Merrill Edge IRA vs Schwab IRA

Merrill Lynch: best if you want

With more than $1.6 trillion in assets under management, Bank of America is one of the largest financial institutions in the United States—and if you already have a bank account with them, having a Merrill Edge self-directed IRA account can simplify your life while also offering top-of-the-line integrated research and charting tools. Bank of America has teamed up with Merrill Lynch Wealth Management to offer different investment options to its customers that are integrated across the BoA platform, and $0 account minimums, $0 commissions on stocks and ETFs, and $0 annual program fee, Merrill Edge is a solid choice for those looking for a place to manage their retirement accounts, whether you’re an existing Bank of America customer or not. However, the platform does not allow investment in some increasingly popular investment asset classes like futures, foreign exchange (forex), or cryptocurrency.

Merrill Lynch: other features

Since it’s integrated with the larger Bank of America Corporation, Merrill Edge truly shines when it comes to added features. Along with the investment options listed above, Merrill Edge customers can open CDs on the platform, explore fixed-income products like annuities, open checking, and savings accounts through Bank of America, and take out loans, including auto loans and mortgages.

Charles Schwab: other features

Because it’s one of the biggest names in the business, Schwab investors can benefit from tech giant’s host of other features, including checking and savings accounts, insurance products, trust and estate services, and even Charles Schwab credit cards. Though you may pay an annual fee of up to $695, you can get a host of travel benefits, including no foreign transaction fee. Schwab also has a credit card with no annual fee.

Conclusion

A Merrill Edge self-directed IRA gives investors the tools they need to make informed decisions on basic investment options, with a well-appointed and easy-to-use platform with plenty of integrated tools. However, for those who aren’t yet Bank of America customers, discounts for upper-tier financial advisory services may remain inaccessible, and for those looking for forward-facing investment choices like cryptocurrency and futures, Merrill Edge may not cut it.

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For those interested in getting their investment journey started without playing a single transaction fee or being beholden to a minimum deposit, Charles Schwab stands out among trading platforms. Although many brokerages offer free ETFs, not every trading platform can boast accounts with no fees or account minimums, along with $0 commission fees and no-fee mutual funds.