Does anybody have Ally as a one stop shop?

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
Topic Author
iamblessed
Posts: 1334
Joined: Sat Jun 09, 2018 11:52 am
Location: St. Louis

Does anybody have Ally as a one stop shop?

Post by iamblessed »

Seems like a good place to do everything.
User avatar
JoeRetire
Posts: 10277
Joined: Tue Jan 16, 2018 2:44 pm

Re: Does anybody have Ally as a one stop shop?

Post by JoeRetire »

iamblessed wrote: Wed Nov 24, 2021 8:23 am Seems like a good place to do everything.
What's "everything" in this context?
I love a good nap. Sometimes it’s the only thing getting me out of bed in the morning.
UpperNwGuy
Posts: 6699
Joined: Sun Oct 08, 2017 7:16 pm

Re: Does anybody have Ally as a one stop shop?

Post by UpperNwGuy »

Not me. I am opposed to the idea of one stop shop. I want to do my banking at an excellent bank or credit union. I want to do my investing at an excellent brokerage. Trying to cram everything into a one stop shop inevitably means making compromises. You will find bogleheads who love the concept of simplification, but I am not one of them. I think simplification is overrated.
Topic Author
iamblessed
Posts: 1334
Joined: Sat Jun 09, 2018 11:52 am
Location: St. Louis

Re: Does anybody have Ally as a one stop shop?

Post by iamblessed »

JoeRetire wrote: Wed Nov 24, 2021 8:41 am
iamblessed wrote: Wed Nov 24, 2021 8:23 am Seems like a good place to do everything.
What's "everything" in this context?
Banking and brokerage
lubi403
Posts: 2
Joined: Sun Oct 31, 2021 3:01 pm

Re: Does anybody have Ally as a one stop shop?

Post by lubi403 »

Only for saving.
I do have another saving account in Discovery.
HyperCat
Posts: 81
Joined: Fri Jan 29, 2021 10:44 am

Re: Does anybody have Ally as a one stop shop?

Post by HyperCat »

I find it pretty convenient as a one stop shop (though it's not actually my only shop). High yield savings, CDs, and brokerage functionality all in one place, among other things. No complaints after years of use.
Topic Author
iamblessed
Posts: 1334
Joined: Sat Jun 09, 2018 11:52 am
Location: St. Louis

Re: Does anybody have Ally as a one stop shop?

Post by iamblessed »

I would pick it over Fidelity given what I know about them.
02nz
Posts: 7499
Joined: Wed Feb 21, 2018 3:17 pm

Re: Does anybody have Ally as a one stop shop?

Post by 02nz »

I like Ally the bank, but Ally Invest the brokerage is pretty bad, in my experience. (Not Vanguard bad, mind you, but close.)

Just as an example, this my experience doing the backdoor Roth at Ally Invest:

- Had to complete a paper form (for Roth conversion) when I did the backdoor Roth - other brokerages do this over the phone
- Rep gave me the wrong form, had to contact them again for the right one
- Process for submitting scan of form online was totally unintuitive
- Once the conversion was done, tIRA had a zero balance and thus closed automatically (other brokerages I've used don't do this)
- This meant I couldn't access the tax forms for that account online, had to get them via chat

Reps were also a big step down in what I'm used to with E*Trade, Schwab, TD Ameritrade, etc.

Never again.
ivgrivchuck
Posts: 976
Joined: Sun Sep 27, 2020 6:20 pm

Re: Does anybody have Ally as a one stop shop?

Post by ivgrivchuck »

iamblessed wrote: Wed Nov 24, 2021 8:23 am Seems like a good place to do everything.
I have both savings account and brokarage account there, but I haven't been really satisfied:

- Paper forms and notarization required for Roth conversions (very easy to do online in other places)
- Selling specific tax lots is very clumsy (one needs to fill in a separate online form manually, prone to mistakes; again very easy to do in other places)

I'll switch at some point going forward...
40% VTI | 40% VXUS | 13% I-bonds | 7% EE-bonds
Topic Author
iamblessed
Posts: 1334
Joined: Sat Jun 09, 2018 11:52 am
Location: St. Louis

Re: Does anybody have Ally as a one stop shop?

Post by iamblessed »

Any more Ally folks out there have an experience.?
Triple digit golfer
Posts: 8733
Joined: Mon May 18, 2009 5:57 pm

Re: Does anybody have Ally as a one stop shop?

Post by Triple digit golfer »

UpperNwGuy wrote: Wed Nov 24, 2021 8:46 am Not me. I am opposed to the idea of one stop shop. I want to do my banking at an excellent bank or credit union. I want to do my investing at an excellent brokerage. Trying to cram everything into a one stop shop inevitably means making compromises. You will find bogleheads who love the concept of simplification, but I am not one of them. I think simplification is overrated.
I agree with this. Which brokerage do you use? I use Vanguard. I haven't had issues like others on the forum, but admittedly I don't do a whole lot. I contribute and that's about it, at least for now. They also handled two rollover IRAs just fine.
pedalman701
Posts: 87
Joined: Wed Jul 01, 2020 7:12 pm

Re: Does anybody have Ally as a one stop shop?

Post by pedalman701 »

During my transition to the Boglehead way, I had everything at Ally. The service has been fine, but on the brokerage side, I wasn't crazy about having 30% of my portfolio held in cash (and out of the market). Once I got my funds away from EJ, I transferred all of my Ally brokerage holdings to Vanguard.

I still keep checking and HYSA at Ally because, why not? They've been fine. My main bank is a credit union, but their interest rate is lower than Ally.
A Recovering Jonesoholic | 55% US/10% Intl/35% Bonds
orlandoman
Posts: 564
Joined: Tue Oct 19, 2010 7:27 am

Re: Does anybody have Ally as a one stop shop?

Post by orlandoman »

Ally was originally GMAC Bank, they then bought TradeStation to offer full brokerage services. Since TradeStation was an add-on, both sides are not integrated at the level of Fidelity and others. More steps for some tasks.
"Don't Believe Everything You Think"
User avatar
Moondawg
Posts: 73
Joined: Sun Dec 15, 2019 2:56 pm

Re: Does anybody have Ally as a one stop shop?

Post by Moondawg »

We use Ally as our primary bank and brokerage account. It was a rough go for Ally brokerage early on, but they have cleaned up a lot of the poor experiences. It's fine now, but am not sure that the benefit of having Ally as a "one stop shop" feels as worth it as I thought it would.

I might transfer the brokerage account back to Fidelity. We will see.
Post Reply