How much does it cost to open brokerage or IRA account at Ally Invest? Sign up minimum initial deposit requirements.

How to Open an Ally Invest Account

Are you considering opening a broker account with Ally Invest? Ally’s brokerage services stack up pretty nicely next to the competition, mainly due to their wide selection of investment types and low commissions, not to mention a very sweet promotion they have going on right now for new accounts. If you’ve already decided that Ally Invest is right for your portfolio, this article will walk you through the account opening process step by step. Don’t worry – we promise it won’t take long.


Opening an Ally Invest Account

Filling out and submitting the application for your Ally Invest account is quick and easy, and Ally says that most accounts are approved in just minutes.

First, go click on their promotion link - Up to $3,500 cash bonus + commission free trades for new accounts. than hit "Start Trading" button. You will be directed to the application form below. You will need to indicate if you are an existing Ally banking customer or if this will be your first account with Ally. Enter your full name, last name, and email address, then click “Register” to continue.


How to Open a Ally Invest Account


Next, you will be taken to step 1 of a short five step application process. Per the below screenshot, you will choose the account type you would like to open. They show Individual, Joint Account, and IRA, as these are the most commonly used, however by clicking on “View All Accounts” you will see that they offer a total of 17 different account types to choose from.


Ally Invest Account Types


Promotion


Open Ally Invest Account


Steps 2-5

In Step 2, you will provide all of your personal details, such as your date of birth, country of citizenship, marital status, employment information and more. Step 2 is the longest and has multiple sections that we will guide you through here. After filling in the below information, click “Next” and it will prompt you for your social security number (all brokers will ask for this) to verify your identity.


Ally Invest Personal Info


After entering your SSN you will be taken to the two pages below (still part of Step 2), where you will be asked to enter more of your personal information, including your permanent address and mailing address (if it’s different) and phone number. You will also be asked to select a personal security question and answer in order to protect your account in case you forget your login credentials.


Ally Invest Entering Address


Still on Step 2, next you’ll be asked to provide your employment information and answer a few questions that all brokers are required to ask for compliance/oversight purposes. Ally wants to know if you or a direct member of your family is employed or otherwise affiliated with a securities exchange or FINRA, is a 10% owner or director of a public company, or is a senior politician. Most people will answer “No” for all of these questions. If one of your answers is a “Yes” it’s not a big deal, it just means they might flag your account to get additional details from you regarding your answer.


Ally Invest employement info


The next page (below) will ask you questions relating to your finances, such as your annual income, net worth, liquid net worth (i.e. cash and anything that can be quickly converted to cash), and the tax bracket you currently fall under. This screen, and the one that follows it, will also ask you about any previous trading experience and your investment objectives. Brokers use this information so that they can try to better understand their customers and anticipate how you are most likely to use your account.


Ally Invest Financial info


Ally Invest Objective


After you’ve finished entering your investment objectives (which you can guess if you’re not really sure and can change at any time), you’re pretty much done. All that’s left to do is to read the fine print in their disclosure/broker agreement and sign on the dotted line. Most accounts are approved within minutes, after which you can link your bank account to your new Ally Invest account (you’ll need your bank’s routing number and your account number) and deposit funds to begin trading.


Minimum Requirements to Open Ally Invest Account

Ally doesn’t have any minimum required deposits or account balances to open a standard account and keep it active. On the plus side, however, if you maintain an account balance of at least $100,000 you will qualify for discounted commissions on stocks, ETFs, and options trades. If you want to open a margin account with Ally, there is a $2,000 minimum balance requirement, which is standard across the industry as it’s a regulatory requirement.


Account Costs

Ally doesn’t charge any account maintenance fees for simply opening or maintaining an active account. They do charge trading commissions, outgoing transfer fees, and wire fees though, among other common fees (which are all outlined in our article specifically on Ally’s fees) related to specific account activities, which can often be easily avoided with some care.


Promotional Offers

Ally currently has an attractive promotional offer for new accounts where, depending on the size of your deposit, you can qualify for free trades and potentially even a cash bonus. If you open your Ally Invest account by 4/30/2019 and fund it within 60 days with at least $10,000 you will receive $500 worth of commission-free trades to be used within 90 days in addition to a $50 cash bonus. In addition to these free trades, larger deposits will receive a larger cash bonus.

Deposits between $25,000 and $99,999 will earn a $200 bonus, with additional deposit amount increments all the way up to $2,000,000 qualifying you for a cash bonus all the way up to $3,500. After the above conditions are met, your cash bonus will be credited to your Ally Invest account within 10 business days. Once the bonus is credited to your account, it, along with the qualifying deposit amount, must remain in your account (minus any investment losses) for at least 300 days, or else the bonus may be revoked.


Open Account


Open Ally Invest Account


Conclusion

To summarize, opening an Ally Invest account is as easy as opening a new checking account. All you need is an internet connection and 15 minutes of your time. Once submitted, your application will likely be approved within minutes and you can then fund your account and take advantage of all the free trades included in Ally’s new account promotion.


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