Available nationwide with the ability to open online, Bank of America's Merrill Edge is offering up to a $1000 welcome bonus when you open a new Merrill Edge Self-Directed account and make an initial deposit.
The standard promotion is $600; however, BOA Preferred Rewards members get a boost as outlined in the requirements below.
How To Earn The Bonus
The Bank of America Merrill Edge Self-Directed promotion requires you to deposit and maintain a minimum balance in order to earn the up to $1000 bonus.
Full requirements to receive this bonus are:
- Open a new Self-Directed Trading account from Merrill Edge using promo code "1000PR".
- Within 45 days, fund your account with new money from outside Bank of America. To earn a $100 bonus, deposit $20,000-$49,999; To earn a $200 bonus, deposit $49,999-$99,999; To earn a $400 bonus, deposit $100,000-$199,999; To earn a $1000 bonus, deposit $250,000 or more.
- Maintain that balance for at least 90 days.
- Be enrolled in Preferred Rewards as of 90 days from meeting the funding criteria.
- Bonus will be deposited within two weeks following the end of the 90 day period.
The fine print
- Assets transferred from other accounts at Bank of America, MLPF&S, Bank of America Private Bank, or 401(k) accounts administered by MLPF&S do not count towards qualifying net new assets.
- You must enroll during account opening by entering the offer code in the online application or by providing it when speaking with a Merrill Edge Financial Solutions Advisor™ at 888.MER.EDGE (888.637.3343) or at select Bank of America financial centers.
- You maintain your Preferred Rewards status if you have an active, eligible Bank of America® personal checking account and maintain a qualifying three-month combined average daily balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier in your combined qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans).
- If you are not enrolled in Preferred Rewards as of 90 days after funding, you will receive the following cash reward: qualifying net new assets of $20,000 to $49,999 receive $100; for $50,000-$99,999, receive $150; for $100,000-$249,999, receive $250; for $250,000 or more, receive $600.
How does this investment offer from Bank of America compare?
To help you determine how this bonus stacks against the rest, here are some of the most popular offers available right now:
- up to $700
- Account Type
- Expires In
- 10 days
- Min Balance
Why Bank of America?
Bank of America is one of the "big four" banks in the United States, and is headquartered in Charlotte, but operates in more than 35 countries around the world. Merrill Investing also falls under the Bank of America umbrella, and between the two brands, you can find nearly any financial product you'd want: checking and savings accounts, home and auto loans, HSAs, business products, credit cards, CDs, money market accounts, IRAs, and more.
Their online and mobile tools offer a solid digital experience with alerts, mobile check deposits, spending charts, easy card replacement requests, digital wallets and more. Customers also tend to rank their service favorably, with convenient support hours and real humans on the other line.
The trade off to a plethora of banking products, a huge network of physical locations and ATMs, and a well-reviewed digital experience are the same as most of the other big banks: don't expect wow-ing interest rates. Plus, you'll want to be sure to avoid their penalty fees, which are steep and can be harsh. For example, their overdraft fee is $35, and their policy allows them to charge it as often as 4 times each day.
Merrill Edge Self-DirectedMerrill Edge is the investment arm of Bank of America. One of their services is Self-Directed trading which allows you to manage your own investments. Like many other investment platforms these days, this comes with unlimited $0 online stock and ETF trade commissions, $0 balance minimums and $0 annual fees.
Merrill Edge Self-Directed does not charge a monthly fee.
Bank of America Locations
You may sometimes be required to visit a branch in-person to take advantage of a welcome offer. Or, you may just prefer the convenience of banking with institutions that have locations near you.
Get a better idea of how well Bank of America can serve you by checking out their branches closest to your area:
22 Main St
Southington, CT 06489
4671 W Irving Park Road
Chicago, IL 60641
One Clinton Square
Syracuse, NY 13202
205 North Parrott Avenue
Okeechobee, FL 34972
2608 Pleasant Hill Road
Duluth, GA 30096
7515 Greenville Avenue
Dallas, TX 75231
2150 Harkrider Street
Conway, AR 72032
1160 Shermer Road
Northbrook, IL 60062
1313 N.W. 36th Street
Miami, FL 33142
700 8th Avenue West
Palmetto, FL 34221
1011 Federal Road
Houston, TX 77015
574 East Woolbright Road
Boynton Beach, FL 33435