Is Ally Invest available in Canada?
- Asked By
- Updated On:29-Nov-2022
- Replies:1
Short Answer
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.
Detailed Answer
Birth of 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.
About 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
Is Ally Invest available in Canada?
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.
Ally Invest in Canada
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.,
Ask Your Query for FREE, Get quick answers from our FINTRAKK community!
Discussion (0)
To open a brokerage account in Canada, you’ll need to provide your full name and a valid form of a government-issued photo ID and some personal details such as your email address, phone number, residential address and Social Insurance Number (SIN).
Whether you choose a broker or invest in a bank, both of them can be crucial. Usually, the initial investors prefer banks and when they want more flexibility they invest in a broker to do all the middle work.
Yes, Canadian stocks prove to be a shelter to investments with its wide variety of natural resources and stable banking system.
There are many ways in which you can invest $100 such as robo advisor platform, fractional shares, ETFs, managed funds, crypto currency, etc. Let's discover and discuss different ways of investing an amount of 100 CAD in Canada.
There are various steps involved and documents required for a newcomer to setup a bank account in Canada. Continue reading to grab details on bank accounts for new immigrants in Canada.
Are you searching for the best bank or financial institution to open an RRSP account? There are various considerations you need to take into account before such as the investment option you are looking far, your market knowledge and experience, needs and goals, before finalizing the best RRSP account for you.
There are various online brokerage platforms in Canada. We believe that Questrade, Scotia iTrade and CIBC investor's edge are the best alternatives to Wealthsimple.
Yes, it is safe to open an account with EQ bank and park your funds there. Let's dig into some more details why this Canadian bank is deemed safe for its account holders.
No, Merrill Edge is not available in Canada. Currently, it offers services only in the United States of America. Let's gather some more insights, Merrill Edge alternatives in Canada for traders and investors.
No, you are not allowed to do day-trading within a Tax-free savings account in Canada. TFSA is an investment account and not a trading account as such.