Merrill Edge Review: Pros & Cons for 2023

Merrill Lynch vs. Merrill Edge – Different Paths for Different Clients

Owned by Bank of America, Merrill, a.k.a. Merrill Lynch, and Merrill Edge are like siblings who chose different paths. Merrill Edge is the more wallet-friendly, discount broker option, perfect for folks who have a cool $250,000 to play with. Born from a merger back in 2008, it’s designed to be a beginner-friendly online trading playground, blending Merrill Lynch’s investment smarts with a digital twist.

Merrill Lynch playing in a different league, focusing on the big fish with more cash to splash. Unlike its brother, Merrill Lynch is a global player, making waves from the UK to Australia and beyond, while Merrill Edge sticks to the home turf, catering exclusively to US residents.

The Decision to Invest with Merrill Edge – A Trustworthy Choice

Thinking about trusting Merrill Edge with your cash? Well, it’s kind of like deciding if you’re going to trust a new barber or hairdresser. You’ll hear what others say, maybe look them up online, and see they’re licensed. Merrill Edge gets a lot of thumbs up from folks and, yup, they’re officially registered with the Securities and Exchange Commission. But, like choosing that barber, doing a bit of your own digging (maybe peek at a Merrill guided investing review) wouldn’t hurt before you sit in the chair.

Now, if you’re just stepping into the investing game and wondering if Merrill Edge is the right playground, the answer leans heavily towards yes. It’s like they’ve rolled out the welcome mat for beginners. No need to bring a big bag of money to start, and the research resources? Top-notch and ready to help you grow. Their customer service gets gold stars for being helpful and quick to respond, whether you’re reaching out online or giving them a ring. Plus, their apps are pretty slick and straightforward, making your investing journey as smooth as possible. And for those who appreciate a human touch, Merrill’s got advisors ready to chat in over 2,000 Bank of America locations.

As for the nitty-gritty of whether a Merrill Edge account is worth it, let’s cut to the chase—it’s a solid choice. Offering a buffet of investing goodies, fantastic analysis, and the sweet deal of unlimited free stock and ETF trades, it’s like your investing toolbox just got an upgrade. And with the backing of Bank of America, setting up an account is as easy as pie. Especially for the newbies out there, Merrill Edge might just be your ticket to the investing big leagues, offering commission-free trades and customer service that actually makes you feel like a VIP.

Wondering about the price of admission to this financial fun park? Merrill Edge plays it cool with no sneaky fees for setting up, maintaining, or not touching your account. You can kick things off with a Self-Directed account without dropping a single dollar upfront. Want to dabble in some mutual funds? You might need to pony up at least $1,000 for certain ones. And if you’re eyeing a Merrill Guided Investing account, just $1 gets you in the door, but keep in mind, there’s a $5,000 minimum to get the full experience.

Peeking behind the curtain at Merrill Edge, you might wonder if there are any sneaky fees hiding in the shadows. Good news: Merrill Edge plays it pretty straight. They’re not about hiding extra charges under the rug. Sure, they do offer some fee-based services like guided investments, but that’s more of an opt-in scenario if you’re looking for a bit of hand-holding with your investments. For the self-directed warriors out there, you won’t see management or commission fees sneaking up on you.

Here’s the lowdown on what you might pay for:

Got a thing for non-NTF mutual funds? Each transaction will lighten your wallet by $19.95, making a round trip with a fund cost at least $40. And yes, dipping back into the same fund means the costs will add up.

Thinking of moving your whole account to another company? That’ll be $49.95, please. Not every broker will ask you for this, but Merrill Edge does.

Sending a wire? That’s $24.95 per send-off.

Got government securities to transfer? That’s a more unique fee at $125, a special courtesy of Edge and Lynch.

Voluntarily reorganizing securities costs you $30.

Using a Merrill Edge debit card abroad? They’ll take 2% of all your foreign transactions.

ATM fees won’t get refunded by Merrill Edge. If you find yourself at a non-Bank of America ATM, you might see a small charge that wouldn’t be there with, say, a TD Ameritrade debit card. Regular use of Edge’s card at ATMs could see those fees adding up.

Fancy a paper trail? Paper statements are $5 a pop, and each trade confirmation is $3. Merrill Edge is all about that digital life, but they’ll send paper your way for a fee.