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Top Merrill Lynch Competitors in 2026
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Merrill Lynch Competitors
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Merrill Lynch vs Self Directed Competitors: Fees
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
|
Charles Schwab
|
$0
|
$49.95 ($0 to sell)
|
$0.65 per contract
|
$0
|
$0
|
|
Robinhood
|
$0
|
na
|
$0 per contract
|
$0
|
$0
|
|
Firstrade
|
$0
|
$0
|
$0 per contract
|
$0
|
$0
|
|
Vanguard
|
$0
|
$20
|
$1.00 per contract
|
$25*
|
$25*
|
|
Merrill Lynch
|
$0
|
$0
|
$0
|
0.45%–2%+
|
0.45%–2%+
|
Merrill Lynch vs Self Directed Competitors: Services
Merrill Lynch Review
Read detailed review of Merrill Lynch Investment Service.
Charles Schwab vs Merrill Lynch Overview
If you’re considering opening a brokerage account at Charles Schwab or Merrill Edge, keep reading. We’re going to make a detailed comparison of these two firms and then make a recommendation.
Portfolio Management
Charles Schwab offers a robo-investing program with no advisory fee, although
accounts must maintain a sizeable cash allocation. Some of the ETFs in the portfolios are Schwab funds, which may raise some
eyebrows. And then there’s the $5,000 account minimum.
Merrill Edge does offer a robo-advisory service. The broker-dealer has Merrill Guided Investing,
which starts at 0.45% with a $1,000 minimum for growth-focused strategies. If you want access to an advisor, Merrill Guided Investing with Advisor starts at 0.85% with a $20,000 minimum for growth-focused strategies. This route can also connect clients with in-person help through Merrill and Bank of America locations.
Schwab gets the nod here.
Pricing
Equity transactions at Merrill Edge are $0.
At Charles Schwab stock and ETF trades are also $0 for all clients.
Using a human rep over the phone rather than a website to place a trade costs an extra $29.95 or 5.00% of principal, whichever is less, at
Merrill Edge. Charles Schwab clients generally pay $25 for this service.
An investment account at either firm carries zero on-going fees. Merrill Edge charges $49.95 to
close an IRA, while Charles Schwab does not charge an IRA termination fee. There is no minimum deposit at either
firm.
Charles Schwab is the better choice in this category.
Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Merrill Edge: Get $0 stock commissions at Merrill Edge.
Customer Support
Charles Schwab customers can reach out to a company associate around the clock. Merrill Edge also has customer-support availability around the clock through its support channels. We were disappointed in our testing to discover that this section no longer applies because Charles Schwab’s website does have an online chat feature, and Merrill also offers chat support on parts of its site.
Charles Schwab has a larger traditional branch network focused on investment clients. Merrill Edge also offers in-person help through Merrill offices and Bank of America financial centers, so it is not limited only to clients who pay extra for financial advice.
The victory in this category goes to Charles Schwab.
Mutual Funds and ETF’s
During our review, we found thousands of mutual funds at Merrill Edge, including both no-transaction-fee and transaction-fee funds.
Funds with a transaction fee cost $19.95 online on the buy, sell, or exchange side, or $29.95 if placed with representative assistance.
Charles Schwab has a broader mutual fund lineup, and it also delivers many more no-transaction-fee products through Schwab Mutual Fund OneSource.
Schwab can charge up to $74.95 to buy certain transaction-fee funds online, while some redemptions can cost up to $49.99.
Charles Schwab takes top honors here.
Trading Tools
Both brokers offer desktop platforms. Merrill Edge no longer imposes active trader requirements to access MarketPro, while Charles Schwab gives its software free to all customers. In fact, non-customers can trial some Schwab software and education tools.
One tool we especially liked at Charles Schwab, which Merrill Edge does not offer in the same way, was a simple browser-based trading experience. This would be great for beginners who don’t want to use a more complicated desktop program.
Both websites are well-designed and can be used to submit orders. Both websites also have trade bars, which are very competitive with each other in terms of quality and usefulness.
Charles Schwab seems to have the edge here.
Mobile Apps
Going from the old PC to the modern age where people expect to do things on-the-fly, Charles Schwab and Merrill Edge both offer platforms for phones and tablets. Charles Schwab also offers smartwatch support.
While trades can be placed on the Merrill app, the platform doesn’t provide the same market-media experience that Charles Schwab offers through Schwab Network and its broader mobile ecosystem. Charting on the Merrill app also isn’t nearly as strong as on Charles Schwab’s mobile platforms.
Merrill Edge underperforms again.
Banking Features
Merrill Edge customers can add checks and a Visa debit card to a brokerage account free of charge. This does not create a bank account. It remains an investment account with SIPC (not FDIC) insurance. Charles Schwab has a similar brokerage-linked setup, although Schwab also offers bank accounts through Schwab Bank.
Merrill Edge offers unlimited ATM fee rebates from Bank of America machines and limited refunds from non-Bank of America machines. Charles Schwab offers unlimited ATM fee reimbursement worldwide.
Merrill Edge automatically links eligible Bank of America accounts to a Merrill login, while Charles Schwab separates brokerage and bank relationships more than Merrill and Bank of America do.
Overall, it’s pretty even here.
Recommendation
Merrill Edge would be a good choice for Bank of America customers or investors who want a brokerage account that integrates closely with Bank of America banking services.
Charles Schwab would be the better option for frequent traders who need the most advanced
technology because its desktop platform thinkorswim is more sophisticated than Merrill’s software.
Updated on 3/22/2026.
Arthur Chachuna is a professional personal finance blogger, and the owner of Brokerage-Review.com.
He has been an avid investor for 25 years, and has a background in both applied math and programming.
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