Table Of Content
When Ally Bank Wins?
Both Ally and Wells Fargo have a fairly impressive banking product line that would make it simple to switch from a conventional high street bank.
In addition to checking and savings, Ally offers CDs, auto loans, mortgages, investments, and retirement products. The only glaring gap in the line up is a lack of a credit card.
Ally Bank can be a better choice than Wells Fargo if:
You want better CD rates
You want the best savings rates
You don’t need a credit card
When Wells Fargo Bank Wins?
Wells Fargo has an even more impressive product line. You can access a choice of checking and saving accounts, mortgages, loans, and a variety of investment options including IRAs, 401ks, and wealth management services.
Wells Fargo can be a better choice than Ally if:
You’re interested in low deposit mortgages
You want access to multiple loan options
You need a credit card
Ally Bank | Wells Fargo | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
Ally is the clear winner in the savings account comparisons. The Ally savings account offers a much better rate than Wells Fargo. Additionally, while Ally’s account is fee free, the Wells Fargo account has a $5 service fee. This can be waived simply by maintaining an account balance of at least $300 or meeting the other qualification requirements, but this is something you don’t need to worry about with Ally.
However, Wells Fargo does add some interesting features to its savings account. While Ally has buckets to organize your savings account, Wells Fargo has an auto save feature and there are account upgrades, which offer additional benefits including a slightly higher rate, but still low compared to national average.
Ally | Wells Fargo | |
|---|---|---|
APY | 4.20% | 0.26% – 2.51% |
Fees | $0 | $5
can be waived by maintaining a $300 minimum daily balance, one qualified automatic transfer, one or more Save as You Go transfers from your Wells Fargo checking account. Primary account owners age 24 or younger are exempt from the fees
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Minimum Deposit | $0 | $25 |
Checking Needed? | No | No |
Main Benefits |
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Checking Account
This is another area where Ally has the edge. The Ally checking account has no minimum deposit and is interest bearing. There are also some nice account features including round ups and remote check deposits.
Wells Fargo has a number of checking account options, but there are maintenance fees to consider. However, there are several ways to have the maintenance fee waived. For example, if you maintain a balance of $500 or more or receive qualifying direct deposits of $500 or more, the fee will be waived. Wells Fargo also has an overdraft service across most of its checking accounts.
Ally | Wells Fargo | |
|---|---|---|
APY | 0.25% | 0.05% – 0.10% |
Fees | $0 | $10
Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account
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Minimum Deposit | $0 | $25 |
Main Benefits |
|
|
Top Offers From Our Partners
CDs
While Wells Fargo has a minimum deposit requirement of $2,500, you can only obtain rates of 4.25%- 4.50%.
However, Ally has no minimum deposit and you can earn 3.75% – 4.90% APY. The Ally rates are structured to encourage signing up for a longer term CD.
Ally | Wells Fargo | |
|---|---|---|
Minimum Deposit | $0 | $2,500 |
APY Range | 3.75% – 4.90% | 4.25%- 4.50% |
Top Offers From Our Partners
Credit Cards
This is another area where Wells Fargo has an edge. While Ally previously had a credit card, T.D Bank, the card issuer transferred accounts over to a T.D Cash credit card. So, currently Ally no longer offers a credit card.
Wells Fargo credit cards selection is generally low. There are three main options. Active Cash has 0% APR for 15 months, but you’ll also get 2% cash back with no limits. You can also get a $200 welcome bonus if you spend $1,000 in the first 90 days.
Wells Fargo Hotels.com card pays stamps for eligible stays and purchases. 10 stamps can be redeemed for one reward night. There is also an introductory bonus of two free reward nights if you spend $1,000 in the first 90 days.
Finally, Wells Fargo Reflect has the bank’s lowest and longest intro APR promotion. You can enjoy 0% for the first 18 months on purchases and balance transfers. Additionally, if you make your minimum payments on time, Wells Fargo may also give you an additional three months.
Mortgage
Ally offers mortgage products for both purchasing a home or refinancing. You can access adjustable rate or fixed rate deals, but Ally also offers jumbo loans. The bank claims customers can obtain pre approval in a matter of minutes. Additionally, the website has lots of tools and resources including guides and calculators to help you to discover the right product for your needs and circumstances.
Wells Fargo has an even more impressive selection of mortgage products. In addition to fixed rate loans, there are FHA loans and VA loans. Wells Fargo also has the potential for deals with a low down payment. Its fixed rate loans require a down payment from 3%, while its FHA loans need 3.5%+.
Wells Fargo also has home equity finance deals that allow you to borrow as much as 80% of your home’s value less any mortgages, secured loans, or liens. This financing is available for $25,000 to $500,000.
Loans
The Ally Lending division of Ally bank offers lending solutions for home renovations or medical bills. There are no down payments or application fees.
This is an area of comparison where Wells Fargo has the edge. This bank has a fantastic choice of loan products including student loans, personal loans, and auto loans. Wells Fargo’s personal loans are available for up to $100k and up to 84 months. There are also no closing fees, origination fees or prepayment penalties, and relationship discounts for qualified customers.
Customer Service
Ally offers 24/7 customer service and advertises a typical wait time for its customers of less than one minute.
Wells Fargo also has a detailed support page on its website, but there is also a 24/7 general helpline to speak to an agent.
Unfortunately, this level of service is not confirmed by consumer ratings. Ally has a low 2/5 score on Trustpilot, while Wells Fargo is only a little better with 2.3 out of 5.
Top Offers From Our Partners
Top Offers From Our Partners
Online/Digital Experience
Both Ally and Wells Fargo have an app for iOS and Android devices. Ally’s app is rated 4.7/5 for Apple and 4.2 out of 5 for Google, while Wells Fargo’s app is rated 4.8/5 on both platforms.
Both sites have a clean design and are easy to use that offers a great user experience. You can fully explore and compare the products and access support materials.
Which Bank is The Winner?
Both Ally and Wells Fargo are reputable financial institutions, so to summarize which bank is better, we’ll need to recap both the positives and potential negatives
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.
| |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 4.20% | 0.26% – 2.51%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $0 | $10
Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account
| Compare Banking |
Mobile App Rating | 4.7/5 on iOS 4.1/5 on Android | 4.8/5 on iOS 4.6/5 on Android | Various Banks
|
on Ally website |
on Wells Fargo website |
on our website |
FAQs
Does Wells Fargo offers a promotion or bonus for new customers?
Yes, you can find promotions on Wells Fargo checking account as well as credit cards.
Does Ally Bank offers a promotion or bonus for new customers?
Currently, Ally doesn't offer a checking or savings account bonus for new customers. If you're looking for a promotion, here you can find the best banking promotion available.
Is Ally worth it if my credit is bad?
While Ally does not have specific products for people with bad credit, the bank's requirements are quite flexible. In fact, the bank has stated that if you have a score of 640 or higher, which is a below-average score, you are more likely to be approved for a car loan.
So, even if your credit is less than stellar, it is worthwhile to give Ally a shot.
Is there a free checking account available from Ally?
Ally offers only one checking account option, but it is fee-free. There are no monthly fees, account maintenance fees, or minimum deposits to worry about. You'll even get 0.10 percent interest on your checking account balance.
What Wells Fargo products are inflation proof?
Wells Fargo offers fixed rates on loans and mortgages, which will allow you to lock in your rate. This means that even if the rate of inflation increases in the near future, you don’t need to worry about the loan cost increasing.
For the duration of your loan or mortgage, your monthly repayments can be fixed at the same amount. This can be a massive reassurance when inflation is making the rest of your household expenses increase.
How's Wells Fargo physical coverage?
As one of the “Big Four” U.S banks, Wells Fargo has massive coverage. This bank has over 8,000 branches across the United States. It also has an ATM network with more than 13,000 machines.
This means that whatever state you’re in, you’re sure to find a local branch nearby.
The Smart Investor Banking Comparison Methodology
In our detailed comparison, The Smart Investor team thoroughly looked in five main areas:
Checking Accounts (30%): We checked things 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 for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
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?
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.
Compare Wells Fargo With Other Banks
Capital One began as a credit card company, but has expanded its line of banking products to rival a traditional bank. Aside from checking and savings accounts, you can also get loan refinancing, auto finance, and children's accounts.
Wells Fargo offers an even broader range of products. There are several checking accounts available, as well as two savings accounts and investment options such as IRAs and 401ks. You can also get loans and mortgages, as well as wealth management services. Wells Fargo is thus a highly comparable alternative to the traditional high street bank.
Read Full Comparison: Capital One vs Wells Fargo: Which Bank Wins?
Wells Fargo offers a diverse range of products, including checking accounts, savings accounts, loans, mortgages, and investments such as 401ks, IRAs, and wealth management options.
US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.
Read Full Comparison: Wells Fargo vs US Bank: Which Bank Account Is Better?
Both banks offer a good selection of banking products, making it easier to switch from your current bank.
Citi offers CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and a variety of credit card options in addition to checking and savings accounts.
Wells Fargo provides savings and checking accounts, but it also provides mortgages, loans, and investment options such as IRAs, 401ks, and wealth management products.
Read Full Comparison: Citi vs Wells Fargo: 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?
Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.
While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.
Read Full Comparison: Chase vs Wells Fargo: Where to Save Your Money?
Wells Fargo offers a diverse range of banking services. Checking accounts, savings accounts, loans, mortgages, wealth management solutions, and investment options such as 401ks and IRAs are all available. Flagstar also offers a diverse product portfolio that includes a variety of checking and savings accounts, investments, home loans, and loans and investments.
It is important to note, however, that Flagstar does not operate in all states. This bank only operates in Michigan, California, Ohio, Indiana, and Wisconsin, where it has 150 branches. As a result, if you live outside of these areas, you may be unable to use Flagstar's banking services.
Read Full Comparison: Wells Fargo vs Flagstar: Which Bank Is Better For You?
Wells Fargo's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.
Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.
Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?
There is no clear winner when comparing Wells Fargo and TD bank, but if we have to pick, TD comes out ahead. Here's why.
Wells Fargo offers better savings rates than Truist Bank, more selection for checking accounts and better credit cards. Here's our comparison: Truist Bank vs. Wells Fargo Bank
While Wells Fargo Bank and Citizens Bank offer a range of banking services, Wells Fargo is our winner in this competition. Here's why.
Wells Fargo Bank vs. Citizens Bank : Which Bank Account Is Better?
Fifth Bank may be better than Wells Fargo when it comes to checking accounts, but is it enough? See our complete comparison, and our winner: Wells Fargo Bank vs. Fifth Third Bank
Let's compare savings accounts, checking accounts, CDs, credit cards, and lending products offered by Wells Fargo and M&T Bank.
Wells Fargo Bank vs. M&T Bank: Which Bank Account Is Better?
BMO has great options for checking accounts, and outshines Wells Fargo with higher savings rates. But is it our winner? See our comparison: Wells Fargo vs. BMO Bank
We'll explore Wells Fargo and Regions Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner: Wells Fargo vs. Regions Bank
There is no clear winner between SoFi and Wells Fargo as each bank excels in different areas – but Wells Fargo is our winner. Here's why.
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