Merrill Edge Review 2025
Bank of America's brokerage arm. Preferred Rewards integration makes it compelling for BofA customers—less so for everyone else.
The Bottom Line
Merrill Edge makes sense if you're already a Bank of America customer. The Preferred Rewards program offers real perks—bonus credit card rewards, waived fees, and priority service. The research from BofA Global Research is genuinely good.
For non-BofA customers, Fidelity and Schwab offer more for less integration complexity.
What Merrill Edge Does Best
Preferred Rewards Integration
Combined balances across BofA and Merrill unlock tiers of perks:
- Gold ($20K): 25% bonus on credit card rewards
- Platinum ($50K): 50% bonus on credit card rewards
- Platinum Honors ($100K): 75% bonus on credit card rewards
If you have significant balances and use BofA credit cards, the bonus multiplier adds real value.
Research Quality
BofA Global Research provides institutional-quality analysis. The research depth rivals Fidelity.
Banking Integration
Seamless transfers between BofA checking and Merrill brokerage. One login, one view of all accounts.
Where Merrill Edge Falls Short
No Standalone Value
Without BofA integration, Merrill Edge offers nothing special. Fidelity has better service; Robinhood has better app.
High Margin Rates
Around 10%+—typical for traditional brokers but worse than discount competitors.
No IRA Match
While competitors offer 2-3.5% IRA matching, Merrill offers nothing.
Who Should Use Merrill Edge
- Bank of America customers with $50K+ combined balances
- BofA credit card users wanting bonus rewards
- Those who value research and already bank with BofA
Who Should Look Elsewhere
- Non-BofA customers: No reason to choose Merrill
- Mobile-first traders: Robinhood is better
- IRA investors: Get matching elsewhere
The Verdict
Merrill Edge is a solid broker that becomes compelling only with Bank of America integration. If you're already in the BofA ecosystem with significant balances, the Preferred Rewards perks add genuine value. Otherwise, choose Fidelity.