What is a Merrill Edge Cash Management Account?

Merrill Edge is a brokerage company that provides robo-advisor services and various investing opportunities to financial consultants. It is part of the Merrill Lynch group of companies. 

Moreover, Merrill Lynch is now controlled by Bank of America. Thus, Merrill Edge is suitable for those who maintain accounts at BoA.

The Merrill Edge Cash Management Account has received numerous accolades recently. Merrill Edge is perfect for customers who invest in their computers and for those who may need access to extra support. It also offers high-quality customer service, various investment options, and an excellent desktop platform.

Merrill Edge CMA Services & Features

1. Self-Directed Trading 

Self-Directed Trading is the firm’s core brokerage service. This service provides all the benefits of the company’s research, a wide variety of investment choices, and much more in an easy-to-use package that is phenomenal for individual investors. It simplifies the market data within the platform itself, making it easy for new investors and beginners to make successful investments.

2. Merrill Edge MarketPro® 

Merrill Edge MarketPro is an investment research tool developed and designed by Merrill Edge to offer the best market insights. It is a desktop-centric platform available to customers with Merrill Edge Self-Directed Trading accounts. In addition, it features a flexible dashboard that allows you to include the most significant information. 

You can use price alerts, financial and investment news, interactive investment data and charts, and more. When you feel informed to pull the trigger on a mutual fund, ETF trade, or stock, you are ready to make the next move within MarketPro.

3. Merrill Edge Guided Investing 

Merrill Edge Guided Investing is an in-between gift from Merrill Edge that amalgamates the benefits of a financial expert and builds a personal investment portfolio into one.

Customers can check the performance of their portfolio and choose a risk-adjusted investment strategy while a team of experts at Merrill checks their account and accordingly rebalances it. The annual fee is 0.45%, and the minimum required investment is $5,000.

4. Merrill Edge Financial Advisors

It can be challenging to move directly into investing if you don’t have any prior experience. Financial experts can work directly with an investment expert to build a portfolio incorporating long-term financial planning. 

The company needs a minimum investment of $2,000, which includes an annual management fee of 0.85%.

5. Mobile Experience 

The success of the Merrill Edge trading platform has transferred to its mobile application. More significantly, applications appearing in the Apple Store have a strong rating of 4.6 for Android.

Merrill Edge Cash Management provides all the basics of a brokerage application. You can see your whole portfolio, see how your investments are growing, and make new money deposits and investments. Merrill has added fewer new features that could shuffle the script on ratings. 

The most crucial update is the potential for customers to fabricate their own dashboards that keep all their priorities in a single frame. Moreover, you can access interactive heat maps and charts that provide securities-related insights.

6. Customer Support 

Merrill Edge Cash Management Account has four distinct routes that customers can use to access customer support services. For better support, you can contact 888-637-3343 or email ContactME@ml.com, or you can visit the company’s website to set up a meeting with a bank representative online, either via callback or in person. 

There are various financial centers all around the nation, which you can stop by if needed, as Merrill Edge is affiliated with Bank of America.

Who is Merrill Edge For?

Merrill Edge’s lack of mobile Trading overpowers it more than it offers via an online trading platform, making this brokerage an excellent choice for anyone who loves investing from a laptop or desktop computer.

Merrill Edge Cash Management Account offers tremendous customer service. The platform must be more appealing if you need assistance 24/7.

Merrill Edge is under the ownership of Bank Of America, giving it a substantial physical presence across the U.S. having branches in Washington D.C. and 32 states: Arkansas, Arizona, Colorado, Connecticut, California, Delaware, Florida, Georgia, Indiana, Illinois, Kansas, Michigan, Massachusetts, Maine, Maryland, Missouri, Minnesota, Nevada, New York, New Mexico, New Hampshire, New Jersey, North California, Oregon, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Texas, Tennessee, Virginia, Washington, and Washington D.C.

Merrill Edge Cash Management Account Interest Rate

Merrill Edge provides up to a 4.2% interest rate on USD uninvested funds.

• The account interest rate offering is below average compared to what other brokers pay on the USD funds.
• Check the best brokers for interest rates to find brokers that provide the most alluring rates.
• Earning interest via a brokerage account on uninvested cash is a low-risk and beneficial way to preserve money value. However, you can see necessary differences among brokers regarding the interest rate. Some documents do not pay anything, while some (brokers) pay higher rates than banks.

Let’s consider two factors considering interest rates:

1. What are the interest rates? The higher, the better.

2. Are there any conditions? There are two cases or conditions: Interest rate: you can earn $10,000, and maximum earning interest. Brokers that provide interest rates on low amounts, without any terms and conditions for better rating.

The interest earned on uninvested cash in a brokerage account may differ depending on various factors; therefore, you should always check the conditions that apply.

Minimum balance requirements, account type, and account size are crucial factors that influence the interest rate you’ll get.

Merrill Edge Cash Management Account Compared with Main Competitors 

Merrill Edge Cash Management Account Fees

Unlike other Brokerage accounts, Merrill Edge has a low-cost trading fee schedule. ETFs, stocks, and other investment options are available for $0/trade. 

• No minimum deposit is required to open a Merrill Edge Cash Management Account, and it doesn’t charge annual account fees. 

• Bank of America Rewards members in the Platinum or Platinum Honors category can access the company’s proprietary Merrill Edge MarketPro® investment research service.
• The average balance required to become a Platinum member is $50,000, and if anyone surpasses $100,000 will be upgraded to a Platinum Honors category.

Pros and Cons of Merrill Edge Cash Management Account 

Pros

• Integrated with Bank of America
• Robust third-party research
• High-order execution quality

Cons

• Low interest rates on uninvested cash
• Advanced traders might find fewer securities in offerings

What Else?

Merrill Cash Management Account offers a wide variety of offerings to investors seeking a broker to join forces. Aside from its low mobile trading application and unrealistic requirements for being eligible for specific benefits, Merrill Edge has everything that an investor wants. 

You can even consider investing in Merrill Edge if you’re a beginner or new investor after considering all their pros and cons, minimum deposit, interest rate, and account fees to find the best of all.

For more information and expert advice, stay tuned with us!

Happy Investing!