Ally Invest rating

Ally Invest Roth IRA review, Traditional IRA, 401k Rollover, SEP and SIMPLE IRA. Ally bank retirement accounts fees, rating, minimums, commissions, pros and cons.

Ally Bank IRA Account Review

With a good selection of fee-free IRAs, no minimum requirements to start a retirement account, some of the lowest pricing on the market, and powerful trading tools, Ally Bank IRAs are worth taking a look at.

The broker offers all popular retirement account types, including accounts for self employed:

  • Traditional IRA
  • Rollover IRA
  • Coverdell Educational Savings Account (ESA)
Ally Invest is less advertised and therefore is a lesser-known broker. However, after its acquisitions of competitors Zecco and MB Trading, Ally Invest has become one of the top 10 largest brokerage firms in the country. The acquisitions allowed the company to diversify its financial services, improve its trading tools and become a strong competitor against the well-known yet more expensive IRA providers such as Vanguard, Etrade, and Merrill Lynch.

Ally IRA Minimums

A retirement account at Ally Invest can be opened with no initial deposit, which can be a key factor for someone investing for retirement for the first time. There are also no minimums to worry about after the account is opened: the company has no account balance minimum and no minimum number of trades or activity is required.

Ally Invest Commissions

Ally Invest offers a wide variety of investments, including stocks, ETFs, mutual funds, bonds, treasuries, and CDs. The firm has rock-bottom commissions of $0 for stock and ETF trades.

Ally's mutual fund commissions are also impressive. The broker charges very low $9.95 per trade to buy or sell any mutual fund. Compare that to $49.95 charged by Fidelity Investments or Charles Schwab, or $19.95 at Etrade.

For bond investors Ally Invest has a great commission of only $1 per bond with $10 minimum. Treasuries at auction are commission-free. Certificates of deposit (CDs) cost $24.95.

Promotion: Up to $3,000 cash bonus + commission free trades for new accounts.

Ally Invest IRA Fees

Ally does not charge fees for opening or maintaining any retirement account. There are no charges for account inactivity. There is only a $25 fee for investors who cancel their IRA account and $50 to move it to another company.

Customers have no hidden fees to worry about. Overall, Ally Invest is a very well-priced brokerage with clear and straightforward fees.

Ally Invest ROTH IRA Review

Mutual Funds

A number of mutual funds provided by a broker and their cost are often considered one of the main criteria for choosing a company for opening a retirement account. Ally Invest has a lot to offer in this department. The brokerage offers over 12,000 load and no-load mutual funds from all major mutual fund families. It also has the lowest mutual fund commission of only $9.95.

Ally ROTH IRA Account

Trading Tools, Education & Research

The broker's fully customizable web-based platform is well-designed and easy to use even for beginners. Interactive charts, technical indicators, powerful tools, and account positions are quick to load and easily accessible through a clean menu. A trade can be placed from any page via Quick Trade Ticket accessible through the blue 'Trade' button at the top right corner of the screen.

Ally Invest provides good third-party investment research from MarketGraders. In addition, the broker's IRA account holders can take advantage of the free dividend reinvestment plans.

All the tools are offered free of charge.

The company offers exceptional customer support and an extensive education resources: there are a lot of videos, articles, charts and even live webinars for investors.

Ally Invest IRA Pros

  • $0 commissions
  • Excellent customer support via email, phone and chat
  • Customizable trading platform
  • Free dividend reinvestment plans (whole and fractional shares)
  • Free real time streaming quotes for active traders
  • Free access to MarketGrader's research reports
  • Extensive educational resources
  • Great online banking rates

Ally Invest IRA Cons

  • A single source of third-party research

Ally Invest IRA Review Summary

Low commissions and absence of IRA account fees are the main advantages of Ally Invest. The company offers a rich selection of services at an excellent price which will please both beginner investors and experienced traders.

Ally Invest IRA Offer

Up to $3,000 cash bonus + commission free trades for new accounts.

Open Ally Invest Account

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