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  • CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 1807
    Joined: 01/03/2017

    4 year residency with both wife and I and having close to 50k in our Vanguard Roth IRAs coming into my last home stretch till attendinghood. I don’t see any downside in rolling over my Vanguard account to Merrill Edge as it gives a lot of other unique advantages with the “preferred” status. I still have access to my favorite mutual fund, VTSAX with Merrill Edge as well. https://www.bankofamerica.com/preferred-rewards/ Anybody with a long relationship with BOA/Merrill Edge see any downsides for me to transfer my Vanguard account over?

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    Those rewards are less than impressive and can easily be beaten.

     

    You say you don’t see a huge downside but what’s the upside? With Vanguard, you have access to every type of low cost fund you could ever want. All I see with those types of deals is constant pressure from “your person” to invest in things you don’t need or want.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #180290 Reply
    Avatar Mistborn 
    Participant
    Status: Physician
    Posts: 37
    Joined: 09/29/2018

    4 year residency with both wife and I and having close to 50k in our Vanguard Roth IRAs coming into my last home stretch till attendinghood. I don’t see any downside in rolling over my Vanguard account to Merrill Edge as it gives a lot of other unique advantages with the “preferred” status. I still have access to my favorite mutual fund, VTSAX with Merrill Edge as well. https://www.bankofamerica.com/preferred-rewards/ Anybody with a long relationship with BOA/Merrill Edge see any downsides for me to transfer my Vanguard account over?

    Click to expand…

    Those rewards are less than impressive and can easily be beaten.

     

    You say you don’t see a huge downside but what’s the upside? With Vanguard, you have access to every type of low cost fund you could ever want. All I see with those types of deals is constant pressure from “your person” to invest in things you don’t need or want.

    Click to expand…

    I don’t think Edge bothers clients with self directed accounts. I’ve only had an account with them for a few months but have had 0 phone calls. If I ever get a soliciting phone call from them, I’m sure a polite comment to never call me again for advice, or I’ll move my account, would end that immediately.

    #180299 Reply
    Liked by Zaphod, abds
    MPMD MPMD 
    Participant
    Status: Physician
    Posts: 2043
    Joined: 05/01/2017

    4 year residency with both wife and I and having close to 50k in our Vanguard Roth IRAs coming into my last home stretch till attendinghood. I don’t see any downside in rolling over my Vanguard account to Merrill Edge as it gives a lot of other unique advantages with the “preferred” status. I still have access to my favorite mutual fund, VTSAX with Merrill Edge as well. https://www.bankofamerica.com/preferred-rewards/ Anybody with a long relationship with BOA/Merrill Edge see any downsides for me to transfer my Vanguard account over?

    Click to expand…

    Those rewards are less than impressive and can easily be beaten.

     

    You say you don’t see a huge downside but what’s the upside? With Vanguard, you have access to every type of low cost fund you could ever want. All I see with those types of deals is constant pressure from “your person” to invest in things you don’t need or want.

    Click to expand…

    I don’t think Edge bothers clients with self directed accounts. I’ve only had an account with them for a few months but have had 0 phone calls. If I ever get a soliciting phone call from them, I’m sure a polite comment to never call me again for advice, or I’ll move my account, would end that immediately.

    Click to expand…

    nice SN.

    could never get into any of his other books but loved that trilogy.

    kelsior vs. steel inquisitor was a great piece of epic fantasy

    #180304 Reply
    Liked by Mistborn
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5510
    Joined: 01/12/2016
    Splash Refinancing Bonus

    4 year residency with both wife and I and having close to 50k in our Vanguard Roth IRAs coming into my last home stretch till attendinghood. I don’t see any downside in rolling over my Vanguard account to Merrill Edge as it gives a lot of other unique advantages with the “preferred” status. I still have access to my favorite mutual fund, VTSAX with Merrill Edge as well. https://www.bankofamerica.com/preferred-rewards/ Anybody with a long relationship with BOA/Merrill Edge see any downsides for me to transfer my Vanguard account over?

    Click to expand…

    Those rewards are less than impressive and can easily be beaten.

     

    You say you don’t see a huge downside but what’s the upside? With Vanguard, you have access to every type of low cost fund you could ever want. All I see with those types of deals is constant pressure from “your person” to invest in things you don’t need or want.

    Click to expand…

    You saw the Platinum level rewards? Free atms everywhere, always reimbursed. Free trades so no costs ever in addition to no bank charges. I dont ever use the other stuff so I dont care, but for just having your account someplace its not bad. They dont bother you at ME, its much less than PC.

    You probably have far more investment options in ME vs. Vanguard and their site is really top notch in layout and seeing how you’re doing, really user friendly. If your a researcher they have all kinds of access to great resources, but I dont do that either.

    #180310 Reply
    Liked by StarTrekDoc
    Avatar milkycow 
    Participant
    Status: Resident
    Posts: 19
    Joined: 01/31/2016

    You also have access to a lot of the same low cost index funds, even Vangaurd index funds with Merrill Edge. Not sure about the pressure part, as I wasn’t pressured to buy, I was just naive to buy when I first started. The advisors are there for a resource, of course fact checked by your own personal knowledge of finance backed by the support of others such as the WCI community.

    Upside to me is some cash back on groceries/gas is 3.5%/5.25% respectively if you are already banking with BOA. I don’t lose money per se on my money essentially being invested in the same index fund whether it held in Vanguard or Merrill Edge. Thinking this is a good all rounded cash back option and Chase Sapphire Reserve for everything else.

    Whether any of the other intangible benefits are worth it, I guess time will tell. I may use the mortgage fee reduction as a negotiating tool when I get my next mortgage in the near future.

    #180311 Reply
    Lithium Lithium 
    Participant
    Status: Physician
    Posts: 1013
    Joined: 02/15/2016

    Platinum honors rewards means 2.63% cash back on all purchases, 3.5% on groceries, 5.25% on your choice of gas, online shopping, dining, travel, drugstores, in addition to all the free brokerage trades and ATM transactions.  It’s a pretty stellar program if you like credit card rewards but aren’t the hardcore churner.  BoA is a really crummy bank though.

    #180312 Reply
    Avatar Raster 
    Participant
    Status: Physician
    Posts: 38
    Joined: 02/01/2016

    Those rewards are less than impressive and can easily be beaten.

    Click to expand…

    Are you aware of any cash back credit card rewards for all purchases that are greater than the 2.625% BoA/Merrill Edge is offering?  I haven’t found any so far, but would love to know about them, if they exist.  Thanks.

     

    Raster

    #180884 Reply
    Avatar wxl31 
    Participant
    Status: Physician
    Posts: 7
    Joined: 12/16/2017

    Use it, love it. I never used Merrill Lynch but I can say that using Merrill Edge is simple and hassle-free with no annoying fees. Some tips if you’re interested:

    1. There are often large bonuses that come up from time to time to transfer to Merrill Edge. Google “Bogleheads brokerage bonuses” for a good thread with the latest news on the availability of these bonuses. I’d wait until one of these bonuses is active.
    2. You can get multiple bonuses (I got one for brokerage and another for Roth).
    3. Plan to transfer at least 100k to get Platinum reward status to maximize perks.
    4. Before transferring funds to Merrill Edge, convert all funds to ETFs (if there isn’t a huge tax bite). Merrill Edge has free stock and ETF trades with Platinum status, useful for tax loss harvesting, rebalancing. However, their mutual fund trading fees are obscene. Also, there were some mutual funds they refused to accept, which may their a wrench into your plans for transferring $x for a bonus.
    5. Open BoA cash rewards card to get great cash back on gas (5.25%) and groceries (3.5%) if you have Platinum status which gives you 75% bonus on base rewards of 3% for gas and 2% for groceries. In the past, there was a $200 bonus to open this card, not sure if it’s still active. Rumor is in the future you can select what category to get 5.25% on a quarterly basis if you want.
    6. Open BoA travel rewards up get 2.625% “cash back” on all other purchases with Platinum rewards status. The reason why it’s “cash back” is because it can only be applied as a credit to travel expenses on the card, so not straight forward cash back (although I’ve never had a problem using it up for travel purposes).
    7. Open BoA checking account to get free ATM anywhere in the US, free small safety deposit box.

    I despise BoA in general but the constellation of perks was too appealing to pass up.

    #180900 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 1807
    Joined: 01/03/2017

    Those rewards are less than impressive and can easily be beaten.

    Click to expand…

    Are you aware of any cash back credit card rewards for all purchases that are greater than the 2.625% BoA/Merrill Edge is offering?  I haven’t found any so far, but would love to know about them, if they exist.  Thanks.

     

    Raster

    Click to expand…

    I guess I don’t see where they are offering 2.625% cash back on all purchases through the Preferred Rewards program.

     

    Edit: It looks like it was explained in the post above and that you have to go through travel rewards, as well. It looks like the Alliant Cashback Visa Signature Card offers 2.5% cash back on all purchases (3% cash back in the first year). That’s pretty solid without having to open different accounts and keeping a minimum amount of money with a certain place.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #180936 Reply
    Lithium Lithium 
    Participant
    Status: Physician
    Posts: 1013
    Joined: 02/15/2016
    Disability Insurance

    Those rewards are less than impressive and can easily be beaten.

    Click to expand…

    Are you aware of any cash back credit card rewards for all purchases that are greater than the 2.625% BoA/Merrill Edge is offering?  I haven’t found any so far, but would love to know about them, if they exist.  Thanks.

     

    Raster

    Click to expand…

    I guess I don’t see where they are offering 2.625% cash back on all purchases through the Preferred Rewards program.

     

    Edit: It looks like it was explained in the post above and that you have to go through travel rewards, as well. It looks like the Alliant Cashback Visa Signature Card offers 2.5% cash back on all purchases (3% cash back in the first year). That’s pretty solid without having to open different accounts and keeping a minimum amount of money with a certain place.

    Click to expand…

    $59 annual fee

    #180947 Reply
    Avatar Raster 
    Participant
    Status: Physician
    Posts: 38
    Joined: 02/01/2016

    Those rewards are less than impressive and can easily be beaten.

    Click to expand…

    Are you aware of any cash back credit card rewards for all purchases that are greater than the 2.625% BoA/Merrill Edge is offering?  I haven’t found any so far, but would love to know about them, if they exist.  Thanks.

     

    Raster

    Click to expand…

    I guess I don’t see where they are offering 2.625% cash back on all purchases through the Preferred Rewards program.

     

    Edit: It looks like it was explained in the post above and that you have to go through travel rewards, as well. It looks like the Alliant Cashback Visa Signature Card offers 2.5% cash back on all purchases (3% cash back in the first year). That’s pretty solid without having to open different accounts and keeping a minimum amount of money with a certain place.

    Click to expand…

    Thanks.  I agree that the Alliant Cashback thing looks good on the surface.  I applied for it, and they wanted something like copies of the last three years of tax returns!  Ummm…. No.  The BoA card application was a few clicks in my BoA online account.

    #183607 Reply
    Avatar FIREshrink 
    Participant
    Status: Physician
    Posts: 845
    Joined: 01/11/2017

    It’s a decent looking program and we already have a BOA rewards credit card, but I’ve just decided we have accounts in too many places already and I don’t want to manage another even for the 75% bonus earnings on credit card purchases. Occasionally the $600-$1000 bonus has tempted me, though.

    The bank rewards are pretty standard. We get no fees and all ATM charges reimbursed through two different credit unions as well as Chase Private Client. I think Schwab and Fido may do the same though I haven’t checked in a while.

    #183613 Reply
    Avatar StarTrekDoc 
    Participant
    Status: Physician
    Posts: 1703
    Joined: 01/15/2017
    Earnest refinancing bonus

    Have been with BOA since residency.  They had my first checking account, and several mortgages through them over the years.

    Currently with BOA+ME –   Mortgage, HELOC, and ME – 130k + CC:  Travel Rewards.  You can Add Cash rewards too for no Annual Fee if you wish and transfer points between.   If you have decent spend+travel, the Cash Rewards Preferred is a nice add (and cancel if you churn) for $95 you get Global Entry and 1.5%+75% Plat Rewards for 100k in ME.

    For those with 100K in taxable that’s just sitting there — sign up for ME,  get $600 for free, sign up cash rewards preferred and get some free travel/churn/rewards for another $500 at the very least.   === and it keeps paying one of the highest cash or travel rewards with minimal effort.

    Since the SPG devaluation, we’ve moved most of our non-churn spend to BOA.

    — ME does generate a fair amount of traditional junk mail, but rarely the annoying cold call like PC does which I have on spam calling status now.

    #183616 Reply

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