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Merrill Edge vs Fidelity: fees and fine print
Full transfer-out: Merrill Edge $49.95 vs Fidelity $0; reverse split/mandatory reorg: Merrill Edge $0 vs Fidelity $0; cash rate: Merrill Edge 0.01% APY vs Fidelity 3.52%, per each broker's official pages (checked Oct 30, 2026).
Last updated · 7 official sources (listed below)
The costs that don't show up in "$0 commissions": leaving, reverse splits, tender offers, and what idle cash earns. Every cell links to the broker's own page.
Where they differ
- Full ACATS transfer-out fee: Merrill Edge $49.95 vs Fidelity $0
- Voluntary reorg / odd-lot tender fee: Merrill Edge $30 vs Fidelity $0
- Fractional share trading: Merrill Edge Not published vs Fidelity Yes ($1 min)
- Rate on uninvested cash: Merrill Edge 0.01% APY vs Fidelity 3.52%
| Fact | Merrill Edge | Fidelity |
|---|---|---|
| Full ACATS transfer-out fee | $49.95 Retirement accounts pay a $49.95 closeout fee instead (not both). source · Oct 30, 2026 | $0 One 'Transfer of assets' line; no full/partial split. source · Oct 30, 2026 |
| Partial transfer-out fee | $0 source · Oct 30, 2026 | $0 Same single line as full transfers. source · Oct 30, 2026 |
| Reverse split / mandatory reorg fee | $0 Merrill Edge Self-Directed accounts. source · Oct 30, 2026 | $0 Foreign assets held in USD: 1% of principal. source · Oct 30, 2026 |
| Fractional shares after a reverse split | Not published | Not published |
| Voluntary reorg / odd-lot tender fee | $30 source · Oct 30, 2026 | $0 source · Oct 30, 2026 |
| DRIP (auto dividend reinvestment) | Yes source · Oct 30, 2026 | Yes source · Oct 30, 2026 |
| Fractional share trading | Not published | Yes ($1 min) source · Oct 30, 2026 |
| Rate on uninvested cash | 0.01% APY Default bank sweep. 0.05% at $1M-$9.99M, 0.15% at $10M+. Preferred Deposit (non-sweep, $100k minimum) pays 3.15%. source · Oct 30, 2026 | 3.52% 7-day yield of the Government Money Market Fund core position (SPAXX). Not an APY; varies daily. source · Oct 30, 2026 |
Full pages: Merrill Edge fees · Fidelity fees · Merrill Edge cash rate · Fidelity cash rate
Questions
Is it cheaper to leave Merrill Edge or Fidelity?
Full transfer-out: Merrill Edge $49.95, Fidelity $0 (official fee schedules).
Which pays more on cash, Merrill Edge or Fidelity?
Merrill Edge: 0.01% APY (Default bank sweep. 0.05% at $1M-$9.99M, 0.15% at $10M+. Preferred Deposit (non-sweep, $100k minimum) pays 3.15%). Fidelity: 3.52% (7-day yield of the Government Money Market Fund core position (SPAXX). Not an APY; varies daily).
Sources
- https://mlaem.fs.ml.com/content/dam/ML/pdfs/me-self-directed-fees.pdf
- https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/EdgeDividendReinvestmentForm.pdf
- https://www.fidelity.com/page/manage-cash-rising-costs
- https://www.fidelity.com/trading/commissions-margin-rates
- https://www.fidelity.com/trading/fractional-shares
- https://www.merrilledge.com/pricing
- https://www.mymerrill.com/Publish/Content/application/pdf/GWMOL/ICCRateSheet.pdf
Each source was read on or before Oct 30, 2026. Fees and rates change; confirm on the broker's site before acting.