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I want to manage my finances today and plan for tomorrow


Preferred Deposit can help you manage your everyday cash needs, make large purchases, finance major life events, and prepare for the unexpected. Benefits include:


  • Competitive yield: With Preferred Deposit, cash is placed into a deposit account with Bank of America, N.A. and you can benefit from a competitive yield to help you optimize your cash.
  • Security: As a bank deposit product, Preferred Deposit balances are insured by the Federal Deposit Insurance Corporation (FDIC) up to applicable limits, so your assets are secure. 
  • Convenience: You can readily access your Preferred Deposit balance – through a financial advisor or – to quickly and easily redirect assets for personal needs or to take advantage of market opportunities.

    Preferred Deposit is a bank deposit product held at Bank of America, N.A. and offered through eligible Merrill brokerage accounts.  With a competitive yield and easy access to your cash when needed, Preferred Deposit can be a valuable addition to your overall investment strategy.  Plus, your Preferred Deposit balance and performance information is available within your Merrill account statement to give you a consolidated view of your total account assets. 


    Learn More:

    Preferred Deposit fact sheet

    Preferred Deposit for Business fact sheet


    Preferred Deposit is an FDIC-insured deposit account at Bank of America, N.A. offered through Merrill Lynch, Pierce, Fenner & Smith (MLPF&S). The interest rate paid on Preferred Deposit is a variable rate, determined at the discretion of Bank of America, N.A. The interest rate and annual percentage yield may change at any time, without notice or limit.


    Eligible account types include: Cash Management Account® (CMA® Account), CMA® Account for Trusts, CMA SubAccount®, Endowment Management Account (EMA®), EMA II, Retail International CMA (ICMA), which are securities accounts with MLPF&S.




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