Yup that is true. But if you need to top off the ME account balance to maintain the $100,000 minimum, then you might care. And if you hold an IRA at ME to meet the minimum it's not so easy to just to move some more funds in. Much easier to move some money into my otherwise dormant taxable brokerage account at ME.deltaneutral83 wrote: ↑Fri Jun 17, 2022 8:33 amAssuming you keep the required amount in a self directed Merrill investment account, why would one keep more than $1 in the required checking account? Who cares what the yield is?atdharris wrote: ↑Fri Jun 17, 2022 8:27 amThat's probably true for a lot of people. I'd move to Schwab or somewhere like that if BoA eliminated the credit card boosters. I thought about moving my checking there anyway but I like being able to move money instantly from BoA to Merrill if I need to.anon_investor wrote: ↑Fri Jun 17, 2022 6:22 amIf the 75% boost to CC cash back was eliminated, most of us would likely leave ME/BoA.MikeG62 wrote: ↑Fri Jun 17, 2022 6:15 am I'd direct one more frustration - this one piling on a bit to the Merrill Edge complaints immediately above.
I can find no money market fund at ME for excess cash providing any yield (at least not any other than one or two that require an initial investment above $100,000 - and who wants $100,000 in a MM fund earning 40bps these days anyway). Add on to that, ME's default for a cash is a deposit account (not a MM account) with a zero yield.
The bottom line is that if not for the BofA premium rewards card, I would not have an account at ME. Fidelity crushes them every which way imaginable.
This would not be an issue, but for the recent new lows from the market swoon.
I solved it (at least for now) by purchasing a small T-Bill (6-month yield of around 2.40%).