Ally

Ally Invest offers commission trading, for stocks and ETFs like many other brokerages in the market. Although it may not be immediately apparent how they generate revenue Ally Invest, similar to brokers that provide commission free trades, earns money through payment for order flow. However, it’s important to note that Ally Invest does not support shares or offer portfolio margin.

On a note users of Ally Invest have the option to link their accounts with an Ally Bank account. This allows them to earn interest on their cash balances. There are ways in which Ally Invest generates revenue from its clients:

• Price improvement: While customers can only execute orders through brokers Ally Invest ensures a net price improvement of $0.0103 per share for all SEC Rule 605 eligible marketable orders and $0.07 per contract on options.
• Payment for order flow: Ally Invest receives payment for order flow. Earns an average of $0.00214 per share for equity trades and $0.45 per contract, for option orders. 

Ally Invest provides interest rates of 4%, on cash balances that are moved from your investment account to a linked Ally Bank account. In order to earn interest on your cash balances it is necessary for clients to transfer funds between their bank and investment accounts. You have the option to make transfers of up to $250,000.

Ally Invest fee

Ally Bank distinguishes itself in the market by offering features that encompass commissions, fees and minimum requirements. The bank prides itself on a commission structure, for types of trades like stocks, ETFs, mutual funds and foreign exchange transactions. Notably the cost of Ally Invest options trading is kept low at $0.50 per contract setting Ally Bank apart from other brokers.

When it comes to account balances, Ally Bank is accommodating to a range of investors. For self directed investment accounts there is no requirement making it accessible to everyone. Additionally robo managed accounts with a fee of 0.30% only require a minimum deposit of $100 according to Ally invest review.

Stocks and ETFs. Investors can enjoy commission trading ensuring affordability. OTCBB (and stocks priced below $2.00). There is a charge of $4.95 plus $0.01 per share with a maximum commission per order not exceeding 5% of the trade value and a minimum of $4.95 plus $0.01 per share. Additionally, there is an order purchase requirement of $100 for OTCBB and Pink Sheet stocks. 

Ally Invest customer service

When it comes to customer support, Ally stands out by offering a variety of ways to get help. They have phone support that’s 24/7 well as an online chat option, for quick connections with their representatives. Customers can also reach out through email although there isn’t a branch to visit for face to face assistance. However, most investors don’t find this lack of branches to be an issue:

• It’s worth mentioning that Ally Invest’s customer service is only available in English.
• In terms of phone support the representatives at Ally Invest provide answers although the speed of service is average.
• For email inquiries they do provide answers. It may take a couple of days to receive a response.
• However, there is room for improvement in Ally Invest’s chat feature. The response time is average. The relevancy of the answers provided could be better.

Despite these observations one significant advantage is that Ally Invest’s support team is always available 24/7 to ensure assistance for their customers.

Ally Invest securities

Ally Invest takes security measures to ensure the safety of its platforms and customer accounts. One notable feature is the implementation of two factor authentication, which adds a layer of protection to user accounts. Moreover, on the platform customers can utilize login enhancing the security of their mobile trading experience.

To provide reassurance regarding customer assets safety Ally Invest goes beyond the Securities Investor Protection Corporation (SIPC) insurance coverage. They have acquired a Lloyds of London policy that strengthens the SIPC coverage. 

Ally Invest account

Ally Invest provides a range of account options to meet the needs of investors. These options include:

• Joint taxable accounts
• Custodial accounts
• Traditional and Roth Individual Retirement Accounts (IRA)
• Coverdell Education Savings Accounts (ESA)

If you’re not specifically saving for retirement or education the IRA option is suitable, for a range of investment goals. Additionally, Ally Invest offers Ally Invest Wealth Management, an account tailored for individuals with assets under management exceeding $100,000. The advisory fee for this account is capped at 0.85% of the assets being managed.

Opening an account with Ally Invest is a fully digital process. The online application usually takes around 20 minutes to complete although account verification may take longer. In my case, as a reviewer my account verification was finalized within 3 business days.

Opening account 

To create an account users must go through the following 8 steps:

1. Share details. Provide an email address.
2. Choose the type of account they want.
3. Proceed with information, including their Social Security Number, which is necessary, for verifying the account.
4. Add a phone number (used for registration and as the default contact). Select a security question.
5. Provide employment information.
6. Select their investment profile and preferences for trading.
7. Set their investment goals. Indicate preferences, for margin and options.
8. Upload documents to verify their date of birth and Social Security Number.

It’s important to remember that if users want to trade forex they will need to register an Ally Invest Forex account.

How to close Ally Invest account

Ally Invest offers the convenience of closing your trading account like any well known broker. It’s important to note that Ally Invest doesn’t charge any inactivity or account fees which makes it financially reasonable to keep an account. So if you’re uncertain about your trading needs it might be beneficial to hold onto the Ally invest account by going through the lengthy process of opening a new one later on.

If you do decide to proceed with closing your broker account there are some steps to follow. First make sure to sell off all your positions and withdraw any remaining funds since broker accounts can only be closed when they’re empty. Also don’t forget to settle any obligations with the broker before initiating the closure process. If you’re planning on moving over to another broker transferring your stocks and assets to the account is a convenient option despite potential associated fees. This way you can avoid the hassle and costs of selling and repurchasing assets individually.

If you are unable to transfer your assets or if you decide to stop trading it’s important to sell all your assets and withdraw your cash. Please note that regular trading fees will be applicable when selling. While many brokers offer withdrawals certain transactions may involve costs. It’s important to keep in mind that it might take a day for the proceeds, from stock sales, to settle and for the withdrawn funds to be deposited into your designated bank account or credit/debit card.

To close your account you have two options. Either access the menu on the platform or reach out to customer service and submit a closure request. During the account closure process you may need to communicate with customer service. Therefore choosing a broker, with 24/7 customer support via Ally invest phone number, email or chat can be advantageous.

Ally invest login and security

Ally Invest provides a Ally invest log in process that can be completed in one step, which some users might perceive as secure when compared to the two step authentication method.

In theory when logging in from a device users are supposed to answer their security question, for added protection. However, during the testing phase it was noticed that not every time a user logged in from a device prompted them to answer a security question. This inconsistency may raise concerns about the application of this security measure.

Ally Invest promo

If you’re looking for investment options Ally Invest provides a platform that allows you to effectively manage your assets. With Ally Invest’s trading experience investors have the ability to monitor their accounts access portfolios. Easily make trades on devices.

Moreover, Ally Invest is currently giving a $100 bonus to individuals who open a self directed trading account or Robo portfolio and meet criteria.

To take advantage of the bonus offered by Ally Invest while starting your investment journey follow these steps:

1. Use the provided links to open either an Ally Invest Self Directed Trading account or Robo Portfolio before 12/31/2023.
2. Within 30 days of opening the account set up. Maintain a recurring transfer of at least $50.
3. Make sure to continue this recurring transfer, for a minimum of 3 months.
4. Keep your Ally Invest account open and in standing until the $100 cash bonus is deposited.

By fulfilling these requirements eligible investors can enjoy the bonus provided by Ally Invest as they begin their investment endeavors. So our Ally invest review can be useful.

Mobile Ally invest app

Unlike brokers Ally Invest doesn’t have a separate app exclusively for its brokerage services. Instead customers can conveniently access all of their Ally accounts and activities through the Ally Mobile app. This comprehensive app allows users to view all their accounts – checking, savings, CDs, credit cards and brokerage accounts – in one place. It’s especially useful, for existing Ally account holders who prefer to have all their activities organized on a platform.

Ally Invest options

Ally Invest offers a range of trading opportunities allowing investors to participate in financial markets. Customers can trade stocks, ETFs, options, mutual funds and fixed income products such as U.S. Treasuries, CDs, corporate bonds, municipal bonds and agency bonds. If you’re interested in foreign exchange trading Ally Invest has a platform for trading over 50 currency pairs.

However, there are some types of trading that Ally Invest doesn’t support. These include futures contracts, cryptocurrencies like Bitcoin or Ethereum fractional share trading (where you can buy less than a share) and international securities listed on exchanges, outside the United States. Here are the specific trading opportunities that investors can make use of through Ally Invest:

• Stocks. 
• Over-The-Counter Bulletin Board stocks.
• ETFs. 
• Listed options.
• Mutual funds.
• Fixed income securities.
• Foreign exchange trading with access to over 50 currency pairs through the dedicated Ally Invest Forex application.

Moreover, individuals can connect their interest bearing Ally Bank accounts with their Ally Invest account. However, in order to transfer funds, between the bank and investment accounts investors must take the initiative to initiate the transfer themselves.

Ally Invest fractional shares

You won’t be able to purchase shares through Ally Invest as they are not offered on the platform.

Ally Invest cryptocurrency

Ally Invest does not offer support for cryptocurrency or futures trading on its platforms. Ally Invest Crypto is not available.

Cash Management

Why is Ally invest down? Apart from its investment features Ally Invest also provides a cash management option for account holders. Investors can conveniently transfer their cash from the investment account to a deposit account at Ally Bank allowing them to earn an interest rate. This integration between the investment and deposit accounts empowers users to maximize the potential of their cash while ensuring access to funds for future investment opportunities.