Ally Invest IRA vs Schwab 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.

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

Charles Schwab: other features

Because it’s one of the biggest names in the business, Schwab investors can benefit from tech giant’s host of other features, including checking and savings accounts, insurance products, trust and estate services, and even Charles Schwab credit cards. Though you may pay an annual fee of up to $695, you can get a host of travel benefits, including no foreign transaction fee. Schwab also has a credit card with no annual fee.

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 interested in getting their investment journey started without playing a single transaction fee or being beholden to a minimum deposit, Charles Schwab stands out among trading platforms. Although many brokerages offer free ETFs, not every trading platform can boast accounts with no fees or account minimums, along with $0 commission fees and no-fee mutual funds.