Ally broker Accounts

Ally Invest Account Types

Ally Invest offers several types of accounts to cater to different investment needs:

1. Self-Directed Trading Accounts:

• No minimum deposit required.
• Commission-free trading on U.S. stocks, ETFs, and options.
• Options contracts cost $0.50 each.
• Available account types include individual, joint, custodial, traditional IRA, Roth IRA, rollover IRA, and Coverdell accounts.

2. Robo Portfolios:

• Minimum investment of $100.
• Cash-enhanced portfolios have a 0% advisory fee, with 30% of funds held in cash.
• Market-focused portfolios charge a 0.30% annual advisory fee, with 2% of funds held in cash.
• Portfolio options include core, income, tax-optimized, and socially responsible investments.

3. Personal Advice Accounts:

• Minimum investment of $100,000.
• Access to dedicated financial advisors for personalized financial planning.
• Advisory fees range from 0.75% to 0.85%.

Ally Invest Broker Account Opening Process

To open an account with Ally Invest, follow these steps:

1. Visit the Ally Invest Website: Go to the "Open Account" page.
2. Select Account Type: Choose the type of account you wish to open (self-directed trading, robo portfolio, or personal advice).
3. Enter Personal Information: Provide your name, address, social security number, and date of birth.
4. Employment and Financial Information: Fill out your employment details and answer questions about your income and investment experience.
5. Set Up Security: Create a username and password, and select a security question.
6. Fund Your Account: Link an external bank account or transfer funds from an existing Ally account. You can fund your account via ACH transfer, wire transfer, or check.

Once completed, your account will typically be approved within minutes, allowing you to start trading.