The Offer
Bank of America Preferred Rewards clients can open a new Merrill Edge IRA account and transfer between $20,000 and $200,000 in assets to get the following bonus tiers:
- Transfer $200,000 or more and get a $900 bonus (standard is $600)
- Transfer $100,000 or more and get a $375 bonus (standard is $250)
- Transfer $50,000 or more and get a $225 bonus (standard is $150)
- Transfer $20,000 or more and get a $150 bonus (standard is $100)
You must use offer code: ME900
The Fine Print
- Offer expires April 18, 2017.
- Offer valid only for new and existing personal Merrill Edge IRA accounts opened by Preferred Rewards enrolled customers.
- Offer is limited to one per IRA. Eligible IRAs limited to Rollover, Traditional, Roth and Sole-Proprietor SEP IRAs only.
- This offer does not apply to Merrill Edge Guided Investing (MEGI) Accounts, Business/Corporate Accounts, Investment Club Accounts, Partnership Accounts and certain fiduciary accounts held with Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). Merrill Edge reserves the right to change or cancel this offer at any time.
- Must meet qualification within 45-days of opening account.
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Must maintain your qualifying balance for at least 90 days.
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Cash bonus will reflect within two weeks after the 90-day qualifying period.
- Account funding must be with funds originating from outside Bank of America and MLPF&S.
- You must be enrolled in Preferred Rewards as of 90 days from funding.
Our Verdict
This IRA offer is different than the standard Merrill Edge bonus offers since it only applies for those who are Preferred Rewards clients. It also is different in that, apparently, it even works for those who already have a Merrill Edge account, so long as they transfer over their IRA they’ll get the bonus.
The terms sound to me that this bonus will work for non-Preferred customers as well, so long as they qualify for Preferred Rewards status within 90-days. Meaning that this will work for new Merrill Edge customers too.
Please do you own research or ask your financial advisers before making such a move.
Hat tip to @calwatch
