Ally Bank is one of the top online banks, while HSBC Bank focuses on serving wealthier customers.
Let's compare them side by side: checking account options, savings accounts, CDs, and loan options.
Checking Accounts
-
Account Types
Bank Account | Monthly Fee | APY On Balance |
|---|---|---|
Ally Spending Account | $0 | 0.25% |
HSBC Premier Checking Account | $50
Can be waived if you maintain $75,000 in qualifying balances OR having monthly recurring direct deposits
totaling at least $5,000 from a third party OR having a HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
| 0.01% |
-
Features
Bank Account | Main Features |
|---|---|
Ally Spending Account | Deposit checks remotely, early pay, interest bearing, debit card, overdraft solutions, savings buckets |
For example, Ally provides APY on balance and customers can check their account APY on Ally's app, which shows you how your money grows. Ally makes it easy by breaking down interest rates in a simple and clear way:
Bank Account | Main Features |
|---|---|
HSBC Premier Checking Account | Access to wealth products, priority services, global support, transfer funds, no HSBC fees on everyday transactions, Debit World Mastercard
|
Savings Accounts
With Ally Savings, users can utilize savings buckets to organize and visualize their financial goals effectively. It also offers recurring transfers, which provide a “set it and forget it” option, enabling scheduled transfers into the savings account.
With the HSBC Premier Relationship Savings account, you can get a higher rate when linked to an eligible Premier checking account, meeting extra criteria.
Both banks don't have money market accounts for regular people.
Ally Bank Savings Account | HSBC Premier Relationship Savings | |
|---|---|---|
Savings Rate | 4.20% | 0.05% – 4.30% |
Minimum Deposit | $0 | $0 |
Fees | $0 | $0
Customers must maintain $75,000 in qualifying balances OR having monthly recurring direct deposits
totaling at least $5,000 from a third party OR having a HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
|
Certificate Of Deposits (CDs)
If you need a CD, Ally is a much better option than HSBC.
Unlike HSBC, Ally provides high interest rates across nearly all CD terms. Additionally, Ally allows you to employ smart strategies like CD laddering, applicable to both short and long-term CDs. They even offer a no-penalty CD option, making it more attractive for those seeking flexibility.
-
HSBC Bank CD Rates
CD Term | APY |
|---|---|
6 Months | 4.15% |
12 Months | 4.30% |
24 Months | 3.50% |
-
Ally Bank CD Rates
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 3.00% | 60 days of interest
|
6 Months | 4.90% | 60 days of interest
|
9 Months | 4.80% | 60 days of interest
|
12 Months | 4.50% | 60 days of interest
|
11 Months – No Penalty | 4.50%
| / |
36 Months | 3.75% | 90 days of interest |
60 Months | 3.75% | 150 days of interest
|
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.85% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
Credit Cards
There is no clear winner when it comes to credit cards, as both HSBC and Ally offer a limited number of credit cards.
The HSBC Premier Credit Card doesn't have an annual fee or charges for foreign transactions. It also gives cardholders global Wi-Fi access with Boingo, up to $85 TSA Precheck credit, and exclusive Mastercard Travel Rewards. Points earned can be transferred to 11 airlines and two hotels.
The HSBC Elite Credit Card, with a $395 annual fee, offers up to $400 in annual travel credits for bookings through HSBC Travel. Cardholders get unlimited access to over 1,000 airport lounges via LoungeKey, a special Luxury Thank You Gift for hitting spending goals, and no foreign transaction fees.
Card | Rewards | Bonus | Annual Fee |
| HSBC Premier Credit Card | 1x – 2x
2x points on travel (including airline, hotels, and car rental), 1× points on all other purchases
| 35,000 points
35,000 Bonus Points after spending $3,000 in the first 3 months from Account opening | $0 |
|---|---|---|---|---|
| HSBC Elite Credit Card | 1x – 3x
3× points on travel (including airline, hotels, and car rental), 2× on dining, 1× points on all other purchases | $50,000 points
50,000 Bonus Points after spending $4,000 from the first 3 months of Account opening | $395 |
Card | Rewards | Bonus | Annual Fee |
| Ally Unlimited Cash Back | 2%
Unlimited 2% cash back on all purchases
| N/A | $0 |
|---|---|---|---|---|
| Ally Everyday Cash Back | 1% – 3%
3% cash back at gas stations, grocery stores, and drugstores, with 1% cash back on everything else | N/A | $0 – $39 |
| Ally Platinum Credit Card | N/A | N/A | $0 |
Mortgage And Loans
When it comes to borrowing money, Ally is better for borrowers than HSBC.
Both HSBC Bank and Ally Bank provide mortgages for homebuyers, mortgage refinancing, home equity loans, and personal loans. However, Ally also offers auto loans and auto loan refinancing.
Which Bank Is Our Winner?
Ally Bank is our winner as it is a better fit for most consumers with a decent checking option and high savings rates including CDs, while HSBC banking products are best for affluent and high-net-worth individuals.
Top Offers From Our Partners
Top Offers From Our Partners
Compare Ally With Other Banks
Ally has a robust banking product offering that rivals that of a traditional bank. Savings accounts, checking accounts, CDs, investments, retirement products, personal loans, auto loans, and mortgages are all available.
Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.
Read Full Comparison: Ally vs Chime: Which Banking Account Wins?
Since the bank's inception, the SoFi product line has come a long way. You can now get access to investment products, mortgages, and loans, in addition to its hybrid checking and savings account. SoFi even offers insurance. The only thing missing from this bank are CDs and traditional savings accounts.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
Read Full Comparison: SoFi Money vs Ally Bank: Compare Banking Options
Ally has a decent banking product lineup that would make switching from a traditional high street bank relatively simple. Checking, savings, CDs, auto loans, personal loans, mortgages, investments, and retirement products are among the products available. The only obvious omission from the Ally line is the absence of a credit card.
Capital One began as a credit card company, but it has since expanded into a variety of other banking services. You can access auto finance, loan refinancing, and children's accounts in addition to savings and checking accounts.
Read Full Comparison: Ally vs Capital One: Compare Banking Options
Marcus' banking product offering is more specialized. Marcus' product line reflects its investment pedigree as part of the Goldman Sachs Group. CDs, high-yield savings, investment options, and a variety of loans are available.
Ally has a banking product line that competes with traditional, high-street banks. A checking account, savings account, CDs, mortgages, auto loans, personal loans, retirement products, and investments are among the numerous products available.
Read Full Comparison: Ally vs Marcus: Which Online Bank Is Better?
Discover is a completely online bank, so there are no local branches where customers can go for banking services. Customers can get in touch with Discovery via customer service, which is available 24 hours a day, seven days a week. You can log in to your account in a number of ways. All accounts are accessible online.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
Read Full Comparison: Discover vs Ally: Which Bank Wins?
Ally Bank is an online bank that arose from the banking division of General Motors Acceptance Corporation. GMAC used to be an auto financing company before being purchased by Ally Bank. This bank now offers a wide range of products. Among the products available are credit cards, home loans, investing products, savings accounts including certificates of deposit, and checking account options. Ally Bank serves millions of customers and provides high-quality banking services.
Axos is a well-established online-only banking service. It has been in business since 2000 and is constantly expanding its services for both individuals and businesses. The bank is a subsidiary of Axos Financial and is headquartered in San Diego, California. Despite the fact that the bank has three locations, the vast majority of its customers are served online.
Read Full Comparison: Axos Vs Ally Bank Comparison – Which Is Better?
Aspiration has a streamlined banking product line that includes a hybrid account with a $7.99 per month upgrade option and only one credit card option. Aspiration's premise is to help you live a greener life, so the products are heavily weighted in this category. This means that you can earn cash back and other rewards for making environmentally conscious purchases and taking action.
Ally offers a much broader range of banking products. In addition to checking, savings, and CD accounts, you can also get investment and retirement products, mortgages, auto loans, and personal loans. This brings it more in line with a traditional bank, which may make switching from your high street bank easier.
Read Full Comparison: Aspiration vs Ally Bank: Where to Save Your Money?
While Wells Fargo has a far more comprehensive product line, Ally does offer better rates on savings, CDs and even its checking account. The only areas where Wells Fargo has the edge is its credit cards and its impressive selection of mortgage products and loans.
Chase is the largest brick-and-mortar bank, while Ally Bank is among the best online banks. Here's our comparison and our winner: Chase vs. Ally Bank
If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.
Ally Bank vs. Bank of America: Which Bank Account Is Better?
U.S. Bank is one of the largest brick-and-mortar banks, while Ally is among the best online banks. Let's compare them and find our winner: Ally Bank vs. U.S. Bank
Citi is our winner for most consumers, but Ally is also a great option if you are willing to manage your account online. Here's why:
While TD offers a better selection of checking accounts and credit cards, Ally is also a great option for those who want an online-only bank.
While Amex has a decent checking account and better credit card options, Ally's CD and lending options are superior. Here's our comparison: American Express Bank vs. Ally Bank
Barclays provides a comprehensive range of services to US customers, while Ally bank is among the best online banks. How do they compare? Barclays Bank vs. Ally Bank
Ally Bank is our winner with a complete banking package, including a checking account ( not available with Synchrony) and high savings rates.
Both Ally and Upgrade offer a complete banking package, including savings, checking, and credit cards. Here's our side by side comparison.
How We Compared HSBC and Ally Bank: Methodology
In our comprehensive banking comparison, The Smart Investor team meticulously reviewed and compared banks across five vital categories:
Checking Accounts (30%): We thoroughly examined features such as direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. Special offers available to customers were also taken into account.
Savings Accounts and CDs (20%): Our focus centered on critical factors including the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We carefully analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options provided by each bank's credit cards to offer a comprehensive comparison of available features.
Lending Options (15%): We evaluated the variety of loan options offered, encompassing personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, providing valuable insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our assessment included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, delivering a holistic perspective on customer experience and reputation.
