Merrill Edge Account Type

Merrill Edge offers several types of brokerage accounts to cater to different investment needs:

• Individual Brokerage Account: Designed for a single owner, this account allows for trading without restrictions and can be used for any investment purpose.

• Joint Brokerage Account: Similar to the individual account, but it can have up to four owners, allowing for shared investment opportunities.

• Custodial Brokerage Account: This account is set up on behalf of a minor and is managed by a parent or guardian, ideal for saving for education or other expenses.

• Retirement Accounts:

• Traditional IRA: Offers potential tax deductions on contributions and tax-deferred growth.
• Roth IRA: Provides tax-free income during retirement with greater flexibility.
• Rollover IRA: Maintains the tax-deferred status of retirement plans while consolidating assets.
• Inherited IRA: Allows for the transfer of inherited retirement assets into a traditional or Roth inherited IRA.
• 529 College Savings Plan: Designed for saving for education expenses, this account provides tax advantages for college savings.

Merrill Edge Broker Account Opening Process

Opening a brokerage account with Merrill Edge is quick and straightforward, typically taking less than 10 minutes. Heres a step-by-step guide:

• Choose Your Account Type:
• Visit the Merrill Edge website and click on the "Open an Account" button.
• Select the type of account you wish to open (Individual, Joint, Custodial, IRA, etc.).
• Gather Necessary Documents:
• You will need your Social Security number, date of birth, valid mailing address, employment information (company name, address, start date), annual income, and household net worth.
• Fill Out the Application:
• Complete the application, which consists of five steps:
• Personal Information: Name, address, citizenship, and Social Security number.
• Employment and Financial Information: Employment status, income details, and financial situation.
• Account Details: Options for margin trading, debit card, and check writing.
• Review Application: Check all details and electronically sign.
• Submit Application: Finalize your application.
• Fund Your New Brokerage Account:
• Funding options include:
• Instant transfer from an existing Bank of America account.
• Linking to another bank account (takes up to three days).
• Wire transfer (same-day processing).
• Mailing a check.
• Transferring an existing brokerage account from another institution.
• Select Your First Investments:
• After funding, choose from thousands of stocks, ETFs, mutual funds, and bonds to start investing.

For assistance during the application process, a help line is available 24/7 at 1-888-637-3343.