How to Open an Ally Brokerage Account: Step-by-Step Guide

Opening a brokerage account can seem like a complicated task, especially for beginners. Thankfully, Ally Invest makes the process relatively straightforward. In this guide, we’ll walk you through each step to open an Ally brokerage account—from account creation to buying your first stock—so you can begin your investment journey with confidence.

Why Choose Ally Invest?

Before we dive into the steps, here’s why Ally is an attractive choice for investors:

• Commission-Free Trading: You can buy and sell U.S. stocks and ETFs without any trading fees.
• No Account Minimums: You can start with any amount.
• User-Friendly Platform: The interface is clean and beginner-friendly.
• Fast Application Approval: Many accounts are approved within minutes.

Let’s get started with opening your Ally Invest brokerage account.

How to Open an Ally Brokerage Account

Step 1: Go to the Ally Invest Website

Go to www.ally.com

Once on the site:

1. Hover over or click “Investing & Retirement” in the top menu.
2. From the dropdown menu, select “Explore Investing.”
3. Then, click on “Start Investing.”

You’ll now be asked to choose between Automated Investing and Self-Directed Trading. For this guide, we’ll focus on Self-Directed Trading, which gives you full control over your investment choices.

Click “Start Trading” under Self-Directed Trading.

Step 2: Register for an Ally Invest Account

1. Select “I am new to Ally.”
2. Enter your:
   • First and last name
   • Email address
3. Click “Register Now.”

Step 3: Choose Your Account Type

You’ll be asked to choose the type of account you want to open. Options include:

• Individual Account (most common for beginners)
• Joint Account
• Custodial Account
• Trust Account
• IRA Accounts (Traditional, Roth, etc.)

For this guide, we’ll proceed with an Individual Account. Once selected, click “Next.”

Step 4: Enter Your Personal Information

You’ll need to provide:

• Date of birth
• Country of citizenship
• Marital status
• Number of dependents
• Social Security Number
• Home address
• Phone number
• Security question and answer

This is standard information required by all U.S. brokers due to financial regulations.

Step 5: Employment and Financial Details

Next, you’ll be asked for:

• Employment status
• Annual income
• Net worth
• Liquid net worth
• Tax bracket

Don’t worry if you’re unsure—give your best estimate. These questions help Ally understand your risk profile.

Step 6: Assess Your Trading Experience

Ally will ask you about your prior trading experience. This includes:

• Number of years trading
• Types of assets you’ve traded (stocks, ETFs, options, etc.)

Answer honestly—this does not limit your ability to trade but helps tailor the experience.

Step 7: Define Your Investment Objective

Choose from goals like:

• Preservation of capital
• Income
• Growth
• Growth and income
• Speculation

For example, if your aim is to build wealth while generating passive income, select “Growth and Income.” There is no right or wrong answer here—just choose what aligns best with your goals.

Step 8: Margin and Options Trading (Optional)

Ally gives you the option to apply for:

• Margin Trading (borrowing money to invest)
• Options Trading (trading contracts rather than shares)

If you’re new to investing, skip these for now. You can always add them later when you understand the risks involved.

Step 9: Ally Securities Income Program (Optional)

This program allows Ally to lend your securities to others, and you receive a share of the interest they earn. Important notes:

• You may lose voting rights for loaned securities.
• Not everyone qualifies—if you do, Ally may auto-enroll you.

Choose whether or not you’d like to participate and click Next.

Step 10: Review and Submit Your Application

• Go through the Terms and Conditions carefully.
• Click “Submit Application.”

Once submitted, your application may be approved within minutes. You’ll receive a confirmation email shortly after.

Step 11: Fund Your Account

Time to deposit money into your new account:

1. Click “Next” to begin linking your bank account.
2. Ally uses Plaid, a secure financial linking service.
3. Select your bank (e.g., Capital One, Chase, etc.).
4. Log in to your bank account securely via the popup window.
5. Choose the account to link.
6. Authorize the connection.

Once linked, enter the amount you wish to deposit (e.g., $30) and click Next, then Submit.

Note: Initial funds can take up to 3 business days to clear.

Step 12: Log In and Access the Dashboard

• Use the username and password you created.
• Set up security questions and preferences.
• Click “Go to Accounts.”

You’re now in the Ally Invest dashboard!

Step 13: Complete the Market Data Agreement

Before you can trade, you must:

1. Read the Market Data Agreement.
2. Answer three short questions.
3. Agree to the terms by checking the box and clicking Submit.

You may also be asked to:

• Add a Trusted Contact (optional)
• Select which account you want to trade from (e.g., Individual)

Step 14: Place Your First Trade

Here’s how to buy a stock or ETF:

1. Click “Investments” or “Quick Trade” from the dashboard.
2. Search for the security using its ticker symbol (e.g., SD for SD ETF).
3. Click on the result to view full details like:
   • Current price
   • Day’s price change
   • Bid and ask price
4. Choose Buy, enter the quantity (e.g., 1), and select Market Order.
5. Click Preview Order.
6. If everything looks good, click Place Order.

Note: Ally does not support fractional shares, so you’ll need enough funds to buy a full share.

Step 15: Monitor Your Portfolio

From the dashboard, you’ll see:

• Total Account Value
• Cash Balance
• Buying Power
• Holdings (e.g., SD ETF)
• Watch List: Add stocks you’re monitoring, like Apple
• Charts and Order History
• S&P 500 Pricing and Market Events

Step 16: How to Sell Stocks or ETFs

To sell your holdings:

1. On the dashboard, locate your holding.
2. Click the three dots next to the ask price.
3. Select Trade Now.
4. In the new window:
   • Action: Sell
   • Quantity: Enter number of shares
   • Order Type: Keep as Market or choose another
5. Click Preview Order, then Place Order.

Just like that, your sale is executed.

Final Thoughts

Ally Invest offers a simple and transparent way to start trading. The platform is ideal for:

• Beginners who want to get started without high fees
• DIY investors who want full control of their trades
• Investors looking for a reliable, no-nonsense dashboard

By following this step-by-step guide, you can confidently open, fund, and start trading in your new Ally Invest brokerage account—whether your goal is long-term growth, generating income, or simply learning the ropes of investing.