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Ally Invest: Best Investment Club Account for 2020

Review of Ally Invest investment club account pros and cons, account fees, minimums, investment group stock trading commissions.

Investment Club Accounts at Ally Invest

Are you looking for a place to open an investment club account? Ally Invest has them. Let’s have a look.

Overview of Investment Clubs

Investment clubs are groups of traders who pool their resources (money and brain power) to make investments. Usually making trading decisions by majority vote, trades are placed inside a brokerage account owned by the investment club. Meetings are often held, and these can be both educational and social.

Opening an Investment Club Account at Ally Invest

The first thing you’ll need to do is create an investment club. It has to have a legal structure like a partnership or LLC. Once you have this legal framework, you’ll need to get an EIN from the IRS. When you have both of these, it’s time to open an investment club account.

To do this on Ally Invest, first click here, then click on the “Open Account” button.

On the next screen enter your name and email to register. After that you'll see the list of account types. Hit View All Accounts link and select Investment Club at the bottom.

Ally Invest Account Types

Ally Invest Investment Club

You’ll notice that there is no online application for the investment club account. You’ll need to fill out the pdf form and send it back to:

Ally Invest
P.O. BOX 30248
Charlotte, NC 28230

Or fax it: 866-699-0563

Ally Invest Promotion

Up to $3,500 cash bonus + $0 commission trades.

Open Ally Invest Account

Account Requirements

An investment club account at Ally Invest has no opening or annual fee and no minimum deposit requirement.

Reasons to Use Ally Invest for an Investment Club Account

Ally Invest delivers a lot of perks to its users. It has a mobile app that can be used to manage an account, place trades, and look at charts. The firm’s website offers more advanced tools, including a trade bar that can be used to submit orders for options.

And did we mention that the company charges no commissions on stocks and ETFs? Mutual funds at the broker are at very low $9.95 rate.

Ally Invest also offers IRA’s; so if you need a retirement account, you could open one for yourself alongside the investment club account.

Taxation of the Investment Club Account

An investment club account doesn’t have any tax advantages. Members must pay taxes on income and capital gains. The exact method of taxation will depend on the legal structure of the investment club. If it’s a partnership or LLC, income and capital gains are passed through to the members.

Ally Invest Promotion

Up to $3,500 cash bonus + $0 commission trades.

Open Ally Invest Account