Bank of America Brokerage: Key Points
• Through its wholly owned subsidiary Merrill Lynch, Pierce, Fenner & Smith Incorporated, Bank of America offers self-directed and investment-advisory accounts.
• A broad range of tradable products can be accessed through a brokerage account with Merrill Edge.
• Merrill Edge has decent but not outstanding digital trading tools.
Overview of Brokerage Accounts at Bank of America
Bank of America owns Merrill Lynch, Pierce, Fenner & Smith Incorporated, and through this subsidiary, it offers a variety of investment accounts. Here’s the rundown on Merrill’s investing services.
Investing
Investment-advisory and brokerage accounts are both available through Merrill. Merrill Edge is the brand used for the company’s self-directed brokerage service and certain lower-cost advisory programs. Merrill Edge offers trading in the following asset classes:
- Stocks, including some OTC securities, although restrictions apply to low-priced securities
- Options contracts
- Mutual funds
- ETFs
- Closed-end funds
- Bonds and other fixed-income products
Merrill Guided Investing portfolios can use ETFs and mutual funds. It is not strictly a robo program because Merrill investment professionals make portfolio-construction and investment-selection decisions. Full-service managed accounts are available through Merrill Wealth Management, where clients can receive services such as personalized financial planning from a dedicated advisor.
Both Merrill and Merrill Edge offer a variety of tax-advantaged accounts. Examples include 529 plans, Individual Retirement Accounts, small-business 401(k) plans, and custodial accounts.
Banking
Merrill Edge customers can add check-writing privileges and a Visa debit card to eligible brokerage accounts. These cash-management tools don’t create a separate bank account; they are attached to an existing brokerage account. Some tax-advantaged accounts don’t qualify for them.
Eligible brokerage accounts at Merrill can participate in the company’s FDIC-insured sweep program, which automatically moves uninvested cash into deposit accounts at Bank of America, N.A., and Bank of America California, N.A. Standard Merrill Lynch Bank Deposit Program tiers for balances below $1 million pay 0.01% APY, while eligible accounts in certain advisory programs receive a 3.15% APY tier. Rates are variable, and FDIC insurance applies only up to the applicable limits.
A variety of money market mutual funds are available at Merrill from fund families such as Fidelity and BlackRock.
It’s possible to bypass the combined investment-and-banking setup and open a checking or savings account directly with Bank of America. Eligible Bank of America deposit accounts can be linked to Merrill accounts, making it easy to view the accounts together and transfer money between them. Bank of America credit cards may also appear in the connected account view, but credit-card accounts are not eligible for direct transfers to or from Merrill investment accounts.
Bank of America Brokerage Account Fees
Despite the long list of financial services available through this very large company, fees and minimums are quite reasonable, at least at the discount firm. Merrill Edge requires no minimum deposit to open a self-directed brokerage account, and online trades of stocks, ETFs, and options have no base commission. Options trades are subject to a $0.65-per-contract fee, and other fees may apply.
A Merrill Guided Investing account has a $1,000 minimum for growth-focused strategies and a $50,000 minimum for income-focused strategies. The program costs 0.45% per year. Merrill Guided Investing with Advisor has a $20,000 minimum for growth-focused strategies and a $50,000 minimum for income-focused strategies, with an annual program fee of 0.85%.
Fees at the full-service Merrill business are different. Brokerage accounts pay between 0.50% and 5.0%
per transaction for stock trades, depending on the total amount of the transaction. Options and bonds
have similar principal-based costs. Advisory solutions typically cost less than 1.75% of assets and have a variety of minimums, which could be $100,000 for some programs.
The checkbook and Visa card available to eligible Merrill Edge customers are free. Merrill charges a $0 ATM transaction fee for its CMA Access Visa card. However, an ATM operator may impose a separate surcharge when a non-Bank of America ATM is used.
Margin Service
Margin trading is available in eligible brokerage accounts at Merrill. The downside of this service is that the
pricing schedule is among the most complicated in the industry. The cost of borrowing is determined by three
factors:
- A base lending rate, which resets every week
- The account’s debit balance
- Total household assets held within the Bank of America and Merrill relationship
Website
Brokerage and advisory accounts can easily be managed on the Merrill Edge website. Self-directed tools include charting, security research, and order entry. Under the Research tab in the top menu, there are links to screening tools for options, stocks, and funds. The options tools are advanced.
Then there is MarketPro. This is Merrill Edge’s advanced browser-based platform, which delivers a large number of useful resources. Examples include Level II quotes, fundamental analysis, OptionsPlay, prices on forex pairs, which are not tradable, an economic calendar, and more.
The order tickets on the website and MarketPro are similar. Available order types include stop and trailing-stop orders.
Mobile App
Merrill Edge hasn’t forgotten about the needs of mobile customers, which is why it offers a user-friendly mobile app. The app supports trades of stocks, ETFs, mutual funds, and options. Options and mutual funds have their own order tickets. The app also provides real-time streaming quotes, heat maps, and interactive charts. There’s no video news.
On the upside, there is a great deal of research on the app. These materials can be found under the Research tab in the bottom menu. During our review, we found news articles, analyst reports from CFRA and Morningstar, and trading statistics such as dividend yield and average volume. There is also a glossary that may be valuable to beginners. Mobile check deposit is another useful feature.
Other Software
Merrill Edge does not have an Apple Watch app or a downloadable desktop trading platform. Its mobile app does work on tablets, which is one advantage.
Further Services
Extended-Hours Trading: Pre-market and after-hours trading are both available at Merrill Edge.
Fractional Shares: Missing in action.
IRA Service: Merrill Edge offers Individual Retirement Accounts with a $49.95 closeout fee or full-account transfer fee.
Dividend Reinvestment Plan: Available free of charge.
Stock-Lending Income Program: Not available.
IPO Access: Merrill Edge does not offer Initial Public Offerings.
Recurring Mutual Fund Purchases: Available.
Our Recommendations
Long-Term Investors & Retirement Savers: A tax-deferred account with Merrill or Merrill Edge, combined
with the company’s educational materials, could be a good option for long-term investing.
Stock and ETF Trading: A brokerage account with Merrill Edge, combined with MarketPro, would be a
low-cost strategy, although thinkorswim
is a better platform.
Small Accounts: A self-directed account with Merrill Edge will work.
Beginning Investors: Consider a managed account with Merrill or a lower-priced personal advisor.
Mutual Funds: With the Merrill Edge fund screener, we found 2,619 funds. At
Charles Schwab, we found 6,157.
We would go with Charles Schwab.
Bank of America Brokerage Review Verdict
Bank of America offers decent, although not spectacular, investing services through its Merrill subsidiary.
Updated on 6/18/2026.
Chad Morris has been analyzing investment firms for Brokerage-Review.com since 2015. Backed by FINRA Series 65, 66, and SIE credentials, his work reflects a deep knowledge of the retail brokerage industry and digital trading tools.
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