Introduction
Investing your money is one of the best ways to grow your wealth. However, it can be a daunting task for beginners who are not familiar with the world of investing. Fortunately, there are many online investment platforms that make it easy for anyone to start investing. One such platform is Ally Bank Investing.
What is Ally Bank Investing?
Ally Bank Investing is an online investment platform that allows investors to buy and sell stocks, bonds, mutual funds, ETFs, and more. It is a part of the larger Ally Bank, which is known for its online banking services. Ally Bank Investing offers a range of investment options for investors of all levels.
Account Types
Ally Bank Investing offers two types of accounts: self-directed and managed portfolios. Self-directed accounts allow investors to choose and manage their own investments, while managed portfolios are professionally managed by Ally’s investment team.
Investment Options
Ally Bank Investing offers a wide range of investment options, including stocks, bonds, mutual funds, ETFs, and more. They also offer a variety of investment strategies, such as socially responsible investing, dividend investing, and more.
Fees
Ally Bank Investing charges a $4.95 commission for online equity trades. For options trades, the commission is $4.95 plus $0.65 per contract. There are no annual fees or account minimums for self-directed accounts. Managed portfolio accounts have a minimum investment of $100.
Pros of Ally Bank Investing
One of the biggest advantages of Ally Bank Investing is its low fees. Compared to other online brokers, Ally Bank Investing offers some of the lowest commissions in the industry. Additionally, the platform is user-friendly and offers a wide range of investment options.
Cons of Ally Bank Investing
One of the biggest drawbacks of Ally Bank Investing is its limited research tools. While the platform offers some basic research tools, it may not be enough for more experienced investors. Additionally, the platform does not offer access to IPOs or international markets.
Customer Service
Ally Bank Investing offers customer service through phone, email, and online chat. The platform’s customer service team is available 24/7, and they are known for their prompt and helpful responses.
Security
Ally Bank Investing takes security seriously and uses advanced encryption technology to protect users’ personal and financial information. Additionally, the platform is a member of the Securities Investor Protection Corporation (SIPC), which protects users’ investments in the event that Ally Bank Investing goes bankrupt.
Conclusion
Overall, Ally Bank Investing is a great option for beginner and intermediate investors who want to invest in a variety of assets at a low cost. However, more experienced investors may find the platform’s research tools to be lacking. Regardless, Ally Bank Investing is a safe and reliable platform that is worth considering for your investment needs.
