Our Ally Invest Review
Ally Invest is an online brokerage under Ally Bank, an online-only bank. The broker allows the bank to offer its clients a full range of financial services. It is great for new and experienced forex and stock traders. Users of the platform enjoy $0 trading costs on support US securities, $0 account minimum, access to a huge array of mutual funds, as well as low-cost options trading.
Ally Invest Account Types
Ally Invest offers traders three primary account types. These are the Forex, Ally Invest Managed Portfolios, and Self-Directed Trading.
- Self-Directed Trading
The self-direction investment account allows traders to pick their investments and enter trades.
- Ally Invest Managed Portfolios
This account comes in the form of Robo-advisors. Ally picks the investments for you based on several questions you will answer when you sign up for an account.
Forex Traders can also access a forex account on the platform.
There are also taxable accounts that include custodial, joint, and individual accounts. Ally also offers traders several IRAs that include the Traditional, Roth, SEP, SIMPLE, Rollover, and beneficiary IRAs. Additionally, users have the option to open Coverdell education, trust, and entity accounts.
There is no minimum deposit requirement to open an account or any recurring fee for a self-directed account. The Managed portfolio account features a 0.30% fee per annum and comes with a minimum deposit amount of $2500.
Trading Platforms
Traders have access to the web and mobile-based trading platforms that allow them to handle all their trading needs. For the average casual trader and long-term traders, these platforms are sufficient. However, advanced traders in search of more advanced features may find the platform to be insufficient.
Tradable Assets
Traders on Ally Invest have access to ETFs, stocks, mutual funds, bonds, forex, and options. The supported products are sufficient for most traders.
Withdrawals and Deposits
To deposit funds in an Ally Invest account, you can use ACH, check, or bank wire transfers. The platform does not support deposits in e-wallets or credit and debit cards. If you have an account with Ally Invest, you can simply move funds into your brokerage account.
Withdrawals can be done using ACH, bank wire transfers, or a check. Ally Invest charges a $30 fee for bank wire transfers. ACH withdrawals are free. However, when you request a check, you will incur a $5 processing fee.
Research and Education
Ally Invest has a “Do It Right” section on the web-based platform where traders can access investment-based advice. There is also general guidance on other investments such as car and home purchases. The platform also has a live news feed that is updated weekly.
Customer Support
Ally Invest offers 24/7 customer support via online chat support and phone.
Summary
Ally Invest is a great online brokerage for new and intermediate traders. It offers low commissions and fees plus a great bonus plan. However, more advanced traders might find the platform lacking in some essential features. The integration with All Bank means that traders can keep all their financial activity under a single login.