Ally Invest IRA vs Merrill Edge 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.

Merrill Lynch: best if you want

With more than $1.6 trillion in assets under management, Bank of America is one of the largest financial institutions in the United States—and if you already have a bank account with them, having a Merrill Edge self-directed IRA account can simplify your life while also offering top-of-the-line integrated research and charting tools. Bank of America has teamed up with Merrill Lynch Wealth Management to offer different investment options to its customers that are integrated across the BoA platform, and $0 account minimums, $0 commissions on stocks and ETFs, and $0 annual program fee, Merrill Edge is a solid choice for those looking for a place to manage their retirement accounts, whether you’re an existing Bank of America customer or not. However, the platform does not allow investment in some increasingly popular investment asset classes like futures, foreign exchange (forex), or cryptocurrency.

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

Merrill Lynch: other features

Since it’s integrated with the larger Bank of America Corporation, Merrill Edge truly shines when it comes to added features. Along with the investment options listed above, Merrill Edge customers can open CDs on the platform, explore fixed-income products like annuities, open checking, and savings accounts through Bank of America, and take out loans, including auto loans and mortgages.

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.

A Merrill Edge self-directed IRA gives investors the tools they need to make informed decisions on basic investment options, with a well-appointed and easy-to-use platform with plenty of integrated tools. However, for those who aren’t yet Bank of America customers, discounts for upper-tier financial advisory services may remain inaccessible, and for those looking for forward-facing investment choices like cryptocurrency and futures, Merrill Edge may not cut it.

Need help getting started on your 401(k) rollover? Capitalize can help you get all your old retirement funds into one place so they’re easy to manage and grow—so you can fund your ideal financial future.