transfer to Ally Invest

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Topic Author
Nyc10036
Posts: 1673
Joined: Wed Oct 05, 2016 6:29 pm

transfer to Ally Invest

Post by Nyc10036 »

Has anyone done a transfer to Alley Invest?
They look to have decent promotion.
https://www.ally.com/go/invest/promotion/v2/

I have four (4) mutual funds at Vanguard.
I have not converted to Vanguard's brokerage account.
Two of the mutual funds are for my Roth IRA. The other two of the mutual funds are taxable.
Can I just transfer the mutual funds over?
mega317
Posts: 5705
Joined: Tue Apr 19, 2016 10:55 am

Re: transfer to Ally Invest

Post by mega317 »

I don't know the yes/no answer to your question, but I don't think you'd want to if you could. Ally charges a $10 commission for mutual fund transactions. I would probably convert to brokerage and ETFs. Then you can switch to Ally and then keep switching for more bonuses. See:

viewtopic.php?t=196884

(The actual answer to your question might be in that thread.)
dbr
Posts: 46181
Joined: Sun Mar 04, 2007 8:50 am

Re: transfer to Ally Invest

Post by dbr »

It might still be true that some Vanguard funds are not booked by other brokers. You would have to ask Ally.

In any case a person would probably be better off to convert to ETFs and then transfer. Your Vanguard fund might not have an ETF share class, though.

Just for me those bonuses would not be enough to justify the bother, but if you would prefer Ally anyway, then it could make sense. The best bonuses are the ones that are available for adding to an existing account rather than starting a new account.
hmw
Posts: 1246
Joined: Sun Mar 02, 2014 10:44 am

Re: transfer to Ally Invest

Post by hmw »

I would avoid Ally Invest. I use Ally bank which is fine. Ally invest is awful. The interface is bad. There is no secure messaging. You use a regular email to reach them. Their year end 1099 was full of mistakes. I left Ally Invest as soon as I could.

You can probably get a similar transfer bonus from E*Trade.
02nz
Posts: 10508
Joined: Wed Feb 21, 2018 2:17 pm

Re: transfer to Ally Invest

Post by 02nz »

Nyc10036 wrote: Tue May 24, 2022 10:36 pm Has anyone done a transfer to Alley Invest?
They look to have decent promotion.
https://www.ally.com/go/invest/promotion/v2/

I have four (4) mutual funds at Vanguard.
I have not converted to Vanguard's brokerage account.
Two of the mutual funds are for my Roth IRA. The other two of the mutual funds are taxable.
Can I just transfer the mutual funds over?
My experience with Ally Invest was not great, and disappointing given my generally excellent experiences with Ally the bank - nothing disastrous, but customer service processes were definitely not as streamlined as they could have been. I would recommend most of the other usual suspects - E*Trade, Schwab, Merrill Edge - over Ally Invest. As for Vanguard funds, I agree with others it's best to convert to ETF first at Vanguard if possible. For the question of which mutual funds can be held (and/or additional shares purchased) at Ally Invest, you'll need to ask Ally Invest.
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Blues
Posts: 2501
Joined: Wed Dec 10, 2008 10:58 am
Location: Blue Ridge Mtns

Re: transfer to Ally Invest

Post by Blues »

I opened and closed an Ally Invest account on the same day after finding the site unwieldy and their fees unacceptable.

I still keep the bank accounts though.
trizzle
Posts: 33
Joined: Wed May 23, 2018 2:43 pm

Re: transfer to Ally Invest

Post by trizzle »

Blues wrote: Wed May 25, 2022 10:06 am I opened and closed an Ally Invest account on the same day after finding the site unwieldy and their fees unacceptable.

I still keep the bank accounts though.
I have to agree. I did the deposit $500 get $250 promos awhile back and their site is terrible. I have also never had to answer so many questions and agree to so many things when setting up the account as I did with ally invest. I did get my $250 bonus on time as promised but after I got it I transferred out all my money. Never made a single trade.

-t
Topic Author
Nyc10036
Posts: 1673
Joined: Wed Oct 05, 2016 6:29 pm

Re: transfer to Ally Invest

Post by Nyc10036 »

It is a good thing I asked.

I will look at eTrade.
I used to have an account with them.
I would prefer Schwab but their bonus is only with a referal.
02nz
Posts: 10508
Joined: Wed Feb 21, 2018 2:17 pm

Re: transfer to Ally Invest

Post by 02nz »

trizzle wrote: Wed May 25, 2022 3:03 pm
Blues wrote: Wed May 25, 2022 10:06 am I opened and closed an Ally Invest account on the same day after finding the site unwieldy and their fees unacceptable.

I still keep the bank accounts though.
I have to agree. I did the deposit $500 get $250 promos awhile back and their site is terrible. I have also never had to answer so many questions and agree to so many things when setting up the account as I did with ally invest. I did get my $250 bonus on time as promised but after I got it I transferred out all my money. Never made a single trade.

-t
As I understand it Ally Invest is basically a rebrand of TradeKing, which Ally purchased. They clearly haven't invested much effort into making everything "Ally-fied" - some of the forms I had to send in were still marked TradeKing.

To give an example of the clunky processes I mentioned earlier: I opened a tIRA, funded with non-deductible contributions, and converted to Roth (backdoor Roth). The tIRA was now empty, and it got closed automatically. Unfortunately this meant that in tax season I couldn't access tax forms for that account, and they weren't mailed to me either, and so I had to call in. All around a subpar experience compared to the other major discount brokerages.
Invictus002
Posts: 194
Joined: Fri Feb 15, 2019 11:49 am

Re: transfer to Ally Invest

Post by Invictus002 »

Ally Invest is terrible, not worth any bonus!
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