CHARLOTTE, N.C., Oct. 4, 2019 /PRNewswire/ -- Ally Invest,
the online brokerage and wealth management arm of Ally Financial
Inc. (NYSE: ALLY), today announced it is joining the online
trading movement that is eliminating commissions on U.S.
exchange-listed stock, ETF, and option trades. The firm's
long-standing per trade price of $4.95 is now moving to $0, effective October 9,
2019. In addition, clients trading options pay a
competitive contract fee of just $0.50.
"With continued advancements in technology making online trading
increasingly more cost-efficient, it was inevitable our industry
would reach a point where self-directed investors could participate
in the market for little to no cost," said Lule Demmissie, president of Ally Invest. "At
Ally Invest, we've been planning for this evolution to democratize
investing and are happy to be in the company of firms prepared to
offer customers zero commission trading, while continuing to
deliver an outstanding customer experience with a host of
innovative investing and banking offerings."
Recently, Ally Invest announced its zero-advisory fee Managed
Portfolios with a high-yield cash allocation. These portfolios give
investors the opportunity to try-before-they-buy without
commitments until they are ready to be more fully invested with
Ally. Similar to the firm's existing "robo" offerings, the new
advisory fee-free Managed Portfolios are ETF-based, and they
include a 30% allocation to high-interest-yielding cash as a
buffer.
Ally's brokerage and managed portfolio offerings exist within
the Ally.com digital experience, giving customers an easily
accessible and completely seamless place to manage all of their
banking and investing accounts. The benefits of this include easy
transfer of money between accounts, one dashboard for all customer
account holdings across checking, saving, and investing (both
self-directed and managed accounts), one mobile application for
accessing all banking and investing accounts, and consistent,
award-winning 24/7 customer support.
Products offered by Ally Invest Securities and Ally Invest
Advisors are NOT FDIC INSURED, NOT BANK GUARANTEED and MAY LOSE
VALUE.
About Ally Invest
Ally Invest is the brokerage and wealth management offering from
Ally that exists alongside the firm's award-winning online banking
products. Ally Invest offerings consist of a low-cost trading
platform for self-directed investors, as well as a suite of
affordable, automatically-managed investment portfolios, both
delivered through a fully-transparent online process. The
combination of low-cost investing with Ally's competitive deposit
products gives customers a powerful value proposition for managing
their financial wellbeing.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital
financial-services company with $180.4 billion in assets
as of June 30, 2019. As a customer-centric company with
passionate customer service and innovative financial solutions, we
are relentlessly focused on "Doing It Right" and being a trusted
financial-services provider to our consumer, commercial, and
corporate customers. We are one of the largest full-service
automotive-finance operations in the country and offer a wide range
of financial services and insurance products to automotive
dealerships and consumers. Our award-winning online bank
(Ally Bank, Member FDIC and Equal
Housing Lender) offers mortgage-lending services and a variety of
deposit and other banking products, including savings,
money-market, and checking accounts, certificates of deposit (CDs),
and individual retirement accounts (IRAs). Additionally, we offer
securities-brokerage and investment-advisory services through Ally
Invest. Our robust corporate finance business offers capital for
equity sponsors and middle-market companies.
For more information and disclosures about Ally,
visit https://www.ally.com/#disclosures.
Contact:
Justin Nicolette
Justin.Nicolette@ally.com
980.312.8636
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SOURCE Ally Financial