Unlock an exciting opportunity to boost your investment journey! Have you ever thought about getting a cash bonus simply for opening an investment account and funding it? Well, Merrill Edge often offers attractive promotions, and a $600 bonus could be within your reach. This comprehensive guide will walk you through the precise steps to potentially qualify for and claim such an offer.
Keep in mind that these offers are typically for new clients or new assets and have specific requirements, including funding amounts and holding periods. The key is to understand the terms and conditions meticulously.
How to Get $600 from Merrill Edge: A Step-by-Step Guide
Securing a bonus like the $600 offer from Merrill Edge involves careful attention to detail and adherence to their promotional terms. Let's break it down into manageable steps.
Step 1: Discover Current Merrill Edge Offers and Are You Eligible?
Before anything else, your first crucial step is to verify the existence of a current $600 offer and confirm your eligibility. Promotional offers change frequently, so what was available yesterday might not be today.
Sub-heading: Checking for Active Promotions
Visit the Official Merrill Edge Website: Always start with the primary source. Navigate to the "Offers" or "Promotions" section on the Merrill Edge website (merrilledge.com). Look specifically for new account bonuses or transfer offers.
Look for Specific Promo Codes: Many bonuses require a unique promotional code to be entered during the application process. Make sure to identify this code if one is listed for the $600 offer. A common code seen for such offers is 600ME.
Review the Fine Print: This is absolutely critical. Pay close attention to the terms and conditions associated with the offer. Key details to look for include:
Offer Period: When does the offer begin and end?
Eligibility: Is it only for new clients? Are existing clients with new assets eligible? Are there any restrictions based on your relationship with Bank of America or Merrill Lynch? (For instance, assets transferred from other Bank of America or Merrill Lynch accounts typically do not count as "new assets.")
Account Types: Which account types qualify? Typically, individual Merrill IRAs (Traditional, Roth, owner-only SEP IRA) and Cash Management Accounts (CMAs) are eligible. Business accounts, investment club accounts, partnership accounts, and certain fiduciary accounts are often excluded.
Geographic Restrictions: Is the offer available in your location?
Sub-heading: Confirming Your Eligibility
Merrill Edge bonuses are generally designed to attract new clients or new money to their platform.
New Client Status: If you've never had an account with Merrill Edge before, you're usually in the best position.
Net New Assets: Even if you're an existing client, some offers might apply if you bring new money or securities from outside the Bank of America/Merrill Lynch ecosystem. Assets transferred from other internal accounts often don't count.
Don't proceed without confirming that the offer is active and you meet the initial eligibility criteria.
Step 2: Choose the Right Account Type
Once you've confirmed an active $600 offer and your eligibility, the next step is to open a qualifying account. As mentioned, Merrill Edge typically extends these offers to specific account types.
Sub-heading: Eligible Account Types
Individual Merrill IRAs: This includes Traditional IRAs, Roth IRAs, and owner-only SEP IRAs. These are excellent options if you're looking to save for retirement with potential tax advantages.
Cash Management Accounts (CMAs): A CMA is a brokerage account with banking features, offering flexibility for managing your money and investments.
Note: The offer may apply to various Merrill Edge account types, including Self-Directed, Merrill Edge Advisory, Merrill Guided Investing, or Merrill Guided Investing with an Advisor. Ensure the offer explicitly states it applies to your chosen account.
Sub-heading: Considerations for Your Choice
Investment Goals: Are you saving for retirement, a down payment, or general investing? Your goals will influence whether an IRA or a CMA is more suitable.
Tax Implications: IRAs have specific tax rules, while CMAs are taxable brokerage accounts. Consult with a tax professional if you're unsure which is best for your situation.
Management Style: Merrill Edge offers self-directed accounts (where you make all the investment decisions) and managed accounts (where professionals manage your portfolio). The bonus offer might be tied to a specific management style.
Step 3: Open Your New Merrill Edge Account
This is where you initiate the formal process. Opening an account with Merrill Edge can be done online or with assistance.
Sub-heading: Online Application Process
Navigate to "Open an Account": On the Merrill Edge website, find the "Open an Account" button.
Select Your Account Type: Choose the eligible account type you decided on in Step 2 (e.g., "Individual IRA" or "Cash Management Account").
Start the Application: You'll be guided through an online application form. Have the following information ready:
Social Security Number (SSN) or Taxpayer Identification Number (TIN)
Date of Birth
Valid Mailing and Email Addresses
Employment Information (company name, address, start date)
General Financial Information (annual income, household net worth)
For IRAs: Beneficiary information.
Enter the Offer Code: This is a crucial step for securing the bonus. Look for a field that asks for a "Promo Code" or "Offer Code" during the application process. Carefully enter the $600 bonus code (e.g., 600ME). If you forget to enter it, you might not qualify for the bonus. If you're working with a Merrill Financial Solutions Advisor, explicitly tell them you want to enroll in the $600 bonus offer and provide the code.
Sub-heading: Assisted Account Opening
If you prefer, you can also open an account by:
Calling Merrill Edge: Speak to a Merrill Financial Solutions Advisor at their toll-free number (often 888.637.3343).
Visiting a Bank of America Financial Center: Some Bank of America locations have Merrill Edge advisors who can assist you.
Always ensure you explicitly mention the $600 bonus offer and the corresponding promo code during any assisted application.
Step 4: Fund Your Account with Qualifying Net New Assets
This is the most significant requirement for earning the bonus. Merrill Edge specifies a minimum amount of "qualifying net new assets" that must be deposited and maintained.
Sub-heading: Understanding "Qualifying Net New Assets"
Minimum Deposit: To earn the $600 bonus, you typically need to deposit $200,000 or more in qualifying net new assets. The bonus tiers usually look like this:
$20,000 to $49,999: $100 bonus
$50,000 to $99,999: $150 bonus
$100,000 to $199,999: $250 bonus
$200,000 or more: $600 bonus
Net New Assets Defined: This usually means cash or securities transferred from outside Bank of America, Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), U.S. Trust, or 401(k) accounts administered by MLPF&S. Essentially, it's money or investments that haven't been with their ecosystem before.
Timing is Key: You generally have a limited window, often 45 days from account opening, to fund your account with the qualifying assets.
Sub-heading: Methods of Funding
Electronic Funds Transfer (EFT): Link your external bank account to your new Merrill Edge account and initiate a transfer.
Wire Transfer: For larger amounts, a wire transfer can be a fast and secure option.
Account Transfer (ACATS): If you're transferring an existing investment account from another brokerage, you can initiate an ACATS transfer. This moves your securities directly to Merrill Edge. Remember to confirm that the assets being transferred are considered "net new assets" according to the offer terms.
Check Deposit: You can mail a check or deposit one at a Bank of America branch.
Ensure your total deposit meets or exceeds the $200,000 threshold for the $600 bonus.
Step 5: Maintain Your Qualifying Balance
Simply depositing the funds isn't enough; you need to keep them in the account for a specific period.
Sub-heading: The Holding Period
Most Merrill Edge bonus offers require you to maintain the qualifying net new assets for at least 90 days after funding your account.
Important: This balance is typically determined irrespective of any gains or losses due to trading or market volatility. So, even if your investments fluctuate, as long as your initial qualifying net new asset amount (adjusted for any withdrawals) stays above the threshold, you should be fine.
Avoid Withdrawals: To ensure you qualify, it's best to avoid any withdrawals from the account during this 90-day holding period. Any withdrawals could reduce your "net new assets" and jeopardize your bonus.
Step 6: Receive Your Cash Reward
If you've meticulously followed all the steps, the exciting part is next: receiving your bonus!
Sub-heading: When and How You'll Get It
Bonus Deposit Timeline: Merrill Edge typically deposits the one-time cash reward into your eligible IRA or CMA within two weeks following the end of the 90-day holding period.
Account Impact: If your account is enrolled in an investment advisory program (like Merrill Guided Investing), any cash reward deposited might be subject to program fees and other terms of that advisory program.
Step 7: Consider Preferred Rewards (Optional, but Beneficial)
While not directly tied to the $600 bonus requirement, if you have significant assets with Bank of America and Merrill, enrolling in the Preferred Rewards program can offer additional benefits.
Sub-heading: Enhancing Your Relationship
Preferred Rewards Tiers: This program offers tiers (Gold, Platinum, Platinum Honors, Diamond, Diamond Honors) based on your combined balances in eligible Bank of America deposit accounts and Merrill investment accounts.
Benefits: Higher tiers unlock various perks, including credit card rewards bonuses, discounts on loans, banking fee waivers, and more.
Eligibility for Preferred Rewards often starts at a $20,000 combined average daily balance. If your $200,000 deposit for the bonus means you now meet Preferred Rewards criteria, it's worth exploring.
10 Related FAQ Questions
Here are 10 frequently asked questions, starting with "How to," along with quick answers, to help you navigate Merrill Edge bonuses.
How to check if a Merrill Edge bonus offer is still active?
You should always visit the official Merrill Edge website's "Offers" or "Promotions" section, or call their customer service, to verify the current availability and terms of any bonus offer.
How to ensure my assets count as "net new assets" for the bonus?
Generally, "net new assets" refers to cash or securities brought into Merrill Edge from an institution outside of Bank of America, Merrill Lynch, or their affiliates. Assets transferred internally from other Bank of America or Merrill Lynch accounts typically do not qualify.
How to find the correct promo code for a Merrill Edge bonus?
The promo code (e.g., 600ME) is usually listed directly on the promotional offer page on the Merrill Edge website. Make sure to use the exact code specified for the offer you're pursuing.
How to open an eligible IRA account for the Merrill Edge bonus?
You can open a Traditional, Roth, or owner-only SEP IRA online through the Merrill Edge website by selecting the appropriate account type during the application process and entering the bonus code.
How to track my progress towards meeting the Merrill Edge bonus requirements?
While Merrill Edge typically tracks this internally, it's advisable to keep a record of your funding date and the amount deposited. You can also monitor your account balance through your online Merrill Edge portal.
How to withdraw money from my Merrill Edge account after receiving the bonus?
After the 90-day holding period and the bonus has been deposited, you can generally withdraw funds from your Merrill Edge account via electronic transfer, check, or wire transfer, subject to standard account rules and any tax implications.
How to determine if a Merrill Edge Cash Management Account (CMA) is right for me?
A CMA combines brokerage and banking features. It's suitable if you want to manage investments and daily cash flow within one account. Consider your spending habits and investment needs.
How to avoid disqualifying myself from a Merrill Edge bonus?
The most common pitfalls are not using the correct promo code, not depositing the full qualifying amount, or withdrawing funds before the required holding period ends. Always read and adhere strictly to the offer's terms.
How to contact Merrill Edge customer service for bonus inquiries?
You can typically reach Merrill Edge customer service by phone (look for the number on their website, often 888.637.3343) or through their online secure messaging system once you have an account.
How to qualify for other Merrill Edge benefits beyond the initial bonus?
Consider enrolling in the Bank of America Preferred Rewards program if you meet the combined balance requirements. This program offers ongoing benefits like credit card rewards bonuses, loan discounts, and fee waivers based on your overall relationship with Bank of America and Merrill.