Ally Invest is an investment platform that is suitable for both new as well as experienced traders – plus offers some great Ally Invest Promotions to those traders.
You can choose how to invest with exciting features regardless of whether you opt for the hands-on approach or leave it up to their Robo-advisor.
One big upside is the current promotion on offer that can sweeten the deal if you’re a new Ally user looking to open an account with Ally Invest. This promotion can get you a cash bonus and transfer fee credit – on top of free trades.
In this article, we’ll look at current Ally Invest offers, so you can get more for your money. If you’re a fan of promo codes, you’ll be pleased to know that Ally Invest currently offers many great deals, meaning that scoring a lucrative bonus offer is definitely possible – if you know how to play your cards right.
Ally Invest Promotions
Ally Invest is currently offering a cash bonus promotion that can see you get as much as $3,000 in bonus cash. The actual cash bonus amount you’ll get depends on the value of qualifying deposits you make within the applicable period.
Ally Invest $3,000 Cash Bonus
- Bonus Amount: $3,000 plus commission-free trades
- Deposit Amount: $2,000,000+
- Availability: US (Nationwide)
- Expires: 9/30/2021
- Type of account required: Any Ally Invest Account
- Monthly fee: $0
Ally Invest $2,000 Cash Bonus
- Bonus Amount: $2,000 plus commission-free trades
- Deposit Amount: Between $1,000,000 and $1,999,999
- Availability: US (Nationwide)
- Expires: 9/30/2021
- Type of account required: Any Ally Invest Account
- Monthly fee: $0
Ally Invest $1,200 Cash Bonus
- Bonus Amount: $1,200 plus commission-free trades
- Deposit Amount: Between $500,000 – $999,999
- Availability: US (Nationwide)
- Expires: 9/30/2021
- Type of account required: Any Ally Invest Account
- Monthly fee: $0
Ally Invest $600 Cash Bonus
- Bonus Amount: $600 plus commission-free trades
- Deposit Amount: Between $250,000 – $499,999
- Availability: US (Nationwide)
- Expires: 9/30/2021
- Type of account required: Any Ally Invest Account
- Monthly fee: $0
Ally Invest $300 Cash Bonus
- Bonus Amount: $300 plus commission-free trades
- Deposit Amount: Between $100,000 – $249,999
- Availability: US (Nationwide)
- Expires: 9/30/2021
- Type of account required: Any Ally Invest Account
- Monthly fee: $0
Ally Invest $200 Cash Bonus
- Bonus Amount: $200 plus commission-free trades
- Deposit Amount: Between $25,000 – $99,999
- Availability: US (Nationwide)
- Expires: 9/30/2021
- Type of account required: Any Ally Invest Account
- Monthly fee: $0
Ally Invest $100 Cash Bonus
- Bonus Amount: $100 plus commission-free trades
- Deposit Amount: Between $10,000 – $24,999
- Availability: US (Nationwide)
- Expires: 9/30/2021
- Type of account required: Any Ally Invest Account
- Monthly fee: $0
How To Get The Cash Bonus
To get the cash bonus on offer, you need to open an account within the promotional period. This runs until September 30, 2021.
Once the account is open, you have to make a qualifying deposit within 60 days of account opening. This deposit needs to be transferred from an account outside of Ally Invest and needs to be of a value that falls within the applicable amount for the cash bonus you want.
Once the 60 days from the account opening elapse, Ally Invest will review the account to determine the applicable bonus amount. Any trading losses are also taken into account, which is only fair. The actual bonus will be credited to your account within 10 business days of the account review date.
Once you receive the bonus, the bonus and the qualifying deposit cannot be withdrawn for a minimum of 300 days. Should you withdraw before the 300 days, you may lose your bonus amount.
Below, we have listed a summary of each cash bonus on offer available by the amounts that are available for this offer. Here you will be able to see the bonus amount and the amount you need to deposit to get the bonus along with other important information.
Transfer Fee Credit
A transfer fee is essentially a fee you have to pay for transferring your existing debt from another lender. It’s usually a percentage of the amount you’re transferring.
The good news is that, on top of the above-listed promotions, Ally is offering transfer fee credit to those opening a new account – of up to $150 to cover the transfer fee from your current brokerage firm. This means that Ally Invest will cover the account transfer fees you may be charged by any of the other online brokers (up to $150).
To qualify, you need to complete a first-time ACAT transfer (of $2,500 or more) within 15 days of opening your new account. Credit will be deposited within 30 days of receiving evidence of charge (and it can’t be applied to Termination Fees or Maintenance Fees).
Commission-Free Trades with Ally Invest
Aside from the cash bonus offer, Ally Invest also offers commission-free trades. Commission-free trades allow you to maximize your investments as you do not have to pay a commission on the trade. This can present a great opportunity for low-volume investors whose spread would otherwise be lost to the commission they have to pay on the trade.
With Ally Invest, commission-free online stock trades are applicable to several investment choices when choosing a Self-Directed Trading account. If you choose a managed portfolio, you can also look forward to many fees being waived, which we will discuss in a moment.
If you open a Self-Directed Trading account, you get commission-free trades on the following investment choices:
- US-listed stocks – All stocks listed on US exchanges can be traded commission-free
- US-listed ETFs – All ETFs (Exchange Traded Funds) listed on US exchanges can be traded commission-free
- Options – All options can be traded commission-free, but there’s a fee of 50c per contract
On the other hand, if you open a Managed Portfolio account, there are still a few things to look forward to that can help you save some money.
- Advisory fees – There are no advisory fees charged to your account
- Annual charges – There are no annual charges charged to your account
- Rebalancing fees – There are no rebalancing fees charged to your account
About Ally Invest
Ally Invest, former Ally Invest Securities, LLC, is a trading platform owned by Ally. Just like Charles Schwab and TD Ameritrade, one of their main features is commission-free trades.
On top of commission-free stock trading, Ally Invest also has several other features that make opening a brokerage account with this company very attractive.
Online Trading
Ally Invest is built 100% online with no physical branches you can visit. That’s not really surprising as many companies choose to be online-only. There’s a mobile app for both Android as well as iOS phones and tablets, as well as an online version that can be accessed from your laptop.
Help at Hand
Ally Invest provides its investors with lots of online resources to help you understand market trends and improve your investment strategies. Their customer support has also won several awards putting your mind at ease that you will be well taken care of.
Transfer Speeds
Transferring money between Ally Bank and your Ally Invest account takes up to 2 minutes when done within bank hours. Transferring between a Self-Directed Trading account to your Ally Bank account also takes 2 minutes. You can expect to have to wait up to five (5) business days when transferring between a Managed Portfolio account and your Ally Bank account.
Protection
Ally Invest customers are covered for claims up to $500,000, including cash claims of up to $250,000. Do keep in mind that this protection is only valid should Ally Invest run into trouble and does not cover you against market losses.
How To Open a New Ally Invest Account
Opening an account with Ally Invest is easy. You need to be a US citizen or a legal resident of the US. You also need to have a US address.
Next, you will need to decide if you want to open a Self-Directed Trading account or a Managed Portfolio account.
Opening a Self Directed Trading Account
Self-Directed Trading accounts are the best option for those investors who would like to have a hands-on approach and understand how investing works. There are no applicable account minimums to open this type of account.
Opening this type of account is straightforward, and you can do so straight from the Ally Invest website. You can choose the type of account you want with different Individual, Joint, Entity, and IRA accounts being available. You will need to provide some personal info, including your SSN (Social Security Number) and a few other details.
Opening a Managed Portfolio Account
If you are new to investing, then a Managed Portfolio account might be better suited for you. You’ll need a minimum of $100 to open this type of account and can choose the type of portfolio that best fits your requirements and lifestyle considerations. Available portfolios include:
- Socially Responsible. This portfolio only invests in companies that are active in sustainability practices and are environmentally-friendly
- Tax Optimized. This portfolio allows you to make the most out of after-tax contributions
- Core. This portfolio includes a wide variety of different investments and allows you to choose the risk level you are comfortable with
- Income. This portfolio aims to lower risk while maximizing yields
To open this type of account, you will need to answer a few different questions to help Ally Invest choose the best strategy for you. Once you complete the questions, you will get recommended a strategy.
If you’re comfortable with the options provided, you can go ahead and create your Ally Invest account following the same steps and procedures as if you were opening a Self-Directed Trading account.
Ally Invest Promotions FAQs
Is the Ally Invest bonus worth it?
If you’re looking at opening an account with Ally Invest, then the Ally Invest bonus can definitely give you a boost. With as much as $3,000 in bonus cash on offer, it is certainly worth your consideration. Do keep in mind that there are certain requirements that need to be met. We covered these extensively throughout the article.
What is the Ally Invest cash buffer?
When you choose to invest using the managed portfolio option, Ally Invest sets aside 30% of your entire portfolio as a cash buffer. This cash buffer earns interest and protects you against market volatility.
Can I open an IRA account with Ally Invest?
Yes. You can choose from a number of different IRA accounts including;
- Roth IRA
- Traditional IRA
- Rollover IRA
- SEP IRA
- Simple IRA
- Beneficiary Roth IRA
- Beneficiary IRA
- Coverdell
Furthermore, if you decide to opt for a managed portfolio, one of the options that will be made to you is a Tax optimized portfolio. This type of portfolio can help you make the most out of your investments if you’re making after-tax contributions to an IRA account.
Don’t Miss Out On The Current Ally Invest Promotions
Bagging a cash bonus (whether it’s for getting a new credit card, opening a new checking account—or signing up for a new investment account) is one of the best ways on how to get free money now.
While the full cash bonus of $3,000 may be out of reach for many, it does get easier to get a bonus with Ally Invest as the amounts get lower. Yes, to get the minimum cash bonus of $50, you’ll need to invest $10k+, but there are so many ways to make extra money that earning an extra $10k to invest is definitely doable if you set your mind to it.
It is still going to be a strong financial commitment for many Ally Invest account holders, but the upside of having some money set aside for the future does have many benefits. And when you throw in the transfer reimbursement offer into the mix, opening a new Ally Invest account becomes even more worth it.
Keep in mind that you can’t withdraw the bonus cash or the deposit for 300 days as otherwise, you risk losing the bonus. This can actually be helpful if you have trouble keeping your money in savings accounts, as it can offer a nice incentive to not spend your money.
If you’re looking at opening an investment account, Ally Invest has many positive things to offer – like commission-free online stock trades – and the cash bonus on offer right now can certainly help seal the deal.
No comments yet. Add your own