TD Ameritrade 300

Ally Invest Close Account Fee. How To Close Ally Invest Account.


2018 Ally Invest account closure fee. Cost and how to close brokerage investing or IRA accounts online. Ally Invest stock trading termination, deletion, and canceling fees.



Ally Invest Account Cancel Fee


Ally Invest does not impose any closure fees for regular brokerage accounts. However, for IRAs (traditional, ROTH, SIMPLE, or SEP) there is $50 charge to close an account.


Promotions


If you are moving your Ally Invest account to another firm, take a look at the list of current promotions - Brokerage Companies Deals »


How To Close Ally Invest Account


To close Ally Invest account, you first liquidate or move to another firm all your investments. Then you call Ally Invest client service and ask them to terminate your account.

Ally Invest Competitors »


Ally Invest ACAT Fees


Ally Invest charges $50 fee for a full account transfer or $10 per security with $50 maximum for a partial account transfer.


Ally Invest Top Competitors


Broker Review Stock/ETF
Commission
Mutual Fund
Commission
Options
Commission
Maintenance
Fee
Annual IRA
Fee
TD Ameritrade $6.95 $49.95 $6.95 + $0.75 per contract $0 $0
Firstrade $0 $0 $0 $0 $0
Vanguard $7-$20 $8-$35 $30 + $1.50 per contract $20* see







Ally Invest and Scottrade Overview


Scottrade used to be one of the lowest-cost brokers in the online discount brokerage industry. Today, it is being challenged by several rivals, one of which is Ally Invest. Taking over from TradeKing, Ally has improved the old commission schedule and offers some new benefits. Let’s find out which is the better - Ally Invest or Scottrade.


Buying and Selling Funds


Scottrade clients have access to more than 11,000 mutual funds that are available for purchase by new investors. Roughly 2,000 of these products have no load and no transaction fee. A good screener can search through these funds based on a variety of criteria, all of which can be sorted in the results. The broker charges $17 for funds that aren’t on its NTF list, although load funds are always free to buy. Scottrade charges a $49 short-term redemption fee on no-load funds that are sold in less than 90 days after purchase. Some funds intended to be held short-term are exempt from this policy.

Ally Invest offers trading in mutual funds, but the broker has fewer than Scottrade—just 8,000. Approximately 1,700 have no load. Ally Invest doesn’t offer mutual funds that are both no-load and no-transaction-fee. Every fund either carries a load or a transaction fee. The broker charges $9.95 for no-load funds. The charge is applied both to purchases and sales. On the positive side, there is no short-term redemption fee at Ally Invest.

Exchange-traded funds are also available at both firms, and there are good ETF screeners on both websites. However, neither company offers any that are commission-free.

Looks pretty close here.


The Cost of Trading


Equity trades at Ally Invest cost $4.95. The broker offers a $1 reduction to clients who had an average daily balance of $100,000 or more in the previous quarter, or who made at least 30 trades. Derivatives are an additional 65¢, and traders who meet the noted qualifications pay only 50¢.

Scottrade used to be considered a low-cost broker. A recent price war prompted the firm to reduce its equity commission from $7 to $6.95. At this price, it is more expensive than Ally and many other brokers. Option contracts are 70¢ each.

Scottrade charges $2 for paper statements, and trade confirmations are a cheaper $1 each. Ally Invest clients must pay $4 for printed statements and $2 for trade confirms.

Both companies offer live agents on the phone to help traders place orders. Scottrade charges $32 for this service. Ally Invest provides it for free for the first few times a client uses it. Then the broker will charge $20 on top of its regular commission.

Scottrade acts as principal on most fixed-income orders. This means there is no commission, but there is a markup or markdown in the price to compensate the broker. Corporate bonds on the secondary market cost $35 per order plus $3 per bond.

Ally Invest charges $1 per bond purchase or sale. Per order, there is $250 maximum and a $10 minimum. Treasuries are on a markdown or markup basis, while certificates of deposit cost a rather steep $24.95.

A brokerage account at either firm can be opened with $0. Although TradeKing had an annual account fee, Ally Invest has eliminated it. Scottrade has never had any on-going account fees.

This category goes to Ally Invest.


Ally Invest Close Account Fee


Customer Support


Customer service is available at Ally Invest 24 hours a day, 7 days a week over the phone. The broker’s website also boasts an online chat function. A special Ally Invest phone number can be used by clients who travel outside the U.S.

Scottrade associates can be reached Monday through Friday from 7 am until 1 am, EST. On the weekend, the hours are shorter—just 9 am till 7 pm. The broker’s online chat feature is available during these times as well.

Scottrade has the largest network of branch locations of any online discount broker. The company boasts more than 500 brick-and-mortar offices. Ally Invest has zero.

Overall, they look pretty even here.


Trading Tools


Ally Invest is part of ally.com. The old TradeKing site has simply been integrated into the old ally.com site. A simple web-based trading platform called Ally Invest LIVE is launched after logging in. It offers many important features, such as quotes and a handy trade ticket. Sophisticated charting with technical indicators is available. QuoteStream, TradeKing’s desktop platform, apparently didn’t make the journey to Ally.

The Ally Invest website has some good features on its own. A trade bar sits at the bottom of the window. It shows real-time data for volume, bid-ask spread, and more. Orders can be submitted directly from the bar.

Scottrade’s website also has a trade bar, and it’s more sophisticated than Ally’s. It normally hides in the left-hand side of the screen, but clicking on a purple arrow opens it. Market indices are shown along with security info. Unlike Ally’s version, the Scottrade bar can be detached. Charting on the website comes with technical indicators and trend lines. Disappointingly, a chart cannot be shown the width of the monitor. A basic trading system called Scottrader Streaming Quotes can be used, and active traders have access to a desktop platform called ScottradeELITE.

Scottrade wins this category for its desktop platform.





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Mobile Apps


Ally Invest brokerage accounts are available on the Ally mobile app. The broker provides watchlists, account and position information, and market news, but only in article format. There is no video news. There are also option chains, and charting with technical indicators is available.

The Scottrade app doesn’t have streaming financial news, either. It does have market news in article format, along with index data. There is a mobile check deposit feature along with bill pay. Alerts and watchlists are also on the app. Neither Scottrade nor Ally Invest has a platform for any smartwatch.

It’s pretty even here.


Managed Accounts


Brokerage accounts at Ally Invest can be opened in either self-directed or managed format. The managed variety costs just 0.30% annually, and trading decisions are made by human investment advisors. The broker does not have a robo-advisory service. A deposit of at least $2,500 is required to sign up.

Scottrade has an affiliated company that provides investment advisory services. Aptly named Scottrade Investment Management, the firm helps clients with financial planning and portfolio management, without the use of a robo advisor. Some of its work is contracted out to unaffiliated investment advisory firms, who will charge their own fees.

Ally Invest gets the nod here for publishing its rates and providing a managed account application online, which Scottrade doesn’t do.


Research and Educational Resources


The Scottrade website has good resources for securities investors. There are third-party equity reports available free of charge from MarketEdge, S&P Capital IQ, and Thomson Reuters. Instructional articles are in Knowledge Center, the broker’s online educational center. There are also some videos.

Ally Invest customers have access to articles that cover many different types of investments, including funds, derivatives, equities, and fixed-income products. There is just a handful of videos on the broker’s site. CFRA provides equity reports at no cost. Ally provides detailed information on a stock, including earnings and relevant news.

Offering reports from multiple stock analysts is an advantage over offering just one, so Scottrade wins this category.


Cash Management Options


Scottrade owns an FDIC-insured bank aptly titled Scottrade Bank. While it is separate from the company’s brokerage operations, accounts can be linked. The bank provides certificates of deposit, savings, and checking accounts. Both checking and savings accounts are eligible for a debit card, while checks can be added to a checking account. Scottrade requires bank applicants to have $500 or more in a securities account. There are no monthly fees for the company’s bank products, and Scottrade even reimburses ATM fees that are incurred while using its debit card.

Traders at Ally Invest can add cash management features to a brokerage account as well. Unlike Scottrade, the broker charges $20 per year for checkwriting privileges, and the debit card has a $35 annual fee. The broker doesn’t reimburse ATM costs, and actually charges $1 per transaction.

A bank account from Ally can easily be linked to an Ally Invest brokerage account, and the bank provides much more generous policies. There are no annual fees, and Ally Bank rebates ATM fees charged by cash machines. This benefit has a $10 maximum per month.

Ally seems like the better option here.


Ally Invest vs Scottrade - Results


Scottrade (read review) won two categories, Ally Invest was victorious three times, and there were three draws. Scottrade loses by just one category. In spite of the results, Scottrade is a good choice for mutual fund traders and investors who want in-person service.


Ally Invest Close Account Fee Disclaimer


For the most recent information on broker fees, including Ally Invest closing fees (cost to leave Ally Invest), visit their website.