Ally Invest is a major online brokerage platform that provides a comprehensive array of investing services, allowing people to take control of their financial future. As a subsidiary of Ally Financial Inc., Ally Invest has a great reputation for its user-friendly interface, competitive pricing, and broad range of tools and resources.
According to the most recent information, Ally Invest no longer offers a referral bonus program. Previously, this program allowed existing customers to earn rewards for referring new clients to the platform. However, Ally Invest has terminated the referral incentive scheme due to changes in its promotional products or business goals.
On the other hand, Ally Invest presents other promotional offers that will be discussed next in this article. We will also provide a list of alternative brokers with Referral Bonuses and end the article with a detailed review of Ally Invest.
Ally Invest Transfer Fee Reimbursement
|Ally Invest Transfer Fee Reimbursement||Up to USD 75|
|Types of New Accounts||New Self-Directed Invest Account|
|Conditions||ACAT Transfer of USD 2,500 or more from another broker|
|Eligible for||New Customers|
|Promotion Link||Ally Invest USD 75 Reimbursement
(You will need to complete an online form, for that, log in to your account and select Transfers, then Invest Transfers)
If you open a new Ally Self-Directed Invest account, Ally Invest will cover the outgoing transfer fee from your current brokerage firm up to USD 75. To claim the reimbursement on your transfer fee, follow these simple steps:
- Check eligibility: This offer is eligible for new customers that open new Self-directed Invest accounts. It excludes current Ally Invest account holders and former Ally Invest account holders who have closed their accounts within the past 90 days. Also, it is not valid for any retirement or ERISA accounts.
- Open your Self-Directed account and complete an ACAT transfer of USD 2,500 or more from your current Broker to your new Ally Invest account.
- Submit a claim for reimbursement by filling out a request form.
- Receive your reimbursement: After receiving your reimbursement request form, Ally Invest will deposit the USD 75 transfer fee credit into your new invest account within 30 days. If you didn’t pay any transfer fees, you would still get a credit of USD 75 as a welcome bonus from Ally Invest.
It is important to note that this offer is for US residents only and is not transferable. Also, it does not apply to other fees, such as termination or maintenance fees.
It’s essential to review the terms and conditions of this offer. For more details on the transfer fee reimbursement, visit the Ally Invest page (you will need to scroll down).
Ally Invest Cash Bonus for New Accounts
|Ally Invest New Account Bonus||USD 100 Cash Bonus|
|Types of New Accounts||Self-Directed Trading Account or Robo-Portfolio Account|
|Conditions||Set up a USD 50 minimum monthly recurring transfer from any bank and complete at least 3 consecutive monthly transfers|
|Eligible for||Current Ally Bank and Ally Auto customers|
|Offer Available till||12/31/2023|
|Promotion Link||Ally Invest USD 100 Cash Bonus|
When you open an Ally Invest self-directed trading account or Robo portfolio and follow the following steps, you will receive a USD 100 cash bonus:
- Check eligibility: This offer is valid only for current Ally Bank and Ally Auto customers who open a new account with Ally Invest.
- Open a Self-Directed Invest account or a Portfolio account by 12/31/2023 and, within 30 days, set up and begin a monthly recurring transfer of at least $50.
- Complete at least 3 months of recurring transfers.
- Receive your USD 100 cash bonus: Your bonus will be paid within 30 days after your third-month transfer is completed.
You must keep your Ally Invest account open and in good standing until the USD 100 cash bonus is deposited in your account.
Ally Bank 14-month select CD account
This promotion is pretty straightforward, lock your money for 14 months in this certificate of deposit (CD) account and get a competitive promotional yield. You will earn a 5.00% annual rate if you’re a new Ally Bank client and a 5.05% annual rate if you’re an existing client. Here’s how you can benefit from this offer:
- Open a new 14-Month Select CD account with no specific minimum balance. You must indicate if you are a new or existing customer and provide your specific personal details.
- Deposit your funds into your CD account, lock it for 14 months, and gain the 5.00% or 5.05% annual rate, depending on whether you are a new or existing customer.
- If you withdraw your funds before the end of the 14 months, you will incur a penalty equal to 60 days of interest earned on 24 months or less CDs.
- Upon maturity, your CD account will automatically turn into a 12-month high-yield CD that currently earns a 4.85% annual rate.
Please note that this offer expires on October 17, 2023, and to benefit from this promotion, you can click on the following link.
Ally Invest Pros and Cons
Choosing the right investment platform is critical for attaining your financial goals in today’s fast-paced financial market. We investigated Ally Invest’s features, costs, trading tools, research resources, customer service, and more to help you make an informed decision about whether Ally Invest is the perfect fit for your investing needs. We’ve outlined some of the pros and cons you should consider below.
Ally Invest Pros
Commission Free Trading
Ally Invest presents a reduced commission structure compared to other brokers. There is no commission on equity, ETF, mutual funds, and foreign exchange trades. A commission as low as USD 0.50 per contract is applied to options trading.
Minimum Amounts Required
No minimum is required for self-directed investment accounts. As for robo-portfolio accounts, a minimum of USD 100 is required, and the account is charged a 0.30% annual fee.
Ally Invest is a member of the Securities Investor Protection Corporation (SIPC) that guarantees your funds up to USD 500,000, including a maximum cash claim of USD 250,000.
In addition to Stocks, Bonds, Mutual funds, ETFs and Options, Ally Invest offers foreign-exchange trading with zero commission via its desktop or mobile application.
Ally Invest accounts are well integrated with other Ally products, such as Ally Bank savings accounts, CDS, credit cards, and loan accounts. This gives the investor a clear picture of its overall financial situation and all the products he holds with Ally in one spot. In addition, you can transfer money between your accounts in Ally Bank and Ally Invest easily and up to USD 250,000 per day. This allows you to move non-invested cash into Ally Bank’s savings accounts and earn extra interest.
Interest on Buffer accounts
If you have a robo-portfolio account, 2% of your portfolio is set aside in cash, and if you hold a self-directed investment account 30% of your portfolio will be held as cash. This cash acts as a buffer against volatility and is granted a monthly 4.40% annual interest rate.
Ally Invest trading platform is well-designed, easy-to-use, responsive, and intuitive. It provides access to trading products, education and research, free screening tools, customisable charting, and real-time data. The Mobile app can help you to access your trading accounts and check your order status, transfers, and other activity.
Ally Invest offers a wide selection of 11,000 mutual funds with free commission per trade. In addition, the platform provides comparison tools to help you assess different mutual funds.
Ally Invest Cons
Ally Invest does not offer fractional shares trading as part of its investment services. Fractional shares allow investors to buy a portion of stock rather than a whole share, allowing them to invest in small denominations in companies with a high cost per share.
You cannot trade cryptocurrencies on Ally Invest trading platforms. However, they provide crypto-specific funds and equities to expose your portfolio indirectly, with no coins or wallet required.
Limited third-party research providers
Morningstar, CFRA, and TipRanks are the only third-party research providers available through Ally. However, it provides a range of investing tools incorporated on the site and an algorithmic rating available only when using the website and not the mobile application.
Ally Invest is an attractive alternative for people looking for a dependable and user-friendly online brokerage platform. Throughout this article, we’ve looked at the numerous features and benefits that Ally Invest provides, such as a diverse variety of investment alternatives, competitive commission fees, strong trading tools, and useful research resources.
The decision to open an account with Ally Invest depends on your investment preferences and financial goals. Ally does not have a friend referral program, but you can benefit from other promotions when opening a new account using the links mentioned throughout the article. If you are searching for brokers with referral bonuses, consult the table of Brokers with Referral Promotions above.
Hopefully, this detailed explanation has answered your questions about Ally Invest’s referral incentive and currently available promotions. We wanted to clarify how these bonuses work, the eligibility requirements, and the procedures required to participate.