Merrill Edge vs Charles Schwab Comparison: Fees, Features, and More (2026)

Merrill Edge and Charles Schwab are two leading discount brokerages offering commission-free stock and ETF trading. Use this head-to-head comparison table to evaluate fees, features, trading tools, and account options to help you decide which broker is right for you in 2026.

Head-to-Head Comparison: Merrill Edge vs Charles Schwab (2026)
Feature Merrill Edge Charles Schwab
Website https://www.merrilledge.com/ https://www.schwab.com/
Broker Type Self-directed discount/online brokerage Full-service
Trading: Stock & ETF? Yes Yes
ETF & Stock commission $0 online commissions (ETF sales $0.01–$0.03 per $1,000 principal) $0 online (listed stocks/ETFs)
Fractional Shares? No Yes (most U.S.-listed stocks/ETFs, from $1)
Percent Allocations? No Yes (Personalized Portfolio Builder)
Crypto Trading? No Yes, via Schwab Crypto (BTC/ETH currently; not NY/LA/territories)
Crypto Fees N/A 0.75% of notional value (min $0.01) per buy/sell
Options Trading? Yes Yes
Options Fee $0 + $0.65 per contract online; $0 exercise/assignment. Broker-assisted extra. $0 online commission + $0.65 per contract
Bond Trading Available? Yes Yes
Receives payment for order flow (PFOF)? No; limited options-exchange payments Yes (receives PFOF rebates)
Interface: Web trading? Yes Yes
Desktop trading? No (MarketPro is browser-based, not a downloadable desktop app) Yes, thinkorswim desktop (Windows/Mac; free for brokerage clients)
API Trading? No (no public retail trading API) Yes, Trader API (Individual) for self-directed retail accounts (orders, data; via developer.schwab.com)
Mutual Funds: Offered? Yes Yes
Total Mutual Funds Thousands ~14,500 from 600+ families (incl. 4,000+ NTF)
NTF Mutual Funds Many NTF (exact count unpublished) 4,000+ (no-load via OneSource & others)
Non-NTF Fund Fee $19.95 per online transaction (buys, sells, exchanges) for no-load TF funds Up to $74.95/buy online ($0 sell); some $49.95; 8.5% cap, <$100 exempt
Early Redemption Fee? No ($39.95 short-term redemption fee on NTF funds held <90 days) No; $49.95 Schwab fee on NTF funds held ≤90 days (some exemptions)
Redemption Hold (Days) 90 days (NTF funds) 90 days (NTF/OneSource funds; some Schwab Funds exempt)
Early Redemption Fee $39.95 (NTF funds held <90 days) $49.95 online/automated phone; $49.95 + $25 broker-assisted
Accounts: Margin Accounts? Yes Yes ($2,000 min. cash or marginable securities)
IRAs Offered? Yes (Traditional, Roth, SEP) Yes (Traditional, Roth, SEP, Rollover, Inherited, Custodial, SIMPLE)
HSAs Offered? Yes (Individual HSA) Yes (HSBA via participating HSA providers; no standalone Schwab HSA)
Money Market Sweep? Yes Yes (Cash Features Program: Bank Sweep or Schwab One Interest)
CDs Offered? Yes (brokered CDs) Yes (brokered CDs via Schwab CD OneSource)
Robo-Advisor: Offered Yes Yes
Robo-Advisor Service Merrill Guided Investing Schwab Intelligent Portfolios® (Premium also offered)
Robo-Advisor Fees 0.45% AUM online; 0.85% with advisor (monthly in advance). Preferred Rewards discounts 0.05-0.15%. Fund expenses extra. $0 advisory (standard); $300 one-time + $30/mo (Premium); ETF OERs 0.02–0.15%. Mins $5k/$25k.
Basics: Headquarters New York, NY Westlake, TX
Year Founded 2010 1971
Clearing Firm Merrill Lynch, Pierce, Fenner & Smith Inc. (self-clearing) Charles Schwab & Co., Inc. (self-clearing)
Local Branches? Yes (~3,530 Bank of America financial centers, U.S., as of Q2 2026) Yes, more than 420 branches in 48 U.S. states
New Account Minimum $0 (self-directed) $0

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