Bank of America is one of the most trusted and widely recognized financial institutions in the United States. While it’s famous for checking accounts, credit cards, and mortgages, many may not realize that Bank of America also offers one of the most robust and user-friendly investing platforms through its affiliate brand, Merrill.
In this post, we will explore Bank of America Investing Services. How they work, what options are available, who is eligible, and what makes them different from other online brokers. Whether you’re a first-time investor or a high-net-worth client, you’ll find something tailored to your goals.
Introduction to Bank of America
Before diving into the investing features, it’s helpful to understand the institution behind them. Bank of America’s size, reputation, and breadth of services all contribute to the stability and performance of its investment solutions.
History of Bank of America
In 1904, Amadeo Giannini established the Bank of Italy in San Francisco, California, laying the foundation for what would later become Bank of America. Over the years, the institution expanded through strategic mergers, including a pivotal 1998 merger with NationsBank that prompted its rebranding.
Today, Bank of America stands as a global financial leader, offering a full spectrum of services. We can list from retail banking to investment and corporate finance, with millions of clients worldwide. Headquartered in Charlotte, North Carolina, the bank operates an extensive network of financial centers and ATMs across the globe.
General Financial Services
Bank of America provides a full suite of banking and financial solutions for individuals and businesses. These services are designed to simplify money management and support both everyday needs and long-term goals.
Personal Banking: Includes checking and savings accounts, as well as certificates of deposit (CDs) with competitive rates and digital tools for managing daily finances.
Loans: Offers a wide range of lending options such as mortgages, auto loans, and credit cards, catering to different stages of life and financial goals.
Business and Corporate Banking: From business checking to merchant services and commercial lending, Bank of America supports startups, small businesses, and large corporations with scalable financial solutions.
Wealth and Investment Management via Merrill: Through Merrill, customers can access self-directed investing, automated portfolios, and personalized wealth planning—integrated seamlessly with their Bank of America accounts.
Overview of Bank of America Investing Services
This section introduces the core investing solutions available under Bank of America. You’ll learn what the term “Bank of America Investing” really means, and what types of investors it caters to.
About Bank of America Investing
Bank of America Investing refers to the investment services provided through its dedicated platform, Merrill. They designed these services to meet the needs of all investor types. Whether you’re managing your trades, prefer automated portfolios, or require personal financial guidance. Through Merrill, Bank of America Investing provides access to a wide range of investment fields, including:
Stocks: U.S. and international companies across all major sectors (tech, healthcare, energy, finance, etc.).
ETFs & Mutual Funds: Covering themes like AI, clean energy, dividend income, and global markets.
Bonds: Treasuries, corporate, and municipal bonds for income and stability.
Retirement Accounts: IRAs and rollovers focused on long-term, tax-advantaged growth.
Alternative Investments (for high-net-worth clients): Private equity, hedge funds, real estate.
ESG Options: Portfolios aligned with environmental and social values.
The investment solutions are structured around three key offerings:
- Merrill Edge Self-Directed Investing: Ideal for independent investors who want full control, with access to stocks, ETFs, and research tools, offered with $0 online trades.
- Merrill Guided Investing: A robo-advisory option for hands-off investors, featuring professionally managed portfolios tailored to your goals and risk tolerance.
- Merrill Lynch Wealth Management: Built for high-net-worth clients, this service offers one-on-one advisor support, strategic planning, and access to specialized investment products.
Whether you’re just starting out or managing a complex portfolio, Merrill makes investing flexible, approachable, and integrated with your everyday banking.
Merrill Edge Self-Directed Investing
Perfect for confident, hands-on investors who want full control over their portfolios.
$0 online trades for U.S. stocks and ETFs.
Access to over 2,800 ETFs and thousands of mutual funds.
Advanced tools like MarketPro®, real-time quotes, and screeners.
No account minimums—ideal for beginners and experienced traders alike.
Merrill Guided Investing
A smart choice for those who want a professionally managed, goal-based investment plan without having to do the heavy lifting.
Portfolios tailored to your goals and risk tolerance.
$1,000 minimum investment to get started.
0.45% annual advisory fee.
Automatic rebalancing and dividend reinvestment for portfolio upkeep.
Optional Upgrade – Merrill Guided Investing with Advisor
Includes access to a licensed financial advisor for more personalized support.
Requires a $20,000 minimum investment.
0.85% annual advisory fee for one-on-one guidance.
Merrill Lynch Wealth Management
Designed for high-net-worth individuals who need advanced financial planning and a personalized investment strategy.
Dedicated financial advisor support.
Customized strategies including access to alternative investments (e.g., private equity, hedge funds).
Comprehensive services like estate planning, tax strategy, and philanthropic planning.
Typically starts with a portfolio of $250,000 or more.
Whether you want independence, automation, or advisor-driven planning, Merrill offers scalable solutions to help meet your financial goals. Already managing a growing portfolio or looking to finance major purchases? You may also benefit from competitive Auto Loans and flexible lines of credit tailored to your financial life.
Why choose Bank of America Investing?
Bank of America stands out not only for its strong financial infrastructure but also for its customer-focused investment experience. Here’s why many investors trust this platform:
Trusted Brand: Backed by decades of financial expertise and award-winning customer support.
Integrated Platform: Seamlessly connect your banking, credit, and investing in one secure dashboard.
Multiple Options: Choose between self-directed trading, automated portfolios, or personalized wealth management.
Reward Programs: Access the Preferred Rewards program, offering enhanced perks based on your total balances across Bank of America and Merrill.
If you’re building long-term wealth through investing, don’t overlook how credit cards can support daily purchases and reward your spending with valuable points and cashback.
Bank of America Investing: Eligibility Criteria
Not everyone qualifies to open an investment account with Bank of America. This section explains the basic and advanced requirements for different levels of service.
Who Can Open a Bank of America Investing Account?
Opening an account with Merrill is straightforward, but there are a few basic requirements you’ll need to meet. Most individuals who reside in the U.S. and are of legal age can qualify. To get started, you’ll need:
To be a U.S. citizen or permanent resident.
A valid Social Security Number (SSN).
A government-issued photo ID, such as a driver’s license or passport.
To be at least 18 years old at the time of application.
Some advanced services like Merrill Lynch Wealth Management may have additional eligibility or asset requirements, depending on the advisor and portfolio size.
Additional Requirements by Account Type
| Account Type | Minimum to Open |
| Merrill Edge Self-Directed | $0 |
| Merrill Guided Investing | $1,000 |
| Guided + Advisor | $20,000 |
| Merrill Lynch Wealth Services | $250,000+ (typical) |
Note: Non-U.S. residents are generally not eligible unless under specific business/investment circumstances. Business owners looking to grow their financial portfolio should also consider business banking services, including merchant services and business credit lines that align with investment strategies.
Bank of America Investing: Documents and How to Open an Account
Opening an investment account with Merrill, Bank of America’s investing platform, is a straightforward process. Whether you’re interested in self-directed trading or guided portfolio management, you’ll need to provide a few standard documents and complete a secure online registration. Having everything ready in advance will ensure a smooth and efficient experience.
Documents for a Bank of America Investing Account
Before applying, make sure you have the following:
A government-issued photo ID, such as a driver’s license, state ID, or passport, to verify your identity.
Your Social Security Number (SSN) for tax reporting and identity verification purposes.
Bank account details if you plan to fund your Merrill account from an external financial institution.
Proof of residence, such as a utility bill, lease agreement, or official correspondence showing your current address.
These documents are standard for most financial services in the U.S. and help ensure compliance with federal regulations.
Account Opening Procedure
Once your documents are in hand, follow these steps to open your Merrill investment account:
Visit the official Merrill website here.
Choose the account type that best suits your needs—Self-Directed, Guided Investing, or Guided with Advisor.
Enter your personal, employment, and financial background details. This helps Merrill better understand your investor profile.
If selecting a Guided Investing option, complete a risk-tolerance questionnaire to tailor your portfolio to your comfort level and goals.
Link your funding source—either a Bank of America account for faster transfers or an external bank account.
Finalize your application, fund your account, and you’re ready to begin investing. Then Merrill will provide initial portfolio suggestions or allow you to start building your own.
If you’re already a Bank of America customer, much of your information may prefill automatically, saving you time and unlocking additional benefits like streamlined money transfers and Preferred Rewards eligibility.
Need to consolidate your accounts and manage everything in one place? A checking account simplifies transfers and budgeting while you build your investment strategy.
Bank of America Investing: Terms and Rates
Understanding the costs and terms of service is crucial before investing. This section breaks down fees, protections, and the key policies that govern Bank of America’s investment accounts.
Core Terms to Know
FDIC Insurance Limitations: Unlike savings or checking accounts, investment accounts are not FDIC insured. This means that if your investments lose value due to market fluctuations, they are not protected. However, any uninvested cash held in a sweep account may be covered by FDIC insurance, depending on how it’s held.
SIPC Protection: Merrill is a member of the Securities Investor Protection Corporation (SIPC), which protects clients in the event the brokerage fails financially. Coverage includes up to $500,000 per client, including $250,000 for cash. Note that SIPC does not protect against losses from market declines.
Advisory Agreements and Disclosures: Depending on the service you choose—Self-Directed, Guided Investing, or Wealth Management—you will be subject to different advisory agreements. These outline service fees, investment responsibilities, and risk disclosures. It’s important to read and understand these documents before finalizing your account.
These protections are designed to safeguard your account in extreme circumstances, not from market losses. Understanding the limits of coverage helps you invest with confidence and realistic expectations.
Key Rates and Fees
| Service | Advisory Fee | Account Minimum |
| Self-Directed Investing | $0 | $0 |
| Guided Investing | 0.45%/year | $1,000 |
| Guided + Advisor | 0.85%/year | $20,000 |
| Merrill Lynch Wealth Management | Varies | $250,000+ |
While many Merrill investment services feature low or no trading fees, there are additional charges that may apply depending on how you invest. Understanding these potential costs can help you better manage your total investment expenses.
Here are a few common ones to watch for:
Mutual Fund Expense Ratios: These are ongoing fees charged by mutual funds to cover management and administrative costs. The rates vary by fund and are expressed as a percentage of assets, typically ranging from 0.05% to 1% or more.
Option Contract Fees: If you trade options through Merrill Edge Self-Directed, there’s a fee of $0.65 per contract, which applies in addition to the standard trade cost (often $0 online for the base trade).
Wire Transfer and Withdrawal Fees: Certain outgoing wire transfers or manual withdrawals—especially those involving expedited service or transfers to external institutions—may incur service fees. These vary depending on the transfer type and delivery speed.
These fees are standard across most brokerages, but it’s always wise to review the fee schedule of any fund or service before investing, especially if you’re building a long-term portfolio. While investing helps grow wealth, your home is often your largest asset. Check out mortgage rates if you’re thinking about buying property or refinancing for lower monthly payments.
Bank of America Investing: Additional Benefits
Beyond investing performance, Bank of America rewards loyalty. This section covers bonus offers, exclusive perks, and the highly valuable Preferred Rewards program.
Bank of America Preferred Rewards Program
Bank of America offers a Preferred Rewards program, which offers perks based on your combined balances across BofA and Merrill.
| Tier | Combined Balance | Benefits |
| Gold | $20,000+ | Fee discounts, credit card bonuses |
| Platinum | $50,000+ | Higher credit rewards, waived banking fees |
| Platinum Honors | $100,000+ | Boosted Merrill cash bonuses, loan discounts |
| Diamond | $1M+ | Priority access to advisors, wealth services |
Sign-Up Promotions
To encourage new investors, Merrill frequently offers sign-up bonuses and promotional incentives, especially for those transferring assets from other brokerages. These offers can provide a valuable boost to your starting balance.
Here’s what you can typically expect:
Transfer Bonuses Up to $600: New clients may be eligible to receive a cash bonus of up to $600 when transferring qualifying assets into a Merrill investment account. The bonus amount is tiered based on the size of your deposit.
Seasonal and Limited-Time Offers: Merrill also runs occasional promotions tied to account openings or IRA rollovers. These change throughout the year, so it’s best to check their official promotions page for the latest details.
Combining these offers with Bank of America’s Preferred Rewards program can maximize your overall returns and lower your investing costs.
FAQs about Bank of America Investing
Still have questions? This section answers the most common concerns investors have when choosing Merrill and Bank of America Investing.
Can I use Merrill without a Bank of America checking account?
Yes, but having a BofA account simplifies fund transfers and unlocks Preferred Rewards benefits.
Are Merrill investment accounts insured?
Investments are not FDIC insured but are protected by SIPC up to $500,000 in case of brokerage failure.
Is Merrill Edge good for beginners?
Absolutely. Merrill Guided Investing is particularly suited for beginners thanks to its low minimum and automatic portfolio management.
What if I want to talk to a real advisor?
Choose Merrill Guided Investing with Advisor or Merrill Lynch services. You’ll be matched with a licensed financial advisor.
Can I open retirement accounts?
Yes. Merrill offers Traditional IRA, Roth IRA, SEP IRA, and rollover options
Bank of America Investing, through Merrill, stands out as one of the most accessible and flexible investment services in the U.S. It’s built for real people: those who are just getting started, those who prefer automation, and those who want serious wealth planning. With solid security, a world-class app, and the backing of a trusted institution, Merrill makes investing simple, smart, and strategic.
Whether you’re looking to save for retirement, build passive income, or just get your feet wet in the market, there’s a Merrill solution to fit your goals—and it’s all conveniently connected to your Bank of America accounts.
