The most appealing factor of an Ally Invest IRA (individual retirement account) is the extremely low cost of trading stocks, ETFs, and mutual funds. Among all of the listed brokers in the United States, Ally Invest is the lowest cost broker to offer 24/7 customer service. This is a huge deal, because Ally lets clients buy/sell stocks in an IRA account at fantastic prices, but Ally doesn’t cut any corners or skimp out on the overall client investing experience.
Stock trades range from $3.95 for clients who maintain $100,000 or more in combined balances across all Ally accounts or trade more than 30 times a quarter. Otherwise, trades cost just $4.95.
- Stock Trade Fee: $3.95 to $4.95
- IRA Setup Fee: $0.00
- Mutual Fund Fee: $9.95 for non load and $0.00 for loaded
- Number of Mutual Funds: 5,574 non load and 4,690 loaded
- Bonds: $1.00 per bond ($10.00 minimum, $250.00 maximum) per transaction
- Treasuries: $1.00 per bond ($10.00 minimum, $250.00 maximum) per transaction
- Certificates of Deposit (CDs): $24.95 per transaction
To put these prices in perspective, other online brokers that offer IRA accounts, like TD Ameritrade and Charles Schwab, charge $49.99 and $75.00 for mutual fund trades, respectively.
Pricing is one thing, but trading technology is where we really like to geek out. Ally’s flagship web-based trading platform is simple, easy-to-use, customizable, and full of valuable research for potential investments.
It’s also available completely for free.
Show more platform screenshots
Not only can manage your entire IRA account from the trading platform dashboard, but you can also read tons of third-party market research and look at stock charts with tons of viewable technical indicators.
Whether we’re talking banks or brokerages, we love having the comfort and security of 24/7 customer service. Even if we don’t have to contact support, you can’t put a price on knowing that a knowledgable representative is merely one phone call away.
There’s nothing worse than having an issue or question about something in your account, and having to wait until the following business day to speak with a customer service agent to resolve it.
With Ally, you can call or live-chat any time of the day, any time of the week. At the top of every FAQ or Contact US page, there is a slick feature that displays the current wait time, in minutes, to speak with a representative.
Although wait times to speak with a customer service representative can sometimes take several minutes during peak market hours, we never experienced any significant delays when chatting or calling with customer service. 24/7 customer service is almost never seen among deep-discount brokers; Ally wins major bonus points for this category.
Overall Ease of Use
Having tested dozens of online brokers and used dozens of online trading platforms, Ally’s entire online IRA experience is unequivocally very intuitive and easy to understand.
Each type of IRA that Ally offers is clearly explained on their site, as well as the reasons why one would select a particular IRA account type.
The most common form of an IRA is typically a Roth IRA, because you can contribute income at any age and shelter it from taxes.
In easy to understand guides, Ally explains all of these basic concepts for those who want to plan for retirement but may not necessarily know where to start. Ally does a terrific job of simplifying the process. Signing up for an IRA takes about five minutes and doesn’t require any sort of minimum deposit. What else can we say? The overall Ally IRA experience is seamless from beginning to end.
Ally IRA Investment Products
There are lots of different investment instruments you can trade in an IRA, from bonds to stocks to CDs. Ally provides excellent access to fixed-income and savings products for IRAs.
|IRA High Yield CD||IRA Raise Your Rate CD||IRA Online Savings|
|1.75% no minimum deposit (1 yr)||2.00% APY (2 yr)||1.45% on all balances|
Ally’s IRA savings account currently has no minimum balance requirement and pays 1.45% APY. Inside of your Ally IRA account, you can allocate all or some of your funds into a risk-free asset that still produces a return, like a CD or savings account. You’ll earn a return, and your contributions and gains will be tax deffered.
Although Ally is not as well known as IRA providers like TD Ameritrade, Vanguard, and Fidelity, rest assured, Ally Invest packs one heck of a punch with their IRA accounts.
No fees, no minimums, the lowest trading costs in the country, and 24/7 customer support. What more could you ask for in an IRA?
An IRA is a great way to save money for the future and shelter it from taxes. Make sure you check the IRS website to see the limits of how much money you can contribute to an IRA per year.