Examined Sep 18, 2026 Paid in cash $20,000 minimum Merrill Edge pays $100 to $600 for $20,000 or more of new assets, and between $200,000 and $249,999 its $1,000 offer code pays less than its $600 one.
This is a public offer, not a referral. Nobody invites you; you type Merrill's offer code, 600ME, into the application. A second page, headed “An exclusive $1,000 offer from Merrill”, uses code 1000BR. It is a public web address that opened for us with no login and no invitation. Its larger rewards go only to customers enrolled in BofA Rewards, which Merrill says needs an open, qualifying Bank of America checking account; the lowest tier, Member, has no minimum balance.
What pays what
| $20,000 to $49,999 of qualifying net new assets | $100 on either code |
|---|---|
| $50,000 to $99,999 | $150 with 600ME, $200 with 1000BR |
| $100,000 to $199,999 | $250 with 600ME, $400 with 1000BR |
| $200,000 to $249,999 | $600 with 600ME, $400 with 1000BR |
| $250,000 or more | $600 with 600ME, $1,000 with 1000BR |
| Code 1000BR, not enrolled in BofA Rewards at day 90 | $100, $150, $250, and $600 only from $250,000 |
| Less than $20,000 | $0 |
| Assets moved from another MLPF&S account, Bank of America Private Bank, or a 401(k) administered by MLPF&S | Do not count |
Customers not enrolled in BofA Rewards™ as of 90 days after funding will receive the following cash reward: qualifying net new assets of $20,000 to $49,999 receive $100; for $50,000-$99,999, receive $150; for $100,000-$249,999, receive $250; for $250,000 or more, receive $600.
Read that fallback against the 600ME table. With 600ME, $600 starts at $200,000. With 1000BR and no BofA Rewards, $600 starts at $250,000, and $200,000 pays $250. As a rate, $100 divided by $20,000 is 0.5%, and $600 divided by $200,000 is 0.3%.
Do this, in this order
- Pick the code by your balance. From $20,000 to $49,999 the two codes pay the same $100. From $50,000 to $199,999, and from $250,000, 1000BR pays more if you will be enrolled in BofA Rewards at day 90. From $200,000 to $249,999, 600ME pays $600 and 1000BR pays $400 at best.
- Open an account type the offer covers. 600ME is for new individual Merrill IRAs or CMAs. Eligible IRAs are Traditional, Roth and owner-only SEP. Business, investment club, partnership and certain fiduciary accounts are out, and the 1000BR page also excludes UTMA/UGMA and 529 Plan accounts. Bonus offers, in the aggregate, are limited to one CMA and one IRA per accountholder.
- Enter the code in the application. If you open by phone or at one of the select Bank of America financial centers, give the code and ask to be enrolled.
- Bring in $20,000 or more within 45 days, from outside. “Assets transferred from other accounts at MLPF&S, Bank of America Private Bank, or 401(k) accounts administered by MLPF&S do not count towards qualifying net new assets.” MLPF&S is Merrill Lynch, Pierce, Fenner & Smith, so money already held with Merrill earns nothing.
- Do not pull money out. Net new assets are what came in, minus assets withdrawn or transferred out of the account within the preceding 24 weeks. 24 weeks times 7 is 168 days. The reward is set 90 days after you meet the funding criteria, and gains or losses from trading or the market are ignored.
- On 1000BR, be enrolled in BofA Rewards on day 90. “You must be enrolled in BofA Rewards™ as of 90 days from meeting the funding criteria described in Step 2.” If not, the fallback in the quotation above applies.
- Expect the cash within two weeks after the 90 days. It goes into the IRA or CMA. Merrill may issue a Form 1099 for it and says the value may constitute taxable income.
What can eat into the reward
An advisory program charges its fee on the reward too. Merrill Guided Investing has an annual program fee of 0.45% of assets, and Merrill Guided Investing with Advisor 0.85%, charged monthly in advance. Merrill says a cash reward deposited into an account in one of these programs is subject to the program fee. On $20,000, 0.45% is $90 a year, so do not pick an advisory program for the sake of a $100 reward. Merrill Edge Self-Directed lists $0 online stock, ETF and option trades, with $0.65 per option contract; a broker-assisted trade costs the lower of $29.95 or 5.00% of the principal.
A reward paid into an IRA. The 1000BR page says the IRS may view a reward credited to an IRA as taxable income or as a contribution, and that an excess contribution may be subject to an annual 6% excise tax if not timely distributed. Near your contribution limit, ask a tax advisor first.
What Merrill does not publish, and where its pages differ
No end date, on any page. What the pages print instead is this: “Merrill reserves the right to change or cancel this offer at any time, without notice.” Each page ends in an unlabeled reference code that differs from page to page; nothing calls any of them an expiry date.
Whether money from a Bank of America bank account counts. The main 600ME page says incoming assets must come from external accounts. The list of sources that do not count names three, and an ordinary Bank of America checking or savings account is not among them. The pages do not say either way. Ask Merrill before relying on it.
New accounts, or existing ones too. The 600ME pages say the offer is valid for new accounts. The 1000BR page says new and existing, while still telling you to enter the code during account opening.
The cost of leaving, and a possible better offer. The pages say fees for account transfer, processing and termination apply, and give no amounts. They also say: “You may be eligible for a different or better offer. Please contact us for more information.” Merrill does not say who qualifies. We found no state restrictions and no refer a friend program.
Is it worth your time?
Only with $20,000 or more to move. At that size the reward is $100 for one application, one transfer and a 90-day wait, in a self-directed account with $0 online trades. That is fair pay for little work, if you are happy to keep the money at Merrill.
The better rewards belong to people with a Bank of America checking account, because BofA Rewards lifts the 1000BR tiers. Even then, check both tables: between $200,000 and $249,999 the plain code wins by $200, which is $600 minus $400. Under $20,000 there is nothing here.
