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If you’re anything like me, you’d probably love an extra $3,500. Turns out, that kind of bonus cash is out there for the taking — though you’ll have to invest a lot of money to get it.
Welcome to the world of online brokerages. Investing can seem like a complicated world to get into, but digital brokers make it pretty easy to get started if you’re new to the market. And if you’re an experienced investor, they give you the option to take total control over your trading decisions. In looking at various investment options, I’ve found that online brokerages tend to have lower fees than traditional brokers and usually offer an impressive suite of online tools to keep you on top of your game.
If that sounds interesting to you, it might be time to consider Ally Invest — there’s a very tempting sign-up bonus on the table right now, along with other pretty cool perks.
Make Trades Commission-Free
You’ve probably heard that you should already be investing your money to plan for big moments like retiring one day. And if you want to live comfortably after you’ve stopped working, you need to grow your money as much as you can, any way you can.
One way to do that is to take some of the money you’ve saved, invest it — and be willing to trade stocks to make more of it. Some brokerages charge a lot for every trade you make. But if you open an account with Ally Invest and fund it with at least $10,000 in 60 days, you’ll get up to 90 days of commission-free trades worth up to $500. Just think of all the trades you could make! And what you could do with the $500 you didn’t have to spend!
Here’s how it works: Ally will add the free trade credits to your account within days of your qualifying, so you can start trading for free ASAP. And after the 90-day promotion period ends, you’ll still get great low trading prices. If you qualify for “select pricing” — which means you maintain a $100,000 average balance or execute 30 or more trades over a rolling three-month period — you’ll pay $3.95 per online stock and ETF trade, and $0.50 per option contract.
Don’t meet those qualifications? Don’t sweat it. There’s no minimum account balance or minimum trade activity required to qualify for Ally Invest’s low standard pricing: $4.95 per online stock and ETF trade, and $0.65 per option contract.
For Big Investors, You Can Get Bonus Cash Up to $3,500
If you’ve already got a seed fund started, Ally Invest should be able to get you to your goals even faster, thanks to their new cash bonuses for everyone who opens an account and funds it with $10,000 or more. Who doesn’t want free cash?
If you fund your account with $10,000 to $24,999, you’ll receive a $50 bonus. But if you’re able to fund it with more, you’ll receive a bigger bonus. For example, funding the account with $250,000 to $499,999 results in a $600 bonus. So how much do you have to contribute to get that $3,500? A cool $2 million.
Sure, that’s quite a bit. And if you’ve got it, maybe $3,500 wouldn’t sound like much to you. But it’s still great to know you can get a head start on major returns. Plus, there are still some great bonuses in that huge range between $10,000 and $2 million.
Ally will base your cash bonus on the amount deposited into the account 60 days after opening and will credit your bonus to your account within 10 business days. Note that you have to keep the qualifying deposit in your account for 300 days or the bonus might be revoked.
Ally Invest Gives You the Tools You Need
A cash bonus isn’t everything. Ally Invest also offers a number of ETFs that are always available commission-free, even after the promotional period ends. You’ll get access to simple and strategic tools to help you be the best DIY investor possible. With their customer support, you can talk to a customer service representative from 7am-10pm ET, 7 days a week. And if you already have an account and simply want to transfer your funds, Ally Invest will cover up to $150 in transfer fees when you transfer $2,500 or more into your Ally account. You just have to fill out a transfer form, and you’ll be reimbursed within 30 days.
Ally also offers several tools to help both new and experienced investors make informed decisions and trade with ease. There’s a live trading platform and mobile app, streaming charts, plus company and market stats that let you know all the details before you trade.
Other Ways To Invest
If you’re looking for more features than their basic account offers, Ally just announced two new portfolio offerings available now.
The Tax-Advantaged Portfolio is designed to minimize tax consequences, while still providing the level of returns you need to meet your goals. And if you’re nearing retirement, you might want to consider the Income Portfolio. It’s designed to provide near-term income while preserving and growing your overall assets. With this portfolio, you can receive ongoing income distribution and use the yield from the portfolio to help pay current expenses.
Later on this year, Ally Invest will also be rolling out a set of socially-responsible (ESG) portfolios and tax-loss harvesting capabilities, so you’ll have even more investing options.
The Bottom Line on Ally Invest
No matter your situation, investing in your future should be a part of your plan. So as long as you’ve got the money to spare — and you’re looking to invest with low fees — Ally Invest can be a great option. (Especially if you want a pretty sweet sign-up bonus.) You’ll get all the tools you need to make informed decisions right at your fingertips, access to no-commission ETFs and 7am-10pm ET, 7 days a week customer support. Plus, with Ally’s new investing options, you have even more flexibility to open a portfolio that’s best for you and your needs.
On the other hand, if you want more personalized advice and professional support, you might be better off with a traditional broker. Click through to find out the investing questions people ask the most.
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