Bank of America/Merrill Edge - Preferred Rewards

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Eno Deb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Eno Deb »

bbrock wrote: Mon Jan 30, 2023 3:10 pmSo Eno, if you save one card for 5.25% online shopping, and carry the other card for groceries and dining, I thought this card you use for groceries dining would only be getting 3.5% back. Right? And, is groceries/dining one category, or separate categories? Also, if you are keeping this card to use for groceries/dining, doesn't it also have a 5.25% option that you are not taking advantage of?
The card pays 3.5% for groceries *and* 5.25% for one selectable category, which in this case is dining. In other words, you always get 3.5% for groceries regardless which of the selectable 5.25% categories you set.
CrisisAverted
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by CrisisAverted »

I am having a real hard time determining to move my cash at ME into TTTXX or FSIXX.

The later cut off time at TTTXX is nice and a lot of people have mentioned that.

But besides that, is there any appreciable difference? In fact, even with the higher expense ratio, the yield on FSIXX seems to be higher? I think FSIXX may also have a higher percentage of state-exempt income, so that's nice.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

Eno Deb wrote: Mon Jan 30, 2023 3:16 pm
bbrock wrote: Mon Jan 30, 2023 3:10 pmSo Eno, if you save one card for 5.25% online shopping, and carry the other card for groceries and dining, I thought this card you use for groceries dining would only be getting 3.5% back. Right? And, is groceries/dining one category, or separate categories? Also, if you are keeping this card to use for groceries/dining, doesn't it also have a 5.25% option that you are not taking advantage of?
The card pays 3.5% for groceries *and* 5.25% for one selectable category, which in this case is dining. In other words, you always get 3.5% for groceries regardless which of the selectable 5.25% categories you set, but your are limited to $2,500 per quarter for both.
See my addition above Eno, I am 99.9% certain this is correct.

From BofA
3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter) and 1% cash back on all other purchases*
*note these percentages do not include the up to 75% booster.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

bbrock wrote: Mon Jan 30, 2023 3:10 pmI am already getting confused and I don't even have the cards. Not sure how much the worth is to me vs. just using the Costco Visa, and Amazon Chase Visa we already have. ...
With the proliferation of phone apps for different vendors, you don't need to carry multiple cards or remember which to use. We use phone apps in the store for Publix, Sams Club and Walmart. If we want to switch which cards we're using due to quarterly limits, changing categories, or whatever, we change the cards online at our leisure when at home. When at the stores, we just use the app and don't think about what card it's using. I also use Google Pay for other small stores that support it.

An advantage of that approach is that the apps (but not Google Pay) often post as online transactions, regardless of the type of store you're in. If you have multiple Customized Cash or Susan G Komen accounts (in multi-player mode) you can set several to online and have pretty high quarterly limits.
Eno Deb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Eno Deb »

Lastrun wrote: Mon Jan 30, 2023 5:11 pm
Eno Deb wrote: Mon Jan 30, 2023 3:16 pm
bbrock wrote: Mon Jan 30, 2023 3:10 pmSo Eno, if you save one card for 5.25% online shopping, and carry the other card for groceries and dining, I thought this card you use for groceries dining would only be getting 3.5% back. Right? And, is groceries/dining one category, or separate categories? Also, if you are keeping this card to use for groceries/dining, doesn't it also have a 5.25% option that you are not taking advantage of?
The card pays 3.5% for groceries *and* 5.25% for one selectable category, which in this case is dining. In other words, you always get 3.5% for groceries regardless which of the selectable 5.25% categories you set, but your are limited to $2,500 per quarter for both.
See my addition above Eno, I am 99.9% certain this is correct.
Yes. I didn't mean to say anything different.
bbrock
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

Got it for now. The combination of Groceries and gas, or groceries and online shopping may work for us.
bbrock
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

CrisisAverted wrote: Mon Jan 30, 2023 5:07 pm I am having a real hard time determining to move my cash at ME into TTTXX or FSIXX.

The later cut off time at TTTXX is nice and a lot of people have mentioned that.

But besides that, is there any appreciable difference? In fact, even with the higher expense ratio, the yield on FSIXX seems to be higher? I think FSIXX may also have a higher percentage of state-exempt income, so that's nice.
FSIXX sometimes has a lower yield that TTTXX, at least in 2022 this seemed to go back and forth throughout the year. The main advantage of TTTXX is the later cutoff time (11:45am ET vs. 1:45pm ET).
CrisisAverted
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by CrisisAverted »

anon_investor wrote: Mon Jan 30, 2023 9:20 pm
CrisisAverted wrote: Mon Jan 30, 2023 5:07 pm I am having a real hard time determining to move my cash at ME into TTTXX or FSIXX.

The later cut off time at TTTXX is nice and a lot of people have mentioned that.

But besides that, is there any appreciable difference? In fact, even with the higher expense ratio, the yield on FSIXX seems to be higher? I think FSIXX may also have a higher percentage of state-exempt income, so that's nice.
FSIXX sometimes has a lower yield that TTTXX, at least in 2022 this seemed to go back and forth throughout the year. The main advantage of TTTXX is the later cutoff time (11:45am ET vs. 1:45pm ET).
Thanks! I think I have spent enough time researching between the two, and enough people here keep echoing TTTXX (and it seems to be more popular overall) so I'll just put in an order for that tomorrow.

Just so I understand, the later cutoff is if I want to withdraw funds, right? I can still put an order in whenever (before or after cut off) and it will handle the purchase on that same day? Or is it if I place the buy order after the cutoff, then the order will process the next day?
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

TTTXX and FSIXX seem to seesaw back and forth as to who has the higher rate. I just stick with TTTXX. I'm not going to keep switching between one to gain less than a 0.1% difference.
CrisisAverted
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by CrisisAverted »

atdharris wrote: Mon Jan 30, 2023 9:55 pm TTTXX and FSIXX seem to seesaw back and forth as to who has the higher rate. I just stick with TTTXX. I'm not going to keep switching between one to gain less than a 0.1% difference.
That makes sense. No need to waste brainpower and effort to capture the last little bit of premium.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

CrisisAverted wrote: Mon Jan 30, 2023 9:53 pm
anon_investor wrote: Mon Jan 30, 2023 9:20 pm
CrisisAverted wrote: Mon Jan 30, 2023 5:07 pm I am having a real hard time determining to move my cash at ME into TTTXX or FSIXX.

The later cut off time at TTTXX is nice and a lot of people have mentioned that.

But besides that, is there any appreciable difference? In fact, even with the higher expense ratio, the yield on FSIXX seems to be higher? I think FSIXX may also have a higher percentage of state-exempt income, so that's nice.
FSIXX sometimes has a lower yield that TTTXX, at least in 2022 this seemed to go back and forth throughout the year. The main advantage of TTTXX is the later cutoff time (11:45am ET vs. 1:45pm ET).
Thanks! I think I have spent enough time researching between the two, and enough people here keep echoing TTTXX (and it seems to be more popular overall) so I'll just put in an order for that tomorrow.

Just so I understand, the later cutoff is if I want to withdraw funds, right? I can still put an order in whenever (before or after cut off) and it will handle the purchase on that same day? Or is it if I place the buy order after the cutoff, then the order will process the next day?
The cut off is for purchases too. So it won't buy until the following market close if you place your order after the cut off.
CrisisAverted
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by CrisisAverted »

anon_investor wrote: Mon Jan 30, 2023 10:20 pm
CrisisAverted wrote: Mon Jan 30, 2023 9:53 pm
anon_investor wrote: Mon Jan 30, 2023 9:20 pm
CrisisAverted wrote: Mon Jan 30, 2023 5:07 pm I am having a real hard time determining to move my cash at ME into TTTXX or FSIXX.

The later cut off time at TTTXX is nice and a lot of people have mentioned that.

But besides that, is there any appreciable difference? In fact, even with the higher expense ratio, the yield on FSIXX seems to be higher? I think FSIXX may also have a higher percentage of state-exempt income, so that's nice.
FSIXX sometimes has a lower yield that TTTXX, at least in 2022 this seemed to go back and forth throughout the year. The main advantage of TTTXX is the later cutoff time (11:45am ET vs. 1:45pm ET).
Thanks! I think I have spent enough time researching between the two, and enough people here keep echoing TTTXX (and it seems to be more popular overall) so I'll just put in an order for that tomorrow.

Just so I understand, the later cutoff is if I want to withdraw funds, right? I can still put an order in whenever (before or after cut off) and it will handle the purchase on that same day? Or is it if I place the buy order after the cutoff, then the order will process the next day?
The cut off is for purchases too. So it won't buy until the following market close if you place your order after the cut off.
Good to know, thanks! I should've just put in the order for TTTXX today but I wanted to check in first with you guys, lol.
GoodOmens
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by GoodOmens »

What is the appeal of TTTXX over GOTXX?

GOTXX is 100% Us Treasuries and US Agency debt (No repurchase agreements) and has a similar (2pm) cutoff. Both are within a .02% of each other so just curious.
Morik
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Morik »

GoodOmens wrote: Tue Jan 31, 2023 12:42 pm What is the appeal of TTTXX over GOTXX?

GOTXX is 100% Us Treasuries and US Agency debt (No repurchase agreements) and has a similar (2pm) cutoff. Both are within a .02% of each other so just curious.
GOTXX cutoff is 11:45 am Eastern.
TTTXX is two hours later at 1:45 pm Eastern.
unmesh
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by unmesh »

professor_americus wrote: Sat Jan 28, 2023 10:44 am ...
On Merrill you can only buy treasuries on the secondary market. No new issues. No auto-roll. That's all I mean there.
...
I'm going to open an ME account tomorrow and the rep I spoke with today assured me that I can buy new Treasuries at auction. It's not a deal killer for me if he turns out to have been wrong and I will find out soon enough.
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

unmesh wrote: Wed Feb 01, 2023 6:11 pm
professor_americus wrote: Sat Jan 28, 2023 10:44 am ...
On Merrill you can only buy treasuries on the secondary market. No new issues. No auto-roll. That's all I mean there.
...
I'm going to open an ME account tomorrow and the rep I spoke with today assured me that I can buy new Treasuries at auction. It's not a deal killer for me if he turns out to have been wrong and I will find out soon enough.
He probably means you can buy new Treasuries at auction by calling in.
unmesh
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by unmesh »

student wrote: Wed Feb 01, 2023 6:16 pm He probably means you can buy new Treasuries at auction by calling in.
Sneaky!
GoodOmens
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by GoodOmens »

unmesh wrote: Wed Feb 01, 2023 6:11 pm
professor_americus wrote: Sat Jan 28, 2023 10:44 am ...
On Merrill you can only buy treasuries on the secondary market. No new issues. No auto-roll. That's all I mean there.
...
I'm going to open an ME account tomorrow and the rep I spoke with today assured me that I can buy new Treasuries at auction. It's not a deal killer for me if he turns out to have been wrong and I will find out soon enough.
You can (have to call on or after the announce date). The fee (currently) for phone orders is waived for treasury auctions less then 1 year (So basically all tbills). Also can't ladder. The broker I spoke to said he's repeatedly asked for the ability for folks to do it online - my assumption is because he doesn't get a commission for them.

Some money market funds don't count for settlement periods (not sure which ones do - GOTXX didn't for whatever reason) - so to avoid technical violations we moved the purchase amount into the preferred deposit. Curious if TTTXX would with the later cutoff period...
aragorn1
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aragorn1 »

Found this thread just now. I'm a BoA Preferred Rewards member owing to keeping 100k+ in my BoA checking and savings accounts. I've had the BoA Cash Rewards card for many years which I use to get 5.25% cash back (mainly for online shopping). With HYSA and T-Bills paying good yields now, I am thinking of moving my cash from BoA savings (which is paying close to $0 interest/month) and thereby losing the my Preferred Rewards status.
Could someone please advice if this makes sense ? I am sure I can earn much more interest in HYSA / T-Bills than getting the 75% additional cash back from the Cash Rewards credit card.
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

aragorn1 wrote: Fri Feb 03, 2023 10:14 pm Found this thread just now. I'm a BoA Preferred Rewards member owing to keeping 100k+ in my BoA checking and savings accounts. I've had the BoA Cash Rewards card for many years which I use to get 5.25% cash back (mainly for online shopping). With HYSA and T-Bills paying good yields now, I am thinking of moving my cash from BoA savings (which is paying close to $0 interest/month) and thereby losing the my Preferred Rewards status.
Could someone please advice if this makes sense ? I am sure I can earn much more interest in HYSA / T-Bills than getting the 75% additional cash back from the Cash Rewards credit card.
I suggest that you open a Merrill Lynch account, move most of your BoA money to that account, and invest in the Preferred Deposit program (currently paying 3.98%), a Treasury fund, or something similar.
Eno Deb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Eno Deb »

aragorn1 wrote: Fri Feb 03, 2023 10:14 pm Found this thread just now. I'm a BoA Preferred Rewards member owing to keeping 100k+ in my BoA checking and savings accounts. I've had the BoA Cash Rewards card for many years which I use to get 5.25% cash back (mainly for online shopping). With HYSA and T-Bills paying good yields now, I am thinking of moving my cash from BoA savings (which is paying close to $0 interest/month) and thereby losing the my Preferred Rewards status.
Could someone please advice if this makes sense ? I am sure I can earn much more interest in HYSA / T-Bills than getting the 75% additional cash back from the Cash Rewards credit card.
Many of us keep the $100k+ required for preferred rewards status in a Merrill Edge brokerage account (linked to the BoA account). There you can invest it e.g. in money market funds with good yields (e.g. TTTXX, currently about 4.2% yield) or any other investment available at ME. This way your cash earns a good yield and you still keep the BoA status. You should definitely not leave that much cash in their low-yielding savings account.
aragorn1
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aragorn1 »

Thanks for the replies. I'll open a Merrill Lynch account.
Should I use this offer (https://www.merrilledge.com/offers/pr1000) to open my account ?

The offer rules states the following:

Fund your account with at least $20,000 in qualifying net new assets within 45 days of enrolling in the offer. Assets transferred from other accounts at Bank of America, MLPF&S, Bank of America Private Bank, or 401(k) accounts administered by MLPF&S do not count towards qualifying net new assets

So, I need to move the funds out of my BoA account to a non BoA account and then transfer them back to the Merrill Lynch account ?

Also, should I open an Individual Cash Management Account or Joint Cash Management Account (with my SO) ?
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

aragorn1 wrote: Sat Feb 04, 2023 12:25 am Thanks for the replies. I'll open a Merrill Lynch account.
Should I use this offer (https://www.merrilledge.com/offers/pr1000) to open my account ?
This offer used to be targeted (you received a targeted mailer) but now is open to anyone who wants in.
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

aragorn1 wrote: Sat Feb 04, 2023 12:25 am So, I need to move the funds out of my BoA account to a non BoA account and then transfer them back to the Merrill Lynch account ?
For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks.
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

Eno Deb wrote: Fri Feb 03, 2023 10:34 pm
aragorn1 wrote: Fri Feb 03, 2023 10:14 pm Found this thread just now. I'm a BoA Preferred Rewards member owing to keeping 100k+ in my BoA checking and savings accounts. I've had the BoA Cash Rewards card for many years which I use to get 5.25% cash back (mainly for online shopping). With HYSA and T-Bills paying good yields now, I am thinking of moving my cash from BoA savings (which is paying close to $0 interest/month) and thereby losing the my Preferred Rewards status.
Could someone please advice if this makes sense ? I am sure I can earn much more interest in HYSA / T-Bills than getting the 75% additional cash back from the Cash Rewards credit card.
Many of us keep the $100k+ required for preferred rewards status in a Merrill Edge brokerage account (linked to the BoA account). There you can invest it e.g. in money market funds with good yields (e.g. TTTXX, currently about 4.2% yield) or any other investment available at ME. This way your cash earns a good yield and you still keep the BoA status. You should definitely not leave that much cash in their low-yielding savings account.
You are losing at least $350+ (on $100K+) per month for staying in a near-zero interest account nowadays.
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

CrisisAverted wrote: Mon Jan 30, 2023 10:50 pm
anon_investor wrote: Mon Jan 30, 2023 10:20 pm
CrisisAverted wrote: Mon Jan 30, 2023 9:53 pm
anon_investor wrote: Mon Jan 30, 2023 9:20 pm
CrisisAverted wrote: Mon Jan 30, 2023 5:07 pm I am having a real hard time determining to move my cash at ME into TTTXX or FSIXX.

The later cut off time at TTTXX is nice and a lot of people have mentioned that.

But besides that, is there any appreciable difference? In fact, even with the higher expense ratio, the yield on FSIXX seems to be higher? I think FSIXX may also have a higher percentage of state-exempt income, so that's nice.
FSIXX sometimes has a lower yield that TTTXX, at least in 2022 this seemed to go back and forth throughout the year. The main advantage of TTTXX is the later cutoff time (11:45am ET vs. 1:45pm ET).
Thanks! I think I have spent enough time researching between the two, and enough people here keep echoing TTTXX (and it seems to be more popular overall) so I'll just put in an order for that tomorrow.

Just so I understand, the later cutoff is if I want to withdraw funds, right? I can still put an order in whenever (before or after cut off) and it will handle the purchase on that same day? Or is it if I place the buy order after the cutoff, then the order will process the next day?
The cut off is for purchases too. So it won't buy until the following market close if you place your order after the cut off.
Good to know, thanks! I should've just put in the order for TTTXX today but I wanted to check in first with you guys, lol.
At Etrade you can easily exchange funds. I do this between VMFXX and VUSXX weekly since their yields also go back and forth throughout the year. Not sure if at ME you can easily exchange funds between TTTXX and FSIXX.
OrangeKiwi
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by OrangeKiwi »

Carno wrote: Sat Feb 04, 2023 4:44 am
Eno Deb wrote: Fri Feb 03, 2023 10:34 pm
aragorn1 wrote: Fri Feb 03, 2023 10:14 pm Found this thread just now. I'm a BoA Preferred Rewards member owing to keeping 100k+ in my BoA checking and savings accounts. I've had the BoA Cash Rewards card for many years which I use to get 5.25% cash back (mainly for online shopping). With HYSA and T-Bills paying good yields now, I am thinking of moving my cash from BoA savings (which is paying close to $0 interest/month) and thereby losing the my Preferred Rewards status.
Could someone please advice if this makes sense ? I am sure I can earn much more interest in HYSA / T-Bills than getting the 75% additional cash back from the Cash Rewards credit card.
Many of us keep the $100k+ required for preferred rewards status in a Merrill Edge brokerage account (linked to the BoA account). There you can invest it e.g. in money market funds with good yields (e.g. TTTXX, currently about 4.2% yield) or any other investment available at ME. This way your cash earns a good yield and you still keep the BoA status. You should definitely not leave that much cash in their low-yielding savings account.
You are losing at least $350+ (on $100K+) per month for staying in a near-zero interest account nowadays.
You can call Merrill to move $100k into a”Prederred Deposit” account which is FDIC insured @ 4.24% right now.

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

You do not have to keep $100k in it, just initially, and then you can reduce (to $1 so they do not automatically close it) or increase it as you want online without having to call in.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Carno wrote: Sat Feb 04, 2023 4:59 am
CrisisAverted wrote: Mon Jan 30, 2023 10:50 pm
anon_investor wrote: Mon Jan 30, 2023 10:20 pm
CrisisAverted wrote: Mon Jan 30, 2023 9:53 pm
anon_investor wrote: Mon Jan 30, 2023 9:20 pm

FSIXX sometimes has a lower yield that TTTXX, at least in 2022 this seemed to go back and forth throughout the year. The main advantage of TTTXX is the later cutoff time (11:45am ET vs. 1:45pm ET).
Thanks! I think I have spent enough time researching between the two, and enough people here keep echoing TTTXX (and it seems to be more popular overall) so I'll just put in an order for that tomorrow.

Just so I understand, the later cutoff is if I want to withdraw funds, right? I can still put an order in whenever (before or after cut off) and it will handle the purchase on that same day? Or is it if I place the buy order after the cutoff, then the order will process the next day?
The cut off is for purchases too. So it won't buy until the following market close if you place your order after the cut off.
Good to know, thanks! I should've just put in the order for TTTXX today but I wanted to check in first with you guys, lol.
At Etrade you can easily exchange funds. I do this between VMFXX and VUSXX weekly since their yields also go back and forth throughout the year. Not sure if at ME you can easily exchange funds between TTTXX and FSIXX.
You can't exchange between TTTXX and FSIXX, I tried before. It could be because they are not from the same find family (TTTXX is Blackrock and FSIXX is Fidelity).
CrisisAverted
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by CrisisAverted »

I spoke with a ME rep about how some folks got expedited Preferred Rewards status when opening up an ME account when already having a BofA account. He said he'd put my account to the audit team to see what they can do.

Unfortunately, I only got Gold status despite bringing over Plat Honors level of funds for the ME $1000 offer. Is it possible that they may reconsider and bump me up to Plat Honors? I don't want to spend 40 minutes on hold again (almost each time I call during the day) to get a negative answer if it's not something they do.
djheini
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by djheini »

CrisisAverted wrote: Sun Feb 05, 2023 2:39 am I spoke with a ME rep about how some folks got expedited Preferred Rewards status when opening up an ME account when already having a BofA account. He said he'd put my account to the audit team to see what they can do.

Unfortunately, I only got Gold status despite bringing over Plat Honors level of funds for the ME $1000 offer. Is it possible that they may reconsider and bump me up to Plat Honors? I don't want to spend 40 minutes on hold again (almost each time I call during the day) to get a negative answer if it's not something they do.
https://promotions.bankofamerica.com/preferredrewards/en wrote:Every month, we'll review your three-month average daily balance and if it’s high enough, you'll receive an automatic tier upgrade. To view your qualifying three-month combined average daily balance, log in to Online Banking or use our mobile app and go to My Rewards.
So if you only brought over just enough to get Platinum Honors level it would take 3 months for your 3-month average balance to reach the threshold, but it should be automatic within a month of then.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

Carno wrote: Sat Feb 04, 2023 4:32 am
aragorn1 wrote: Sat Feb 04, 2023 12:25 am So, I need to move the funds out of my BoA account to a non BoA account and then transfer them back to the Merrill Lynch account ?
For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks.
Moving the money out of BoA and waiting 24 weeks before opening an ME account is necessary to qualify for a new money bonus.

Maintaining PH status while the money is outside the BofA/ME system depends on the annual anniversary date for PH status. It may or may not change, depending on when the money comes back in. Even if you temporarily lose PH status, the new money bonus will exceed the 75% PH boost on Preferred Rewards unless you're spending huge amounts on your credit cards.
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

spammagnet wrote: Sun Feb 05, 2023 8:27 am Maintaining PH status while the money is outside the BofA/ME system depends on the annual anniversary date for PH status. It may or may not change, depending on when the money comes back in.
I vaguely remember the terms that Preferred status will not change for some period of time even after the required balance is not met and will resume once the required balance is met again.
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

spammagnet wrote: Sun Feb 05, 2023 8:27 am
Carno wrote: Sat Feb 04, 2023 4:32 am For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks.
Moving the money out of BoA and waiting 24 weeks before opening an ME account is necessary to qualify for a new money bonus.
One point is not clear to me. If I have an existing IRA account with $250K balance and open a new Taxable account and fund it with $250K (for a $1,000 bonus) and then transfer $250K out of my IRA account do I lose the bonus for my Taxable account? Do these 2 account balances relate to each other or are independent when calculating by adding total incoming assets or transfers? In other words, are these total incoming assets or transfers calculated per a specific account (bonus account) or aggregated across all accounts?
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

Carno wrote: Sun Feb 05, 2023 11:33 am
spammagnet wrote: Sun Feb 05, 2023 8:27 am
Carno wrote: Sat Feb 04, 2023 4:32 am For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks.
Moving the money out of BoA and waiting 24 weeks before opening an ME account is necessary to qualify for a new money bonus.
One point is not clear to me. If I have an existing IRA account with $250K balance and open a new Taxable account and fund it with $250K (for a $1,000 bonus) and then transfer $250K out of my IRA account do I lose the bonus for my Taxable account? Do these 2 account balances relate to each other or are independent when calculating by adding total incoming assets or transfers?
ME bonuses are generally based on net new money. Money removed from an existing account during the qualification period of a bonus for a new account (90 days? I don't remember) will reduce the balance considered for the bonus.

You don't need a new account. The bonuses are for new money. You can add new money to an existing account for the same bonus, as long as you're not moving money in that you withdrew (from any ME account) within the past 24 weeks.

It's in the details but is pretty clear. They certainly can revise the offer, and the rules, at any time. That wouldn't affect new money that already qualified for a specific bonus but hasn't received it yet.
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

spammagnet wrote: Sun Feb 05, 2023 11:43 am
Carno wrote: Sun Feb 05, 2023 11:33 am
spammagnet wrote: Sun Feb 05, 2023 8:27 am
Carno wrote: Sat Feb 04, 2023 4:32 am For purposes of this offer, qualifying net new assets are calculated by adding total incoming assets or transfers (including cash, securities and/or margin debit balance transfers) from external accounts, and subtracting assets withdrawn or transferred out of the account within the preceding 24 weeks.
Moving the money out of BoA and waiting 24 weeks before opening an ME account is necessary to qualify for a new money bonus.
One point is not clear to me. If I have an existing IRA account with $250K balance and open a new Taxable account and fund it with $250K (for a $1,000 bonus) and then transfer $250K out of my IRA account do I lose the bonus for my Taxable account? Do these 2 account balances relate to each other or are independent when calculating by adding total incoming assets or transfers?
ME bonuses are generally based on net new money. Money removed from an existing account during the qualification period of a bonus for a new account (90 days? I don't remember) will reduce the balance considered for the bonus.

You don't need a new account. The bonuses are for new money. You can add new money to an existing account for the same bonus, as long as you're not moving money in that you withdrew (from any ME account) within the past 24 weeks.

It's in the details but is pretty clear. They certainly can revise the offer, and the rules, at any time. That wouldn't affect new money that already qualified for a specific bonus but hasn't received it yet.
Then "ME bonuses are generally based on net new money" is in line with similar rules at Etrade.
Opening a new Taxable account is necessary since I can't move $250K of new money to an existing IRA account (do no have that much IRA money in an external IRA account to do so). I could if it were an existing Taxable account.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

Carno wrote: Sun Feb 05, 2023 11:51 amOne point is not clear to me. If I have an existing IRA account with $250K balance and open a new Taxable account and fund it with $250K (for a $1,000 bonus) and then transfer $250K out of my IRA account do I lose the bonus for my Taxable account? Do these 2 account balances relate to each other or are independent when calculating by adding total incoming assets or transfers?
Then "ME bonuses are generally based on net new money" is in line with similar rules at Etrade.
Opening a new Taxable account is necessary since I can't move $250K of new money to an existing IRA account (do no have that much IRA money in an external IRA account to do so). I could if it were an existing Taxable account.
Leave the money in the IRA until the new taxable account qualifies. You don't have to leave money in either account after that, except enough to keep the taxable account open until the bonus is deposited. NB: Merrill charges a fee for account closure, at least for retirement accounts.
Lyrrad
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

anon_investor wrote: Sat Feb 04, 2023 7:14 am You can't exchange between TTTXX and FSIXX, I tried before. It could be because they are not from the same find family (TTTXX is Blackrock and FSIXX is Fidelity).
I wonder if you can do a sell and buy order on the same day before the earlier cutoff for both funds (11:45AM ET). When I place a sell order for TTTXX before the cut off on a business day, the funds are available immediately, so I assume that you would be able to use those funds to buy FSIXX.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lyrrad wrote: Sun Feb 05, 2023 2:06 pm
anon_investor wrote: Sat Feb 04, 2023 7:14 am You can't exchange between TTTXX and FSIXX, I tried before. It could be because they are not from the same find family (TTTXX is Blackrock and FSIXX is Fidelity).
I wonder if you can do a sell and buy order on the same day before the earlier cutoff for both funds (11:45AM ET). When I place a sell order for TTTXX before the cut off on a business day, the funds are available immediately, so I assume that you would be able to use those funds to buy FSIXX.
That may work, never tried that. The exchange option definitely does not work.
CrisisAverted
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by CrisisAverted »

djheini wrote: Sun Feb 05, 2023 5:31 am
CrisisAverted wrote: Sun Feb 05, 2023 2:39 am I spoke with a ME rep about how some folks got expedited Preferred Rewards status when opening up an ME account when already having a BofA account. He said he'd put my account to the audit team to see what they can do.

Unfortunately, I only got Gold status despite bringing over Plat Honors level of funds for the ME $1000 offer. Is it possible that they may reconsider and bump me up to Plat Honors? I don't want to spend 40 minutes on hold again (almost each time I call during the day) to get a negative answer if it's not something they do.
https://promotions.bankofamerica.com/preferredrewards/en wrote:Every month, we'll review your three-month average daily balance and if it’s high enough, you'll receive an automatic tier upgrade. To view your qualifying three-month combined average daily balance, log in to Online Banking or use our mobile app and go to My Rewards.
So if you only brought over just enough to get Platinum Honors level it would take 3 months for your 3-month average balance to reach the threshold, but it should be automatic within a month of then.
That is unfortunate because some people (even here) that have applied for an ME account that brought in enough to get over plat honors had that status applied within just a couple days.
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

Lyrrad wrote: Sun Feb 05, 2023 2:06 pm
anon_investor wrote: Sat Feb 04, 2023 7:14 am You can't exchange between TTTXX and FSIXX, I tried before. It could be because they are not from the same find family (TTTXX is Blackrock and FSIXX is Fidelity).
I wonder if you can do a sell and buy order on the same day before the earlier cutoff for both funds (11:45AM ET). When I place a sell order for TTTXX before the cut off on a business day, the funds are available immediately, so I assume that you would be able to use those funds to buy FSIXX.
I assume this strategy works except in IRA accounts since funds take a day to settle unless the proceeds are credited to your IRA account immediately (based on my experience at Etrade and I have a margin account there).
Last edited by Carno on Sun Feb 05, 2023 5:47 pm, edited 1 time in total.
Bronco Henry
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Bronco Henry »

Background: I currently have various accounts at Vanguard (taxable brokerage, traditional IRA, ROTH IRA) and use Vanguard to perform backdoor ROTH IRA contributions.

I also currently have a BOA checking account and various BOA credit cards but do not have any ME accounts.

Goals: Obtain BOA Preferred Rewards, obtain ME new account bonus threshold, and minimize taxes on the ME new account bonus.

Questions: Does it make sense to convert my Vanguard mutual funds shares to ETF shares at Vanguard, then open a ME ROTH IRA account and transfer enough money from Vanguard ROTH IRA to ME ROTH IRA to meet the ME new account bonus threshold?

Can I do a partial transfer of Vanguard ROTH IRA to ME ROTH IRA so that I can leave some assets in the Vanguard ROTH IRA so that I can continue making annual backdoor ROTH contributions at Vanguard? Are you allowed to have or are there any implications to having multiple ROTH IRA accounts at different brokerages and still perform backdoor ROTH IRA contributions?

Can you receive multiple ME account bonus awards concurrently? For example, can you receive an award for opening a ME IRA account and another award for opening a ME taxable self-directed brokerage account as long as you meet the award thresholds for each account?
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

Bronco Henry wrote: Sun Feb 05, 2023 5:32 pm Can you receive multiple ME account bonus awards concurrently? For example, can you receive an award for opening a ME IRA account and another award for opening a ME taxable self-directed brokerage account as long as you meet the award thresholds for each account?
All the promos I have seen do now allow combining offers.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Bronco Henry wrote: Sun Feb 05, 2023 5:32 pm Background: I currently have various accounts at Vanguard (taxable brokerage, traditional IRA, ROTH IRA) and use Vanguard to perform backdoor ROTH IRA contributions.

I also currently have a BOA checking account and various BOA credit cards but do not have any ME accounts.

Goals: Obtain BOA Preferred Rewards, obtain ME new account bonus threshold, and minimize taxes on the ME new account bonus.

Questions: Does it make sense to convert my Vanguard mutual funds shares to ETF shares at Vanguard, then open a ME ROTH IRA account and transfer enough money from Vanguard ROTH IRA to ME ROTH IRA to meet the ME new account bonus threshold?

Can I do a partial transfer of Vanguard ROTH IRA to ME ROTH IRA so that I can leave some assets in the Vanguard ROTH IRA so that I can continue making annual backdoor ROTH contributions at Vanguard? Are you allowed to have or are there any implications to having multiple ROTH IRA accounts at different brokerages and still perform backdoor ROTH IRA contributions?

Can you receive multiple ME account bonus awards concurrently? For example, can you receive an award for opening a ME IRA account and another award for opening a ME taxable self-directed brokerage account as long as you meet the award thresholds for each account?
Convert to ETF first. ME charges for sales of Vanguard MFs. You can do a partial transfer.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

Carno wrote: Sun Feb 05, 2023 5:49 pm
Bronco Henry wrote: Sun Feb 05, 2023 5:32 pm Can you receive multiple ME account bonus awards concurrently? For example, can you receive an award for opening a ME IRA account and another award for opening a ME taxable self-directed brokerage account as long as you meet the award thresholds for each account?
All the promos I have seen do now allow combining offers.
Combining account balances to meet the requirements of a higher threshold is desirable because the bonuses often are proportionately larger at higher combined balance levels.
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

spammagnet wrote: Sun Feb 05, 2023 9:01 pm
Carno wrote: Sun Feb 05, 2023 5:49 pm
Bronco Henry wrote: Sun Feb 05, 2023 5:32 pm Can you receive multiple ME account bonus awards concurrently? For example, can you receive an award for opening a ME IRA account and another award for opening a ME taxable self-directed brokerage account as long as you meet the award thresholds for each account?
All the promos I have seen do now allow combining offers.
Combining account balances to meet the requirements of a higher threshold is desirable because the bonuses often are proportionately larger at higher combined balance levels.
You may combine offers if they are of different categories such as combining $100 Cash Bonus, 1% Referral Bonus, 0.1% AARP Bonus from Marcus: This Offer may be combined with other promotional offers available to Marcus Online Savings Account customers.
impatientInv
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by impatientInv »

Eno Deb wrote: Fri Feb 03, 2023 10:34 pm
aragorn1 wrote: Fri Feb 03, 2023 10:14 pm Found this thread just now. I'm a BoA Preferred Rewards member owing to keeping 100k+ in my BoA checking and savings accounts. I've had the BoA Cash Rewards card for many years which I use to get 5.25% cash back (mainly for online shopping). With HYSA and T-Bills paying good yields now, I am thinking of moving my cash from BoA savings (which is paying close to $0 interest/month) and thereby losing the my Preferred Rewards status.
Could someone please advice if this makes sense ? I am sure I can earn much more interest in HYSA / T-Bills than getting the 75% additional cash back from the Cash Rewards credit card.
Many of us keep the $100k+ required for preferred rewards status in a Merrill Edge brokerage account (linked to the BoA account). There you can invest it e.g. in money market funds with good yields (e.g. TTTXX, currently about 4.2% yield) or any other investment available at ME. This way your cash earns a good yield and you still keep the BoA status. You should definitely not leave that much cash in their low-yielding savings account.
For some reason TTTXX is blocked for me, not sure why.. Instead I ended up buying TSTXX a similar fund. Anyone have seen a similar issue. I can call the customer service, but in the past it was not helpful with blocked ETFs.. Below is the error message coming up, even if I have sufficient cash..
The order entered exceeds the available funds for this account. (RES_BA_070)
For more information, call 877.653.4732.
About TSTXX
T-Fund invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Treasury, and repurchase agreements secured by such obligations or cash
No individual stocks.
slalom
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by slalom »

spammagnet wrote: Sun Feb 05, 2023 8:27 am Moving the money out of BoA and waiting 24 weeks before opening an ME account is necessary to qualify for a new money bonus.
Thank you for this - i was just about to open an ME account and transfer to it from my BoA checking and wait 90 days, which would have served zero purpose w/rt a bonus.
wannabeinvestor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by wannabeinvestor »

impatientInv wrote: Mon Feb 06, 2023 10:52 am About TSTXX
T-Fund invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Treasury, and repurchase agreements secured by such obligations or cash
One thing that I have found is that TSTXX has a much lower % from government obligations that can be exempted from state taxes than some of the other funds. TSTXX (the T-fund) only had 23.49% of income from government obligations in 2022:

https://www.blackrock.com/us/individual ... letter.pdf

Fidelity hasn't released their 2022 numbers yet but their 2021 numbers for their "Treasury" fund FISXX (not Treasury Only) was much higher at 77%:

https://www.fidelity.com/bin-public/060 ... letter.pdf

Maybe that will change this year and be closer?
unmesh
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by unmesh »

CrisisAverted wrote: Sun Feb 05, 2023 2:36 pm That is unfortunate because some people (even here) that have applied for an ME account that brought in enough to get over plat honors had that status applied within just a couple days.
I'm one of those people and I didn't even ask for an expedited status upgrade
Eno Deb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Eno Deb »

impatientInv wrote: Mon Feb 06, 2023 10:52 amFor some reason TTTXX is blocked for me, not sure why..
That sounds very weird.
About TSTXX
T-Fund invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Treasury, and repurchase agreements secured by such obligations or cash
This fund holds mostly repurchase agreements rather than the underlying bonds directly. If you live in a high-tax state, you may want to use a treasury-only fund such as FSIXX instead, since repos are not state tax exempt.
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