Banking » Compare Banks » Ally Bank vs. Synchrony Bank: Compare Banking Options
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Ally Bank vs. Synchrony Bank: Compare Banking Options

Ally Bank is our winner with a complete banking package, including a checking account ( not available with Synchrony) and high savings rates
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: January 1, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: January 1, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Ally Bank and Synchrony Bank offer great banking products and online experiences for their customers.

Let's compare their checking and savings accounts, CDs, credit cards, and lending options.

Checking Accounts

Ally is our winner as it offers a great online checking account with decent features and even interest on balance. Synchrony, on the other hand, doesn't offer checking rewards for personal customers.

Ally provides a sole checking account known as the Ally Bank spending account, which earns interest on the balance. Ally's checking accounts include complimentary checks and debit cards, and there are no monthly maintenance fees associated with your checking account.

Bank Account
Monthly Fee
APY On Balance
Ally Spending Account
$0
0.25%

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
Ally transfer funds
Transfer funds from Ally app (Screenshot taken by our team from Ally app)

Savings Accounts

Synchrony Bank is our winner as it offers slightly higher savings rates than Ally.

With Synchrony, you can make more money on your savings with a great interest rate. Handling your savings is a breeze with handy features like easy transfers and automatic deposits. The added convenience of accessing funds through an ATM card enhances the overall banking experience.

Synchrony High Yield Savings details
(Screenshot from Synchrony Bank, rates are not updated)

On the other hand, 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.

Synchrony also offers money market accounts, but the rates are lower than those of its savings account.

Ally Bank Savings Account
Synchrony Savings
Synchrony Money Market
Savings Rate
4.35%
4.75%
2.25%
Minimum Deposit
$0
$0
$0
Fees
$0
$0
$0

Certificate Of Deposits (CDs)

There is no clear winner when it comes to CDs, as both Synchrony and Ally Bank offer competitive rates and various terms to choose from.

Both banks let you be flexible with how you invest in CDs. You can use strategies like CD laddering, which involves having CDs with different maturity dates, and combining short and long-term CDs. This flexibility gives you more control over your investments, allowing you to customize your CD approach according to your financial goals.

CD Term
Synchrony
Ally Bank
3 Months
2.25%
3.00%
6 Months
5.25%
5.00%
9 Months
5.30%
5.05%
12 Months
5.30%
5.25%
18 Months
5.25%
5.15%
24 Months
4.40%
N/A
36 Months
4.30%
4.25%
48 Months
4.00%
N/A
60 Months
4.00%
4.10%
No Penalty CD – 11 Months
N/A
4.55%
Ally high yield cd for 12 month
12 month CD rate (Screenshot from Ally Bank, rates are not updated)
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Savings Rate: 5.07% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.05% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
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Credit Cards

When it comes to credit cards, Synchrony is our winner. It offers  more options for credit cards, both general rewards and co-branded cards.

Synchrony Bank has different types of credit cards, including ones partnered with other companies.

One of their cards, called the Synchrony Home card, lets you delay paying interest for six to twelve months on certain purchases. Some places where you can use this card even give you up to 60 months without interest.

Synchrony also has three levels of Mastercard credit cards: Preferred, Plus World, and Premier World. They also partner with popular US brands like JCPenney, American Eagle, Walgreens, and others for co-branded cards.

Card
Rewards
Credit Requirementss
Annual Fee

Synchrony HOME Credit Card

Synchrony Home Credit Card
Promotional Financing six months of promotional financing on purchases of $299-$1,998.99, or 12 months of promotional financing on purchases of $1,999 or more. Some Synchrony partner locations defer interest for up to 60 months.
Excellent
$0

Synchrony Premier World Mastercard

Synchrony Premier World Mastercard
2% 2% cash back on all purchases
Good – Excellent
$0

jcpenney credit card

JCPenney Credit Card
5% 1 point for every dollar at JCPenney, 200 points worth $10 -> $10 per $200 spend on JCPenney = 5% back
Fair – Good
$0

American Eagle Credit Card review

American Eagle Credit Card
30X – 40X 30 points per dollar spent at American Eagle, 40 points if you spend more than $350 annually
Fair – Good
$0

After a long time without a credit card, Ally launched a series of three credit cards. They have one cashback card with flat rate cashback, one card with cashback on specific categories, and a Platinum card for those who want to build their credit.

Card
Rewards
Bonus
Annual Fee

Ally Unlimited Cash Back Mastercard®

Ally Unlimited Cash Back
2% Unlimited 2% cash back on all purchases
N/A
$0

Ally Everyday Cash Back Mastercard

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 Mastercard

Ally Platinum Credit Card
N/A
N/A
$0

Mortgage And Loans

Regarding lending products, Ally is our winner as it offers more options for borrowers than Synchrony.

Ally provides mortgage options, including refinancing, auto loans, and personal loans.

Which Bank Is Our Winner?

Ally Bank is our winner with a full banking package, including a decent checking option that is not available with Synchrony, and high savings rates.

However, it's important to think about different things, especially the ones that matter most to you. This might include looking at banking services, help with overdrafts, how often you use ATMs, how close the bank is to where you live, and other things that are different for each person.

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Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

How We Compared Ally Bank and Synchrony: Methodology

In our comprehensive banking comparison, The Smart Investor team meticulously reviewed and compared banks across five vital categories:

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

Compare Synchrony Bank

Marcus distinguishes itself through its investment options. With a variety of IRA options, you can experiment with different account types and portfolios. Marcus may appeal to you if you want the convenience of having your funds in a high yield savings account or if you are new to investing. 

Synchrony focuses on accounts that help you save money. So there are high yield savings accounts, CDs, and money market accounts. You can also gain access to IRAs. Synchrony does, however, offer a variety of credit cards.

Read Full Comparison:: Marcus vs Synchrony Bank: Where to Save Your Money?

Both Barclays Bank and Synchrony Bank offer great savings products for their customers, but lack a checking account. Which bank is best?

Barclays Bank vs. Synchrony Bank : Which Bank Is Better?

American Express is our winner with a decent checking account, an impressive savings account, and a great selection of credit cards.

Synchrony Bank vs. American Express Bank: Which Bank Account Is Better?

Capital One is our winner with a full banking package, including a decent checking option, high savings rates, and great credit cards.

Synchrony Bank vs. Capital One: Compare Banking 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.

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.

Ally vs Wells Fargo: Which Bank Account Is Better For You?

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:

Citibank vs. Ally Bank: Which Bank Account Is Better?

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.

Ally vs. TD Bank: Which Bank Account Is Better?

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

Both Ally and Upgrade offer a complete banking package, including savings, checking, and credit cards. Here's our side by side comparison.

Upgrade vs. Ally Bank: Compare Banking Options

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

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Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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