While getting into the online banking world with their Virtual Wallet accounts, PNC Bank is still one of the largest brick-and-mortar banks in the US. On the other hand, Ally Bank is among the best online banks, and both offer a great portfolio of banking services.
In this article, we will compare their savings accounts, checking accounts, CDs, credit cards, and lending products.
Checking Accounts
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Account Types
Bank Account | Monthly Fee | APY On Balance |
|---|---|---|
Ally Spending Account | $0 | 0.25% |
We checked out the Ally checking transactions and the options available within Ally app, here's how it looks like:
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Features
PNC's Virtual Wallet has cool stuff like Zelle for quick money transfers, tools to check your spending, and a way to set savings goals. If you have an account, you can get money back for using certain ATMs and earn higher interest rates.
If you go for PNC's Foundation Checking account, you get handy mobile banking, no overdraft fees, and free cashier checks.
PNC Checking Account | Main Features |
|---|---|
Virtual Wallet Performance Select | No PNC charges for using other banks' ATMs or domestic wires |
Virtual Wallet Performance | Reimbursements for some non-PNC ATM fees, higher relationship interest rates |
Virtual Wallet Standard | Zelle, spending analysis, savings goals |
Foundation Checking
| Mobile banking, no overdraft fee, free cashier checks, debit card |
The Ally Checking Account provides access to 43,000+ fee-free Allpoint ATMs, with up to $10 reimbursement per statement cycle for fees from other ATMs.
It introduces spending buckets for improved expense management and facilitates early direct deposit, making funds available up to 2 days sooner.
The account offers the convenience of remote check deposits through Ally eCheck DepositSM using just a smartphone. Additionally, users can seamlessly send and receive money with Zelle.
Bank Account | Main Features |
|---|---|
Ally Spending Account | Deposit checks remotely, early pay, interest bearing, debit card, overdraft solutions, savings buckets |
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Savings Accounts
When it comes to savings accounts, both banks offer great options and highly competitive rates.
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.
PNC offers a high yield savings account. It offers a good rate online, and you don't need to deposit a specific amount to open it. However, it's available just for certain customers in specific states, so make sure you can join.
PNC also has a Premiere Money Market account, available to everyone. The interest rates are competitive and depend on how much money you have and if you qualify for special rates. You can put in as much money as you want, and they even give you a debit card.
PNC Savings | PNC Money Market | Ally Bank Savings | |
|---|---|---|---|
Savings Rate | 0.01% – 0.03%
The highest rates available with the Virtual Wallet with Performance Select (available only in specific regions & states)
| 0.04% – 0.05% | 3.80% |
Minimum Deposit | $0 | $0 | $0 |
Fees | $0 | $12
Can be waived if you maintain a minimum daily balance of $5,000
| $0 |
Certificate Of Deposits (CDs)
If you need a CD, Ally is a much better option than PNC.
Unlike PNC Bank, which gives high rates only on certain CD terms, Ally offers high rates on almost all terms. Plus, Ally lets you use smart strategies like CD laddering with both short and long-term CDs. They even have a no penalty CD option, making it even more appealing.
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PNC Bank CD Rates
CD Term | APY |
|---|---|
7 Months (Featured) | 1.00% – 3.80% |
12 Months | 0.01% – 0.03% |
13 Months (Featured) | 0.01% – 0.05% |
19 Months (Featured) | 0.01% – 1.25% |
24 Months | 0.01% – 0.03% |
25 Months (Featured) | 0.01% – 1.50% |
24 Months | 0.01% – 0.03% |
37 Months (Featured) | 0.01% – 1.75% |
36 Months | 0.01% – 0.03% |
61 Months (Featured) | 0.01% – 2.00% |
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Ally Bank CD Rates
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.90% | 60 days of interest
|
6 Months | 4.05% | 60 days of interest
|
9 Months | 4.00% | 60 days of interest
|
12 Months | 3.90% | 60 days of interest
|
11 Months – No Penalty | 3.75%
| / |
36 Months | 3.40% | 90 days of interest |
60 Months | 3.40% | 150 days of interest
|
Credit Cards
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 |
Card | Rewards | Bonus | Annual Fee |
| PNC Cash Unlimited Visa Signature Credit Card | 2%
unlimited 2% cash back on every purchase | 0% Intro APR: 12 billing cycles on purchases and balance transfers | $0 |
|---|---|---|---|---|
| PNC Cash Rewards Visa Credit Card | 1% – 4%
4% on Gas station purchases, 3% on Restaurant and 2% on Grocery store (for the first $8,000 in combined purchases in these three categories) and 1% cash back on all other purchases | $250
$250 cash back after you make $1,000 or more in purchases during the first 3 billing cycles following account opening | $0 |
| PNC points Visa Credit Card | 4x – 7x
4 points per $1 on purchases + 25% / 50% /75% bonus on all base points for PNC customers | 100,000 bonus points
Earn 100,000 bonus points after you have made at least $1,000 in purchases during the first 3 months following account opening. | $0 |
| PNC Core Visa Credit Card | N/A | 0% Intro APR: 15 billing cycles on purchases and balance transfers | $0 |
| PNC Secured Visa credit card | N/A | N/A | $0 |
Mortgage And Loans
PNC Bank is our winner for options for borrowers as they have a bunch of different loans you can choose from.
If you're looking to buy a house or want to change up the terms of your current mortgage,both Ally and PNC got you covered. And if you own a home, they can help you use its value to get a loan or line of credit. Both banks also offers personal loans and auto loans
But, only PNC has student loans. If you're dealing with student loans, don't worry—they can step in there as well. They might be able to refinance your student loans, giving you a shot at a lower interest rate or changing up how you pay it all back.
Which Bank Is Our Winner?
There is no clear winner, as each bank excels in different areas. However, PNC is our preferred choice, especially if you need to visit a branch from time to time and you aren't interested in CDs.
PNC Bank provides personal experience and many branches as well as decent checking account options and better credit cards than Ally. On the other hand, Ally is best for those who want online banking with high savings rates on both CDs and savings accounts.
However, it is crucial to assess various factors, primarily focusing on those that are significant for your specific needs. This could include banking services, overdraft assistance, frequent ATM usage, proximity to bank locations, and other elements that vary from person to person.
Compare PNC With Other Banks
Chase has some great features including a massive selection of credit card options. Both banks also offer some great mortgage packages. PNC also has some innovative credit card options, and you can also access personal loans.
Read Full Comparison: Chase vs PNC Bank: Which Bank Account Is Better?
The Wells Fargo service is even more extensive. Checking accounts, various savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management solutions are all available.
PNC offers checking and savings accounts, home loans, mortgages, investments, student loan refinancing, and a variety of credit cards.
Read full comparison: Wells Fargo vs PNC: Which Bank Account Wins?
Bank of America and PNC Bank offer various banking products, but which is a better fit for you? Let's compare and see our winner: PNC Bank vs. Bank Of America
PNC Bank and Citibank are two big players in brick-and-mortar banking. Let's compare them side by side and see which is our winner: PNC Bank vs. Citibank
PNC is our winner in this competition with a better banking package than Huntington Bank. But there are more things to consider: PNC Bank vs. Huntington Bank
While PNC offers better savings rates than U.S. Bank, the latter has better credit cards. Which is best for bank account? Here's our verdict: U.S. Bank vs. PNC Bank
PNC Bank and Fifth Third Bank are two big players when it comes to brick-and-mortar banking. Let's compare them and see which is our winner: PNC Bank vs. Fifth Third Bank
We prefer PNC Bank over M&T, mainly due to higher savings and money market account rates and better credit cards. Here's our comparison: PNC Bank vs. M&T Bank
Our winner is PNC Bank as it offers more options for checking and higher savings rates than Truist bank. Here's our comparison: Truist Bank vs. PNC Bank
Both KeyBank and PNC Bank are active in various states, such as Pennsylvania, Indiana, Ohio, and more. Let's compare their banking products.
While the differences are insignificant, our winner is PNC Bank, which has better options than BMO Bank. Here's our complete comparison: PNC Bank vs. BMO Bank
PNC and Regions Bank operate in several states, including Florida, Georgia, Kentucky, and South Carolina. Let's compare them side by side: Regions Bank vs. PNC Bank
While PNC Bank is a brick-and-mortar bank, Capital One's presence is mainly online. Let's compare them and see which is our winner: Capital One vs. PNC Bank
While PNC Bank is a brick-and-mortar bank, American Express Bank's is an online bank. Let's compare their banking products side by side: American Express Bank vs. PNC Bank
PNC Bank is our winner with a complete package of banking services. SoFi is best for savings rates, online experience, and lending options.
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.
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.
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
Ally Bank is one of the top online banks, while HSBC Bank focuses on serving wealthier customers. Let's compare them side by side: Ally Bank vs. HSBC 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.
Our Methodology: Breaking Down Bank Comparisons
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as 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 analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation 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, providing a holistic view of customer experience and reputation.
