11/4/2023 0 Comments Merill edge accountAs of 2/7/23, it is a much more competitive 4.24% APY. You’ll note the highest rate is something called “Preferred Deposit”. The first page of the rate PDF only includes FDIC-insured options. The good news is that there are some other options available if you are willing to do a bit of work. The bad news is that you can’t change it to automatically sweep to anything else right now. Your default cash sweep interest rate is the one for “Merrill Lynch Bank Deposit Program – Tier 1 (<$250,000)". Right now it links to this PDF.ĭefault cash sweep. You can always check current interest rates by scrolling to the bottom of any Merrill Edge page and clicking on the blue link “Deposit Account & Money Fund Rates”. This is a bit tedious, but most of my cash shows up during quarterly dividends.Ĭurrent rate sheet. Then I simply initiate (“pull”) money out via a high interest savings account. If you have a BofA checking account, you can perform instant transfers from your Merrill Edge cash balance into your BofA account. Here is a summary of all the options available if you do want to keep your cash there. However, if you are motivated enough (as my readers tend to be), then you can stay at Merrill Edge and still do a lot better. Not very customer-friendly, but there it is. They seem to have learned from Bank of America that lots of people don’t pay attention and they can earn a lot of easy profits paying 0.01% APY when everyone else is paying 4%+. Unfortunately, the interest rate paid on their default cash sweep option is horrendous. They are a decent broker overall, but honestly the only reason I keep my account open with them is to qualify for their Preferred Rewards Platinum tier, which allows me an effective 2.6% cash back credit card (offsets any travel purchase) as long as I maintain a Merrill Edge brokerage account with at least a $100,000 balance (even if just buy-and-hold Vanguard ETFs). Merrill Edge is a self-directed brokerage arm of Bank of America and Merrill Lynch. You should consult your own professional advisors for such advice.Updated for 2023. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.ĬreditDonkey does not know your individual circumstances and provides information for general educational purposes only. However, all information is presented without warranty. Reasonable efforts are made to maintain accurate information. *See the card issuer's online application for details about terms and conditions. CreditDonkey does not include all companies or all offers that may be available in the marketplace. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). †Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. We publish data-driven analysis to help you save money & make savvy decisions.Įditorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Merrill Edge Guided Investing: Pricing information from published website as of ĬreditDonkey is a personal finance comparison website. įidelity: Pricing information from published website as of. Merrill Edge: Pricing information from published websites as of. Please visit the product website for details. More than 2,100 Bank of America locationsīlank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. $0 for no load, no-transaction-fee funds ( $39.95 short-term redemption fee if the fund is held less than 90 days) $19.95 for no load, transaction-fee funds
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