Ally Invest Promo 2024

Ally Invest Promotion in 2024: $75 Bonus


Current February 2024 Ally Invest promotion code: $75 cash bonus. Best Ally Invest bonus offers for opening a new account or for existing customers depositing cash into a taxable brokerage individual/joint account, ROTH IRA, 401K Rollover IRA, or Traditional IRA.


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About Transfer Fee Reimbursement


If your old account is charged an ACATS fee for an outgoing transfer, Ally Invest will refund this fee up to $75. To qualify for this special, the account transfer must be valued at $2,500 or more.

If your broker did not charge ACATS fee, Ally Invest will still give you $75 bonus when you submit the transfer rebate form.

To perform an ACATS transfer from another brokerage house into a new Ally Invest self-directed account, just click on Transfer Funds at the top of the Ally Invest site. On the new page that appears, select From Another Firm and follow the prompts.

Ally will refund the old broker’s transfer fee within 30 days of receiving evidence of the fee, which typically will be a copy of the last account statement from the old brokerage firm.


(EXPIRED!) Ally Invest Deposit Promo


This offer is expired. When you open and fund a new brokerage account with Ally Invest, the firm will credit your new account a nice cash bonus. The minimum deposit is $10,000. The investment firm will also accept a transfer of assets from a rival broker. If you don’t deposit or transfer at least this amount, you won’t get the bonus.

Obviously, small accounts aren’t eligible for this promotion. Large accounts will qualify for the Ally Invest’s best bonuses. Here is the stepped schedule:

Ally Invest BonusDeposit or Transfer
$3,000 $2 MM+
$2,000 $1MM - $1.99MM
$1,200 $500k - $999.9k
$600 $250k - $499.9k
$300 $100k - $249.9k
$250 $25k - $99.9k
$100 $10k - $24.9k


Clearly, only investors with very deep pockets will benefit handsomely from this Ally Invest promotion. The good news is that joint accounts are eligible, so if you have a well-funded joint account, you may be able to qualify for a larger cash prize.


(EXPIRED!) Ally Invest Promo Fine Print


This offer is expired. The major downside of this promotion is that IRAs aren’t eligible, nor are managed accounts. The new account must be a self-directed taxable account.

Furthermore, only U.S. residents are eligible for this special. Currently, Ally Invest customers aren’t eligible, and former Ally Invest clients won’t qualify for a cash prize, either. The broker-dealer defines former as anyone who has left within the past 90 days, which is a pretty generous policy. Only one account per person can be opened under this Ally Invest promotion.

The new Ally Invest account must be funded within 60 days to qualify for the cash prize. It may take up to 70 days in total to receive the bonus.

The $10,000 or larger deposit or transfer must come from outside Ally Financial. This means a deposit from Ally Bank won’t qualify.

Another sticking point here is that the deposited or transferred funds cannot be withdrawn for 300 days. If they are, Ally will debit the new account for the amount of the bonus.

Any cash prize received will be reported on Form 1099 at the end of the tax year, which obviously could potentially reduce the net gain from this promotion.


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Overview of Hidden Fees at Ally Invest


If Ally Invest is among the brokers you’re considering for your new investment account, you should continue reading. We’ll go over all of Ally’s fees, starting with the most relevant – commissions – and then covering some of the lesser known fees that are often easily avoidable with some degree of care.


Commission on Stocks and ETFs


Ally’s base commission for equity trades is a flat $0 per trade. For stocks trading below $2/share (i.e. penny stocks), Ally Invest charges a variable commission equal to $0.01 per share (with a minimum commission of $0 and a maximum equal to 5% of the trade’s value). Ally also cautions against investing in low-priced stocks because they can incur heavier settlement fees, which will be passed on to the investor, if the security is not DTC-eligible.


Options Commissions


Ally charges a default commission of a flat $0 per options trade plus an additional $0.50 per contract. A nice perk we discovered with Ally Invest is that they won’t charge you any commission when you’re closing out an options position priced at $0.05 or less per contract. This is helpful when your position is nearly wiped out and you have to ask yourself whether it even makes financial sense to close it out.


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Get zero commission on stock and ETF trades.

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Commission on Fixed Income and Mutual Fund Trades


Ally doesn’t offer any preferred commission tiers for mutual funds and bonds – all investors pay the same fees with these securities. Placing a bond trade will cost you $1 per bond (1 bond = $1,000 par value) with a $10 minimum per trade, however trading U.S. Treasuries is commission-free. Buying or selling a no-load mutual fund on Ally’s platform will cost you a flat $0 per trade. Buying or selling a CD will cost a flat $24.95.


Margin Account Fees


Ally offers margin accounts to those investors that want to employ leverage or hold short positions. When you borrow funds from Ally they will charge you an interest rate on your margin balance, which decreases as you borrow more. Their margin rate starts at 13% and gradually falls by 4.50% as your margin balance nears $1,000,000. Ally’s borrowing fees are about average.


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Transfer Fees


Besides commissions, there are some other fees that may apply to your Ally account if you take certain actions. If you ever want to transfer your Ally account to another broker, Ally will charge you $50 for this service. There is also a $25 fee for full IRA distributions. Additionally, if you choose to wire funds out of your Ally Invest account, Ally will charge you a $30 fee. Ally doesn’t charge any fees for incoming wires, and if your incoming wire is from an Ally checking account, they will reimburse you for the wire fee charged to your checking account. ACH/electronic transfers are free of charge.


Ally Invest Account Inactivity/Maintenance Fees


Ally does not charge any account maintenance or inactivity fees or impose any required minimum balances.


Ally Invest Hidden Fees Summary


We’ve covered all of the common fees and costs that an Ally investor would likely encounter, but we recommend you read Ally’s complete list of fees before opening an account as they do charge small fees for less common actions, like dealing in physical stock certificates, redeeming via check, or requiring paper account statements. These can be easily avoided by ~98% of investors.


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Cash Bonuses at Ally Invest Recap


If you want to earn some free cash, Ally Invest has a program designed just for you. Simply open and fund a new account and you’ll receive a cash bonus at Ally Invest.


Ally Invest Promotions Disclaimer


Current Ally Invest promo offers and incentive details to open a new brokerage or IRA account could change at any time without notice.


Updated on 2/12/2024.


About the Author
Arthur Chachuna is a professional personal finance blogger, and the owner of Brokerage-Review.com. He has been an avid investor for 25 years, and has a background in both applied math and programming.