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I just received the StockBack card from Chase. As a part of their 1% return on purchases reward program one gets the choice of keeping it in an interest free cash account or in the Merill Lynch S&P 500 Index. Does anyone have any experience in using the ML investment account?

I like the idea of being able to automatically invest in an index, but when I looked at the details of the account it features 0.65% maintenance fees for the account. Not bad until I looked at Vanguard S&P 500 with maintenance fee of 0.17% The problem with that is that it has a minimum investment of $3000 and I don't have enough cash to put down that amount yet (poor college student). Any thoughts on this situation - cash vs. investment?


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