Ally Invest offers two options: its robo-advisor, now called Cash-Enhanced Managed Portfolios, and … Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. Back in 2016, Ally purchased TradeKing, a popular stock brokerage. This is a real weak point for Ally, since it doesn’t offer any no-transaction-fee mutual funds, while many other rivals allow you to skip the fee across thousands of mutual funds. Pre-qualified offers are not binding. Here’s a quick list of pros and cons if you’re considering investing with Ally. If you want to trade currency, Ally also provides a dedicated app for that called Ally Forex. If you’re looking to consolidate financial accounts or already have an account with Bank of America, you may want to check out Merrill Edge, which may get you extra credit card rewards, too. Expert traders can still enjoy advanced trading in options, forex and penny stocks, but for futures, they’ll have to turn elsewhere, such as TradeStation or Interactive Brokers. Ally Invest Review Summary. Former NerdWallet writer Dayana Yochim contributed to this review. Ally Invest uses SSL (Secure Socket Layer) technology to secure transactions conducted on its investments platform. However, Ally could be more investor-friendly on some account fees, the number of  no-transaction-fee mutual funds and the ability to buy fractional shares. They are not intended to provide investment advice. The process online and phone was great with all personnel with the application for loan. For example, you can see all your accounts in one spot – checking, savings, CDs, credit cards and brokerage accounts. Meanwhile, commissions on bond trades are $1 per bond, with a $10 minimum per trade. In fact, its signups are growing at a pace unlike ever before. You’ll be able to deposit checks, transfer money between accounts, pay bills, check tax forms, access savings tools, find ATMs and perform a number of other banking activities. Ally Invest Promotion Up to $3,500 cash bonus + $0 commission trades. On the app’s investing side, you’ll be able to do even more. Ally Invest Review 2020 Ally Invest, formerly known as TradeKing, is part of a diversified financial services company that includes banking and lending. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access Ally Invest Brokerage Review. Despite the above Ally Invest complaints, there are a number of major strengths the firm has that give the broker an upper hand in certain areas. Commissions are particularly attractive on most products, including stocks, ETFs, options and bonds. It offers some standard functionality and is still two steps above basic platforms. 10/10. Customer service. But Ally doesn’t merely compete with the major online brokers on costs: It also offers bells and whistles like forex trading, an automated portfolio management option and a suite of free tools for technical investors. Ally Invest has a great low rate for stock and ETF trades that is hard to beat — $0. Here's my full Robinhood review. Research from 11 providers, including Morningstar, CFRA, Lipper and Zacks Investment Research, all free. 9/10. Number of no-transaction-fee mutual funds. Ally Financial has a track record when it comes to banking, but investing and trading is somewhat new compared to its competitors such as TD Ameritrade (read our ThinkorSwim Review), Charles Schwab, and Etrade (read our E Trade Review). Ally Invest is in the middle of the pack for margin rates, offering rates lower than the larger players, but it charges more than the low-cost leader, Interactive Brokers. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. Mutual fund selection: Ally Invest not only made substantial improvements to its selection of mutual funds this year, but it also dropped its transaction fees on them. The number of no-transaction mutual funds on offer is impressive, too, at over 11,200. Ally Invest is a low-cost stock broker that’s challenging its competitors in attracting new investors. New and Notable Updates The integration with Ally Bank makes it easy to move money from one account to the other, particularly useful when you need to make a trade quickly or pay a bill. Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love. If you transfer the account, that’s an additional $50. Our partners compensate us. Although the broker was first launched back in 2005, they were originally known as TradeKing until mid-2016. Ally Bank has $70 billion in customer deposits, and is also one of the most important auto lenders in the country, serving more than 4 million customers. About Ally Invest. It consistently ranks near the top of customer satisfaction ratings and in most Ally Invest reviews. On the negative side, it covers only the US market, and futures or forex trading is not possible. Ally really steps up in this category. Ally Invest is a do-it-yourself investment platform, enabling you nearly unlimited investment options. Advanced investors looking to trade futures, however, may find a better home at another broker. Ally Invest Review (User Rating) Ranking. When evaluating offers, please review the financial institution’s Terms and Conditions. Ally Financial purchased TradeKing in 2016, and the broker was born. That’s real cash that doesn’t come out of your pocket if you decide to move to Ally. NerdWallet strives to keep its information accurate and up to date. We believe everyone should be able to make financial decisions with confidence. This is the lowest commissions in the industry. The broker often offers some of the highest promotional bonuses when you bring money to a new account. Browser-based platform with free screening tools, customizable charting, research and real-time data. Ally’s strongest suit is probably its low trading commissions, which are even with other top online brokers. Bankrate reviews brokers and robo-advisers based on how well they’re able to help consumers achieve their financial goals. Customers who frequently trade from various computers — home and work, for example — will appreciate this web-based platform, which doesn’t require any downloads. That’s a great feature for customers who already have an Ally account and want to keep their financial life consolidated within there. Ally Invest offers a suite of investing tools that exceed expectations for a deep-discount broker. While it doesn’t have all of the features of Ally’s trading platform, it performs well when you can’t be at your desk. Bankrate is an independent, advertising-supported publisher and comparison service. Ally Invest has competitive pricing, helpful trading tools and an easy-to-use trading platform. Get insider access to our best financial tools and content. And for investors wanting to get started with small amounts (or dollar-cost average into investing), Robinhood, Schwab and Fidelity all offer fractional shares. It also offers 500 fee-free ETFs and offers over 8,000 no-load mutual funds for $9.95 per trade. We have also reviewed the firm's self-directed brokerage, in our online broker reviews. Due to its integration with the banking operations and highly available customer support, Ally Invest is a particularly good fit for investors looking to consolidate their finances in one place. Pros. In this Ally Invest review, we'll check out just what makes this broker so appealing. However, this does not influence our evaluations. Ally Financial Ally Invest’s parent company Ally Financial is a much larger firm with millions of customers and it has a separate profile on BBB’s site. While it doesn’t offer a lot of advanced technology, Ally Invest does provide some good benefits for day traders and other high-volume accounts. But there are some drawbacks you'll want to know before opening an account. Read more. This all-in-one app fits that bill well and is simple to navigate and use. James Royal is a reporter covering investing and wealth management. Bankrate.com does not include all companies or all available products. Customers who frequently trade from various computers — home and work, for example — will appreciate this web-based platform, which doesn’t require any downloads. Ally Invest is a convenient online option for would-be investors. Uninvested cash in an Ally Invest brokerage account earns no interest, but Ally invest offers instant money movement between Ally savings and brokerage accounts, letting investors take advantage of interest rates several times higher than the typical default sweep interest rates of most brokerages. Also under the hood is some other relatively standard fare: customizable watchlists, a profit-loss calculator, an options probability calculator and stock pages with each company’s relevant financial metrics and data. Ally Invest app review for 2019. Ally Invest probably has simply chosen not to pursue accreditation. 2. Cash management: Uninvested cash in an Ally Invest brokerage account earns no interest, but Ally invest offers instant money movement between Ally savings and brokerage accounts, letting investors take advantage of interest rates several times higher than the typical default sweep interest rates of most brokerages. Usability and banking synergies aside, if you have no ties to Ally, Ally Invest does not provide enough value to warrant a recommendation. Let's check it out in our Ally Invest Cash-Enhanced Managed Portfolio review. The account fees are somewhat surprising here, since they’re atypical at most brokers today. However, there is still a minimum of $100 on more than 8,000 of these funds. Many or all of the products featured here are from our partners who compensate us. ETrade and Ally Invest are very similar in that they've been competing in the discount broker category for ages. Ally Invest has commission-free trades for eligible U.S. stocks, options and exchange-traded funds (ETFs), and very low contract fees on options trades, at $0.50 per contract. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. If you want cheap options trades without having to trade in volume to achieve a discount, Ally is a great choice. Passive income ideas to help you make money, Best age for Social Security retirement benefits, Privacy policy / California privacy policy. Ally Invest’s browser-based platform offers quick trading capabilities, real-time streaming quotes and data, a customizable dashboard, and access to all of the broker's tools. Today, the only place cheaper is Robinhood and its no-commission structure for all products. It hasn’t done a perfect job thus far; but it does offer a hard to beat value with its new commission schedule. The bottom line: Ally Invest’s $0 account minimum and $0 trading commissions on eligible U.S. securities make it a strong option for all traders. If fractional shares are critical to you, Robinhood and Fidelity Investments allow you to purchase and reinvest in fractional shares in many thousands of stocks. Often, Ally Invest ends up feeling like just another tab on the dashboard of the entire Ally website. All financial products, shopping products and services are presented without warranty. Even quite a few brokers that don’t offer fractional purchases allow you to roll over your whole dividend payout into partial shares. Ally Invest. Disclaimer: NerdWallet strives to keep its information accurate and up to date. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Ally Invest is a relative newcomer to the market. Ally is a solid choice for your next broker, especially if you already have an account with its parent bank or are looking into moving all your business to the same institution. Ally Invest | Ally Invest Reviews Although Ally Invest is a relatively new branch of Ally financial services, the investing site has gotten positive reviews from financial outlets. Commission-free trades on eligible U.S. stocks, options and ETFs. This does, however, require opening an Ally savings account separately. Originally posted May 20, 2020. Ally Invest review Markets and products 2.9. Our choice for one of the best low-cost brokers, Ally Invest does it all — but it's especially good for active traders. All eligible U.S. ETFs are commission-free. Re-financed in 2018 with Ally Bank. Ally Invest appeals to both the beginning investor and the experienced stock trader with $0 trading costs on eligible U.S. securities, a $0 account minimum, a huge selection of no transaction-fee mutual funds and low-cost options trading. But this latter point probably shouldn’t be a deal-breaker for investors. Which certificate of deposit account is best? If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. It’s mainly investor-friendly, especially if you’re doing basic trading, even with some regularity. Ally Invest offers fee-free investing for managed portfolios and for self-directed trading! You can check your portfolio with streaming quotes and trade stocks as well as multi-leg options. Ally Invest Review Summary Ally Invest is trying to compete with some very big investment firms. © 2021 Bankrate, LLC. Access to holdings, trading, order status, research, an ETF screener, watchlist, transfers and activity. Choose between 2 unique investment methods that allow you to customize the level of control that you have over your money at Ally Invest. A low $0.50 options-contract fee will attract options traders. Since then, the service has grown and today is one of the heavy-hitters in the online investment space. All Rights Reserved. Reviews Ally Invest Review: Fidelity’s Foe is Growing in Popularity. Based on my personal experiences and its award-winning ways, I don’t hesitate to recommend Ally Invest if you’re searching for a new brokerage firm. Ally Invest reviews and complaints. Now, Ally Invest has about 11,200 no-transaction-fee mutual funds on offer. a strong selection of tradable securities on offer, two fairly common securities are missing from that list: futures and fractional shares. … Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. He holds a doctorate in literature from the University of Florida. When evaluating offers, please review the financial institution’s Terms and Conditions. It’s generally a not-too-many-frills broker that keeps your trading commissions low. Ally Invest is part of a diversified financial services company that includes banking, lending, and an online brokerage formerly known as TradeKing. Its parent company, Ally Financial, created the platform from its purchase of TradeKing. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Account fees (annual, transfer, closing, inactivity), No inactivity or annual fees; $50 full outgoing transfer fee. Minimum Deposit. Ally Invest is a leader in retail brokerages for Americans and international traders, as it offers a wide range of both self-directed and managed investment products with some extraordinarily low commissions for traders and long-term investors. Our opinions are our own. With no account minimum and thousands of no-transaction-fee mutual funds on offer, it's easy for beginners to get started, while active investors will appreciate Ally's commission-free trades on eligible U.S. securities. Once you’ve received the bonus, you’ll have to hold it and the qualifying deposit (minus any trading losses) in the account for at least 300 days. Option contracts are just 50¢ extra. Instead, the Ally Mobile app provides functionality for all of the company’s accounts and activities. Ally’s browser-based trading platform is good but not great. Customers can perform technical analysis with charting tools and also access the latest market news. Customer support options (includes website transparency), Phone: 7 a.m. to 10 p.m. M-F plus email and chat. Ally Invest trails industry leaders TD Ameritrade, Fidelity, and Charles Schwab in most areas, including trading platforms, tools, investment research, and education. All financial products, shopping products and services are presented without warranty. That coupled with their helpful research tools and low minimum investment, makes Ally perfect for beginner investors. Here is a list of our partners. Other free tools include a profit-and-loss calculator, a probability calculator (that uses implied volatility to determine your likelihood of hitting your targets) and the Maxit Tax Manager, which identifies tax implications of trading decisions (e.g., short- and long-term gains and losses or wash sales) and generates on-demand 1099 forms. Ally Financial has long been a leader in the online savings and checking account world, and now it has dipped its feet into the world of robo investing. Now, Ally Invest has about 11,200 no-transaction-fee mutual funds on offer. Trading platform: Ally Invest’s browser-based platform offers quick trading capabilities, real-time streaming quotes and data, a customizable dashboard, and access to all of the broker's tools. Its options trading tools are particularly strong and include an options pricing calculator to compare current bid/ask prices to forecast theoretical values, as well as a strategy scanner that identifies and executes option strategies based on criteria you choose. TD Ameritrade, Charles Schwab, Interactive Brokers and Fidelity all offer thousands of fee-free funds, so Ally really stands out as lacking here. And best of all, its trade fees are among the lowest of any online brokerage around. Its normal commission structure is $0.50 per contract, among the best undiscounted prices for trades in the industry, where the standard is usually $0.65 per contract. Ally Invest Review – Conclusion. But individual investors looking for no-transaction-fee mutual funds will be disappointed, even if Ally’s commissions on funds are among the lowest in the industry. That can be great for transfers between accounts, reducing delays on cash moves between a bank and broker, for example. Overall Summary The online advisor charges 0.30% for management, but investors who opt for a … There’s also more conventional means, such as email, though customers don’t have the option of going to a physical branch for assistance. Bottom line is that Ally Invest offers everything Robinhood does (except crypto and fractional shares) plus you can tack on a solid online banking experience all in one spot. Original review: March 13, 2020. 9 /10. Review the Characteristics and Risks of Standardized Options brochure before you begin trading options. Ally Invest Review 2021 Advertising Disclosure Listings that appear on this page and/or on this website are of products / companies / services from which this website may receive compensation. He has more than 10 years of agency, freelance, and in-house experience writing for financial institutions and coaching financial writers. Ally Invest is the brokerage arm of the online-only Ally Bank, and it allows the bank to offer a full house of financial services to its clients. This includes thousands of stocks and shares, alongside mutual funds, ETFs, currencies and futures. Ally charges $0 for stock or ETF trades, putting it in line with major rivals such as Charles Schwab, Fidelity Investments, TD Ameritrade and E-Trade. Ally does a lot of things well from a customer-management standpoint, so it’s too bad that it doesn’t offer clients the ability to trade fractional shares. And it will be convenient for Ally Bank customers. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Ally Invest’s integration is a bonus for current Ally customers, and allows them to consolidate their financial accounts within one institution, as you can see with the mobile app. (Just getting into options trading? Nonetheless, Ally Invest charges reasonable commissions and has a decent online trading platform. In a nutshell, Ally Invest is a U.S. based broker that allows investors of all sizes to buy, trade and sell a full range of financial instruments. Free and low-cost trading: Ally Invest has commission-free trades for eligible U.S. stocks, options and exchange-traded funds (ETFs), and very low contract fees on options trades, at $0.50 per contract. Our Ally Invest Review. This compensation may impact how, where and in what order products appear. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. They also offer one of the lowest trading commissions in the industry, at $4.95 per trade for stocks, ETFs and options. Ally Invest is complete and utter garbage. Here's how Bankrate makes money. NerdWallet's ratings are determined by our editorial team. This may influence which products we write about and where and how the product appears on a page. This app allows you to enter multiple order types, access streaming headlines from Reuters and weekly reports, chart market trends, get alerts and generally manage your account. Ally provides streaming charts with more than 100 kinds of technical studies and 36 drawing tools to analyze a stock’s performance. Funds, ETFs, currencies and futures member, and in-house experience writing for financial institutions and financial... And today is one of the best low-cost stockbroker over $ 10,000 will receive cash bonuses ranging from $ fee! Pretty recently in 2005, they were originally known as TradeKing until mid-2016, may find a better at! For the Wall Street Journal and CNN.com investment, makes Ally perfect for beginner investors somewhat surprising here since. 10,000 will receive cash bonuses ranging from $ 50 Ally still charges $. Also offers 500 fee-free ETFs and options trades ; 24/7 customer service ; … Ally Invest review Markets products... Trading fees made it our firm choice for one of the heavy-hitters in the aforementioned at! You bring money to a new account convenient to simply have your accounts one. 10,000 will receive cash bonuses ranging from $ 50 to $ 3.95 trade. Are presented without warranty tax time arrives Privacy policy / California Privacy policy / California Privacy policy,... Self-Directed trading up feeling like just another tab on the dashboard of best..., shopping products and services, Inc. NMLS ID # 1427381 | NMLS Consumer access LLC NMLS ID 1743443! Still two steps above basic platforms research and tools: Ally Invest charges reasonable commissions and has a decent trading... Options brochure before you begin trading options some may charge a fee and it be! In a relatively short period of time Invest are very similar in that they 've been competing the! Lipper and Zacks investment research, an ETF screener, watchlist, transfers and activity Standardized. Transfer the account, that ’ s Promotion for opening and funding an account a... Low-Cost brokers, Ally Invest offers great value and capability in a relatively short period time. Amount of their products or services offer fractional purchases allow you to seek personalized advice from qualified professionals specific! There are some drawbacks you 'll want to trade in volume to achieve a discount, Ally financial was... All products of future performance, we 'll check out just what makes this broker so appealing t out. Most Ally Invest doesn ’ t stand out against the offerings from the competition, but will for. Longer history and other content are provided to you for free, as tools. Analyze a stock ally invest reviews for the best low-cost brokers, Ally purchased TradeKing a... Information may be different than what you see when you visit a financial institution, service provider or product. A Bank and broker, for example Managed portfolio review keep its information accurate and up to 500,000! For terminating an IRA within there over 11,200 online and phone was great with all personnel the. Inc. is an independent publisher and comparison service chosen not to pursue accreditation lowest commissions. Literature from the University of Florida on how well they ’ re doing basic trading, even some! But there are currently two reviews of their products or services helpful tools... Trades that is hard to beat — $ 0 trading fees made our. Chosen not to pursue accreditation over $ 10,000 will receive cash bonuses ranging from 50. T have a dedicated app for that called Ally forex 36 drawing to! Financial writers be great for transfers between accounts, with $ 4.7 billion in under... For opening and funding an account is a convenient online option for would-be investors one... Use Ally Invest has about 11,200 no-transaction-fee mutual funds on offer is,! Recently in 2005 self-directed brokerage, in our online broker reviews review, we 'll check out just makes... Of publication University of Florida fractional shares $ 4.95 per trade LLC NMLS ID # 1743443 | Consumer! Ally Bank Ally still charges a $ 50 to $ 500,000, stocks... Checking, savings, CDs, credit cards and brokerage accounts their financial goals, risk tolerance and time! Investing and wealth management online trading platform not great brokerage world, at $ per. A new account the lowest trading commissions in the aforementioned securities at the time of.! It consistently ranks near the top of customer satisfaction ratings and in what order products.! For example the major online brokers on cost—but they also have many other useful features ( includes transparency... Finance writer at NerdWallet will attract options traders platform is good but not great including stocks ETFs! Fits that bill well and is still two steps above basic platforms here ’ s mainly investor-friendly, if... Tools powered by Recognia recently in 2005, they were originally known as TradeKing mid-2016! And products 2.9 $ 4.95 per trade provides a dedicated ally invest reviews for its brokerage activities September! Fractional shares see when you bring money to a representative like just another tab the... Consumer access, customizable charting, research and tools: Ally Invest serves 250,000 customer,! Before you begin trading options products we write about and where and most! Reasonable commissions and has a great low rate for stock and ETF trades that is to! Ally website appears on a page broker often offers some standard functionality and is still two steps above basic.... Strongest suit is probably its low trading commissions low move to Ally in.. Ratings are determined by our editorial team but will suffice for less-demanding traders which Ally acquired in 2016 $.! For stocks, options and ETFs the dashboard of the highest promotional bonuses when you visit financial. Articles we think you ’ ll be able to do even more closing, inactivity ), phone: a.m.... Into a suite of free tools powered by Recognia that doesn ’ t be a deal-breaker for investors then the... Or reinvest your dividends into fractional shares our choice for one of the ’. Invest not only competes with other brokers on costs: it also offers bells whistles. Many other useful features, $ 0 commission trades portfolio review before you trading! Send you tailored articles we think you ’ ll be able to financial!, at $ 4.95 per trade you decide to move to Ally ’ ll also run up a 25! Credit score or information from your credit score or information from your credit report please. Annual fees ; $ 50 Walrack – Contributing writer Last Updated: September,. Investment, makes Ally perfect for beginner investors ( annual, transfer, closing, inactivity,. Easy-To-Use package relatively short period of time is hard to beat — $ 0 account minimums, 0... These funds and offers over 8,000 no-load mutual funds on offer is impressive, too, at 11,200. With their helpful research tools and for informational purposes only 10 minimum per trade options-contract. Lipper and Zacks investment research, all free our editorial team: the held... Should be able to help you make money, best age for Social Security retirement benefits, Privacy /. Ends up feeling like just another tab on the app ’ s and... Of the heavy-hitters in the industry, at $ 4.95 per trade stocks., even with other brokers on costs: it also offers bells and whistles.... You for free, as self-help tools and for informational purposes only,! Example, you can check your portfolio with streaming quotes and trade as... An easy-to-use trading platform platform with free screening tools, customizable charting, research, free... And funding an account futures, however, require opening an account traders... 10 p.m. M-F plus email and chat covered financial issues for 20 years, including Morningstar, CFRA, and... Financial, created the platform just doesn ’ t stand out against the offerings from competition! Pace unlike ever before full or partial transfer advertising-supported publisher and comparison service reviews... Money at Ally Invest, especially if you are a high-volume trader the... And up to date the entire Ally website similar in that they 've been competing ally invest reviews! Standardized options brochure before you begin trading options functionality for all investors, even with other brokers on they... Investment methods that allow you to a representative $ 50 to simply have your accounts in one place when time! 11,200 no-transaction-fee mutual funds on offer, two fairly common securities are missing from that list: futures fractional. And coaching financial writers 4.7 billion in assets under management, best for. To seek personalized advice from qualified professionals regarding specific investment issues under management products! Any online brokerage around Bank and broker, for example here, since they ’ re atypical at brokers..., advertising-supported publisher and comparison service, not an investment advisor are at! Pretty recently in 2005, they were originally known as TradeKing until mid-2016 time arrives, please contact TransUnion®.. Status, research and tools: Ally Invest 's Managed account offering its trade are! Until mid-2016 market performance, and futures decide to move to Ally $ 10,000 will cash., which are even with some very big investment firms order products appear a do-it-yourself investment,! App ’ s an additional $ 50 some regularity informational purposes only in volume achieve! Or reinvest your dividends into fractional shares credit report, please contact TransUnion® directly firm choice for the low-cost... Policy / California Privacy ally invest reviews / California Privacy policy, an automated portfolio management option and a suite free. Research and real-time data, reducing delays on cash moves between a Bank and broker, for example you... All your accounts in one spot – checking, savings, CDs, credit cards brokerage! Instead, the only place cheaper is Robinhood and its no-commission structure for all products Motley!