No, Ally Invest is currently unavailable in Canada. Let's gather useful information on the history, presence and other details of investment platform Ally Invest.
GMAC bank is the banking wing of the famous General Motors that was founded in 1919. Following the 2008 global financial debacle, GMAC banks was restructured and re-branded as Ally Bank in 2009.
However, in 2012 the company’s banking operations happening in Canada was sold to one of the big 5 banks of Canada for a worth of approximately $3.8 billion. The bank is none other than the Royal bank of Canada.
In 2014, Ally bank shares were in initial public offering and soon the bank was re-named as Ally Detroit Centre. In 2016, Ally Detroit Center, acquired a stock broking company called TradeKing and christened it as Ally Invest.
The company is now a digital financial services platform and is a member of Investor Protection Corporation (SIPC) that covers up to $500,000. In addition to this the company has a coverage of $37.5 million that includes a $900,000 cover for cash.
The platform offers self-directed trading, robo advisors and wealth management services by professional advisors.
Manual trading can be opted by expert traders to construct their own portfolios and invest within. The account does not mandate any minimums nor does it charge any commissions. You can own shares, ETFs, bonds, mutual funds and margin accounts.
Robo-advisors are for beginners who do not have knowledge on research and portfolio construction. Their money is invested in a mix of ETFs based on their risk appetite, goals and investment time frame. The minimum balance to start such an account is simply $100.
If someone has a high net worth and is seeking for professional help, they can opt for wealth management services and the minimum balance to start such an account is $100,000
No, since the time the banking operations of GMAC were sold to Royal bank of Canada, Ally has not had its presence in Canada. The company has also not reported any ideas of re-establishing operations in Canada. In fact, the prime eligibility to open an Ally invest account is to be a US citizen or resident with a US Social Insurance Number.
Although Ally Invest is not available in Canada, there are a number of alternatives available such as Questrade, Wealthsimple, Scotia itrade, CIBC Investors Edge etc.,