CHARLOTTE, N.C., Oct. 4, 2019 /PRNewswire/ -- Ally Invest, the online brokerage and wealth management arm of Ally Financial Inc. (NYSE: ALLY), today announced it is joining the online trading movement that is eliminating commissions on U.S. exchange-listed stock, ETF, and option trades. The firm's long-standing per trade price of $4.95 is now moving to $0, effective October 9, 2019. In addition, clients trading options pay a competitive contract fee of just $0.50.
"With continued advancements in technology making online trading increasingly more cost-efficient, it was inevitable our industry would reach a point where self-directed investors could participate in the market for little to no cost," said Lule Demmissie, president of Ally Invest. "At Ally Invest, we've been planning for this evolution to democratize investing and are happy to be in the company of firms prepared to offer customers zero commission trading, while continuing to deliver an outstanding customer experience with a host of innovative investing and banking offerings."
Recently, Ally Invest announced its zero-advisory fee Managed Portfolios with a high-yield cash allocation. These portfolios give investors the opportunity to try-before-they-buy without commitments until they are ready to be more fully invested with Ally. Similar to the firm's existing "robo" offerings, the new advisory fee-free Managed Portfolios are ETF-based, and they include a 30% allocation to high-interest-yielding cash as a buffer.
Ally's brokerage and managed portfolio offerings exist within the Ally.com digital experience, giving customers an easily accessible and completely seamless place to manage all of their banking and investing accounts. The benefits of this include easy transfer of money between accounts, one dashboard for all customer account holdings across checking, saving, and investing (both self-directed and managed accounts), one mobile application for accessing all banking and investing accounts, and consistent, award-winning 24/7 customer support.
Products offered by Ally Invest Securities and Ally Invest Advisors are NOT FDIC INSURED, NOT BANK GUARANTEED and MAY LOSE VALUE.
About Ally Invest
Ally Invest is the brokerage and wealth management offering from Ally that exists alongside the firm's award-winning online banking products. Ally Invest offerings consist of a low-cost trading platform for self-directed investors, as well as a suite of affordable, automatically-managed investment portfolios, both delivered through a fully-transparent online process. The combination of low-cost investing with Ally's competitive deposit products gives customers a powerful value proposition for managing their financial wellbeing.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial-services company with $180.4 billion in assets as of June 30, 2019. As a customer-centric company with passionate customer service and innovative financial solutions, we are relentlessly focused on "Doing It Right" and being a trusted financial-services provider to our consumer, commercial, and corporate customers. We are one of the largest full-service automotive-finance operations in the country and offer a wide range of financial services and insurance products to automotive dealerships and consumers. Our award-winning online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage-lending services and a variety of deposit and other banking products, including savings, money-market, and checking accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). Additionally, we offer securities-brokerage and investment-advisory services through Ally Invest. Our robust corporate finance business offers capital for equity sponsors and middle-market companies.
For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.
SOURCE Ally Financial