This is not investment advice. The information provided is for educational and informational purposes only and does not constitute a recommendation to buy or sell any financial product.
Ally Invest is the brokerage arm of Ally Financial, the online-only bank. It offers commission-free trading, integration with Ally Bank accounts, and a robo-advisor with no advisory fee.
Fees
| Fee Type | Cost |
|---|---|
| Stock/ETF commission | $0 |
| Options | $0.50/contract |
| Inactivity fee | $0 |
| Account minimum | $0 |
| Broker-assisted trades | $20 |
| Robo-advisor | 0% management fee (Cash-Enhanced 0.30%) |
Ally's $0.50 options contract fee is lower than the standard $0.65 at Schwab, Fidelity, and IBKR. The robo-advisor is free for the basic tier. Cash-enhanced portfolios cost 0.30%.
Platform and tools
Ally Invest's platform is functional but basic. The web interface is clean and easy to navigate. Charting is limited, and there is no dedicated desktop platform for active traders. The mobile app integrates Ally Bank and Ally Invest in one interface.
Ally Invest Live, a premium tier that included live coaching and a more advanced platform, was discontinued.
Product range
Ally Invest offers stocks, ETFs, options, bonds, mutual funds, and forex. Crypto is not available. Fractional shares are not supported. The no-transaction-fee mutual fund list is limited compared to Schwab and Fidelity.
Regulation and safety
Ally Invest Securities is regulated by the SEC and FINRA. SIPC coverage protects up to $500,000. Ally Bank is FDIC-insured. Ally Financial is publicly traded (NYSE: ALLY). Read the full safety analysis.
Pros and cons
Pros: Commission-free trading, $0.50 options contracts (cheaper than most), Ally Bank integration, no-fee robo-advisor, $0 account minimum.
Cons: No fractional shares, limited research tools, basic charting, no crypto, no dedicated desktop platform, limited NTF mutual funds.
Is Ally Invest right for you?
Ally Invest is a good choice if you have an Ally Bank account and want your banking and investing in one place with low fees. It is not a good choice for active traders who need advanced tools or for investors who want a broad product range. Most investors are better served by Fidelity or Schwab.
Common questions
Is Ally Invest good for beginners? It is adequate but not outstanding. The platform is simple, and the robo-advisor is free, but educational content and research are limited compared to Fidelity or Schwab.
Can I transfer from Ally Bank to Ally Invest instantly? Yes. Transfers between Ally Bank and Ally Invest are instant.
Does Ally Invest have an app? Yes. The Ally Mobile app combines banking and investing.