
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
finder.com’s rating: 2.8 / 5.0
★★★★★
The Merrill Cash Management account, previously known as the Merrill Lynch Cash Management, offers more perks and privileges than most other cash management accounts. But it also requires a comparatively high annual fee and only provides the minimum amount of FDIC protection.
$125 per year
Fee
APY | N/A |
---|---|
Fee | $125 per year |
To waive the fee | you need to keep $250,000 across Merrill accounts |
ATM transaction fee | $0 |
ATM fee rebates | Get up to $200 in out-of-network ATM fees reimbursed a year |
Out-of-network ATM fee | $0 |
Review by
Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.
But you’ll pay $125 a year to maintain the account unless you keep $250,000 across your Merrill accounts. If you’re able to meet that requirement, make sure you’re not keeping it all in one account. You’ll only be insured for up to $250,000, which is the minimum amount of coverage you’ll find. And to open this account, you’ll need to speak with an adviser.
If you plan to keep more than $250,000, you may want to look at other cash management accounts like Aspiration Spend & Save Account, which insures your money up to $2.5 million.
To open a Merrill Cash Management account, you must work with a Merrill adviser. Here’s how to find one near you.
To open a Merrill Cash Management account, you must meet these requirements:
Have the following information ready when opening a Merrill account.
This account has a lot to offer, yet there are also a few drawbacks to keep in mind.
Yes. Merrill accounts are insured for $250,000, which meets federal guidelines but is low compared to other cash management accounts. The Merrill Cash Management account’s Visa Access debit card also provides a $0 liability guarantee in the event of fraudulent card use.
The Merrill Cash Management Account comes with a Visa Access deferred debit card you can use to withdraw cash for free at any Bank of America ATM. You can also use Bank of America ATMs to deposit cash and checks into your account without filling out a deposit slip or using an envelope.
Merrill won’t charge you a fee for using a non-Bank of America ATM, but owners of those ATMs may assess fees. But if that happens, Merrill will reimburse you up to $200 in out-of-network ATM fees each year.Compare other cash management accounts based on their monthly fees, ATM networks and minimum initial deposits.
To open a Merrill Cash Management account, you must meet these requirements:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.