Reviewed by
Stang Gappa
Reviewed by
Stang Gappa
Updated on May 30, 2024
Learn about our Editorial Process
Merrill offers a self-directed IRA through a strong trading platform with great access to research and data that's integrated with Bank of America.
TD Ameritrade offers a self-directed IRA as a well-balanced account as one of the larger providers of retirement accounts.
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.
TD Ameritrade was acquired by Charles Schwab in 2020. We also have a comprehensive review of Charles Schwab’s Self-Directed IRA.
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.
TD Ameritrade was acquired by Charles Schwab in 2020. We also have a comprehensive review of Charles Schwab’s Self-Directed IRA.
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.
Need help getting started on your 401(k) rollover? Capitalize can help you get all your old retirement funds into one place so they’re easy to manage and grow—so you can fund your ideal financial future.
TD Ameritrade was acquired by Charles Schwab in 2020. We also have a comprehensive review of Charles Schwab’s Self-Directed IRA.
