![]() The mutual fund selection at Merrill Edge is rather small. Ally Invest, by comparison, charges $50 every year for each IRA that doesn't place at least one trade or if Not having an annual IRA fee is a big plus at Merrill Edge. Interactive Brokers does not offer a SIMPLE IRA, which Merrill Edge does provide. Merrill's seven IRA types are a smaller selection than the ten that E*Trade offers. WellsTrade charges $95 for closing an IRA, while Capital One Investing clients pay $75. Vanguard and Schwab customers, for instance, pay nothing to close a retirement account. There are some other brokerage houses that don't charge anything to close an IRA. Some of them come with neither load nor transaction fee.Įxchange-traded funds are available, but unfortunately Merrill does not offer any that are commission free. There are target-date funds from Fidelity and Vanguard, among other fund families. Some of these are target-date funds, which are designed for retirement accounts. In total, there are more than 4,000 mutual funds available with the broker. There is a $39.95 short-term redemption fee on these funds if they are held for less than 90 days. The broker has over 800 mutual funds that carry no load and no transaction fee. A $10 surcharge is added if an order is placed with a live rep. The charge is applied to purchases, sales, and exchanges. Merrill Edge charges $19.95 for transactions of mutual funds that don't appear on its NTF list. Placing a trade with a living, breathing agent over the phone rather than the computer tacks on an extra $23. Using the firm's automated phone system rather than the Internet to submit an order costs nothing extra. The broker charges $0 for ETF and stock transactions. The broker does not offer Custodial accounts, although a bank IRA can be opened through Merrill's relationship with Bank of America.īoth retirement and non-retirement accounts at Merrill Edge pay the same commissions for trades. Several varieties are available with the firm, including Traditional, Roth, Rollover, Inherited, SEP, and SIMPLE. There is no minimum deposit amount to open an IRA. However, closing an IRA or transferring one to another broker costs $49.95. There are no inactivity fees, low-balance charges, or other maintenance costs. The broker charges no setup fee or annual fee. The cost of choosing Merrill Edge for an Individual Retirement Account is very reasonable. The broker's on-line application will lead you step-by-step through a series of questions, and the retirement account will be opened in no time. Opening an IRA at Merrill Edge is quick and easy. $0 commissions + transfer fee reimbursement. Get up to $4,000 cash bonus + $200 in ACAT rebate! Because linking accounts is simple to do, an easy way to maximize both insurance amounts is to hold cash deposits in a CD or savings account with Bank of America, while keeping securities in a Merrill Edge account.ġ2 FREE stocks valued $36-$36,000 when you deposit ANY AMOUNT at Webull. In the SIPC provides a total insurance protection of $500,000 per account. Merrill Edge and Bank of America accounts appear on the Merrill and Bank of America platforms.Ĭash balances held in a Merrill Edge account rather than a Bank of America checking or savingsĪccount will be protected by the SIPC, up to a quarter of a million dollars. However, the broker is owned by Bank of America,Īnd deposit accounts with the bank can easily be linked to a Merrill Edge trading account. Merrill Edge does not provide FDIC deposit insurance. Is Merrill Edge FDIC Insured and SIPC Protected? Is Merrill Edge FDIC protected? For how much brokerage, IRA investing accounts cash and funds have SIPC insurance coverage? Is Merrill Edge Account Cash FDIC/SIPC Insured? For How Much?
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