Merrill Edge bonus?

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fittan
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Merrill Edge bonus?

Post by fittan »

Hi, current offer to sign up for a ME account is $250 for $100K and $600 for $200K. I think they have promotions in the past with 50% more bonus? Does anyone know if this extra bonus will come back?
sailaway
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Re: Merrill Edge bonus?

Post by sailaway »

fittan wrote: Wed Aug 26, 2020 2:12 pm Hi, current offer to sign up for a ME account is $250 for $100K and $600 for $200K. I think they have promotions in the past with 50% more bonus? Does anyone know if this extra bonus will come back?
No one knows. If there is anyone at Merril who knows, they probably aren't allowed to tell you.

The offer you are seeing is pretty much their standard offer. The higher amounts were very limited time and the only time I have seen them that high.
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FrugalProfessor
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Re: Merrill Edge bonus?

Post by FrugalProfessor »

This looks live for new accounts: https://www.merrilledge.com/offers/1000offer
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cashmoney
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Re: Merrill Edge bonus?

Post by cashmoney »

fittan wrote: Wed Aug 26, 2020 2:12 pm Hi, current offer to sign up for a ME account is $250 for $100K and $600 for $200K. I think they have promotions in the past with 50% more bonus? Does anyone know if this extra bonus will come back?


You didn't ask this but i was speaking to my local Ameritrade rep last week to see if she had a secret stash of transfer promotions and she said there may be some special bonuses available starting in Sept. that had something to do with building awareness for the Scotttrade merger.Will see.
MikeG62
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Re: Merrill Edge bonus?

Post by MikeG62 »

FrugalProfessor wrote: Wed Aug 26, 2020 2:50 pm This looks live for new accounts: https://www.merrilledge.com/offers/1000offer
OP, here is the bonus you were looking for. Says it expires on 9/19, but I would not wait. Who knows if it gets pulled early. This is as good as I've seen it. FWIW, I did two $200K transfers (one for CMA and the other an IRA) for a $900 bonus on each one back in February (bonuses posted in early June). Very easy and no hard sell by ME either.
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Jack FFR1846
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Re: Merrill Edge bonus?

Post by Jack FFR1846 »

Check out Ally Invest.

Your Bonus
Deposit or Transfer
$3,500 $2MM+
$2,500 $1MM - $1.99MM
$1,200 $500k - $999.9k
$600 $250k - $499.9k
$300 $100k - $249.9k
$200 $25k - $99.9k
$50 $10k - $24.9k

You have to leave the funds there for a year.

https://www.ally.com/go/invest/promotio ... lsrc=aw.ds
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smitcat
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Re: Merrill Edge bonus?

Post by smitcat »

fittan wrote: Wed Aug 26, 2020 2:12 pm Hi, current offer to sign up for a ME account is $250 for $100K and $600 for $200K. I think they have promotions in the past with 50% more bonus? Does anyone know if this extra bonus will come back?
Have no idea if the larger bonus we received more than a year back will come back.
On larger than $1M they gave $2,500 right around April of this year - for either 401K or regular accounts that remain for 9 months or more.
mindboggling
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Re: Merrill Edge bonus?

Post by mindboggling »

A few months ago I moved most of my life savings to Schwab and got a $2500 bonus. I think I have to leave the funds there for one year, but that's no problem.
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Topic Author
fittan
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Re: Merrill Edge bonus?

Post by fittan »

FrugalProfessor wrote: Wed Aug 26, 2020 2:50 pm This looks live for new accounts: https://www.merrilledge.com/offers/1000offer

Wow this is great. I did a google search but this $1000 offer didn't even show up in any results. Thanks fellow BH.

My end goal is to sign for BOA Preferred Rewards with a BOA Travel Rewards credit card. Should I setup the ME account first or sign up for Preferred Rewards first? Thanks.
BuddyJet
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Re: Merrill Edge bonus?

Post by BuddyJet »

fittan wrote: Thu Aug 27, 2020 8:52 am
FrugalProfessor wrote: Wed Aug 26, 2020 2:50 pm This looks live for new accounts: https://www.merrilledge.com/offers/1000offer

Wow this is great. I did a google search but this $1000 offer didn't even show up in any results. Thanks fellow BH.

My end goal is to sign for BOA Preferred Rewards with a BOA Travel Rewards credit card. Should I setup the ME account first or sign up for Preferred Rewards first? Thanks.
Per the link below, you also need a checking account for preferred rewards. It says to set up accounts, wait until they qualify and then enroll in rewards.

https://www.bankofamerica.com/preferred-rewards/
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vm81
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Re: Merrill Edge bonus?

Post by vm81 »

Does anyone know how long you have to wait after closing merrill account to reopen and qualify for the promotion?
NewMoneyMustBeSmart
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Re: Merrill Edge bonus?

Post by NewMoneyMustBeSmart »

cashmoney wrote: Wed Aug 26, 2020 2:58 pm
fittan wrote: Wed Aug 26, 2020 2:12 pm Hi, current offer to sign up for a ME account is $250 for $100K and $600 for $200K. I think they have promotions in the past with 50% more bonus? Does anyone know if this extra bonus will come back?


You didn't ask this but i was speaking to my local Ameritrade rep last week to see if she had a secret stash of transfer promotions and she said there may be some special bonuses available starting in Sept. that had something to do with building awareness for the Scotttrade merger.Will see.
I am in the process of bonus optimizing by moving assets about.

TD Ameritrade offered the weakest bonus for 'retention.' They offer $2500 to bring in $1M but far, far less to keep that amount. Or more precisely for substantially more than that, they only offered $2500 to keep for a year.

I built a sheet:

https://imgur.com/SQprreR

With ML, Chase, and M1 you can get an extra 1% APR equivalent by my math.
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SlowMovingInvestor
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Re: Merrill Edge bonus?

Post by SlowMovingInvestor »

vm81 wrote: Fri Aug 28, 2020 3:50 pm Does anyone know how long you have to wait after closing merrill account to reopen and qualify for the promotion?
Here is what they say

For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 52 weeks

Given that there is a 180 day delay before they credit, I'm guessing that they have a lookback period of 26 weeks, although I am not sure how much that's enforced.
vm81
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Re: Merrill Edge bonus?

Post by vm81 »

SlowMovingInvestor wrote: Fri Aug 28, 2020 5:20 pm
vm81 wrote: Fri Aug 28, 2020 3:50 pm Does anyone know how long you have to wait after closing merrill account to reopen and qualify for the promotion?
Here is what they say

For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 52 weeks

Given that there is a 180 day delay before they credit, I'm guessing that they have a lookback period of 26 weeks, although I am not sure how much that's enforced.
Thank you for sharing that. I just wonder if thats for existing accounts/customers OR they even look back at past customers.

I guess the only way to be sure is if someone who has done this shares their experience. Dont want to move over $200k and then after 180 days find out that I am SOL.
core4portfolio
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Re: Merrill Edge bonus?

Post by core4portfolio »

Do I qualify if i need to transfer my roll over ira from fidelity to BOA Merrill ?

Also, do i need to maintain the cost basis since its rollover ira ?
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SlowMovingInvestor
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Re: Merrill Edge bonus?

Post by SlowMovingInvestor »

core4portfolio wrote: Fri Aug 28, 2020 5:33 pm Do I qualify if i need to transfer my roll over ira from fidelity to BOA Merrill ?

Also, do i need to maintain the cost basis since its rollover ira ?
Yes, IRA"s should qualify. I don't see any reason why you would need to maintain cost basis.
ChiKid24
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Re: Merrill Edge bonus?

Post by ChiKid24 »

SlowMovingInvestor wrote: Fri Aug 28, 2020 5:53 pm
core4portfolio wrote: Fri Aug 28, 2020 5:33 pm Do I qualify if i need to transfer my roll over ira from fidelity to BOA Merrill ?

Also, do i need to maintain the cost basis since its rollover ira ?
Yes, IRA"s should qualify. I don't see any reason why you would need to maintain cost basis.
Just a heads up I spoke with someone at ME yesterday to confirm the two accounts I funded (an existing CMA and a new IRA) were eligible. The rep said that the link showing the $1,000 bonus was a targeted offer and was never meant to be shared publicly. He even mentioned that he heard it was shared on a finance website! He acknowledged that the offer website doesn't say anything about it being targeted and told me they would honor the deal.

All that being the case, here is what I would recommend.
1) Apply using the direct link on the offer website
2) Call the 888 number and speak with the rep to confirm you can get the offer. In my case, they had to create an offer exception for both accounts
3) Begin funding the accounting with cash or in-kind securities from another broker. I used it to move part of my IRA and close out a Wealthfront account that has been bugging me

If you are seriously considering going after this offer/bonus, I would do it ASAP. Given the comment from the rep, my guess is that they are looking to pull the offer page down to prevent non-targeted people from accessing.
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Re: Merrill Edge bonus?

Post by sycamore »

ChiKid24 wrote: Fri Aug 28, 2020 6:17 pm
SlowMovingInvestor wrote: Fri Aug 28, 2020 5:53 pm
core4portfolio wrote: Fri Aug 28, 2020 5:33 pm Do I qualify if i need to transfer my roll over ira from fidelity to BOA Merrill ?

Also, do i need to maintain the cost basis since its rollover ira ?
Yes, IRA"s should qualify. I don't see any reason why you would need to maintain cost basis.
Just a heads up I spoke with someone at ME yesterday to confirm the two accounts I funded (an existing CMA and a new IRA) were eligible. The rep said that the link showing the $1,000 bonus was a targeted offer and was never meant to be shared publicly. He even mentioned that he heard it was shared on a finance website! He acknowledged that the offer website doesn't say anything about it being targeted and told me they would honor the deal.

All that being the case, here is what I would recommend.
1) Apply using the direct link on the offer website
2) Call the 888 number and speak with the rep to confirm you can get the offer. In my case, they had to create an offer exception for both accounts
3) Begin funding the accounting with cash or in-kind securities from another broker. I used it to move part of my IRA and close out a Wealthfront account that has been bugging me

If you are seriously considering going after this offer/bonus, I would do it ASAP. Given the comment from the rep, my guess is that they are looking to pull the offer page down to prevent non-targeted people from accessing.
FWIW, the 1000ME promo code has been "public" knowledge for several weeks -- see https://www.doctorofcredit.com/merrill- ... vestments/. A comment on that page indicates one person heard the same story from a ME rep about it being targeted. I signed up for the offer online and had no issues; I kept a screenshot of the page indicating I'm enrolled in the offer.

For sure do it ASAP just in case.
sycamore
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Re: Merrill Edge bonus?

Post by sycamore »

core4portfolio wrote: Fri Aug 28, 2020 5:33 pm Do I qualify if i need to transfer my roll over ira from fidelity to BOA Merrill ?

Also, do i need to maintain the cost basis since its rollover ira ?
core4portfolio - as SlowMovingInvestor indicated, IRAs do qualify. But I'm curious why you said "if i need to transfer" -- what did you mean?

If you're talking about needing to transfer more than one account in order to qualify for a bonus level, note that ME allows you to get a bonus for both a taxable and an IRA account. But they count the transferred assets on an account basis (not across accounts), so you couldn't transfer $20k to taxable and $30k to an IRA to qualify for the $50k bonus level.
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Callisto
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Re: Merrill Edge bonus?

Post by Callisto »

sycamore wrote: Fri Aug 28, 2020 8:40 pm
core4portfolio wrote: Fri Aug 28, 2020 5:33 pm Do I qualify if i need to transfer my roll over ira from fidelity to BOA Merrill ?

Also, do i need to maintain the cost basis since its rollover ira ?
core4portfolio - as SlowMovingInvestor indicated, IRAs do qualify. But I'm curious why you said "if i need to transfer" -- what did you mean?

If you're talking about needing to transfer more than one account in order to qualify for a bonus level, note that ME allows you to get a bonus for both a taxable and an IRA account. But they count the transferred assets on an account basis (not across accounts), so you couldn't transfer $20k to taxable and $30k to an IRA to qualify for the $50k bonus level.
When I called in two days ago, the rep said that they could manually credit you based on combining the two account balances, and that the bonus you'd receive would be split proportional to how much money you had in the two accounts.

That being said, I didn't actually end up going through with it, and only transferred one account. So I don't know if the rep was actually correct, though he did sound confident.
smitcat
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Re: Merrill Edge bonus?

Post by smitcat »

sycamore wrote: Fri Aug 28, 2020 8:40 pm
core4portfolio wrote: Fri Aug 28, 2020 5:33 pm Do I qualify if i need to transfer my roll over ira from fidelity to BOA Merrill ?

Also, do i need to maintain the cost basis since its rollover ira ?
core4portfolio - as SlowMovingInvestor indicated, IRAs do qualify. But I'm curious why you said "if i need to transfer" -- what did you mean?

If you're talking about needing to transfer more than one account in order to qualify for a bonus level, note that ME allows you to get a bonus for both a taxable and an IRA account. But they count the transferred assets on an account basis (not across accounts), so you couldn't transfer $20k to taxable and $30k to an IRA to qualify for the $50k bonus level.
Yes - exactly what happened with us. We could combine the 401K transfers and we could also combine any taxable accounts for purposes of the bonus but we could not combine a 401K transfer with any taxable account for the bonus.
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IlliniGuy
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Re: Merrill Edge bonus?

Post by IlliniGuy »

Callisto wrote: Fri Aug 28, 2020 9:10 pm
sycamore wrote: Fri Aug 28, 2020 8:40 pm
core4portfolio wrote: Fri Aug 28, 2020 5:33 pm Do I qualify if i need to transfer my roll over ira from fidelity to BOA Merrill ?

Also, do i need to maintain the cost basis since its rollover ira ?
core4portfolio - as SlowMovingInvestor indicated, IRAs do qualify. But I'm curious why you said "if i need to transfer" -- what did you mean?

If you're talking about needing to transfer more than one account in order to qualify for a bonus level, note that ME allows you to get a bonus for both a taxable and an IRA account. But they count the transferred assets on an account basis (not across accounts), so you couldn't transfer $20k to taxable and $30k to an IRA to qualify for the $50k bonus level.
When I called in two days ago, the rep said that they could manually credit you based on combining the two account balances, and that the bonus you'd receive would be split proportional to how much money you had in the two accounts.

That being said, I didn't actually end up going through with it, and only transferred one account. So I don't know if the rep was actually correct, though he did sound confident.
A few years ago I transferred both a Roth IRA account and a Rollover IRA account to ME and received a bonus for the combined balance, split pro-rats between the two accounts.
smitcat
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Re: Merrill Edge bonus?

Post by smitcat »

IlliniGuy wrote: Sat Aug 29, 2020 8:53 am
Callisto wrote: Fri Aug 28, 2020 9:10 pm
sycamore wrote: Fri Aug 28, 2020 8:40 pm
core4portfolio wrote: Fri Aug 28, 2020 5:33 pm Do I qualify if i need to transfer my roll over ira from fidelity to BOA Merrill ?

Also, do i need to maintain the cost basis since its rollover ira ?
core4portfolio - as SlowMovingInvestor indicated, IRAs do qualify. But I'm curious why you said "if i need to transfer" -- what did you mean?

If you're talking about needing to transfer more than one account in order to qualify for a bonus level, note that ME allows you to get a bonus for both a taxable and an IRA account. But they count the transferred assets on an account basis (not across accounts), so you couldn't transfer $20k to taxable and $30k to an IRA to qualify for the $50k bonus level.
When I called in two days ago, the rep said that they could manually credit you based on combining the two account balances, and that the bonus you'd receive would be split proportional to how much money you had in the two accounts.

That being said, I didn't actually end up going through with it, and only transferred one account. So I don't know if the rep was actually correct, though he did sound confident.
A few years ago I transferred both a Roth IRA account and a Rollover IRA account to ME and received a bonus for the combined balance, split pro-rats between the two accounts.
A few years ago the bonus amounts and rules were quite different for us - I would carefully check this as we just did a couple of transfers in March of this year and no combining was possible.
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BrandonBogle
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Re: Merrill Edge bonus?

Post by BrandonBogle »

smitcat wrote: Sat Aug 29, 2020 6:19 am Yes - exactly what happened with us. We could combine the 401K transfers and we could also combine any taxable accounts for purposes of the bonus but we could not combine a 401K transfer with any taxable account for the bonus.
How do you even do a 401k transfer (regardless of the # of them) from one institution to another? Does your (ex-)employer have 401k agreements with multiple financial institutions? That would be very rare vs. the more common IRA accounts pretty much anywhere and doing transfers between those.
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Re: Merrill Edge bonus?

Post by Lee_WSP »

Is Merrill Edge really worth it? I hear it's a fairly restrictive and possibly expensive platform compared to Fidelity. Anyone care to confirm or deny this?
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Re: Merrill Edge bonus?

Post by student »

Lee_WSP wrote: Sat Aug 29, 2020 10:35 am Is Merrill Edge really worth it? I hear it's a fairly restrictive and possibly expensive platform compared to Fidelity. Anyone care to confirm or deny this?
I think it is no more expensive that Fidelity. Stock and etf trades are free online.
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Re: Merrill Edge bonus?

Post by sailaway »

Lee_WSP wrote: Sat Aug 29, 2020 10:35 am Is Merrill Edge really worth it? I hear it's a fairly restrictive and possibly expensive platform compared to Fidelity. Anyone care to confirm or deny this?
DH moved his Roth account in kind and has done nothing with it since, same as he would have done with those funds if they were still at Fidelity. He doesn't even add anything there, because it is so easy to MBR within Fidelity. It may not be worth it for one stop investing, but for the bonus and cc boost, nothing could be worthier.
smitcat
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Re: Merrill Edge bonus?

Post by smitcat »

BrandonBogle wrote: Sat Aug 29, 2020 10:11 am
smitcat wrote: Sat Aug 29, 2020 6:19 am Yes - exactly what happened with us. We could combine the 401K transfers and we could also combine any taxable accounts for purposes of the bonus but we could not combine a 401K transfer with any taxable account for the bonus.
How do you even do a 401k transfer (regardless of the # of them) from one institution to another? Does your (ex-)employer have 401k agreements with multiple financial institutions? That would be very rare vs. the more common IRA accounts pretty much anywhere and doing transfers between those.
We sold our business and transferred our 401K to Merrill - in this case each one of our accounts got the bonus.
Topic Author
fittan
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Re: Merrill Edge bonus?

Post by fittan »

OP here. I just started the process of moving my funds from Fidelity over to ME. Like others said, this $1000 bonus is a targeted offer. When I spoke with ME rep, he had to get an approval from his manager to honor this promo.

I will be transferring in $150K in IRA and $50K in taxable. Like others said, usually ME will not combine both balance to get higher bonus. This means that "typically" I will only get $500 bonus for the IRA and $250 for the taxable. However the rep is able to make an exception to combine amounts but with a 12 month holding. Hence I will be getting my bonus after 12 month instead of 180 days which is fine by me.

I must say the ME rep is quite helpful. Not pushy...and patient in helping me setup online account and transferring funds over. Happy so far...let's see how this goes. Thanks again.
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Re: Merrill Edge bonus?

Post by Lee_WSP »

fittan wrote: Thu Sep 03, 2020 2:05 pm
I will be transferring in $150K in IRA and $50K in taxable. Like others said, usually ME will not combine both balance to get higher bonus.
Did you ask what date the "value" will be computed on? With swings like today, 150k could turn into 149k. Just wondering how they deal with the transfer of securities and change in value problem.
sailaway
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Re: Merrill Edge bonus?

Post by sailaway »

Lee_WSP wrote: Thu Sep 03, 2020 2:11 pm
fittan wrote: Thu Sep 03, 2020 2:05 pm
I will be transferring in $150K in IRA and $50K in taxable. Like others said, usually ME will not combine both balance to get higher bonus.
Did you ask what date the "value" will be computed on? With swings like today, 150k could turn into 149k. Just wondering how they deal with the transfer of securities and change in value problem.
They state clearly that it is the transferred value initially. As long as you transfer enough and don't withdraw anything, you get the bonus. If it falls below the target from the time you initiate the transfer and the time it is received, you will likely have an issue.
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