2024: Merrill Edge t-bills, Treasury t-bonds, tips, frn, t-notes, corporate and municipal bonds trading: 1 year, 5 years, 10 years maturity. Merrill Edge government bonds minimums and commission rates.

Can I Buy Treasury Bonds on Merrill Edge?

Yes, it is possible to trade Treasury securities at Merrill Edge. Read on for the details.

Treasury Bonds at Merrill Edge

Merrill Edge has a user-friendly website that makes finding Treasury bonds, notes, and bills a snap. The best place to begin is under the Research tab that appears in the top menu. Under this tab, there are a variety of links. Click on the one for fixed income. Doing so will generate a hub for bonds, including Treasuries.

There are lots of resources on this fixed-income center. The overview tab shows the current U.S. Treasury Yield curve, which is inverted at the time of publication. The current rate on the 10-year Treasury is shown, which is 4.05%.


Can You Buy T-Bills on Merryll Edge?


An Education tab contains lots of learning materials devoted to fixed-income securities. We found both articles and videos. Here are some example resources:

- What is fixed income?
- Understanding bonds and their risks
- What are the different types of fixed income products I can invest in?
- How often do bonds pay interest?

This educational center is a good place for beginners to start. More experienced bond traders may want to take a look at the Research & News tab. This one contains research reports from Bank of America Securities. The pdf reports focus on topics that will be of particular interest to Treasury traders. Here are a few materials we found:

- Situation Room: Big inflow into high grade
- Monthly HG Market Review: June '23: Resilient economy, hawkish Fed
- US High Grade Credit Research: Top US High Grade Ideas

The final tab is the Screener tab. As its name suggests, this is the place to actually search for Treasury bonds to trade. The first step is to click on the Treasuries icon that appears on the initial screen. Once this debt type is selected, a few other criteria can be specified. Examples include yield to worst and offer price.

A search result can be sorted by several variables. These include coupon rate, offer price, and call date. It’s easy to sift through the many results by filtering with multiple criteria. Coupon rate, quantity, offer price, and yield to worst are a few examples. A comparison link sits at the bottom of the results, and there’s a watchlist link in this area, too.


Treasury Profiles

In the search results, each bond’s CUSIP is hyperlinked. Clicking on this hyperlink creates a pop-up window near the top of the website with more details. A chart with yield to worst is displayed here along with other data points like call status.

A blue Research button sits up here, too. Clicking on this generates yet another page with more details. These include minimum order size and duration. This profile also has links to add a bond to a watchlist or to set up an alert for it.


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How to Buy a Bond at Merryll Edge

The comparison tool, the pop-up window, and the bond’s profile all have trade links on them. Clicking on the trade link in any location produces the order form. This is really easy to use. The CUSIP and buy-side entry will already be entered. So will other important data points, like minimum purchase amount, the number of bonds available for purchase, and the multiple in which the security trades (usually a 1 for most bonds representing $1,000).


Buy Treasury Bonds on Merrill Edge


Simply input the desired purchase amount, including the three zeroes (5000 for a $5,000 purchase), and preview the order. Accrued interest and the estimated order amount will be displayed. If everything looks right, go ahead and submit the order.

To the right of the trade ticket sits a small window with the account’s buying power. Available numbers include:

- US treasury bills/notes buying power
- US treasury bonds buying power
- Government agencies buying power

Note that a margin account can trade Treasury debt using quite a bit of leverage, so some bond types may have significant buying power.


Schwab as an Alternative

Although we do very much like Merrill Edge’s Treasury service, Charles Schwab presents another option for sovereign-debt trading. Unlike Merrill Edge, Schwab offers trading in some foreign-government bonds. This obviously creates an opportunity to add some diversification to a U.S.-bond portfolio.

Another area where Schwab pulls ahead of Merrill Edge is in the arena of mutual funds. Although these aren’t technically Treasury bonds, many do invest in Treasury securities, and Schwab has more mutual funds than Merrill Edge.


Can I Buy T-Bills on Merrill?


Like Merrill Edge, Schwab has a user-friendly website with a lot of resources for trading individual Treasury securities. There are materials for education and scanners that help to find bonds for trading.

Another area where Schwab outperforms Merrill Edge is in Market Depth. Some Treasury securities at Schwab have multiple prices at multiple quantities. Merrill’s site doesn’t display this information (only the current offer price is shown on Merrill’s site).


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Merrill Edge’s trade ticket for bonds also has just one order type: market. Schwab’s order form, by comparison, has two trade types: market and limit.

Schwab’s order ticket also automatically displays the last three zeroes in the quantity field, which means only a 9 needs to be entered to purchase $9,000 of a bond offering. Some users may find this system a little easier.


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