If youâ€™re looking for an online discount broker with no minimum investment requirement, Ally Invest may be perfect for you. Ally Invest is an ideal choice not just because you donâ€™t need a fortune to open an account, but also because commission fees for trades are well below many competitors â€” especially for active traders who can earn discounts.
While Ally Invest is missing some common tools for investment research and their mobile app isnâ€™t as feature-rich as some competitors, their full-featured online platform makes up for what the mobile app lacks. And, thereâ€™s a wide range of account options with Ally Invest, so youâ€™re covered whether you want a taxable account, a retirement account, or an account for your kids.
If youâ€™re looking for an affordable investment account, Ally Invest should be at the top of your list. Youâ€™ll have many choices for different types of accounts with Ally Invest, including traditional and Roth IRA, IRAs for the self-employed, taxable investment accounts, 529 Plan, and more. And, you wonâ€™t have to make a minimum deposit to open your account â€” itâ€™s free.
Once youâ€™ve got your account open, Ally Invest makes trading affordable for most investments. Commissions for stock trades are among the lowest of any online discount broker, and Ally Invest offers more than 100 commission-free ETFs. If youâ€™re looking to buy Mutual funds though, youâ€™ll pay a transaction fee, whereas some competitors offer ample fee-free options.
Ally Investâ€™s online trading platform is easy to use, and their research tools are good. While you wonâ€™t find earnings transcripts, SEC filings, earnings press releases or audio calls, you can still dig into technical data using free screeners and other tools powered by Recognia.
If you donâ€™t want to manage all the investments on your own, you can opt for a managed account. This is Allyâ€™s robo-advisor option â€” but youâ€™ll need a minimum of $2,500 if youâ€™d prefer this hands-off approach rather than a self-directed trading account.
New Ally Invest accounts accounts receive 90 days of commission-free trades, up to $500 in value, regardless of deposit amount. Cash bonuses are available for new accounts starting at $50 for if you deposit or transfer at least $10,000.
|Stock trading fees||
|Amount minimum to open account|
|Account fees (annual, transfer, inactivity)||
|Commission-free ETFs offered|
|Mutual funds (no transaction fee) offered|
|Offers automated portfolio/robo-advisor|
|Ease of use|
|Mobile app||iOS, Android , Windows phone|
|Customer support||Phone, 24/7 live support, Chat, Email|
Ally Invest has plenty of strengths to help it stand out from the competition, including the following:
Ally Invest also has some downsides to consider:
Ally Invest is a trusted online brokerage with more than $4.7 billion in assets under management. Itâ€™s a member of the FDIC and SIPC, so you can rest assured that the cash in your accounts is safe. And since the company has passed its FINRA broker check, you can count on the fact itâ€™s in full compliance with regulations.
Of course, once you invest your money, thereâ€™s always a risk of losses. Research what youâ€™re investing in carefully and diversify your portfolio to minimize risks youâ€™re taking.
Thanks to the fact it has no minimum deposit requirement, Ally Invest is a great choice if youâ€™re looking to get started investing and you donâ€™t have a ton of money. Affordable commissions and commission-free ETFs also give you a diverse offering of low-cost or no-cost investment options. But if youâ€™d prefer to buy Mutual funds without paying transaction fees or want a physical branch to visit, alternatives such as E-Trade or Merrill Edge may be a better choice to meet your needs.
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