2. Ally invest review

What Makes Ally Invest Great?

Fee Structure is Below the Competition in Multiple Categories

Most investment brokerages offer commission-free trades on stocks, ETFs and options. While it’s become an industry standard, Ally Invest’s fee structure is below the industry average in three important categories:

 Options trades – While the industry average is no commission + $0.65 per contract, Ally Invest is at no commission + $0.50 per trade. That makes Ally Invest a better choice for active options traders than most of its competitors.

 Mutual funds – Ally Invest charges just $9.95 per trade for no-load mutual funds, which is well below the industry average. For example, Charles Schwab charges $74.95 to purchase a no-load (non-Schwab sponsored) mutual fund, and $49.99 upon redemption.

 Wealth Management – Ally Invest’s fee ranges from 0.75% to 0.85%. That’s well below the industry average of 1% to 2%, especially on portfolios as low as $250,000.

Full-Service Financial Platform

As a customer of Ally Invest, you’ll benefit from the broker’s banking partner in the Ally family, Ally Bank. The bank offers complete banking services, allowing you to bank where you invest. And while they’re at it, they also offer some of the highest interest rates on their savings products.

Services include the following:

 Checking – Ally Bank’s Interest Checking pays 0.10% APY on account balances under $15,000, and 0.25% above. It comes with remote check deposit, overdraft protection, and spending Round Ups to help you build savings. The account also comes with a debit card, no monthly fees, and access to more than 43,000 fee-free ATMs.

 Online Savings & Money Market – Each currently pays 1.15% APY on all account balances, requires no minimum opening deposit, and has no monthly maintenance fee. The money market comes with a debit card and checks, offering greater access than the savings account.

 High Yield CDs – Currently paying 0.60% to 2.90% APY on certificates ranging from three months to as long as five years. Of special note, the 12-month CD pays 1.90% APY, while the five-year pays 2.90% APY.

 Financing – Ally Bank offers mortgages for both purchase and refinance, auto loans for both personal and business, and personal loans for medical costs and repairs and renovations.

New Account Bonus Up to $3,000!

Ally Invest has one of the very best new account bonus programs in the investment industry.

The bonus starts at $100 for the deposit or transfer of at least $10,000, and stair steps up as follows:

Your account will be reviewed for eligibility 60 days after opening it, with the bonus credited within 10 business days thereafter. Both the qualifying deposit and the bonus will not be available for withdrawal for a minimum of 300 days, otherwise the bonus will be revoked.

Ally Invest will also pay up to $75 to cover transfer fees on a one-time transfer of $2,500 or more from another broker. The fee will be credited to your account within 30 days of receipt of evidence of the charge from the other broker.

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