Merrill Edge Brokerage: Up To $1,000 Cash Bonus Signup Bonus for Moving Over your Investments

Update 5/4/24: Available again

The Offer

Direct Link to offer| another link

  • Open a new Merrill Edge account with promo code 1000PR and transfer between $20,00 and $250,000 in assets to get the following bonus tiers:
    • Transfer $250,000 or more and get a $1,000 bonus (standard is $600)
    • Transfer $100,000 or more and get a $400 bonus (standard is $250)
    • Transfer $50,000 or more and get a $200 bonus (standard is $150)
    • Transfer $20,000 or more and get a $100 bonus (this is the standard)

There are also higher tier bonuses available via a Merrill agent.

The Fine Print

  • Offer valid for new individual Merrill IRAs or Cash Management Accounts (CMAs).
  • Offer is limited to one CMA and one IRA, with no more than two enrolled accounts per accountholder.
  • Cash bonus offers, in the aggregate, are limited to one CMA and one IRA per accountholder.
  • Eligible Merrill Edge IRAs limited to Rollover, Traditional, Roth and Sole-Proprietor SEP only. The Merrill IRA or CMA may be a Merrill Edge Self-Directed account, Merrill Edge Advisory Account or Merrill Guided Investing account.
  • You may be eligible for a different or better offer. Please contact us for more information.
  • This offer does not apply to business/corporate accounts, investment club accounts, partnership accounts and certain fiduciary accounts held with Merrill, or to any types of accounts (including IRAs or CMAs) held with other business units of Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S).
  • Merrill reserves the right to change or cancel this offer at any time, without notice. This offer may not be used as an inducement to sell any kind of insurance, including annuities.
  • You must have the qualifying balance 180 90 days after funding.
  • Must fund your account within 45 days with funds originating outside Bank of America and MLPF&S. Funds cannot originate from 401(k) accounts administered by MLPF&S.
  • 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(including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 52 weeks.
  • Your one-time cash reward will be deposited into your IRA or CMA within two weeks following the end of the 180 90 day period. If your account is enrolled in an investment advisory program, such as Merrill Edge Advisory Account, Merrill Guided Investing or Merrill Guided Investing with an Advisor, any cash reward deposited into your account will be subject to the program fee and other terms of the investment advisory program.
  • The value of this reward you receive may constitute taxable income. In addition, Merrill may issue an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of this reward. Please consult your tax advisor, as Bank of America Corporation and its affiliates and associates do not provide tax advice.

Our Verdict

The standard Merrill Edge offer is to get between $100-$600; with this offer it’s $100-$1,000. It’s been a really long time since we’ve seen this offer publicly (I believe it was end of 2016); since then we’ve seen similar offers targeted to those who attended a specific expo or a slightly worse $900 offer. This one looks like an ordinary public offer with a public landing page which anyone can do by entering the promo code.

Truth be told, Merrill agents might always be able to apply this $1,000 offer manually, but it’s easier to do when it’s a public online offer and you don’t have to make requests. Note that the standard $600 bonus offer only requires holding the funds there for 90 days while this $1k offer requires 180 days. Another note: if my memory serves me right, when I did a Merrill bonus a number of years ago, I did not get a 1099 form for the bonus (despite the terms).

There are lots of brokerage bonuses, but an additional reason a lot of us are interested in using Merrill Edge is due to their Preferred Rewards structure which can give you a regular 2.62% earnings on all spend and other nice earning opportunities. The 2.62% rate works both on the Premium Rewards card and on the Travel Rewards card.  Keep in mind, you do need also a Bank of America checking account to qualify for Preferred Rewards.

Please do you own research or ask your financial advisers before making a change in your investment plans. It won’t be right for everyone, plus there are tax implications if not done properly (you need to ‘transfer in kind’ to avoid taxation event). We’ll add this to our List of Best Brokerage Bonuses.

Post History:

  • Update 10/15/23: $750 bonus link here
  • Update 7/29/23: There are also higher tier bonuses available via a Merrill agent. Details here.
  • Update 9/22/22: Offer is back to $1,000 at this link. Valid through 5/26/23. For Preferred Rewards members only; you must enroll as Preferred Rewards within 90 days of funding in order to be eligible for the increased bonus amounts.
  • Update 5/27/22: The $1,000 offer isn’t around anymore, but there’s a new offer at this link for up to $750 when using promo code 750ME. Might be worth waiting for the $900 or $1,000 offers to come back; this is still better than the standard $600 offer. Interestingly they added a lower tier of $50 bonus with $5,000 invested and they also increased the next tier bonus for $20,000 from $100 to $125. They also lowered the investment period to 24 weeks instead of 52. (ht Chase-ing UR Points)
  • Update 1/15/22: Deal is back and valid until May 22, 2022. (Some other tier details changed slightly as well, updated below. Seems to only need 90 days now, not 180.)
    Chuck
  • On May 21, 2024, 10:00
Tags: bank of americamerrill

View Comments (1006)

  • Anyone not have their Merrill Edge bonus show up on the 1099? My consolidated 1099 from Merrill Edge doesn't seem to show the $350 bonus I got for transferring last year. Got a bonus for opening a BoA checking account too, and strangely I got the BoA 1099 by mail even though I'm signed up for paperless delivery on everything.

    • I got a Merill bonus back in 2017 and I'm pretty sure it did not show up on the 1099. Less than $600 I believe they would not have to send. I don't recall if mine was more than $600 or less.

      • Thanks everyone. Based on the data points, seems pretty clear they treat brokerage bonuses as miscellaneous income and don’t report unless over $600 (even when sending a consolidated 1099).

    • @guest_2005253 Did you do a Cash Management/Brokerage account or IRA? I've done this bonus a few times with a Roth IRA and the bonus hasn't been included in a 1099.

      • Taxable brokerage/CMA, not Roth. I'm wondering if unlike for the checking account (which they considered interest) they consider it miscellaneous income and don't report it if it's under $600.

        • It is likely misc income, but if you got your combined 1099 I would expect it to show there along with your div, B.

          I'm still waiting for my 1099 from Merrill though for this year (CMA).

      • I did have an issue once a few years ago where i tried to do a bonus within 12 months of my prior one to an IRA. I had heard previously it was calendar year but mine was a different calendar year and didnt receive it. When i Inquired with Merrill they told me it because i did this within 12 months I wasnt eligible. I asked them where it states that in the T&C , the only answer they can give me is that it states one per account type in the T&C. I know that is not how it works, but since they I always wait at least 12 months and has worked fine since

  • I opened account on 11/10/2024 and funded with 250k+, what date could I safely transfer out assets via partial transfer and still get bonus? (Want to do another brokerage bonus asap)

    • You should be good 91 days after funding according to the terms. They usually pay out within a week if you can wait that long to be certain.

  • Got this last year via ACAT transfer into a brokerage. Seems I can get this a 2nd time by transferring out, reopening, and transferring back in? Anybody know how long do I have to wait to get it? I didn't see it in the terms.

    • "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), and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks."

      There are DPs that indicate the lookback period actually starts from the end of your 90 day hold window instead of the date you open the account, so you would only have to wait 70-80 days after transferring out to re-apply.

  • 2nd time getting bonus. Closed previous acct in May, 2023

    09/13: Opened acct
    10/07: Securities transferred in to meet bonus requirement
    11/22: Wasn't early auto enrolled in Preferred Rewards, so had to call BoA
    12/09: Confirmed enrollment in Preferred Rewards
    01/14: $1k bonus posted

  • Under the how it workssection - "2.Fund your account with at least $20,000 in qualifying net new assets within 45 days of account opening. Assets transferred from other accounts at MLPF&S, Bank of America Private Bank, or 401(k) accounts administered by MLPF&S do not count towards qualifying net new assets."
    I am thinking PRIVATE means private banking but not the normal ADV plus checking etc, any DP?

  • Latest go around:

    9/17 open
    9/23 assets settled
    12/31/24 $1k received

    Platinum honor status recharged for another year.

    • How many months do you get to keep the status without balance? If I am platinum, but if I withdraw the fund, how long will I still maintain the platinum honors status?

      • @guest_1970888 it's a year basically. Your balance check is the same month you originally joined platinum honorss. However, you get a 3mo grace period. So you get the status for ~15 mo.

        If you wait till the last month of the grace period, I think that means you need $300k to achieve the $100k balance, since it's a 3mo average balance to achieve status. Or you know the lower tiers... $60k for $20k tier, etc.

        I basically bring assets back for 3mo or so to meet the ME requirements and collect the bonus.

        • I have a joint brokerage with P2 so we both qualify. Anniversary months are different, but knowing this would be helpful.

  • Went in branch to open second Roth IRA (same login) to get the $1k bonus for $250k asset transfer in. Need to requalify for Platinum honors tier for cash back cards. It's been just over 24 weeks since I moved funds out. The rep said I should be good to go.

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