(Bloomberg) -- Online brokerage Ally Invest is eliminating commissions on U.S.-listed stocks, ETFs and options trades, joining larger rivals in making the move this week.
The firm's per trade price of $4.95 will end on Oct. 9, the company said Friday in a statement. Clients trading options will pay a contract fee of 50 cents.
The move shows the intensifying competition to lure retail investors who gravitate toward the cheapest offerings. Charles Schwab Corp., TD Ameritrade Holding Corp. and E*Trade Financial Corp. each slashed trading fees this week to zero.
Ally Invest is a unit of Ally Financial Inc., an online investment firm with assets of $180.4 billion as of June 30.
To contact the reporter on this story: Alan Mirabella in New York at amirabella@bloomberg.net
To contact the editors responsible for this story: Alan Mirabella at amirabella@bloomberg.net, Vincent Bielski
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