Ally Invest rating

Best ROTH IRA Account With No Fees


2019 top rated ROTH IRA company for individual investors. Best brokerage ROTH IRA account with no fees.

Ally ROTH IRA Commissions
ProductPrice
Stocks and ETFs $4.95 or $3.95*
Options $4.95 + $0.65 per contract or $3.95 + $0.50*
Mutual funds $9.95
Bonds $1 per bond with $10 minimum, $250 maximum
Treasuries commission-free
Certificates of Deposit (CDs) $24.95

* - $3.95 per equity trade and 50 cents per options contract for users who make 30 or more trades in the prior calendar quarter and/or maintain an average daily balance of more than $100,000 in the prior calendar quarter.


Ally Invest ROTH IRA Account Fees

  • IRA set-up fee: $0
  • Annual IRA fee: $0
  • IRA termination fee: $50
  • Full transfer out: both a $50 transfer fee and a $50 termination fee
  • IRA conversion fee (regular to roth or vice versa): $50
  • Inactivity fee: $0

Best ROTH IRA Account

Ally Invest holds an interesting niche in the brokerage industry, and has positioned itself as a large-size but low-cost broker offering a high functionality website with a variety of tools for all investor experience levels. In particular, the Ally Invest IRA accounts have the versatility that modern investors are looking for, whether they are active traders, beginners, or simply long term investors. While at some companies IRA accounts are limited in the types of investments available, Ally Invest offers some vehicles and tools that others do not.

Ally Invest promotes itself through its pricing, which is the same for both regular and IRA accounts. They charge a flat $4.95 for all stock and ETF trades, with the same rate for options plus $0.65 per contract. Mutual funds cost just $9.95 per transaction. That is about as low as any discount broker, and this pricing continues to be at the center of their marketing and customer retention efforts.

Ally Invest's rate drops to just $3.95 per stock or ETF trade for customers making 30+ trades per quarter or those who have $100,000+ account balances. Option contracts in these cases are only 50 cents each.

If one is an active trader within the IRA account, the fee structure is attractive since commission costs will be low. They do have a chart on the site that shows standard fees for their competitors, with theirs as the lowest for any given type of trade. Few brokers can actually beat their price, and none of them can also equal or beat the features available at the Ally Invest's website.

The broker has apps to trade on Apple as well as Android smartphones. Both apps get high marks from the customers.


Best ROTH IRA


Ally Invest offers almost free individual retirement accounts with no IRA setup or annual IRA fees. The firm, however, charges $50 for IRA termination, IRA conversion and for full account transfer out. There are no trading platforms fees but the company has a surcharge of $0.01 per share on stocks priced under $2 (which probably shouldn't be available in IRA anyway).


Promotion

Up to $3,500 cash bonus + commission free trades for new accounts.


Ally Invest Website

Ally Invest has worked on its website in recent years, and has created a site that is intuitive and easy to use even for someone completely new to investing. From the start the security features are evident when one logs on to the account via a virtual keyboard to enter the password, and then is frequently prompted to answer a set of pre-set security questions. Once logged in, the account page pops up, and shows all current positions, balances, profit and losses to date, and any relevant expiration data if there are open options positions.


Best ROTH IRA Review: Home Page


The newest part of their website offering is Ally Invest LIVE, which is a platform that displays live streaming data during market hours on any stock, bond, option or ETF available. Customers can place trades directly on the platform while viewing current market changes, and there are drop down menus for research tools as well as option chains.

The real time data display in charts can be configured from one day to ten years, and the platform switches between timeframes quickly and smoothly. If compared to a similar platform offered by it really stands out, as the latter is slow to load, freezes when you change chart symbols and has a cumbersome scrolling function to view option chains.


Customer Service

The broker offers quick turnaround on calls; the hold times are kept to a minimum and there is no endless list of menu options when a person calls into Ally Invest. Clients also have the option of talking to a customer service representative online through online chat feature. Emails are answered within two hours during business hours and within 24 hours during the weekend.


The Good

Very low pricing and no maintenance fees. Peace of mind of being with one of the largest brokerage houses in the U.S. which is now owned by an online banking giant Ally Bank. Highly rated customer service.


The Bad

Ally Invest only offers after-hours trading from 4:00 pm to 5:00 pm EST instead of 4:00 pm to 8:00 pm EST. Further, Ally Invest banking services (checking, debit card) right now come with fees, but these could be avoided by simply going with parent's company (Ally Bank) banking accounts.


Conclusion

Investors could open a ROTH retirement account at the company with no money down and majority of them will never have to pay any account fees. Ally Invest attracts customers with the lowest pricing among large brokerage houses. It retains customers by offering them great customer service, easy-to-use and well-designed website, and rich selection of investment products.


Open Ally Invest ROTH IRA


Up to $3,500 cash bonus + commission free trades for new accounts.

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Best ROTH IRA reviewed by TopRatedFirms.com Rating: 5