Anyone Using ALLY Investment Account?

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boyntonstu
Posts: 42
Joined: Tue Dec 26, 2017 11:18 pm

Anyone Using ALLY Investment Account?

Post by boyntonstu » Wed Jan 10, 2018 12:07 pm

I have 11 month no penalty CD's at ALLY 1.75%.

ALLY has an investment side.

Any experience using it?

mega317
Posts: 2199
Joined: Tue Apr 19, 2016 10:55 am

Re: Anyone Using ALLY Investment Account?

Post by mega317 » Wed Jan 10, 2018 12:43 pm

I was wondering the same thing the other day. I don't immediate see a lot of value since you can get free trades in lots of ways from lots of places.

runner3081
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Joined: Mon Aug 22, 2016 3:22 pm

Re: Anyone Using ALLY Investment Account?

Post by runner3081 » Wed Jan 10, 2018 1:26 pm

I have an Ally Investment as my TradeKing account was converted. This was simply a "play" money account that has grown to about $7k. Trades are $4.95, I believe.

YES, Play Money account before finding BH :)

If I were to start a new investment account, it would not be Ally. Robinhood, etc all have free trades.

fctu
Posts: 36
Joined: Wed Jan 31, 2018 10:23 am

Re: Anyone Using ALLY Investment Account?

Post by fctu » Wed Feb 07, 2018 10:08 am

I was wondering this week if it might be a good idea to buy ETFs through Ally. I noticed an Ally promotion, $200 cash back, on the Nerdwallet website. That would cover 40 commissions.

Is the investment brokerage account well integrated with their banking? It would be nice if I could instantly transfer money back and forth between the Ally Brokerage and the Ally Saving and Checking accounts.

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Earl Lemongrab
Posts: 4517
Joined: Tue Jun 10, 2014 1:14 am

Re: Anyone Using ALLY Investment Account?

Post by Earl Lemongrab » Wed Feb 07, 2018 4:00 pm

I have an Ally account, because my relatively small Tradeking account was absorbed when that outfit was purchased. I don't see anything particularly interesting about Ally at my level. I do much better with Merrill Edge. I might go after that $200 bonus though, but I'd do it by transferring in ETFs so I wouldn't need to buy anything.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

slbnoob
Posts: 447
Joined: Thu Jul 25, 2013 1:31 pm

Re: Anyone Using ALLY Investment Account?

Post by slbnoob » Wed Feb 07, 2018 6:58 pm

I opened up an Ally Investment account to take advantage of their $200 promo since I had to transfer my ex-employer's ESPP stocks anyway. I must say I have been very disappointed with the multiple steps and tardy pace at which things are moving.
1) I chatted and was told to email support to receive reimbursement of the account transfer fees. I did that and waited. Then after a week or so, I gt another email asking me to sign and send in a form. Then finally 3 weeks after I first contacted them, the transfer fee was reimbursed.
2) When I transferred over my ESPP shares, the cost basis didn't get transferred. OK, so I chatted and they told me to send in statements/supporting docs and they will update the cost basis. Well, its been more than 3 weeks and nothing yet. I asked them yesterday and they told me to wait for a week or so more.
My initial plan was to sell the qualified shares with Ally since I have to make 3 trades to get the bonus anyway. Not only did I miss selling the shares 'high', I'm left holding them for an undetermined period.
I do not plan to use Ally Investment for anything in the future after I've collected the bonus.

sophie1
Posts: 71
Joined: Thu Apr 18, 2013 1:58 pm

Re: Anyone Using ALLY Investment Account?

Post by sophie1 » Wed Feb 14, 2018 10:02 am

I fell for the $200 bonus promise too. I opened an Ally Invest account, figuring to use it for cash-type investments, and set about making the three required trades. The fees are insane - the $4.95 or the $1 for bond trades listed on the info page appear to be fictional. When I put in actual trades I saw fees/commissions as high as $50 on a $5000 investment, e.g. for a Vanguard municipal money market fund. No, thanks.

Has anyone actually gotten the bonus? You have to call multiple times, and each time I was told to do X and call back afterwards. Last time I was told to call back 90 days after account opening. I'll go around one more time, but either way I'm closing the account. I should remind myself not to get too greedy when someone dangles a promise of free money in your face. The phrase "too good to be true" applies.

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Earl Lemongrab
Posts: 4517
Joined: Tue Jun 10, 2014 1:14 am

Re: Anyone Using ALLY Investment Account?

Post by Earl Lemongrab » Wed Feb 14, 2018 11:37 am

sophie1 wrote:
Wed Feb 14, 2018 10:02 am
I fell for the $200 bonus promise too. I opened an Ally Invest account, figuring to use it for cash-type investments, and set about making the three required trades. The fees are insane - the $4.95 or the $1 for bond trades listed on the info page appear to be fictional. When I put in actual trades I saw fees/commissions as high as $50 on a $5000 investment, e.g. for a Vanguard municipal money market fund.
The $4.95 is for equity trades, so you should get ETFs not traditional funds.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

nova1968
Posts: 202
Joined: Wed May 18, 2016 12:00 pm

Re: Anyone Using ALLY Investment Account?

Post by nova1968 » Thu Feb 15, 2018 8:47 am

I opened an account at Ally to park some cash, When I went to make my initial deposit I could not access the website, not a good way to start a banking relationship. I like to be able to check my assets periodically without the trouble of a frequently down web site. I opened an account at Goldman Sach Marcus bank. They have better service, the web site appears more reliable and higher savings rate and CDS. Goldman Sachs bank has 1.5% savings vs Ally at 1.35%. The 1 year CD is 2% at Ally with a 25K minimum , Goldman Sachs bank is 2.1% with no minimum or a if there is one its very low.

Oblivious
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Joined: Thu Apr 06, 2017 9:48 pm

Re: Anyone Using ALLY Investment Account?

Post by Oblivious » Fri Feb 16, 2018 10:45 am

I've had a pretty bad experience using them. They've admitted a couple of times that there's some bugs on their website that's caused me to pay more taxes than I should be. They didn't offer to compensate me for the extra taxes that I owed, but did at least admit that it was because of errors on their end.

I would not recommend using them.

AntsOnTheMarch
Posts: 610
Joined: Mon May 29, 2017 5:47 pm

Re: Anyone Using ALLY Investment Account?

Post by AntsOnTheMarch » Fri Feb 16, 2018 10:48 am

Ally’s website works wonderfully well on my computer and iPad. I think it’s one of the better ones out there. Don’t know about investments—only hold savings and CDs there. Current savings is 1.45%.

sophie1
Posts: 71
Joined: Thu Apr 18, 2013 1:58 pm

Re: Anyone Using ALLY Investment Account?

Post by sophie1 » Sat Apr 21, 2018 7:46 am

Update - I discovered that you can't sell fixed income investments on the website. It requires a phone call. There is a "trade" button in a couple of places, which brings up a screen proposing for you to buy AAPL shares.

Furthermore, there is a commission of $2/bond, which is double the $1 that I found in the fine print when I went looking for their fee list. Not per trade, per bond. Thus if you buy 5 municipal bonds for $5,000, you'll pay a $10 commission. Treasuries are exempted from this.

I got my $200 and I'm out of there. Clunky website, no commission free funds/ETFs, inaccurate fee reporting, and highly problematic bond trading. I had been thinking I could use it to keep part of my e-fund in municipal bonds with easy trading back and forth with my savings account, but don't think that's going to be workable.

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