i want to open an investment account with 3 fund portfolio and start off with $10k but it looks like a h1 b visa holder has to maintain a min balance of $250k to open and operate a merrill edge investment account. Are there exceptions to this? if not, are there other options without the need for such high balance? Obligatory TC: ~200k
Yes h1b needs 250k min for merill edge. My application was denied last week for the same reason. But there are several other trading companies like robinhood, schwab, fidelity, vanguard, jp Morgan chase and lot more... So, who cares if merill edge is a loser?
Thanks
I would suggest to use Merrill If your primary bank is Bank of America. With Merrill, You can enjoy the platinum benefits that includes discount on auto loan and home equity loan.
Don't know how good those discounts are. Charles schwab also has discounts on mortgages. They give mortgage through quickenloans.
I had refinanced with BOA last year and had to keep >$250k in my Merrill accounts. Sad thing is that they won’t give you any advice as you are on an H1-B, so don’t see enough ROI. Once the loan is closed, you are free to move your funds out and close the accounts.
I am on H1b and I opened a Cash Management Account (CMA) individual brokerage account on April 2022. I was not asked to maintain any minimum balance(aka $0 min). So I guess they are longer requiring the minimum. However I had to call an advisor to open the account give my passport, h1 visa , I94 details etc. I have a relationship with Bofa for 15 years so I am not sure if it had a part to play
They have a bs about some readout . It will take hours on phone to get them to do it .
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Where the hell does your information come from? Open an account in vanguard and ask ML to buzz off.
Thanks. Started an online application with merrill edge and had to call their customer service to finish the application because I am h1 b visa holder. I am going to call vanguard tomorrow and hopefully they don’t have such restrictions.
They don’t. And you don’t need to call them either. Open an account online and you’re all set!