Ally Invest is the self-directed brokerage arm of Ally Financial, a financial services company that traces its roots back to 1919. Ally Invest, formerly known as TradeKing, was formed in 2016 after the merger of TradeKing and Zecco. Since then, Ally Invest has become a popular choice for traders and investors, offering commission-free trading, independent research, and a user-friendly platform.
When it comes to fees, Ally Invest is competitive with other online brokerages. The company charges $0 for stock, ETF, and options trades, and $0.50 per options contract. There are no account minimums or annual fees, making Ally Invest a great option for beginners and those with smaller portfolios.
Ally Invest also offers a wide range of educational resources, including webinars, tutorials, and articles on trading and investing. The company's platform is intuitive and easy to use, with customizable dashboards and real-time streaming data.
One of the unique features of Ally Invest is its integration with Ally Bank. Customers can easily transfer funds between their Ally Bank and Ally Invest accounts, and can use their Ally Bank debit card to access funds in their Ally Invest account.
In addition to its self-directed brokerage services, Ally Invest also offers managed portfolios. Customers can choose from a range of portfolios based on their investment goals and risk tolerance, and the portfolios are managed by Ally Invest's team of experts.
Ally Financial Inc., the parent company of Ally Invest, has the same underlying duration and interest rate risk issues as other financial institutions. However, the company has a strong balance sheet and has been able to weather economic downturns in the past.
Ally Financial continues to invest in digital capabilities throughout its product suite to improve customer experience. The company's mobile app allows customers to manage their accounts on-the-go, including trading, viewing account balances, and accessing research and educational materials.
For those interested in credit cards, Ally offers the Ally Platinum Mastercard® with no returned payment fees or over-the-limit fees. Plus, customers can access a free online FICO score.
Ally also offers the Ally Unlimited Cash Back Mastercard, which was designed specifically for nurses and educators. The card offers unlimited 1.5% cash back on all purchases, with no annual fee.
Overall, Ally Invest is a great option for those looking for a self-directed brokerage with low fees and a user-friendly platform. The company's integration with Ally Bank and its range of educational resources make it a popular choice for beginners and experienced traders alike.