be saved, and trade buttons are available in the upper-right corner. Right-clicking brings up a drop-down menu with options such as:
- Bar tracking
- Set up an alert
- Export data
- Trade
- Crosshair tracking
Level II quotes and OptionsPlay, a robust platform for options trading, are also available.
The main website provides charting and order entry, along with research tools for stocks and options. Some of the best option tools, including a strategy builder and screener, can be found under the Research tab.
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Cash Management
Joint and individual taxable accounts at Merrill Edge are called Cash Management Accounts (CMA), reflecting the focus on banking features. Check writing and a Visa debit card can be added at no extra cost. Using the card overseas has a 0.25% surcharge with a $2.50 minimum. Withdrawals at Bank of America ATMs are free.
Uninvested cash in a brokerage account can be transferred to Bank of America for FDIC insurance, invested in a money market mutual fund, or left in the brokerage account with SIPC protection.
Investment accounts at Merrill Edge are automatically linked to Bank of America deposit accounts and credit cards if they share the same tax ID, making transfers easy on the Merrill website and app.
Margin Accounts
Besides cash trading, Merrill Edge offers margin trading for self-directed accounts. A cash account can upgrade to margin status via the Help & Settings menu.
Margin rates are no longer posted and are based on the base lending rate, total deposits within Bank of America, and the account’s debit balance.
Merrill’s software does not show margin details for individual ticker symbols, which we find limiting.
Merrill Edge follows Reg T guidelines for margin loans, meaning long and short equity positions generally have a 50% initial margin requirement and a 30% maintenance requirement, although these can vary.
Additional Services
Initial Public Offerings: Not available for self-directed or managed accounts (MarketPro does have an IPO calendar).
Automatic Mutual Fund Investing: Recurring mutual fund purchases can be set up.
Individual Retirement Accounts: Merrill Edge offers SEP, SIMPLE, Rollover, Roth, and Traditional IRAs with a $49.95 closeout fee.
Fully-paid Securities Lending Program: Customers at Merrill Edge cannot earn income from lending out their securities.
Extended Hours: Self-directed accounts support trading from 7:00 am to 8:00 pm EST.
DRIP Service: Cash dividends from stocks, ETFs, and mutual funds can automatically buy additional shares.
Fractional-share Trading: Only available for mutual funds.
Our Recommendations
Active Stock Trading: MarketPro is a strong choice for active stock trading.
Mutual Funds: Merrill Edge offers 2,646 funds open to new investors.
Firstrade offers over 11,000; Firstrade may be a better option for mutual fund investors.
Beginners: Merrill Edge Guided Investing is a solid choice for beginners, especially with advisor support.
Retirement Planning & Long-Term Investing: Merrill Edge offers helpful resources for retirement and long-term investing. However,
Robinhood provides a 1% free contribution match.
Small Accounts: Due to minimums for advisory accounts and IRA fees, Merrill may not be the best choice for small accounts. Consider
Charles Schwab instead.
Merrill Edge Review Recap
While Merrill Edge has some limitations, it provides a strong overall investment experience, likely to satisfy both beginners and experienced traders.
Merrill Edge Commissions and Fees
| Investments | Price |
|---|
| Stocks and ETFs | $0 |
| Stocks and ETFs representative assisted | $29.95 |
| Stocks and ETFs automated phone trades | $0 |
| Options | $0.65 per contract. Multi-leg options are charged per leg and contract. |
| Options representative assisted | $29.95* + $0.65 per contract. Multi-leg options are charged per leg and contract. |
| Mutual funds | $19.95 |
| Merrill Edge self-directed mutual funds | 0.75% gross proceeds, $50 minimum, $250 maximum |
| Bonds | On a net yield basis |
* -- Additional transaction fees
In addition to your options commissions, sell orders may be subject a transaction fee (of between $0.01 to $0.03 per $1,000 of principal). If applicable, this fee appears under "Transaction Fee" on a Trade Confirmation.
Merrill Edge IRA & Account Fees
| Fee | Amount |
|---|
| IRA Setup Fee | $0 |
| Annual IRA Fee | $0 |
| IRA Termination Fee | $49.95 |
| Full Account Transfer Out | $49.95 |
| Partial Account Transfer Out | $0 |
| Outgoing Wire Fees (Domestic) | $24.95 |
| Outgoing Wire Fees (International) | $24.95 |
Updated on 5/20/2025.