Bank of America Gold relationship customers now get up to 10 free investing trades per month. (Link)
Preferred Rewards is Bank of America’s proprietary relationship benefits package for those with deposits and investments with the bank or with Merrill (combined). They’ve long offered up to 30 free trades per month for Platinum customers and up to 100 free traders per month for Platinum Honors customers. Now, they added 10 free trades for Gold customers.
- $20,000+ puts you in the Gold tier and gets you up to 10 free trades per month
- $50,000+ puts you in the Platinum tier and gets you up to 30 free trades per month
- $100,000+ puts you in the Platinum Honors tier and gets you up to 100 free trades per month
For someone who does a bit of trading, this can be an easy way to get them free. Technically, you can save around $1,000 per year by keeping $20,000 in cash or investments BofA/Merrill. (I figure about $8 per trade is typical, 8 x 120 = 960.) Another option is to use an app like Robinhood to save trading fees.
We’ll update our original post on Bank of America Preferred Rewards to reflect this new Gold benefit. Be sure to take advantage of the Merrill brokerage bonus; if you decide to open an account and deposit $20,000 with Merrill you can get $100.
Hat tip to readers Joseph Trusts and Max
