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If you haven’t figured it out yet… I am in love with Ally Financial. I am in love with my bank. You can read about my Ally savings account here.
I am completely and utterly excited about Ally Invest coming this month. Ally bought TradeKing last year (2016) and is now Ally Invest.
“Ally Invest offers a wide selection of resources to help investors of all experience levels make the most of their investments, including advanced charting tools and numerous calculators”.
Among the industry’s lowest trading fees
No account opening minimums and no hidden fees. You can open an account with as little at $1.
Only $3.95 equity trades and 50 cent option contracts for high-volume/high-balance traders.
A wide variety of investment products built with the do-it-yourself investors in mind.
In-depth research and market analysis tools to support all types of investments strategies.
Plus, a professionally managed portfolio option ($2,500 min. balance).
Where Ally Invest Really Shines
Only a very few online brokers can compete with Ally Invest’s super-low commission of only $4.95 on trades of stocks and ETFs (OptionsHouse is another low commission online broker). Active investors can qualify for a discount ($3.95 per equity trade) by making 30 or more trades per quarter or having a balance of $100,000 or more. Ally’s options trading contracts are similarly low at $4.95 plus 65 cents per contract (or $3.95 plus 50 cents per contract for active traders).
Mutual fund investors will probably be greatly disappointed that there are no transaction-fee-free funds available. However, Ally’s $9.95 commission for no-load mutual funds is far more competitive when compared with the $20-$50 charged by other discount brokers.
Active traders will be surprised by how much they can get for so little investing with Ally Invest. Ally has rock-bottom commissions, top-notch research and trading tools and an intuitive platform that makes it a deep-discount online broker but still a worthy contender among much pricier, high-minimum brokers. Ally’s one and only shortcoming is its lack of trading-fee-free mutual funds and ETFs.