Ally Invest is a division of Ally Financial. Ally Invest has a wide range of products and services for retail investors.
You can make self-directed trades with an Ally Invest account. Free and actionable market insights can help inform your decision-making. A managed portfolio can automatically invest your money.
If you are wondering if Ally Invest has what it takes to meet your financial needs, you have come to the right place.
The services available with an Ally Invest account will be reviewed in this post. A comprehensive understanding of Ally Invest services as well as insight into how they can be used to maximize investing potential will be provided by this post. I’ll also cover the fees that they charge, the pros and cons of being a customer, and more.
What is Ally Invest?
In recent years, Ally Bank has rapidly grown as a leading online bank that offers a great high-yield savings account. (For more info on Ally, check out my Ally Bank review). Ally Invest is a new venture by the company. It is quickly becoming one of the most popular investment platforms, with a wide array of offerings for all types of investors.
Ally Invest was launched in 2016 following Ally’s acquisition of TradeKing. Ally Invest launched a new site and mobile app at the time. Ally Invest is one of the most trusted names in online trading because of the positive feedback received by the site and app.
It took Ally about a year to integrate TradeKing into its bank platform. Ally Bank had an improved online trading platform that could handle more trades at a faster rate after the integration. Let’s take a deeper look at Ally Invest and see what’s under the hood.
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Ally Invest Features
Ally Invest customers can trade stocks, bonds, options, mutual funds, and securities for no-to-low fees. Ally Invest has a variety of helpful tools to make investing easier and more profitable for customers.
There are three primary account options. It is important to do your research before you make a decision on the best one for you because each account option has its own set of advantages and disadvantages.
Self-Directed Trading
Ally Invest’s Self-Directed Trading account allows you to make commission-free trades on stocks, options, mutual funds, ETFs, and securities. You don’t have to have a minimum balance to open an account, and you can withdraw your funds at any time. You can view transaction information online 24/7.
Stocks
You can access a full range of stocks with Ally Invest. Real-time streaming quotes, access to extensive research, and customization trading tools are available. listed companies. You don’t have to pay anything to buy or sell securities with commission-free trades. You can benefit from the full value of your investments without paying any extra fees. As such, you’ll have more money to invest in the stock market. It is easy to analyze and research stocks with Ally’s comprehensive research and market analysis tools. The tools help investors make better decisions.
That said, a disclaimer: Never put more money in the stock market than you can afford to lose. It is possible to make money with wise investments, but things can go in a different direction. It’s a good idea to do your research and have patience when investing, as you don’t want to put yourself in a position of having all of your funds tied up in one risky investment.
If Ally ever went out of business, you could be eligible for reimbursement. The added layer of protection gives investors peace of mind. Insurance doesn’t protect you against market value fluctuations. It is important to remember that the market value of your investments can change quickly, so it is wise to plan for those changes.
ETFs
Ally also offers commission-free trading for exchange-traded funds (ETFs), from companies like Vanguard. This is a great way to invest in companies that are diverse and cost-effective. It is an attractive option for those who want to take advantage of the stock market without having to choose individual stocks. There are many kinds of exchange traded funds, including those that focus on market indexes, those that focus on industry sectors, and those that focus on bonds and commodities. Some of the exchange traded funds are monitored and adjusted by a manager.
Mutual Funds
Ally Invest has thousands of mutual funds to explore. To design a well-diversified portfolio, you can choose from different categories of mutual funds, such as domestic, international, and sector-specific funds. mutual funds are a collection of securities. Exchange traded funds are usually managed by a fund manager, whereas mutual funds are usually managed by a fund manager. The cost of mutual funds is usually more than the cost of ETFs. Diversification with a single investment is possible with mutual funds.
Fixed-Income Securities
Ally has fixed-income securities for you to invest in. Ally provides the resources and services you need to make informed decisions about your investments, whether you’re a beginner investor or an experienced trader. Agency, treasuries, corporate, and CDs are some of the securities offered by the online financial institution. It’s easy to invest in these securities with an online financial institution.
Stable fixed income securities are helpful for balancing your portfolio. Fixed income securities can provide a steady stream of income over time, allowing investors to build wealth gradually and safely.
Options
For a period of time, options allow owners to buy and sell assets at a set price. During the contract period, the options can be exercised. Ally gives $0 for options and a 50 contract fee. Ally is an attractive choice for options traders. Ally Invest has no minimum account requirement. You can open an Ally Invest account with any amount of money.
Retirement Plans (IRA and Roth IRA)
Ally Invest offers competitive retirement plans including traditional individual retirement accounts (IRAs) and Roth IRAs.
Some of the additional features of a Self-Directed Trading account:
- 24/7 access to your funds online, from your mobile phone or tablet
- The ability to trade thousands of stocks and to lead ETFs without paying commissions
- Commission-free options trades, with contracts costing $0.50 (for comparison, Ally’s competitors, such as Schwab and Fidelity, charge $0.65 for options contracts)
- Next-level trading experience on Ally’s HTML 5-powered platform, which lets you easily manage your accounts and make trades from any device
- Margin accounts for more advanced traders
- Advanced trading tools—including streaming charts, watchlists, and options chains—that could be useful for savvy self-traders
Ally Invest’s Managed Portfolio
Ally Invest’s The company has a similar account called Managed Portfolio. With Managed Portfolio, you can make the best decisions for your financial situation with automated and personalized investment advice. You will get automated rebalancing when you need it. Regular monitoring allows you to make adjustments as needed to stay on track with your financial goals. Financial strategists at Ally research the funds your money goes into. They make adjustments to keep you on track.
A unique feature of Ally’s 30% of your funds will be allocated in cash. As opportunities arise, you can take advantage of them. This cash portion will earn around the same APR as it otherwise would in Ally’s high-yield savings account (HYSA), which is more than 15x the national average.
You will not be able to withdraw this cash portion of your Managed Portfolio like you would from an HYSA.
The minimum opening balance for a The managed portfolio account is $100, which is less than what I have seen in other platforms. It’s a great option for people who don’t have a lot of money but want to get started with portfolio management. For example, Schwab requires $5,000 to use its robo-advising service, while Wealthfront requires $500.
What’s more, there are four different portfolio types you can choose from depending on your investment strategy.
Ally Invest Portfolio Types:
- Income – Ally’s Income portfolio is usually conservative with how it invests your money. The main goal of this portfolio is to maximize dividends and protect investments from large market shifts. It is important to remember that no investment strategy can guarantee a return, so it is wise to invest in other areas.
- Core – Ally’s U.S.-based stocks, international assets, and fixed-income investments make up the core portfolio. You can choose how aggressive your investments should be based on your risk preference. Your investments can be tailored to meet your goals with the help of a professional financial advisor.
- Tax Optimized – Ally’s The Tax Optimized portfolio is designed to minimize the tax liability of your investments. It takes advantage of tax-advantaged investments such as index funds and ETFs, as well as other strategies such as tax-loss harvesting. It would be ideal for people who are investing their income. It is possible to maximize your financial return over the long term by investing your income wisely.
- Socially Responsible – Ally’s Ally has determined that companies in the Socially Responsible portfolio are ethical. This makes sure that your investments are in line with your beliefs. Ally will match your investments with companies that are known for being sustainable.
Ally Forex Trading
Advanced traders can use Ally’s Forex Trading Platform. This account is separate from the Self-Trading and Managed Portfolio accounts.
You can trade over 50 currencies pairs in real-time with an Ally Forex Trading account. You will have access to a suite of powerful trading tools and resources to help you make informed decisions. You can open a practice account to test your skills without being seen in the game. It’s easy to learn the ropes when you have this feature.
You won’t get to keep your gains if you find out you’re a wunderkind.
Ally Invest Pricing
Ally Invest is one of the lowest-fee brokerage firms on the market today. There are no advisory fees on the Self-Directed and Managed Portfolio accounts. Ally Invest is one of the most cost-effective and competitive trading platforms on the market today. Companies have to make money. Companies have to find ways to balance their financial goals with their larger mission.
Breakdown of the fees that Ally charges:
- Options trades are free, but contracts cost $0.50
- Trading no-load mutual funds cost $9.95 each
- Low-priced stocks (i.e., stocks under $2 per share) cost $4.95 to trade, plus $0.01 per share
- Bonds trades cost $1
Getting Started
It takes a few minutes to open an Ally Invest account. You can invest immediately once your account is set up. You will actually be opening an Ally Invest Securities account, which is separate from an Ally Bank account.
If you don’t have an Ally Bank account, you’ll have to provide more information. It’s important that the information is accurate and up-to-date.
You will be prompted to log in to your account if you are already an Ally Bank customer. You can open a Savings Builder account after logging in. The application process can be sped up by Ally pulling your personal information. You won’t have to manually enter the same information multiple times when applying for jobs, as this will save you time and energy.
Next, you will have to enter your additional personal details such as your name, address, and Social Security number. Before you submit the form, make sure you review your details carefully. You’ll then be able to link an external bank account (if you don’t bank with Ally, you’ll need to do this).
You should have your account approved in a few minutes. All of the features on the website can be accessed once your account is approved. It’s that easy!
Security
Ally takes security very seriously. Our customers’ data and accounts are protected with a comprehensive set of security measures. Ally uses a number of security features to protect its customers. Ally takes the safety and security of its customers’ data very seriously.
- It is possible to prevent unauthorized access to customer accounts. By requiring a password and a unique code sent via text message, 2-Step Authentication can protect against many different types of cyber attacks.
- Ally’s Online and Mobile Banking Guarantee ensures that you won’t be held liable for any unauthorized transactions that occur on your mobile device or online account. You can be sure that your financial information is safe with Online and Mobile Banking Guarantee. You have to report the fraudulent activity within 60 days. When you suspect fraudulent activity, it’s important to act quickly so that it can be addressed.
- On up to three devices, customers can get free Webroot Antivirus and Anti-Malware Software.
Customer Support
Customers can call Ally Invest at 1-855-880-2559. Ally Invest’s customer service team is available to help if you have any questions about opening an account, placing a trade, or anything else.
Email [email protected] is where you can submit support issues. Ally Invest’s support team will work diligently to ensure your inquiries are addressed in a timely manner, no matter how you choose to contact them.
Pros of Ally Invest
Reliable Trading Platform
Ally has a browser-based trading platform with a dashboard and full suite of tools for efficient researching and trading. Ally has a pricing calculator and a strategy scanner. Ally customers can use these tools to make more informed decisions.
Robust Mobile App
Ally offers a high-quality mobile app called Ally Mobile, which is available for both Android and iPhone. Customers can manage their accounts, transfer funds and view their statements with ease with the Ally Mobile app. The app enables you to buy and sell stocks on the go while accessing quotes, charts, and stock updates.
Low Fees
Ally Invest is a discount stock broker. Their services are usually less expensive than their competitors. They offer a wide variety of services to meet the needs of their customers. Ally offers commission-free trading, no annual maintenance fees, and low-cost trades, as well as not requiring you to make a minimum investment when opening an account. You can open an account with Ally for as little as $100.
Customer Support
Subpar customer support is a dealbreaker when working with a broker. Customer service is always a priority in any business relationship. Suppose you want to make a trade, but you can’t log in. If that’s the case, you should immediately contact customer support. Customer support should be on stand-by to help out.
You can access live customer support via phone, live chat, and email with Ally. Ally’s customer service team is available 24/7.
Robo-Advisor
Over the last few years, robo-advisors have become a popular tool for investors. Ally offers a robo advisory service called a Cash-Enhanced Managed Portfolio.
This service will build a risk profile for you based on your financial situation and goals. It will give you regular updates on how to make the most of your investments. You don’t have to worry about managing day-to-day transactions when you invest. Without taking on extra responsibility, making investments can be a great way to secure your financial future. You can keep your account up to date with this service. It reduces the risk of your investments by helping you maintain an optimal asset allocation.
Cons of Ally Invest
No Branches
Ally Invest doesn’t have any brick-and-mortar branch locations. Many investors are uncomfortable because they are used to having a personal relationship with a bank. A lack of face-to-face interaction can make investing more difficult for these investors.
This isn’t all bad news. There is still hope for the future. Ally doesn’t have to invest in as much real estate or overhead because of this, which allows them to offer some of the most competitive brokerage rates that you’ll find on the market. Ally is a great choice for traders and investors because of the savings on broker fees.
It could be argued that it is better to work with a lean bank than it is to work with a physical branch. It’s important to make sure that the online options are enough to meet your needs.
Limited Features
A great resource for beginners is Ally Invest. Ally Invest makes investing accessible and affordable. At a certain point, Ally Invest is unable to compete with competitors. Ally Invest is still a viable option for investors who want to benefit from low trading costs and a powerful platform. The platform does not have the tools or user experience that you will find on professional platforms. It can be difficult to get the most out of the platform with a bit of patience and experimentation.
Ally is a great option for most investors because it offers a great user experience. Ally’s low fees and strong customer service make it an attractive choice for those looking to maximize their investments.
Ally Invest FAQs
Have questions about Ally Invest? If you have a question, you can contact Ally Invest customer service. Some of the most common questions are reviewed. It’s important to understand the answers to the questions.
Is Ally Invest Good for Beginners?
Ally Invest is a good trading platform for beginners. Market research and educational resources are some of the tools it offers. The main reason is that there are no minimum account balance requirements in many cases. Online banking is a convenient way to manage your finances.
Ally Invest charges very low fees, which means more money for you to invest in your portfolio. Ally Invest is a great choice for beginners who want to maximize their investment potential.
Does Ally Offer a Cash Bonus?
Depending on how much money you put into your account, Ally Invest offers a cash bonus. You can get a cash bonus with Ally Invest. There is a minimum cash bonus of $50 and a maximum of $3,500.
Check out all the current Ally Invest Promotions.
Is Ally Invest Legit?
Yes. Ally Invest is legit. Since 2005, it has been a trusted source for investors. Ally Financial is the 19th largest bank in the U.S. The company’s dedication to customer satisfaction is unparalleled in the industry, and it continues to work hard to meet the ever-changing needs of its customers. There are over 8,000 employees. Since its founding in 2001, the company has grown to operate in over 70 countries and provide services to millions of customers.
How do I Buy Stock with Ally?
You can easily buy stock with Ally with a Self-Directed trading account. Simply sign up for an account, link your bank account, deposit funds, and transfer funds if you already have an Ally Bank account, and you will be ready to purchase stocks in no time. You’ll be able to buy and sell stocks with ease once your account is set up.
Is Ally Good for Day Trading?
Yes. Most Ally Invest trades are commission-free. It is a great choice for beginners because of its easy-to-navigate user interface. Some helpful trading and research tools will be accessible to account-holders. Valuable insights into the stock market can be provided by these tools.
How does Ally Invest Compare to Fidelity?
Ally Invest has lower fees than Fidelity. Ally Invest has a wide variety of trading tools and resources that can help you make informed investing decisions. The company has around-the-clock support. Customers receive prompt and reliable assistance whenever they need it.
Fidelity has a nationwide network of branch locations. Fidelity has a wide range of investment options to help you reach your financial goals. The company offers educational tools to help investors make better decisions. Fidelity has some advanced features that you can’t find with Ally Invest, such as a real-time alert service that works in conjunction with Apple Watch.
Ally Invest is a low-cost platform if you add it all up. Ally Invest has no account minimums, low trading fees, and a wide selection of investment options. Fidelity is one of the most comprehensive providers on the market and beats Ally in several areas. Fidelity’s fees are among the lowest in the industry and their customer service is excellent. You should be familiar with both platforms before making a decision. It is important to consider the pros and cons of each platform before making a decision.
How do you open an Ally Invest account?
You can apply online for Ally Invest. Competitive pricing and no minimum account balance requirement are offered by the Ally Invest Self-Directed Trading and Managed Portfolio. Simply enter your personal information and follow the instructions, you will be up and running in no time. You’ll have access to all of the features once you’ve completed the steps.
Does Ally Invest Charge Rollover Fees?
Ally Invest doesn’t charge any fees for IRA rollovers.
To do a Rollover with Ally Invest for an IRA, open a new account and select Rollover IRA. Then contact your provider and request a transfer. Be sure to check with your provider to make sure that you understand the timelines and fees associated with completing the rollover. The company says it will take about two weeks to transfer the funds.
Alternatives to Ally Invest
When it comes to online-only investment institutions, some similar alternatives to Ally Invest include:
Larger firms that offer similar services, as well as offer physical branch locations include:
Is Ally Invest Right for Me?
Ally Invest is a good investment platform. It’s ideal for beginner investors because it’s easy to use. If you are already an Ally Bank customer and want to get your feet wet in the investment world, Ally Invest is a great place to start. You can rest assured that your investments are backed by the same great customer service as your banking experience.
A large amount of commission-free trades make Ally Invest ideal for frequent traders. Ally Invest has an impressive array of research tools to help traders make informed decisions. The Managed Portfolio is a good option if you want to park your funds with an advisor. It has a portfolio that is tailored to your risk profile.
I hope this post helps you figure out if Ally Invest is right for you. To make sure you are getting the best deal for your investment needs, take the time to research and compare other online brokerages. Best of luck on your investment journey, thanks for reading!
