Merrill Edge Review

Though not built for adrenaline-fueled day trading, Merrill Edge Self-Directed is a great choice for investors focused on financial planning, asset allocation, and long-term wealth building.

With Merrill’s innovative “Stock Story” and “Portfolio Story” features, I was impressed by the broker’s ability to turn raw data into engaging narratives that empower long-term investors to make informed decisions with ease. Add to that a wealth of research powered by Bank of America Securities’ institutional-grade insights, and you’ve got a platform designed to provide clarity, confidence, and creativity.

Pros & Cons

Overall summary

Range of investments

What sets Merrill apart is its ability to evolve with you. Starting out, you’ll have access to core products that build a foundation – think stocks, ETFs, and mutual funds. As your portfolio grows, Merrill’s expanded offerings – like fixed-income and professionally managed accounts – help to diversify and optimize your portfolio for the long haul. While it could benefit from the addition of fractional shares and crypto, the platform’s true strength lies in its offerings that enhance long-term portfolios and support diversification.

Whether you own a business, need tax-efficient strategies, or prefer to set it and forget it, having the right account type and structure is key. Merrill offers a variety of account types to meet just about any financial need. For those ready to take charge, Merrill’s self-directed accounts are available for individuals, trusts, and corporations, giving you the flexibility to manage your investments your way. They even extend these offerings into retirement planning with options like SEP IRAs and other tailored solutions.

If doing it all yourself doesn’t sound appealing, Merrill has you covered with guided investing options. Automated portfolios start at just $1,000, while professionally managed portfolios are available with a $20,000 minimum – perfect for those who’d rather hand off the heavy lifting. And for those managing significant wealth, Merrill offers fully managed solutions for private clients and even family offices. We’re talking high net worth wealth management here, with tailored services to match.

Commissions and fees

These days, zero-dollar commissions on stocks and ETFs are the industry standard. Merrill follows suit here, making it a competitive option for most investors. However, the real story isn’t about the standard pricing – it’s about the perks they offer through Bank of America’s Preferred Rewards program.

Preferred Rewards: The real star of the show

Where Merrill really stands out is in its integration with Bank of America’s Preferred Rewards program. Eligibility starts with a three-month average combined balance of at least $20,000 across your Merrill investment accounts and Bank of America banking products. From there, the perks only get better:

• Investment discounts: Reduced pricing on advisory fees and other services.
• Credit card rewards: Boosted cash-back or travel rewards on eligible Bank of America credit cards.
• Higher savings yields: Enjoy better interest rates on money market and savings accounts.
• Priority support: Faster service and personalized experiences for top-tier members.

With tiers ranging from Gold ($20,000 balance) to Platinum Honors ($1 million+ balance), the program scales as your assets grow. For those already banking with Bank of America, this program isn’t just an added bonus – it’s a compelling reason to consider Merrill for your investments. In a world where pricing is largely standardized, these types of integrated perks can make all the difference.

Mobile trading apps

Merrill’s mobile app gets the big things right: a unified experience across platforms, institutional-grade research, and intuitive design. It doesn’t make you learn a new platform every time you want to access a different part of your financial world. Instead, it consolidates everything – banking, brokerage, and rewards – into one intuitive interface. You can toggle effortlessly between accounts, and the widget-style dashboard gives you at-a-glance access to your portfolio, watchlists, market movers, and more.

Merrill brings its institutional-grade research to your pocket, too. Tools like Stock Story and Fund Story provide in-depth analysis of stocks, ETFs, and mutual funds – transforming data into insights that are easy to digest. When checking on the markets, you’ll find quick views of the major indices, sector performance, and news. However, the absence of an economic calendar is a notable gap (something I’m surprised to see missing at many of the major brokerage firms).

I did find that Merrill has made some notable updates that add value to the mobile app experience:

• Life plan integration: The app helps you set and track your financial goals (think saving for a house or retirement), with tailored articles and tools to keep you on track.
• Unified digital experience: Consistency is key, and Merrill nails it. Whether you’re on the web or mobile, the experience feels seamless and familiar.
• Chatbot support: Need help navigating the app, researching a stock, or planning your next move? Ask a chatbot for quick assistance!

Other trading platforms and tools

Merrill’s tools seemed to be designed with one purpose in mind: empowering investors to make informed, goal-oriented decisions. While it may not cater to the adrenaline rush of active trading, the platform truly shines when it comes to thoughtful, long-term planning tools. I’m highlighting two of my favorites: the Dynamic Insights dashboard and the cutting-edge Retirement Calculator. Merrill goes beyond the basics to help you see the bigger picture with tools to help you understand where you and the market are now (and where you need to be).

Dynamic Insights: Your financial dashboard

Think of Dynamic Insights as your command center for all things investing. It removes any feelings of information overload and dynamically displays what you need to know, now (and some things you may not have realized you needed to know). This feature consolidates your portfolio, positions, and market performance into one clean, easy-to-navigate view, answering the three most important questions for any investor:

1. How am I doing? This section is all about your holistic portfolio. See a breakdown of your portfolio performance verus the market, asset allocation, income, and IRA contributions, as well as your overall financial impact.
2. How are my positions performing? This section drills into the details of your investments. Keep tabs on earnings, research, news, and even tax considerations tied to your holdings.
3. How is the market doing? This section is all about what’s happening in the markets. Assess market performance, sector breakdowns, economic events, and macro-level research – all in one spot.

This dashboard is an invaluable tool for getting a pulse on your financial picture and the markets. While it’s packed with insights, I did notice that the economic calendar did not display any upcoming FOMC meetings (this is when the Fed decides to adjust interest rates – it’s a pretty big deal).

Retirement Calculator: Your roadmap to the ultimate goal (retirement)

Ever wonder what your retirement number is? You know, the amount you need saved to reach the ultimate goal – retirement. For many, this number feels like a moving target, and let’s face it, the journey to get there can feel overwhelming. But one of the most important components of achieving that goal is often overlooked – Social Security. Yep, that thing that’s been deducted from your paycheck since your very first job. Merrill included it and more.

Here’s what makes it so impactful to me:

• Portfolio projections: You can model your portfolio across different market conditions—average, above average, and below average—so you’re prepared no matter what.
• Actionable savings plan: The tool breaks down what you need to do into simple, clear steps. Feeling overwhelmed by the big number? Don’t worry; Merrill hands you an action plan with monthly savings recommendations to close the gap.
• Customizable scenarios: Want to see how spending less (or saving more) impacts your retirement timeline? You can tweak and adjust assumptions to test out different scenarios until you find a plan that works for you.

Merrill doesn’t stop there. The platform boasts an impressive suite of tools designed to meet diverse investor needs, including MarketPro for active traders, portfolio analysis tools through its innovative story experiences, a robust collection of tax resources, and financial calculators to guide everything from Roth conversions and 401(k) rollovers to college savings planning.

Research

Merrill Edge Self-Directed doesn’t just raise the bar for research – it sets it. Their institutional-grade insights are some of the best in the business, and honestly, include some of my favorite research resources. These tools don’t just make high-quality information accessible; they transform complex data into actionable strategies that empower everyday investors. Whether you’re generating ideas, analyzing stocks, or crafting options strategies, Merrill’s research tools are thoughtfully designed to take the guesswork out of investing and understanding what is going on with the markets.

Finding and researching ideas, made easy

Merrill’s Idea Builder makes discovering investment opportunities feel less like hunting for a needle in a haystack and more like browsing your favorite streaming platform. You can screen for stocks, ETFs, and funds based on creative, forward-thinking themes like AI, sustainable investing, or aging populations. By combining traditional filters with innovative, thematic ideas, Idea Builder turns data into inspiration, helping you find opportunities that align with your interests and investment thesis.

Once you find a potential investment idea, the next step is to validate it. Merrill’s Stock Story and Fund Story tools take traditional research to the next level by presenting data in a visually engaging, story-like format. You’ll find the questions you should be asking asked and answered in a story-like format. For example, “What is this company or fund?” “How is performing?” “What do analysts say?” The experience simplifies key fundamentals, valuations, and performance metrics into intuitive visuals, making it perfect for new investors (or anyone who prefers to skip dense reports).

On the macro level, Merrill’s Global Research provides institutional-grade insights into global markets, sectors, and individual securities with unmatched depth and breadth. It’s the kind of research you can lose yourself in for hours (as I have, often). While the standalone reports can sometimes lean a bit heavy on the jargon, the quality and precision of the information are fantastic.

Options Strategy Assistant: Setting a new standard for options research tools

One standout feature in this year’s review of Merrill is the Options Strategy Assistant, a groundbreaking tool that has the potential to reshape how investors approach options trading. The complexity of data points, strategies, and risk factors involved with options trading can feel overwhelming and often leads to information overload. Merrill’s Options Strategy Assistant changes the game by seamlessly integrating education with execution, making options more accessible and actionable. As Merrill’s Clay Bobinger describes it, the tool offers an “intuitive option experience that combines trading and education and provides a guided path from ideation to execution.”

What sets this tool apart is its intent-focused design. Instead of relying on the jargon-heavy names of options strategies, it helps you answer and understand the questions that matter, like:

• Do you expect volatility to increase?
• Are you bullish? How bullish?
• Should you cap your gain potential or prioritize mitigating risks?

From there, the tool provides step-by-step guidance to help you analyze and select the best strategy for your expectations. It dives deep into the mechanics of each approach, offering features like hypothetical projections, net greeks, and volatility skew visuals. It doesn’t just hand you the data – it explains what it means and how to use it effectively.

The tool’s comprehensive and intuitive design makes it invaluable for traders of all levels. Beginners can use it to build confidence and learn the basics, while experienced traders can refine their strategies with advanced insights. No other brokerage offers such a cohesive, user-friendly approach to options trading education.

This isn’t just a feature; it’s a revolution in options trading. Innovative enough to push the entire brokerage industry forward, the Options Strategy Assistant earned the StockBrokers.com 2025 Annual Award for #1 New Tool – a recognition that’s not given lightly.

Education

Merrill gets it right with contextual tools and options education, making it easy to learn as you invest. That said, there’s still room for improvement in macro topics and the overall cohesiveness of its education platform. If you’re like me and enjoy learning while staying informed, the tools and resources here are worth exploring – but I’d love to see more depth in the future.

What stands out:

• Contextual learning: Merrill integrates education directly into the experience, like tooltips in the Options Strategy Assistant or explanations for blocked securities. This approach helps you learn as you go, which I find incredibly helpful.
• Options education: Merrill’s options resources are some of the best I’ve seen. From the Greeks to strategy-specific articles, everything is advanced yet approachable, making it great for anyone looking to deepen their options knowledge.
• Life stages guidance: The Guidance and Retirement Center is packed with calculators and articles tailored to major milestones, like retirement. I especially like the Social Security Calculator, which explores collection strategies in detail.
• Podcasts: I regularly listen to the Merrill Perspectives podcast, and it’s a great way to stay informed on market trends while learning about new financial topics.

Room for growth:

• Macro education: Merrill lacks foundational education on how the stock market works or key economic concepts, which could leave beginners at a disadvantage.
• Webinars and courses: The on-demand webinars and Morningstar courses are fine but not very engaging. Live webinars with Q&A could really enhance the experience.
• Stocks, funds, and fixed Income: These topics are covered, but only at a high level. Integrating more detailed, story-driven formats like Stock Story would add real value.

Customer service

To score Customer Service, StockBrokers.com partners with customer experience research firm Confero to conduct phone tests from locations throughout the United States. For this year's testing, 130 customer service tests were conducted over six weeks, with wait times logged for each call.

Customer service representatives were asked for assistance or details in several areas of broker services for prospective customers, including account opening, trading tools, apps, rollovers, active trading, and more. Here are the results for Merrill Edge.

• Average Connection Time: <1 minute
• Average Net Promoter Score: 8.3 / 10
• Average Professionalism Score: 8.0 / 10
• Overall Score: 8.44 / 10
• Ranking: 4th of 13 brokers

Banking services

Merrill, as part of Bank of America, offers a comprehensive suite of banking services that seamlessly integrates with its brokerage accounts, providing clients with a unified financial experience.

Banking Services Overview

• Comprehensive banking solutions: Clients have access to a full range of banking products, including savings and checking accounts, credit cards, and more, all under the Bank of America umbrella.
• Seamless integration: The unified platform allows for easy transfers between banking and brokerage accounts, enhancing the overall user experience.

Preferred Deposit Account

• High-yield savings option: The Preferred Deposit account offers a competitive interest rate, with recent rates around 3.67% APY as of February 4th, 2025.
• Minimum deposit requirement: A minimum initial deposit of $100,000 is required to open a Preferred Deposit account.
• Manual transfers: Deposits must be made in increments of at least $1,000, and funds need to be manually transferred back to your Merrill account for trading purposes.

Preferred Rewards Program

• Tiered benefits: The program offers four tiers – Gold, Platinum, Platinum Honors, and Diamond – based on combined balances in Bank of America deposit accounts and Merrill investment accounts.
• Eligibility criteria: A three-month combined average daily balance of $20,000 or more in qualifying accounts is required to join the first tier of the program.
• Exclusive perks: Members enjoy benefits such as credit card rewards bonuses, interest rate boosters on savings accounts, discounts on Merrill Guided Investing fees, and more.

Final thoughts

Merrill Edge Self-Directed delivers an exceptional platform for long-term investors seeking innovative tools, robust research, and seamless banking integration. While it may not be the best fit for active traders or those looking for deep macro education, it excels in empowering everyday investors with clarity and confidence.

Here are my top findings on Merrill Edge Self-Directed for 2025:

1. Industry-leading research tools: Merrill’s innovative tools, like Stock Story, Fund Story, and the Options Strategy Assistant, set the bar for intuitive and educational investing experiences. These tools simplify complex data while providing actionable insights, making Merrill a standout choice for investors at any level.
2. Seamless banking and brokerage integration: As part of Bank of America, Merrill offers a unified financial experience. The Preferred Rewards program adds extra value with benefits like higher savings rates, credit card bonuses, and investment discounts, making it ideal for those who want a comprehensive financial solution.
3. Commitment to innovation: Merrill’s focus on tools like Idea Builder and the Retirement Calculator showcases its dedication to disrupting the industry with user-centric solutions. These features go beyond traditional brokerage offerings, helping investors plan for the future with confidence and ease.

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What’s the difference between Merrill Lynch and Merrill Edge Self-Directed (formerly Merrill Edge)?

Merrill Lynch and Merrill Edge Self-Directed are both part of Bank of America but serve distinct purposes:

• Merrill Lynch: A traditional full-service brokerage focusing on affluent and emerging affluent clients. It offers personalized financial advisor services, prioritizing relationship-building and wealth management.
• Merrill Edge Self-Directed: A discount online brokerage (formerly known as Merrill Edge) designed for self-directed investors. It features $0 commissions on stock and ETF trades, no account minimums, and access to Merrill Lynch’s research and tools.

While both share resources and tools, Merrill Edge Self-Directed is tailored to independent investors who prefer managing their own portfolios.

Can I trust Merrill Edge?

Yes, Merrill Edge Self-Directed (formerly Merrill Edge) is a subsidiary of Bank of America and offers industry standard protections for your assets. Brokerage accounts are insured by the Securities Investor Protection Corporation (SIPC) up to $500,000, including $250,000 for cash, with additional coverage through Lloyd’s of London for claims exceeding SIPC limits. Bank deposits are also insured by the FDIC up to standard limits, ensuring your assets are protected against insolvency, though not market losses. Additionally, Merrill is regulated by FINRA and the SEC.

Is Merrill Edge good for beginners?

Merrill Edge Self-Directed (formerly Merrill Edge) is a strong platform for beginner investors, offering user-friendly tools like Stock Story, Fund Story, and Portfolio Story to simplify investing. However, it lacks features such as fractional share trading and paper trading accounts, which can be helpful tools for new investors.

How much money do you need to open a Merrill Edge account?

There is no minimum to open a Merrill Edge Edge Self-Directed account. Like other major brokerage firms, certain services do require a minimum account balance. The robo-advisor portfolio management requires a $1,000 investment, and fully managed advisory services with an advisor carries a $20,000 minimum.

About Merrill Edge

Launched in 2010 and headquartered in Charlotte, North Carolina, Merrill Edge Self-Directed is the self-directed trading arm of Bank of America. Merrill Edge Self-Directed's origins go all the way back to discount broker Quick & Reilly. Merrill Edge Self-Directed was originally created by Merrill Lynch, which became a subsidiary of Bank of America in 2008.

Merrill Edge 2025 Results

For the StockBrokers.com 2025 Annual Awards, announced on Jan. 28, 2025, all U.S. equity brokers we reviewed were assessed on over 200 different variables across seven areas: Range of Investments, Platforms & Tools, Research, Mobile Trading, Education, Ease of Use, and Overall.

StockBrokers.com also presented “Best in Class” awards to brokers in the following additional categories: Active Traders, Bank Brokerage, Beginners, Casual Investors, Customer Service, Futures Trading, High Net Worth Investors, Investor Community, Options Trading, Passive Investors, Retirement Accounts. A “Best in Class” designation means finishing in the top five brokers for that category.

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Our research team conducts thorough testing on a wide range of features, products, services, and tools for U.S. investors, collecting and validating thousands of data points in the process; this makes StockBrokers.com home to the largest independent database on the web covering the online broker industry. We test all available trading platforms for each broker and evaluate them based on a host of data-driven variables.

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Merrill Edge Self-Directed fees and features data

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In addition to meticulous annual data collection by our in-house analyst, every broker that participates in our review is afforded the opportunity to complete an in-depth data profile. We then audit each data point to ensure its accuracy.

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