Instructions to transfer Robinhood account, stocks, ETFs, assets, money to Ally Invest brokerage in 2019.

How to Transfer a Robinhood Account to Ally Invest

If you have found Robinhood’s zero-commission trading not to be a very good value, you can easily transfer your account to Ally Invest. To do so, just follow these steps:

Step 1

Consider the possible cost of the transfer. For an ACAT transfer, Robinhood charges $75. Ally Invest currently has a promo that refunds transfer fees up to $150. To qualify, you’ll need to have an account value of at least $2,500, and submit the account transfer form (discussed shortly) within 15 days.

Ally Invest Promotion

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

Open Ally Invest Account

Step 2

Sell any cryptocurrencies you have. If you hold any digital currency positions in your Robinhood account, you’ll first need to liquidate them. Ally Invest doesn’t offer cryptocurrency trading; so any digital currencies you have won’t transfer. Other investments you have, such as stocks and options, you can leave as is. They will transfer into your new Ally Invest account with no problems.

Step 3

Open an Ally Invest account. After you have sold your cryptocurrency holdings, it’s time to open a new brokerage account with Ally. You’ll want to do this before starting the transfer. The Ally account must be the exact same type as your Robinhood account. For example, if your Robinhood account is a joint account, your new Ally account must also be a joint account.

Opening an Ally securities account is easy. Just head over to their promotion offer: Up to $3,500 cash bonus + commission free trades for new accounts. Then click on the blue ‘Open Account’ button. You’ll want to choose a self-directed account to make a transfer because managed accounts use a small list of low-cost ETF’s with specific asset allocations.

Step 4

Inside your new Ally Invest account, request a transfer. Click on the ‘My Accounts’ in the top purple row of tabs. In the drop-down menu, select ‘Transfer Funds’ and then choose ‘Transfer an Account.’


How to Transfer Account to Ally Invest


On the new page, you’ll see a link to a pdf account transfer form. You’ll need to fill out this form by hand (unfortunately, the fields can’t be filled out electronically) and then submit the completed form to Ally Invest.

The form asks for several pieces of information from the Robinhood side. You’ll need your account number, the address of the broker (85 Willow Road, Menlo Park, CA 94025), and the name that appears on the account.

The form also asks for the broker’s phone number, but we have no idea what the number is. Robinhood doesn’t publish its phone number online. It may be best to submit the company’s e-mail address instead (support@robinhood.com).

It’s possible to do a full transfer or partial transfer. If you choose a full transfer, filling out the form is quick and simple. If you want to perform a partial transfer, you’ll need to list the specific assets you want transferred. It’s only possible to transfer whole shares.

Step 5

Consider alternatives. If Ally Invest isn’t to your liking, you could transfer your Robinhood account to either Firstrade or SogoTrade, both of whom have lower commissions than Ally.

Ally Invest Promotion

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

Open Ally Invest Account



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