Features and Benefits of Merrill Edge Preferred Deposit: A Detailed Review
Merrill Edge Preferred Deposit is a bank deposit solution offered through eligible Merrill brokerage accounts. It may be a smart addition to your overall wealth management approach and provides the following benefits:
1. Competitive Yield:
Your money is placed by Merrill into a deposit account with Bank of America, N.A., where the APY is currently 4.24%. This competitive yield can help you optimize the cash you may need for your goals.
2. Security:
Preferred Deposit balances held at Bank of America, N.A. are insured by the Federal Deposit Insurance Corporation (FDIC), up to applicable limits.
3. Convenience:
Preferred Deposits can be opened and managed online or through the Merrill Edge mobile app. You can also access your money through an ATM or by writing a check.
4. Flexibility:
Preferred Deposits can be used for a variety of purposes, such as saving for a down payment on a house, funding a child’s education, or simply building up your emergency fund.If you’re looking for a high-yield savings account with the security and convenience of a major bank, Merrill Edge Preferred Deposit is a great option.
Here are the steps on how to open a Merrill Edge Preferred Deposit Account:
- Go to the Merrill Edge website and click on “Open an Account.”
- Select “Merrill Edge Preferred Deposit.”
- Enter your personal information, including your name, address, and Social Security number.
- Choose your account type. You can choose from a regular savings account or a money market account.
- Select your initial deposit amount. The minimum deposit for a regular savings account is $500, and the minimum deposit for a money market account is $1,000.
- Review the terms and conditions and click on “Open Account.”
Once your account is open, you can start depositing money and earning interest. You can also access your money through an ATM or by writing a check.
Here are some of the pros and cons of Merrill Edge Preferred Deposit Account:
Pros:
- Competitive yield
- FDIC insured
- Convenient online and mobile access
- Flexible account terms
Cons:
- Minimum deposit requirements
- No ATM card or checkbook included
- No early withdrawal penalty
Overall, Merrill Edge Preferred Deposit is a good option for investors who are looking for a high-yield savings account with the security and convenience of a major bank. However, it’s important to weigh the pros and cons before opening an account.