Merrill Edge Users - What Do You Use for Cash Management?

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LFKB
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Merrill Edge Users - What Do You Use for Cash Management?

Post by LFKB » Tue May 14, 2019 3:40 pm

I recently switched over from Vanguard to Merrill Edge. For others who use Edge, what did you choose for cash management and why?

These are the primary options which are available through Blackrock and Federated Funds (page 2).
https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

Thanks

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indexfundfan
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Re: Merrill Edge Users - What Do You Use for Cash Management?

Post by indexfundfan » Tue May 14, 2019 3:49 pm

In the IRA, I purchase ICSH. For taxable account, I don't leave any cash in the account.
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Earl Lemongrab
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Re: Merrill Edge Users - What Do You Use for Cash Management?

Post by Earl Lemongrab » Tue May 14, 2019 5:32 pm

I don't, or I'm not supposed to, have cash in investment account except for leftover bits (ETFs cause that in IRAs) or that which is designated for assignment. Cash is kept out at bank accounts.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

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whodidntante
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Re: Merrill Edge Users - What Do You Use for Cash Management?

Post by whodidntante » Tue May 14, 2019 7:47 pm

I use my fidelity CMA account.

atdharris
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Re: Merrill Edge Users - What Do You Use for Cash Management?

Post by atdharris » Wed May 15, 2019 8:29 am

Usually just SHV or something like that. I wish ME had better cash management options. That's my only issue with them.

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LFKB
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Re: Merrill Edge Users - What Do You Use for Cash Management?

Post by LFKB » Sun May 19, 2019 5:02 pm

Does anyone use any of the Blackrock or Federated fund options from this link?

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

PDX_Traveler
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Re: Merrill Edge Users - What Do You Use for Cash Management?

Post by PDX_Traveler » Sun May 19, 2019 5:39 pm

LFKB wrote:
Sun May 19, 2019 5:02 pm
Does anyone use any of the Blackrock or Federated fund options from this link?

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf
No, but I instead bought Vang. Tax-Exempt Bond (VTEB) with half and ICSH mentioned by another poster with the other half for the 'cash' and similar portion in our account.

pastel
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Re: Merrill Edge Users - What Do You Use for Cash Management?

Post by pastel » Sun May 19, 2019 6:28 pm

Merrill is pretty bad for cash management. Confusing platform and limited options. I keep cash in a separate high yield checking account (2%) and Chase (which allows you to purchase Vanguard's VMMXX for no fee).

An alternative is to use Merrill's brokered CDs, which have decent rates. But it's a hassle to have to rollover to a new CD and they're not as liquid as MMFs.

ChicagoBear7
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Re: Merrill Edge Users - What Do You Use for Cash Management?

Post by ChicagoBear7 » Mon May 20, 2019 2:44 pm

The Preferred Deposit option is good, if you have the $100k to initially open this product. You DO NOT need to maintain a $100k balance after it is open. It is a deposit at Bank of America with a 2.07% current interest rate. It is not a sweep vehicle, so you you have to call to make deposits or withdrawals - same day during market hours. However, it is a decent rate if you want to stay liquid and don't want to bother with a T-Bill ladder or take principal risk with a short term bond fund.

capjak
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Re: Merrill Edge Users - What Do You Use for Cash Management?

Post by capjak » Tue May 21, 2019 6:40 am

+1 ChicagoBear7

I am new to Edge and I also use the Preferred Deposit as it is at 2.07% and is FDIC insured. You have to call and have them purchase and sell the preferred Deposit $$ each time at no cost for the transaction (100,000 minimum as stated to open but after word can be lower and still get the rate).

sk658
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Re: Merrill Edge Users - What Do You Use for Cash Management?

Post by sk658 » Tue May 21, 2019 12:18 pm

I use BSV,ISTB, MINT, SPTS, VGSH. Merrill is bad for cash management. You need to keep a lot of money in Cash to leverage their mutual funds. Can't buy Vanguard money market fund either.

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