Ally roth ira reddit it looks pretty decent on my phone, im used to using fidelity brokerage and IRA's but im curious of how the robo investor is working. It is not a good place for Roth IRAs. Jan 2, 2025 · Ally offers traditional, Roth and rollover IRAs. Finally, if you wanted to open an investment IRA you would need to do so at an investment brokerage. . Can I day trade on Ally Invest? In any case, I went with Fidelity BECAUSE they already hosted my 401(k). The savings account will usually have an APY, or annual return -- while the investment IRA is unknown (returns are not guaranteed in any investment). They said the IRS only lets them do IRA's through the mail. Since my account is less than 5 years old, I'm concerned about getting the 10% penalty. Compare IRA plan benefits, differences and account options to find the right choice for your retirement. Reddit . I have seen other folks on here recommend NOT using Ally for backdoor IRA conversions (and instead using, e. There’s nothing wrong with Ally if you’re buying ETF or other stocks. You have to open a Roth IRA account with a brokerage like Ally's brokerage to get access to those investments. Get the Reddit app Scan this QR code to download the app now I want to open a Roth IRA. I am not sure if I understand how to save for retirement. Early withdrawal regulations for Roth IRA's are complex. Ally Self Directed Roth IRA Investing I’ve put some money in here over the years and I’ve seen some folks suggesting to transfer funds to brokers like Fidelity or Vanguard. So, I am considering setting up a Roth IRA savings account at 1% with Ally to build up enough money to rollover into a new brokerage with the ability to actually invest. As I understand, Ally offers around 3% yield for an initial deposit of I recently did a transfer out of Ally into Fidelity via ACAT ($50 Ally fee). I have a managed portfolio with Ally in a taxable account that I set up to be ‘market-focused’ (2% cash target) from the get-go as opposed to ‘cash enhanced’ (30% cash target). Does this sound like a good idea? I am 28 and have a small roth 401k from my old job with around $300 in it and will throw in some extra cash to top it off. Posted by u/notyounoti - 2 votes and 2 comments Vanguard lets you fund an IRA from a checking account ACH? I had to mail a check for Ally, even though for a regular savings, they just do the two small deposits/charge. I'll read articles that say things like "Roth IRA withdrawals are penalty free" and "Roth IRA's incur a 10% withdrawal penalty" and these contradictory phrases will be side by side in the same article. The system shouldn't allow you to contribute more than 6k. Ally couldn't confirm if I would incur the penalty or not. Even if I want to transfer from my Ally savings account to my Ally Roth, I still have to mail a form. I would recommend opening a Roth, maxing out, and buying "VT". I do like that Fidelity has good fund choices and also allows purchasing fractional shares. I have a Chase checking account where all my income goes in, and I was thinking of moving a portion of money to Ally for savings and Fidelity for ROTH. reReddit: Top posts of March 16, 2021. Jun 27, 2021 · Ally bank offers a Roth savings account - it is strictly a savings account and only holds cash (they also have a regular Roth account that can hold securities like ETFs). Don't have personal experience for IRAs, but have an HYSA with them and it's an easy to use site I keep my IRA at Schwab, and do backdoor Roth every year there, you'll need to open both a traditional IRA and a Roth IRA, then the backdoor method is just transferring between the two, it should be a straightforward process at any brokerage The traditional ira and roth ira annual contribution limits are exactly the same That doesn't make a lot of sense. Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your job/career and pursuing other activities with your time. g. You have to compare apples to apples. Posted by u/Be_your_best_today - 1 vote and 1 comment Best method is to complete an ACH transfer to an Ally non-IRA checking or savings account, then submit an IRA Contribution form to complete IRA funding. , Vanguard), but can I then merge vanguard into ally on the other side of the conversion? This is a place for people who are or want to become Financially Independent (FI), which means not having to work for money. After talking on the phone with Ally, they said I can open an Ally Invest Roth IRA and transfer the funds I have in my Ally Bank Roth IRA to that new account. Prepare for what's ahead with a tax-advantaged IRA. My IRA is at Fidelity so it felt right to keep everything in one place. So that's why I'm here. I wanted to know how easy it is to transfer cash back and forth between my Schwab IRA account and this Ally IRA Savings Account; not wanting to do a rollover of non-cash Oct 10, 2024 · Is Ally Invest a good Roth IRA? Yes, Ally Invest's Roth IRA has no account minimum and accounts holders can invest in free robo-advisor portfolios once their account balance reaches $100. I recently made an Ally high yield savings account and I'm trying to figure out how to put money into it without fees. Honestly I used Ally Invest for a while and found the platform to be absolutely horrible. You should have had these options laid out when you started it. I've had Ally bank accounts and managed my own trading and IRA accounts on Ally invest for a number of years now (started off with Zecco who was acquired by TradeKing who in turn was acquired by Ally). You can open Traditional and/or Roth IRAs with different brokers or even more than one with the same broker if you want, but the annual contribution limit is per person, not per account, so if you already maxed out the Ally IRA for this year you'll have to wait until next year to add more. Any help is appreciated! Thanks. They have commissions on ETFs and Mutual funds, and their list of commission-free ETFs is honestly not very good. Our goal is to help Redditors get answers to questions about Fidelity products and services, money movement, transfers, trading and more. A roth IRA is a vessel, you buy an index fund within the Roth. I bank with Ally but the 401k my work set up is through vanguard so it doesn't matter too much to me where the IRA is unless someone can tell me a reason to choose one over the other. And they have my normal investment account too. I’m a newbie! Is this account okay as a retirement account? Basically I deposit money and it buys stocks and bonds for me? Like a set it and forget it type of deal? I see that sometimes I get dividends (I only have $2000 in it so far) How do you view total contributions in Ally Bank Roth IRA? Advice for internationals on Roth IRA contributions. If you only contribute to a Roth IRA and do nothing else, your money just sits there losing value. Withdrawals of contributions are tax and penalty free. Some other brokers offer more types of IRAs, like SEP and SIMPLE IRAs. But this year, post-marriage, my understanding is that I'll need to do a backdoor Roth IRA if I want to max out my contribution for 2024. I'd seriously consider transferring the Roth IRA to Vanguard or Fidelity or Schwab. I use Fidelity brokerage accounts and Roth IRA's but im curious of how well the robo works Retirement Just wondering if anyone has given robo investor a shot. Obviously Ally has your date of birth so they know you aren't 50. I understand you can set up a roth IRA with whoever you want, but ally has proved itself to be an awesome bank, so I was going to use them. Based off of my research I think a Roth IRA is what I want to do and I was wondering if people preferred Ally or Vanguard. They're not. They have a GREAT, large selection of options to choose from, and of course, a Roth IRA is a Roth IRA, as someone else here mentioned. Traditional is pre-tax dollars so the dollar amount would be higher when comparing the after-tax impact. Vanguard, Fidelity, Schwab wouldn't. Note, if you’re trying to do a 2022 tax year contribution, you have time. I have an old Roth IRA with E*Trade and even that has better commission-free options. automate my investments in VTSAX which is why I was planning on doing the index fund over an ETF They offer managed and self-service investment options. It's the most diversified index fund Ally is a great place for High-yield savings accounts. However, you can also have an IRA (either Traditional or Roth) that is used a savings accounts. Their web based presentation screen for portfolio performance isn't half bad, either. Either postmarked (if mailed) or uploaded to Ally no later than April 18, and you’re good. Hi all, I have a Roth IRA robo account with ally. Just wondering if anyone here has opened and invested with Ally's roth IRA and what your overall thoughts are. If you open the Roth IRA with the bank you only have access to high-yield savings accounts, the money-market account and certificates of deposit. The money market fund will pay a little bit better "interest" on your uninvested cash, but you shouldn't really be keeping uninvested cash in your Roth IRA, so this barely matters anyway. As an official Fidelity customer care channel, our community is the best way to get help on Reddit with your questions about investing with Fidelity – directly from Fidelity Associates.
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