Ally Invest

time icon 6 min read update icon Sept. 20, 2019
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Ally Invest is a brokerage firm that offers low cost trade fees. Although not as large as other brokerage firms, the companyprovidesall of the perks, such as a top-notch platform and 24/7 customer service.

Ally Invest is considered the new kid on the block, but in reality, it’s not all that new of a firm. Ally Financial, Inc. bought TraderKing in 2016. Ally Bank Financial had already made a name for itself as a leading online bank with low interest rate loans. Branching out into the brokerage business ended up being a plus, because the company has rapidly grown and customers report being consistently satisfied with services. The company has quickly become known as a reputable bargain brokerage firm. Its interface may not be as in-depth as some of its bigger competitors, but it is nicely laid out, easy to use and provides users with all the information that they seek. 

Even though a person enters retirement, it does not mean they stop investing in their future. Maintaining a diverse portfolio allows seniors to continue to earn a return on their retirement savings for their entire lives. With inflation, a constant reality, a senior who wisely invests during each one of their golden years will be able to continue to grow their retirement savings.

Grandfolk Scoring
Robo-advisor 10/10
Cost 10/10
Ease 10/10
Cancellation 6/10
Customer service 8/10
Initial deposit requirement 9/10
Securities traded 9/10
Regulatory memberships 10/10
Financial strength 10/10
Is a robo-advisor service available?
Is a deposit required?
$4.95 per stock trade; $3.95 for active traders
Is the service easy to use?
Very easy; the platform is geared toward both beginners and advanced users
Can I cancel the service?
Yes, a $100 fee ($50 closing fee and $50 transfer fee)
Customer service
How do I reach customer service?
Online chat, phone or email 24/7
Initial deposit requirement
How much must I invest?
$0 for self-managed account; $2,500 for managed account
Securities traded
What trading options are available?
Equities, Options, ETFs, Bonds and Mutual Funds. Futures and Forex require separate accounts.
Regulatory memberships
Does the company belong to FINRA and SIPC?
Financial strength
Is the company financially strong?
Yes; the company holds a total of $4.7 billion in assets
Age Score:
50-64 Years
65-74 Years
75-84 Years

The Ally Invest platform is easy to use for beginners or advanced traders. Seniors will benefit from the simplicity and the helpful customer service. There is also no minimum deposit required to try out the services. The low-cost commissions are helpful for a senior on a fixed budget who is just starting out with the service. Seniors can try their hand at stocks, mutual funds, futures, forex, fixed income, options and ETFs. 

No matter what a person’s age might be, the ease of the platform on Ally Invest is sure to appeal to all would-be investors. If a senior should become confused with the services provided by Ally Invest, they can always utilize the firm’s 24/7 customer service. Although, Ally Invest requires no minimum deposit for a self-managed account, a senior might want to opt to deposit $2,500 to have a managed account. 

Health Score:
Great Health
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With each passing year of life, a person stands the chance of suffering from a health crisis. The rising cost of healthcare in the United States makes it difficult for many to pay for copayments, deductibles, hospital stays and medical care. Seniors should consider continuing to invest in their future in order to build a well-padded nest egg. This can be highly beneficial in the event that their health takes a turn for the worse and they are faced with mounting medical bills. 

Having a savings account to fall back on in the event of an emergency often reduces a senior’s stress level and offers peace of mind. Having a diverse portfolio filled with sound investments means that a senior’s savings will more than likely continue to grow with each passing year. 


  • Low-cost trades of only $3.95 per trade
  • Volume discounts are available
  • Excellent customer service that is available 24/7
  • Good for beginners or advanced users
  • No minimum deposit to join


  • No physical locations/branches.
  • Does not have commission-free ETFs
  • Platform is not as upscale and easy to navigate as other company platforms
  • Mutual funds are not free

Bottom Line:

Many people might hesitate to join Ally Invest because it is a relatively new company. However, it has some of the lowest prices in the industry. An active investor will benefit from a discount that lowers the price to $3.95 per trade.The company’s options trading prices are $4.95 plus $0.86 for every contract. Ally also offers broker-assisted trades for only $20. 

Ally Invest not only provides a full line of brokerage services, but also banking options. There are numerous types of accounts, as well as retirement options. Unfortunately, Ally Invest has no branches where a senior can receive face-to-face service. Seniors often consider face-to-face interaction with a live human a necessity when it comes to banking, so many elderly people may opt against online banking services. 

Frequently Asked Questions:

How do I pay for my policy? 

There is no minimum deposit. Members use electronic funds transfer to pay for all transactions and trades.

Can I change my plan? 

Ally Invest offers a multitude of financial options that can be changed extensively. You can contact customer service 24/7 to make changes. 

Can I cancel my plan? 

If you choose to close your account or IRA with Ally Invest, there will be a $100 fee, including a $50 transfer fee and a $50 closing fee. 

More Information:

Note: Despite being new, Ally Invest is a stable company. Ally Financial, the company that heads Ally Invest, can trace its origins back to 2009 when the company was known as GMAC. 

OVERVIEW: Ally Invest is an online brokerage firm that offers excellent discounts. Services include stocks, bonds, options, exchange-traded funds, mutual funds, future contracts, and foreign traded funds that are available via its electronic trading platform. The company also offers margin lending and managed portfolios.  

PACKAGE DETAILS: There is no minimum deposit for a senior to start a self-managed account. If the senior desires a managed portfolio, then an initial deposit of $2,500 must be made. 

Individual Plans:  Individuals can open individual accounts.

Family Plans: Group accounts can be opened with a spouse, child or other relative. 

Ally Mobile: Ally Mobile is a free app that lets users access their Ally Invest accounts via their phones. All Ally Invest services are available using the mobile app. 

Discounts: Active investors receive a discount that lowers the price to $3.95 per trade.

Add-On Services: All services are available to account holders. 

Additional Company Details: 

Ally Lindsey allows members to access stocks, mutual funds, futures, forex, fixed income, options and ETFs. The company also provides a full array of banking services. 

Payment Policies: Transactions can be made online, via the mobile app, or over the phone with electronic funds transfers. 

Cancellation: There is a $100 fee to close an account, including a $50 transfer fee and a $50 closing fee.

Warranty: Ally Invest offers no warranty. The company is not responsible for any losses. 

Accreditation:  Ally Invest is not accredited with the Better Business Bureau (BBB). 


Ally Invest is owned by Ally Financial Inc. (also known as Ally Bank). Previous to 2008, Ally Bank was known as GMAC. The company is entirely online and there are no branches to visit. Services can only be accessed online.


Ally Invest
1100 Virginia Dr
Ft Washington, PA 19034-3276
Tel: (855) 880-2559

Kimberly Sharpe - Senior Advisor

Kimberly is senior researcher with Grandfolk® providing in-depth product and service reviews to empower senior buying decisions.