Ally Invest (used to be called TradeKing) is offering several promotions. I’m a big fan of Ally Bank and Ally Invest, in fact, I’ve been a customer of Ally Invest since 2010. See my review of Ally Invest for a detailed account of my experience with their service.
When Ally Bank acquired TradeKing in 2016, the merger made Ally Bank a powerful one-stop shop for our banking and investment needs.
If you aren’t currently a customer, or if you’re unsatisfied with your existing broker, now might be the time to switch.
Ally Invest’s low-cost commissions ($4.95 per trade) and great customer service make them an obvious choice for many. They have a wide range of investing tools available and a comprehensive online education center. Below are promotions they want to offer you so you’ll try their service.
Currently, there are four promotions:
- $200 Cash Bonus
- 90 Days Free Trades
- 90 Days Free Trades with an Ally IRA
- Open an Ally Invest IRA for Only $3.95/Trade!
Ally Invest $200 Cash Bonus
This offer gives you a $200 cash bonus when you make an opening deposit with a required minimum of $25,000. Accounts must be funded for at least 90 days to be eligible for the cash bonus. Unfortunately, this promotion excludes retirement accounts, but Ally will also help you recoup any transfer fees — up to $150 — when switching brokers. As with the other offer, it’s available only to new Ally Invest customers.
Ally Invest 90 Days Free Trades
With this offer, you can trade up to 90 days without commissions. You can take advantage of up to $500 in commission-free trades, including even options contracts. This promotion is available for IRAs and taxable accounts. Ally Invest will also credit you up to $150 on any fees incurred from switching brokers. This offer is available only to new Ally Invest customers. In order to qualify for this promotion, you need to at least deposit $10,000.
90 Days Free Trades with an Ally IRA
To earn 90 days of commission-free trades (normally $4.95/trade), the account must have a minimum balance of $5,000. If you transfer from another institution, Ally will cover the transfer fees, up to $150! The type of account available for this offer can be a Traditional, Roth or Rollover IRA.
Open an Ally Invest IRA for Only $3.95/Trade!
This is a great offer as most brokerages charge well over $4 per trade. Ally Invest calls this “Self-Directed Trading.” What they mean is if you open an IRA with Ally Invest, you can hand pick your investments and they will charge only $3.95/trade.
Please note – this is NOT a Self-Directed IRA. A Self-Directed IRA (SDIRA) is very different and requires a special custodian. This offer applies only to standard Traditional, Roth or Rollover IRAs. To qualify for the $3.95/trade rate, your account balance must maintain an average $100k daily balance, OR you must make at least 30 trades a quarter.