Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
BOA / Merrill Edge Tip
Old 09-20-2017, 01:58 PM   #1
Recycles dryer sheets
Shabby's Avatar
 
Join Date: Sep 2012
Location: Redmond
Posts: 62
BOA / Merrill Edge Tip

I use both Bank of America and the Merrill Edge Investments for my finances and really like both. No fees and the interfaces are great. Love the ability to transfer on my phone between accounts instantly. Anyway, if you also have this, you may want to know that you can switch your primary Merrill Edge Cash (Sweep) Account from the no interest account which is the default, to their "BIF Money Fund CMA", a Money Market account which gets .54% interest and is still SIPC insured.

I wish someone told me this years ago as I could have squeezed a few more bucks outta my cash account.

Anyway, I just found out and wanted to pass it on.
__________________

__________________
Shabby
- Live below your means
- Stay out of debt
- Save all you can
- Buy used cars
- Focus on your end goal
Shabby is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-20-2017, 02:51 PM   #2
Recycles dryer sheets
 
Join Date: Aug 2010
Posts: 352
If you maintain $100K in BOA checking and get their travel rewards credit card, you get 2.625% cash back for all purchases.
__________________

__________________
fh2000 is offline   Reply With Quote
Old 09-20-2017, 04:39 PM   #3
Thinks s/he gets paid by the post
Sunset's Avatar
 
Join Date: Jul 2014
Location: Chicago
Posts: 4,348
Quote:
Originally Posted by fh2000 View Post
If you maintain $100K in BOA checking and get their travel rewards credit card, you get 2.625% cash back for all purchases.
If you maintain 100K in a merrill edge brokerage account, and link to the checking account, you get 2.625% cash back on the CC for all purchases.

It can be 100K of existing stock, and you get a bunch of other benefits too.. (the checking account can have just $100 and no fee, as a preferred rewards client.)
__________________
Sunset is offline   Reply With Quote
Old 09-20-2017, 05:20 PM   #4
Thinks s/he gets paid by the post
Lakewood90712's Avatar
 
Join Date: Jul 2005
Posts: 1,314
SIPC Insurance only covers fraud , it doesn't provide any protection from the money market fund breaking the buck from poor quality investments crumbling in a severe market downturn.
__________________
Lakewood90712 is offline   Reply With Quote
Old 09-20-2017, 05:21 PM   #5
Recycles dryer sheets
 
Join Date: Jun 2014
Posts: 92
Quote:
Originally Posted by Shabby View Post
Anyway, if you also have this, you may want to know that you can switch your primary Merrill Edge Cash (Sweep) Account from the no interest account which is the default, to their "BIF Money Fund CMA", a Money Market account which gets .54% interest and is still SIPC insured.

I wish someone told me this years ago as I could have squeezed a few more bucks outta my cash account.

Anyway, I just found out and wanted to pass it on.
Thanks for sharing. Could you please tell me how do I switch to the money fund? Do I have to call in to request the change? I looked around on the website and couldn't figure out to do it.

Thanks!
__________________
catotx is offline   Reply With Quote
Old 09-20-2017, 06:19 PM   #6
Recycles dryer sheets
 
Join Date: May 2011
Location: Austin
Posts: 218
Quote:
Originally Posted by Shabby View Post

I wish someone told me this years ago as I could have squeezed a few more bucks outta my cash account.
It was zoro anyway before fed started raise interest in the past year. So you didn't miss anything.

You can buy brokered cd in the account too. 3 month at 1+ percent.

We also use the prefered card, no foreign exchange fee.
__________________
HillCountry is offline   Reply With Quote
Old 09-20-2017, 07:12 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,427
Quote:
Originally Posted by Sunset View Post
If you maintain 100K in a merrill edge brokerage account, and link to the checking account, you get 2.625% cash back on the CC for all purchases.

It can be 100K of existing stock, and you get a bunch of other benefits too.. (the checking account can have just $100 and no fee, as a preferred rewards client.)

2.625% back on the checking or the CC (credit card)? Just got the Merrill + Visa card, no annual fee and $500 in cash bonus or up to $1000 in travel bonus. Think I was just under the wire on that card offer, so may not be available anymore. Fidelity is my faithful 2% card, but if another .625% is available I could be lured away...
__________________
calmloki is offline   Reply With Quote
Old 09-20-2017, 10:30 PM   #8
Thinks s/he gets paid by the post
Sunset's Avatar
 
Join Date: Jul 2014
Location: Chicago
Posts: 4,348
I got the BOA travel card, no annual fee, and no foreign transaction fee, and if you link a Merrill Edge account to a BOA checking account , the credit card gives you up to a 75% bonus on what it pays.

I'm still in the process of getting it all set up, but that is what I understand. Details are here, about the preferred rewards and how they increase the more $$ you have with them.
My Travel credit card came with a $200 bonus, which I consider measly, but it was the zero fee plus zero foreign transaction part that attracted me, and getting over 2% cash back.

I did also get a bonus for opening a Merrill Edge account and transferring in some stock, nothing like a free $600 for an hour effort

https://info.bankofamerica.com/preferred-rewards/
__________________
Sunset is offline   Reply With Quote
Old 09-21-2017, 04:47 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2005
Posts: 5,321
i weighed both boa and chase . i ended up doing the chase private client and the chase sapphire reserve card .
my chase freedom card offers 5% back on select groups every quarter .

i roll those over to the reserve card . i then use them for trips through the chase portal where i get them multiplied by 1.50x . that is over 7% back .
__________________
mathjak107 is offline   Reply With Quote
Old 09-21-2017, 12:08 PM   #10
Recycles dryer sheets
Shabby's Avatar
 
Join Date: Sep 2012
Location: Redmond
Posts: 62
Catotx,
You can't do it online. You need to call and let them know that you want that money market account as your default sweep account and they will transfer it all and then it will always be the default. Takes a couple days once you call. I only wish I did this long ago.
__________________
Shabby
- Live below your means
- Stay out of debt
- Save all you can
- Buy used cars
- Focus on your end goal
Shabby is offline   Reply With Quote
Old 09-21-2017, 02:46 PM   #11
Full time employment: Posting here.
 
Join Date: Aug 2013
Location: North
Posts: 645
Quote:
Originally Posted by mathjak107 View Post
i weighed both boa and chase . i ended up doing the chase private client and the chase sapphire reserve card .
my chase freedom card offers 5% back on select groups every quarter .

i roll those over to the reserve card . i then use them for trips through the chase portal where i get them multiplied by 1.50x . that is over 7% back .
Which is walmart, costco. So if anyone need's some new tires next quarter, 5% off baby!
__________________
AA (Stock/Bond/Cash ): 99/0/1% MIX (Small/Mid/Large): X/Y/Z% BLEND(US/Foreign): 100/0%, (Value/Growth/Blend): X/X/X% REIT (Real Estate Equity): 50% of Assets

FIRE in 2031 @ 50yrs old (+/- 2yrs) w/ a hypothetical $2.5mil portfolio, 3 appreciated homes worth $1.0mil and rental income to fund my gap years until RMD. Assets will go to an inherited IRA where I plan on watching the investments grow until I die or the trust gets executed.
kgtest is offline   Reply With Quote
Old 09-21-2017, 03:44 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Jun 2004
Location: E. Wash
Posts: 1,041
Quote:
Originally Posted by mathjak107 View Post
i weighed both boa and chase . i ended up doing the chase private client and the chase sapphire reserve card .
my chase freedom card offers 5% back on select groups every quarter .

i roll those over to the reserve card . i then use them for trips through the chase portal where i get them multiplied by 1.50x . that is over 7% back .
If you become a Chase Private Client, do you get a break on Sapphire Reserve annual fee?
thx
__________________
nwsteve is offline   Reply With Quote
Old 09-22-2017, 08:47 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2005
Posts: 5,321
no but you get another 10k in points . i did it yesterday . got 60k in points . so actually now i paid 450 , got a 300 travel credit and an extra 10k in points . those extra 10k points are worth 15k in points when traveling through the chase travel service
__________________
mathjak107 is offline   Reply With Quote
Old 09-22-2017, 02:09 PM   #14
Dryer sheet wannabe
 
Join Date: Apr 2011
Posts: 23
We just signed up for BOA's new Premium Rewards Card, which is their new product to better compete with the Chase Saphire among others. It pays 2% for all travel and restaurant purchases and 1.5% for all other purchases. We also get a 75% boost on those since we are preferred rewards platinum honors customers(need to kept least $100k average with BOA, Merrill Edge or Merrill Lynch), so our bonus will be 3.5% and 2.625% respectively. It has a $95 annual fee, but we also get $100/year in airline incidentals (checked baggage, upgrades, inflight purchases, etc) and $100 credit for TSA Precheck or Global Entry, free travel insurance and some others that I forget off hand. You also get 50k bonus points if you spend $3k on the card in the first 90 days.

I also opened a Merrill Edge brokerage account which will pay up to $600 for transferring up to $200k in balances from outside BOA within 90 days and keeping it there for 90 days.
__________________

__________________
kevdude is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
BOA Credit card "compromised" SumDay Other topics 14 10-31-2013 05:49 PM
Man Refuses to Pay CC Bill--BoA SarahW Other topics 9 01-09-2010 07:30 PM
TIP ETF vs Vanguard TIP Fund 2B FIRE and Money 1 07-15-2008 10:32 AM
BoA & CC Rates TickTock FIRE and Money 9 02-09-2008 08:26 PM
BoA is screwing me WanderALot Other topics 24 07-11-2007 04:28 PM

 

 
All times are GMT -6. The time now is 04:54 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.