Ally Invest IRA vs SoFi Active IRA

Ally: best if you want

An Ally Invest IRA account offers users the opportunity to invest in a broad range of assets at low fees—and to choose between automated and active investing. (Although the Ally Invest robo-advisor is well regarded, this Ally Invest review will focus primarily on its self-directed trading account options, and specifically on its retirement account choices.)

Ally Invest is a particularly good option for those who already have an Ally Bank account since it allows them to manage both everyday spending and investing for the future in one easy-to-use platform. While its trading platform could benefit from more integrated third-party research choices and educational tools, it stands out among online brokers for its low fees and $0 minimum deposit. The Ally mobile app is also available for both Android and Apple to allow investors to manage their accounts and choose different investment options no matter where they are.

SoFi: best if you want

A SoFi Active Invest IRA is best for retirement savers who want an easy-to-use, low-cost platform that offers optional extras (like fractional shares and margin trading) that can help them go the extra mile once they get their feet wet.

The SoFi Invest platform offers a beginner-friendly interface for those just getting started on their journey, but it packs enough punch for more experienced investors to find what they’re looking for.

SoFi offers traditional IRAs, Roth IRAs, SEP IRAs and regular investment accounts, which offer not only stock trading but also access to ETFs, mutual funds, alternative funds, fractional shares, options and margin trading.

Crypto is also available, but not directly on the SoFi platform; the firm has partnered with partners like BitGo and Blockchain.com.

With its low costs, wide range of investment options, and free live advisory service, it’s a worthy match for plenty of investors. However, the SoFi platform doesn’t offer tax-loss harvesting, and uninvested cash sees no interest growth. Still, these are relatively minor drawbacks if you want to use SoFi as a one-stop shop for your financial needs.

Ally: other features

One of the reasons Ally is such an attractive option for those looking for a home for their retirement accounts is its suite of other features, including bank account products (both checking and savings) as well as credit cards, as well as mortgages, auto loans, personal loans, and more. Opening an Ally Invest account will allow existing customers to have a one-stop shop for most of their financial needs, all in one place

SoFi: other features

Over time, SoFi has become something of a one-stop shop with its wide range of financial products ranging from student loans to mortgages to personal loans to a cash management account. These days, SoFi even offers a credit card as well as insurance products. The SoFi cash management savings account offers yields north of 4% APY, which is substantially higher than the national average, and members can access all of their accounts and products through the company’s easy-to-use mobile app or web interface.

Conclusion

Ally Invest is a great place to open a new retirement account—or roll over an old retirement account like a 401(k). You’ll have access to a wide range of investment options with low fees, all in an easy-to-use web platform that’s well integrated with other financial services.

Not sure how to get started on the 401(k) rollover process? Capitalize is here to help. We’ll walk you through every step of the way so you can make the most of your hard-earned retirement money.

For those looking for low costs, SoFi’s IRA offers a wealth of opportunity. If you’re looking to fund your new SoFi IRA with a 401(k) rollover, Capitalize can help. We’ve made it our mission to make this process easier for everyone. We can handle the entire process for you. Most of the process can be done online and our rollover experts will guide you through any of the manual parts. Get started with your 401(k) to IRA rollover in just a few minutes.