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
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Account Types
Bank Account | Monthly Fee | APY On Balance |
|---|---|---|
Ally Spending Account | $0 | 0.25% |
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Features
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 |
Savings Accounts
Synchrony Bank is our winner as it offers slightly higher savings rates than Ally.
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 | 3.80% | 4.10% | 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.
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Ally Bank vs. Synchrony CD Rates
CD Term | Synchrony | Ally Bank |
|---|---|---|
3 Months | 0.25% | 2.90% |
6 Months | 3.70% | 4.05% |
9 Months | 4.00% | 4.00% |
12 Months | 4.00% | 3.90% |
18 Months | 3.80% | 3.80% |
24 Months | 3.50% | N/A |
36 Months | 4.00% | 3.40% |
48 Months | 3.50% | N/A |
60 Months | 4.15% | 3.40% |
No Penalty CD – 11 Months | N/A | 3.75% |
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 3.85% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.35% 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
Card | Rewards | Credit Requirementss | Annual Fee | |
|---|---|---|---|---|
| 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 | 2%
2% cash back on all purchases | Good – Excellent | $0 |
| 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 | 30X – 40X
15 points Instant for cardmembers. 30 points per dollar spent at American Eagle, 20 points if you spend more than $350 annually | Fair – Good | $0 |
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
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.
Top Offers From Our Partners
Top Offers From Our Partners
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:
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.
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?
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.
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.
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