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Written by Taylor Danielle on October 13, 2023
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How To Transfer From Ally Invest To Robinhood 2023

In the world of investing, staying ahead of the curve is essential, and Robinhood has emerged as a trailblazing platform for traders and investors alike.

With its user-friendly interface, commission-free trades, and a wide range of investment options, Robinhood has garnered a loyal following.

If you're considering making the switch from Ally Invest to Robinhood, this article will guide you through the process.

Limited Time: Robinhood 1% Transfer Bonus

If you transfer an existing brokerage account to Robinhood through January 31st 2024, you can get an Unlimited 1% Transfer Bonus.

Robinhood Transfer Bonus

For example, if you transferred a brokerage account worth $50,000 - that would be a bonus of $500.

In addition, Robinhood offers a free stock for new users as well as a 1% IRA match for retirement accounts.

Best Free Stock Promotions

Robinhood Logo1 Free Fractional Share Worth $5 To $200Claim Bonus
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Robinhood Free Stock

Robinhood offers new users a completely free fractional share worth between $5 and $200.

Sign up with the above button to get your free fractional share today!

Step 1: Sign up for Robinhood

If you're not already a Robinhood user, the first step is to sign up for an account.

Robinhood prides itself on its user-friendly interface, making the signup process a breeze.

Step 2: Access Your Profile

Once you've signed up and logged in, open the Robinhood app and click on the Profile Icon.

This will take you to your account settings.

Step 3: Navigate to Transfers

In the Profile section, you'll find a Menu Bar. Click on it to reveal various options, and one of them will be "Transfers."

Click on this option to initiate the transfer process.

Step 4: Select Transfers Account into Robinhood

Within the Transfers section, you will see the option to "Transfers Account Into Robinhood."

Transfer Accounts into Robinhood

Click on this to start the process of moving your assets from Ally Invest to Robinhood.

Step 5: Locate Your Brokerage Account

Select your current brokerage account from the list provided or use the search function to find it.

Transfer brokerage to Robinhood

This step ensures that the right account is being transferred.

Step 6: Enter Account Details

Enter your current brokerage account number, which you can find on your statement from Ally Invest.

It's crucial to input this information accurately.

Step 7: Confirm Account Name

Robinhood will prompt you to confirm the name on your Ally Invest account.

Ensure that it matches precisely with the information on your Ally Invest account.

Step 8: Answer the Questionnaire

Complete any additional questionnaire or information requested by Robinhood to verify the transfer.

Step 9: Choose Transfer Type

At this point, you'll be given the option to continue with either a Full or Partial Transfer.

Full or Partial Transfer

Select the one that suits your needs best.

Step 10: Review and Confirm

Before finalizing the transfer, review all the information you've entered.

Once you're satisfied that everything is correct, confirm the transfer.

Important Considerations

  • Transfer Fees: Ally Invest charges a $50 transfer fee for each partial or full Automated Customer Account Transfer Service (ACATS) transfer of securities or cash to another firm. The good news is that Robinhood will reimburse this fee, up to $75, for transfers of $7,500 or more.
  • Transfer Time: Transfers usually take 5 to 7 business days. During this time, you won't be able to trade the assets being transferred. Ensure you plan accordingly.
  • Account Types: Robinhood currently accepts assets from individual cash, margin brokerage accounts, or traditional or Roth IRAs.
Article written by Taylor Danielle

Read more

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Get 1 Free Stock Worth Up To $200 From Robinhood!

Don't Miss This Opportunity!

Investing Simple readers can claim a free stock from Robinhood worth up to $200 when they open a brokerage account and deposit any amount.

For US Residents only. Investing Simple is affiliated with Robinhood, and we may earn a commission when you sign up for Robinhood.

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