Ally: Banking & Investing Review

Become an Ally: Banking & Investing customer and manage all of your accounts in one place.

Customers can open interest-bearing checking accounts, stash cash in a CD, high-yield savings or money market account, apply for mortgage and auto financing, and take out personal loans -- all online from the convenience of their homes. They can also manage their investments with the Ally Invest app.

Ally Invest is the brokerage arm of Ally Bank and offers low costs, a solid (if dated) trading platform, and specialized options analysis tools that many online brokers don't have. This makes Ally Invest an excellent choice for active traders and investors who prefer to trade on margin.

Stocks and ETFs have zero commission; options trades are just $0.50 per contract. Minimum balances are very low or nonexistent, and the broker has a good track record for customer satisfaction.

Investors can transfer free cash from their investment account into a deposit account at Ally Bank and earn interest on that cash. This is a great option, though it requires a bit of work on the part of the investor to move funds between the two accounts daily.

Ally Invest's stock commissions are among the lowest in the industry. However, it charges a slightly higher price for lower-priced stocks than other brokers.

Ally Invest has a streamlined and intuitive online investing experience that is well suited for beginner or experienced investors who are looking to buy and sell stocks. Its self-directed trading and robo portfolios make it easy for even novice investors to manage their investments. It also provides educational resources and tools to help investors understand how the stock market works, including charts and calculators.