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Merrill Edge IRAs Review


ConsumersAdvocate.org Rating: 4.7 / 5 (Excellent)
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Launched in 2010, Merrill Edge is the online discount brokerage provided by Merrill Lynch and a part of Bank of America's retail banking division. The full-service brokerage Merrill Lynch itself dates back to 1914 and was acquired by Bank of America after the 2007 financial crisis. Merrill Edge focuses on investors with less than $250,000 and its services are integrated into B of A's other offerings.
 
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How is Merrill Edge rated?

Breakdown

0.0/5
IRA Types
0.0/5
Investment Options
4.8/5
Account Features
5.0/5
Fees and Discounts
4.8/5
Reputation & Customer Support

Overall Rating: 4.7 / 5 (Excellent)

As a company built especially for new investors and the average customer, Merrill Edge has a user-friendly, consumer-centric approach to retirement planning and saving. For the consumer who does not receive retirement benefits at the workplace, or who wants to supplement an existing employer-based plan, the financial tools available at Merrill Edge can assist in making educated decisions about building a diversified investment portfolio that will help with retirement expenses. With online integration with the rest of Bank of America's financial services, existing B of A customers will have added incentive to use Merrill Edge and all the research and knowledge from its parent, Merrill Lynch.

Merrill Edge Account Features

Account Features - 4.8 / 5

Merrill Edge offers a full range of IRA choices and account holders have an abundance of stocks, bonds, ETFs, and mutual funds to choose from to build a diversified portfolio. In addition to online integration with Bank of America's savings and checking products, Merrill Edge also offers retirement calculators, portfolio builders, and investment education online. Many of the same research resources of the full-fledged brokerage house, Merrill Lynch, are available to the Merrill Edge customer. With over 2000 Bank of America branches containing a Merrill Edge financial center, customers can have many of their investment questions answered in person.
Types of IRAs
Rollover IRA
Roth IRA
Traditional IRA
SEP IRA
SIMPLE IRA
Account Minimum
$0
Minimum Balance Requirement
$0
Mobile App
Yes

Investment Options

Mutual Funds
Index Funds
Stocks
Bonds
Money Market Accounts
CDs
ETFs
Options

Online Experience

Customers of Merrill Edge who have accounts at Bank of America will find a well-integrated experience online with the ability to easily transfer funds between accounts and look at their complete financial picture.

Merrill Edge Fees and Penalties

Fees and Discounts - 5 / 5

While there are no minimum balances for customers looking for self-directed accounts, customers wanting managed portfolios will need to have $5,000 for a managed ETF portfolio and $20,000 to have the assistance of a professional financial advisor. Managed portfolios also have annual management fees. Merrill Edge offers low $6.95 online trades; broker assisted trades are $29.95.
Trading Fees
$6.95 online trades $29.95 representative assisted trades
Miscellaneous Fees
Full fee schedule available here: https://www.merrilledge.com/pricing

Merrill Edge Financial Strength and Reputation

Reputation & Customer Support - 4.8 / 5

As a subsidiary of a major brokerage and a part of an even larger financial corporation, it's difficult to gauge the individual reputation of Merrill Edge. As a relatively new offering for retail customers of Bank of America, Merrill Edge thus far has a good reputation for providing quality investment research, a wide selection of financial tools and products, and integration with B of A's other financial offerings. But customer reviews for Bank of America in general are average at best. Merrill Lynch was acquired by Bank of America following the losses Merrill Lynch incurred during the 2007 financial crisis; but since that time, the multinational corporation has sustained a stable and strong financial ratings.
Year Founded
1914
Standard & Poor's Financial Rating
A+
Moody's Financial Rating
A3
FDIC Member
Yes
Consumer Financial Protection Board (CFPB) Complaints
5
Date Collected
2018-11-14
Live Help 24/7
Yes
Customer Support Hours
24/7

Contact Methods

Phone
Email
Chat
Social Media
Text

Company Profile

Full Name
Merrill Edge IRAs
Company Website
https://www.merrilledge.com/
Headquarters
4 World Financial Center, 250 Vesey Street, New York, NY, 10080

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Discover offers a dedicated Roth IRA CD, which can be purchased with maturity dates ranging from 3 months to 10 years. Although Discover does not offer other Roth IRA options, it can be a good choice for people who want CDs to be part of their Roth IRA portfolio.

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