Merrill Edge charges $0 for stock and ETF trades with no account minimum and no annual fee. The main costs to watch are the $19.95 mutual fund transaction fee for non-NTF funds, the 0.45% annual fee on Merrill Guided Investing, and the $49.95 ACAT-out fee if you transfer your account elsewhere. For most long-term investors who stick to stocks and ETFs, the actual out-of-pocket cost at Merrill Edge is $0 per year.
Merrill Edge Fee Schedule at a Glance
| Fee type | Cost |
|---|---|
| Stock trades | $0 |
| ETF trades | $0 |
| Options base commission | $0 |
| Options per-contract fee | $0.65 |
| NTF mutual funds | $0 |
| Non-NTF mutual funds | $19.95 per transaction |
| Merrill Guided Investing | 0.45% per year |
| Merrill Guided Investing (Platinum Honors) | $0 |
| Account minimum | $0 |
| Annual maintenance fee | $0 |
| Inactivity fee | $0 |
| ACAT-out (full account transfer) | $49.95 |
| Outgoing domestic wire | $25.00 |
| Broker-assisted trade | $29.95 per trade |
| Paper statement fee | $0 (e-delivery enrolled), $5/month otherwise |
Trading Commissions
Stocks and ETFs: $0
Merrill Edge eliminated commissions on listed stocks and ETFs in October 2019. This applies to all standard market and limit orders placed online or through the mobile app. There is no minimum trade size and no per-share fee.
Broker-assisted trades cost $29.95. If you call a Merrill Edge representative to place a trade on your behalf, you pay this surcharge on top of the standard commission. For straightforward trades, use the website or app to avoid this fee.
Options: $0 + $0.65 per contract
Options trades at Merrill Edge carry no base commission but do charge $0.65 per contract. On a 10-contract trade, that is $6.50. Competitors like Fidelity and Schwab charge the same $0.65/contract, so Merrill Edge is in line with the industry standard.
Example: You buy 5 call option contracts on Apple at $0.65 per contract. Your total fee is $3.25.
Note that all brokerages pass through small SEC and FINRA regulatory fees on sell orders — these are fractions of a cent per share and not Merrill Edge charges.
Mutual Funds: $0 for NTF, $19.95 for Others
Merrill Edge maintains a No-Transaction-Fee (NTF) list of thousands of mutual funds that trade commission-free. If the fund you want is on the NTF list, you pay nothing to buy or sell.
For funds not on the NTF list, Merrill charges $19.95 per transaction. This is standard for the industry but can add up if you trade frequently or build a portfolio of non-NTF funds.
Tip: Before buying a mutual fund at Merrill Edge, check the fund screener to confirm NTF status. Many Vanguard, Fidelity, and American Funds products are available NTF — but not all.
Merrill Guided Investing Fee: 0.45% Per Year
Merrill Guided Investing is Merrill Edge’s robo-advisor service with a $1,000 minimum. The annual management fee is 0.45% of your invested balance.
| Balance | Annual Merrill Guided Investing fee |
|---|---|
| $10,000 | $45 |
| $25,000 | $112.50 |
| $50,000 | $225 |
| $100,000 | $450 |
Preferred Rewards Platinum Honors exception: Clients with $100,000 or more in combined Bank of America banking and Merrill investing assets qualify for the Platinum Honors tier, which waives the 0.45% management fee entirely. If you already qualify for Platinum Honors, Merrill Guided Investing is effectively free.
The 0.45% fee is higher than Fidelity Go (free under $25K, 0.35% above) and Schwab Intelligent Portfolios ($0 with $5,000 minimum but subject to a cash drag). Compare robo-advisor fees at the best robo-advisors guide before deciding.
Account Transfer Fee (ACAT-Out): $49.95
If you decide to move your Merrill Edge account to another brokerage, you pay a $49.95 ACAT fee. This is a full-account transfer fee and is not triggered by closing individual positions.
How to avoid it: Many brokerages — including Fidelity, Schwab, and E*TRADE — offer transfer-fee reimbursements when you bring assets over from Merrill Edge. Check the receiving brokerage’s current promotions before initiating a transfer.
Wire Transfer Fees
| Wire type | Fee |
|---|---|
| Outgoing domestic wire | $25.00 |
| Outgoing international wire | $35.00+ (varies by destination) |
| Incoming domestic wire | $0 |
| ACH transfer (bank link) | $0 |
Most investors use free ACH transfers for moving money in and out of Merrill Edge. Wire transfers are faster (same-day domestic) but cost $25. For large transfers where speed matters, the $25 fee is a minor cost.
Margin Rates
Merrill Edge offers margin accounts for qualified investors. Margin rates vary based on your debit balance and are generally higher than what you’d find at Interactive Brokers but competitive with Fidelity and Schwab. Check merrilledge.com for current margin rates, as these fluctuate with the federal funds rate.
Important: Margin adds risk to your investments. The SEC and FINRA both recommend that most retail investors avoid using margin unless they fully understand the risks involved.
What Merrill Edge Doesn’t Charge
Many fees that investors worry about simply don’t exist at Merrill Edge:
- No account minimum — open an account with any amount
- No annual maintenance fee — holding a $500 account costs you nothing annually
- No inactivity fee — you can invest once and leave the account untouched for years without penalty
- No dividend reinvestment fee — DRIP is free on all eligible securities
- No fee for receiving a wire transfer — incoming wires are free
How Merrill Edge Fees Compare
| Fee | Merrill Edge | Fidelity | Schwab | E*TRADE |
|---|---|---|---|---|
| Stock/ETF trades | $0 | $0 | $0 | $0 |
| Options/contract | $0.65 | $0.65 | $0.65 | $0.65 |
| Robo-advisor fee | 0.45% | 0.35% (>$25K) | $0 | 0.30% |
| Non-NTF mutual funds | $19.95 | $49.95 | $49.95 | $19.99 |
| ACAT-out | $49.95 | $0 | $0 | $75.00 |
Notable: Fidelity and Schwab charge $0 for outgoing ACAT transfers — making them cheaper to leave. Merrill Edge’s non-NTF mutual fund fee ($19.95) is lower than Fidelity’s ($49.95) and Schwab’s ($49.95), but higher than holding ETFs for free.
The Real Cost of Investing at Merrill Edge
For a typical investor holding a portfolio of stocks and ETFs, the annual cost at Merrill Edge is $0. You pay $0 to open the account, $0 in annual fees, and $0 per trade.
Worked example: Maria holds $50,000 at Merrill Edge in a mix of 10 ETFs. She rebalances twice a year, placing 4 trades per rebalance (8 trades total). Her annual cost: $0 in commissions + $0 in annual fees = $0 total. The only money she’s “paying” is through ETF expense ratios, which go to the fund company — not Merrill Edge.
The fees that matter most are:
- $19.95 mutual fund fee — if you buy actively managed mutual funds outside the NTF list
- 0.45% robo-advisor fee — if you use Merrill Guided Investing without Platinum Honors status
- $49.95 ACAT-out — if you ever want to move your account
See the full Merrill Edge review for a complete assessment of accounts, research, and the Preferred Rewards program. Compare options at the best brokerage accounts guide.
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