Would you like to integrate your investment services with banking services? If yes, then ally invest is a solid choice for you.
It is making banking simpler and smarter while serving communities around the globe. It also values and encourages the mantra of working better together.
|Trading Platform||Ally Invest|
|Year of establishment||2017|
|Rating out of 5||4.1|
|Account minimum balance||$0|
|Trading platform||Web and Mobile platforms|
|Fees||$0 stock trades, $0.50 per contract for options trades|
|Best for||Linking investment to banking accounts|
|Website Link||Click here|
Ally is distinctively positioned in digital financial services and is also dedicated to driving shareholder value over time by improving diversification, profitability, and optimizing capital deployment.
What Is Ally Invest?
Ally Invest is the brokerage side of the online-only Ally Bank. It offers a full house of financial services to its consumers.
It is a fine choice for investors and traders because of its low-costs and solid trading platform.
ETFs and stocks have zero commission, option trades have $0.50 commission per contract, minimal balances, and non-existent account fees. And also, Commission-free Forex trading is available for 52 currency pairs.
It provides technical and fundamental tools and specialized analysis tools such as dynamic profitability graphs and probability calculators, which most online brokerage firms don’t offer.
It is a convenient solution for existing customers of Ally bank to combine banking and investment.
It’s an investor-friendly platform, offering a solid website and mobile app functionality.
It believes in corporate social responsibility and strives to impact society positively.
They are focused on social, environmental, and governance issues, making them stand out from their competitors.
How To Use Ally Invest?
It offers two types of accounts:
- Self-directed trading
- Robo portfolio account
Self-directed trading is for independent and active traders. Ally invest provides consumers with tools, and traders take it from there.
Go to the self-directed trading page https://www.ally.com/invest/self-directed-trading/ and select Start Trading.
Five simple steps to start:
- Set up an account – login if you already have an Ally account; if not, create a new one.
- Basic information – enter personal information
- Fund – select account type and fund preferences
You will receive an approval email.
Go to the Robo portfolios page https://www.ally.com/invest/robo-automated-investing/ and select Create My Plan.
The time needed to open an account is only 10 minutes which includes three basic steps:
- Set your goals – To build a diverse portfolio, different questions are asked about your investment goals.
- View recommendations – Proceed with the recommendations given or customize until you’re satisfied with the balance of risk and return.
- Open an account with just $100 – Once you select your portfolio, click open an account. You will enter your personal information and account preferences. You will also get an email for application approval.
Once approved, sit back and monitor your progress right from your smartphone.
Why Choose Ally Invest?
Low Costs and Fees – Ally’s most vital point is its low trading commissions. Ally charges $0 for ETFs and stock trades.
Intuitive Trading Platforms – It offers web-based and mobile app trading platforms. At the same time, traders can access their portfolios, manage their accounts, and make trades impeccably across multiple devices.
Customer Service – It takes pride in providing its clients with the best customer support possible. And also, Brokers are available 24/7 to answer your investment questions.
Build Your Knowledge – It provides information access to help traders understand market trends and investment strategies.
Seamless Transfers – You can effortlessly transfer $250,000 a day from your Ally Bank account to your Ally Invest account, or the other way around. A transfer may take only a few minutes.
Socially Responsible – It is a socially responsible firm that believes in practicing energy efficiency, sustainability, and also in other environmentally-friendly initiatives.
Integration with Ally – It is a convenient option for current ally customers because it provides integration of banking and investment services.
Fees Of Ally Invest
Stocks and ETFs – commission $0
Options – $0.50 per contract fee
Mutual Funds – $9.95 per no-load mutual fund trade
Forex Trading – No commissions; Ally is rewarded for its Forex services through the bid/ask spread.
Transfer an Account Out – $50
Robo Managed Accounts – the minimum investment of $100 is required. 0.30% annual management fee for Robo portfolios other than cash-enhanced portfolios.
Account Closing – No fee (besides ACAT Fee)
Domestic Wire Transfers – $30 to send and $0 to receive a wire transfer
Checks – $5 fee for sending a check
Inactivity and Maintenance Fees – $0
Features Of Ally Invest
The Features of Self-Directed Trading
- Zero commission fee on eligible U.S. stocks and ETFs
- Zero commissions on the trade of options and a contract fee of just $0.50 per contract
- A wide variety of investment choices for active traders
- In-depth market and research analysis tools to sustain all types of investment strategies
- Trade stocks from your mobile device
- Search transaction history and check balances.
Features of Robo portfolio
- Start investing with as low as $100.
- Automate your investing based on your timeframe, personal goals, and risk tolerance.
- 30% of your cash-enhanced portfolio is put aside as an interest-earning cash cushion with no advisory fees.
- Track your account’s performance to keep the performance on the track
Types Of Trading Available At Ally Invest
Traders using Ally can trade the following:
- Stocks long and short
- Listed Options
- Fixed Income
- Mutual Funds
- Foreign Exchange (52 currency pairs)
What differentiates Ally Invest from others?
Here are the factors that differentiate Ally Invest from others:
- A commission-free trading platform
- You get competitive options pricing here
- You can earn up to $3,000 in bonus cash
Our experience with Ally Invest
Overall, this trading platform worked for me perfectly. The only problem I faced was the inconsistency between streaming, the website, and the mobile application.
This platform is great for beginners too. I would totally suggest this trading platform if you are looking to start your trading with low costs. Ally Invest also doesn’t cost you any commission on your trades.
Ally Invest Comparison
Let’s compare Ally Invest with other similar services:
Ally Invest vs. Acorns
You won’t get charged any trading fee at Ally Invest, but at Acorns, you will get charged part of the services fee but no trading fee.
There is an options trading option at Acorns, but you get to trade in options at Ally Invest.
You will get charged only $0.50 per contract if you want to do trading in options. There is no mutual fund trading at Acorns, but you do get this feature at Ally Invest.
Ally Invest vs. Fidelity
There is a commission fee on both trading platforms. You will get charged $0.50 per contract at Ally Invest and $0.65 per contract at Fidelity.
You will have to pay $9.95 if you are buying or selling something from mutual funds.
Fidelity funds have different charges for different types of trading. But it is far higher than Ally Invest overall.
Ally Invest vs. Robinhood
Ally Invest charges $0.50 per contract, but Robinhood doesn’t charge any fee if you are trading in options.
The account transfer fee for Ally Invest is $50, whereas, for Robinhood, it is $75.
They both don’t charge any account maintenance fee. Both offer stocks and ETFs trading as well.
Ally Invest Customer Service
You can chat with a customer support agent after logging in to your account.
Suppose you have any queries call 1-888-925-2559. Ally’s customer service is very responsive and also, you can talk to a professional broker for assistance.
If you want to report fraud, call 1-833-226-1520 and select option 1
You have the facility to send a secure email from your account.
Ally Invest Customer Reviews
Oregon Dude gave a review on December 7, 2021
“Good app. A lot of options. You can do everything using your mobile phone. And I appreciate the “surprise savings.”
The only thing reducing Ally’s rating from 5 to 4 stars is that you cannot deposit cash or into your account. Please make it possible to deposit cash at any ATM through it.”
A Google user gave a review on December 6, 2021
“It is almost 2022. Ally Invest has been a great experience for me since 2019. Always reachable, 24/7 with just a phone call.
I was able to buy two cars with the help of Ally Financial. Different aspects of financial planning are available from homeownership to investing.”
Ally Invest is an attractive choice for active traders looking for low costs.
Also, they offer well-functioning and intuitive trading platforms with competitive fees, commissions, and margin rates.
It provides ample support for investors by giving them advanced analysis tools for options trading. It is also appealing to new investors and current customers of Ally bank.
More sophisticated traders may miss the functionality of conditional orders and trailing stops.
Can I invest in cryptocurrencies using Ally Invest?
No, you can’t trade cryptocurrencies with Ally Invest, but you can invest in funds that own crypto.
How can I withdraw funds?
You can demand a transfer by logging in and selecting Transfers. You have the option to wire funds to another account for a $30 fee or demand a check for a $5 fee.
Where is my money held?
Accounts managed by Ally Invest Robo Portfolios are managed through the affiliate broker-dealer, Ally Invest Securities, LLC.