If you are hunting for the Merrill Lynch savings account rate today, here is the twist: Merrill does not offer a traditional savings account at all. Merrill is Bank of America's investment arm, so your savings rate depends on which cash option your money sits in, and the gap between those options is enormous.
As of July 2026, Merrill's flagship cash option, Preferred Deposit, pays 4.24% APY, while Bank of America's regular Advantage Savings pays as little as 0.01% to 0.04% APY. Same corporate family, wildly different outcomes. Here is how each option works.
Merrill Lynch Savings Account Rate Today: The Quick Answer
| Cash option (as of July 2026) | Rate | Minimum |
|---|---|---|
| Merrill Preferred Deposit | 4.24% APY | $100,000 initial deposit |
| Merrill Lynch Bank Deposit Program (default sweep) | Tiered; not published publicly | None |
| Bank of America Advantage Savings | 0.01% to 0.04% APY | $100 to open |
For context, the national average savings rate was 0.38% APY per FDIC data from mid-June 2026, and many top online high-yield savings accounts pay around the 4% mark.
What Is Merrill Preferred Deposit?
Preferred Deposit is a bank deposit product available through an eligible Merrill brokerage account. Your cash is held at Bank of America, N.A., where it carries FDIC insurance up to applicable limits and earns 4.24% APY as of July 2026.
The catch is the door charge: Preferred Deposit requires a $100,000 minimum initial deposit, and you typically have to place that first deposit through an advisor or by phone rather than online. The rate is variable and can change at any time at the bank's discretion.
The Default Sweep Usually Pays Far Less
If you simply hold uninvested cash in a Merrill account, it lands in the Merrill Lynch Bank Deposit Program, a sweep that moves your balance into Bank of America banks. Interest is tiered by the size of your overall relationship, and Merrill does not publish the rates publicly. You have to check the current rate sheet on MyMerrill or ask your advisor.
Sweep rates at large brokerages routinely run at a small fraction of what the same firm's premium cash products pay. If you keep more than pocket change in cash at Merrill, asking one question, what is my sweep paying, can be worth hundreds of dollars a year.
Bank of America Advantage Savings Is Not a Yield Play
The retail savings account on the Bank of America side pays 0.01% to 0.04% APY depending on balance tier and Preferred Rewards status. It also carries an $8 monthly fee unless you qualify for a waiver, though the fee is waived for the first six months.
At 0.04%, a $50,000 balance earns about $20 a year. The same money at 4% earns roughly $2,000. Advantage Savings works fine as a small buffer attached to checking, but it is not built to grow cash.
How the Merrill Lynch Savings Account Rate Compares Today
Preferred Deposit's 4.24% APY is competitive with top online savings accounts, and keeping cash next to your investments is convenient. The $100,000 minimum shuts out most savers, though.
If your idle cash lives beside your investments anyway, Robinhood pays Gold members 3.35% APY on swept brokerage cash as of July 2026, with a $5 monthly Gold subscription and no six-figure minimum.
Robinhood
Robinhood
Robinhood is a trading platform that brings stocks, ETFs, options, futures, prediction markets, crypto, and retirement accounts together in one app.
Standout feature
One platform for stocks, ETFs, options, futures, prediction markets, and crypto
Fees
$0 commission on stocks, ETFs, and options.
Pros
Zero-commission trading on stocks, ETFs, and options
Cons
Best perks (high APY, lower margin rates) require Gold subscription ($5/month)
If your savings goal is more everyday-sized, Current builds saving into a no-monthly-fee banking app with automated savings pods and round-ups, so you can grow a cushion without any large minimum.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
Chime takes a similar approach, pairing fee-free checking features with a linked savings account and automatic round-ups, an easier entry point than a $100,000 brokerage product.
Chime
Chime
- Fee-free banking plus early pay access - Overdraft up to $200 without fees - 5% cash back and build credit everyday. - 3.75% APY on your savings.
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
The honest summary: Merrill's best rate goes to clients with six figures in cash who ask for it. Most other savers can match or beat Merrill's remaining cash options with far smaller balances elsewhere.
How to Get a Better Rate on Your Merrill Cash
- Check what your uninvested cash is earning right now on MyMerrill.
- If you hold $100,000 or more in cash, ask about moving it into Preferred Deposit at 4.24% APY.
- Compare money market funds available through Merrill, which can yield in a similar range with different tradeoffs on risk and access.
- If you are under the minimum, consider a high-yield savings account or a brokerage that publishes a competitive cash rate.
Rates are variable everywhere, so recheck before you move money. This is general information, not investment advice, and terms apply to every product mentioned.
Frequently Asked Questions
What is the Merrill Lynch savings account rate today?
Merrill does not offer a standard savings account. Its Preferred Deposit product pays 4.24% APY as of July 2026 with a $100,000 minimum initial deposit, while default sweep cash and Bank of America Advantage Savings typically earn far less.
Is Merrill Preferred Deposit FDIC insured?
Yes. Deposits are held at Bank of America, N.A. and carry FDIC insurance up to applicable limits per depositor, per ownership category. The yield can change at any time.
Why is my Merrill cash earning so little?
Uninvested cash defaults to the Merrill Lynch Bank Deposit Program sweep, which pays tiered rates that generally sit well below premium options. You must move cash into Preferred Deposit, and meet its minimum, to earn the higher advertised rate.
What if I do not have $100,000?
You can often earn a competitive yield elsewhere. Many online high-yield savings accounts pay around 4% as of July 2026, and Robinhood Gold pays 3.35% APY on brokerage cash for $5 a month. Compare rates, insurance coverage, and access before moving funds.
