Table Of Content
Ally Bank offers a diverse range of financial products, including credit cards, home loans, investment options, savings accounts, certificates of deposit (CDs), and checking accounts.
Known for competitive interest rates and low fees, Ally is ideal for individuals seeking easy-to-manage, self-directed banking solutions with modern conveniences.
Axos Bank is another established online-only bank, operating since 2000. Headquartered in San Diego, California, and a subsidiary of Axos Financial, it provides a wide array of banking services to individuals and businesses.
Axos delivers full-service banking tailored to the needs of private customers and small businesses, combining flexibility and reliability.
Banking Options
Axos Bank | Ally Bank | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
Ally offers an impressive 3.60% rate for its savings account, while with Axos and you can earn Up to 0.61% APY . However, this rate does only apply to balances up to $24,999, after this point the rate drops down.
Just bear in mind that there is a minimum $250 deposit required to open up an Axos savings account. Once your account is opened, there are no minimum monthly balance requirements.
Axos Bank | Ally Bank | |
|---|---|---|
APY | Up to 0.61% | 3.60% |
Fees | $0 | $0 |
Minimum Deposit | $250 | $0 |
Checking Needed? | No | No |
Main Benefits |
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Checking Account
Ally is unusual in that it has an interest-paying checking account. You can earn 0.25% on your account balance while enjoying no maintenance fees.
The Axos checking account is also fee-free. While the Essential checking does not pay interest, you can upgrade to the Axos Rewards checking, which pays 1% interest. You simply need a $50 minimum deposit to open the account.
You can also upgrade to Cash Back checking, which pays up to 1% cash back on your purchases, again with a $50+ minimum deposit.
Axos Bank | Ally Bank | |
|---|---|---|
APY | 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).
| 0.25% |
Fees | $0 | $0 |
Minimum Deposit | $50 | $0 |
Main Benefits |
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Both checking accounts have some nice features.
For example, Axos has Direct Deposit Express, which allows you to access your paycheck funds up to two days early, while Ally has Round-Up, which rounds up your purchases to top up your savings.
CDs
This is one area where there is no real comparison. While Axos has a $1,000 minimum deposit requirement, there is no such requirement with Ally.
Additionally, Axos offers a flat 0.20% rate, while Ally offers better range of 2.90% – 4.00% APY on its certificate of deposit products.
Axos Bank | Ally Bank | |
|---|---|---|
Minimum Deposit | $1,000 | $0 |
APY Range | 0.20% | 2.90% – 4.00% |
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Personal Loans
Axos Bank offers personal loans directly via their website. Axos Bank unsecured personal loans can be used for consolidating credit card debt, making home improvements without tapping into a home equity loan, or covering large expenses such as medical bills, weddings or vacations. Borrowers are required to pay a monthly fee.
It may be difficult to qualify with Axos Bank if you have a low credit score, a high debt-to-income ratio, and no income or credit history. Your credit should not be affected during the pre-qualifying process, regardless of how you apply. Axos personal loans do not have an early payoff fee, so you can pay off your loan early and save a lot of money in interest.
Once your loan has been approved and you have agreed to the terms, you should receive funds within two days.
Axos Bank | |
|---|---|
APR | 11.79% – 20.84% |
Loan Amount | $5,000 – $50,000 |
Terms | 36-72 months |
Customer Service
Axos has a 24/7 helpline, but you can also chat with the Evo virtual assistant or browse the extensive support page on the website. Ally also has 24/7 support, claiming a typical wait time of just one minute for customer calls.
Online/Digital Experience
Both Axos and Ally have easy to use websites to explore products and access support and help with various finance topics. This ensures a great user experience, particularly if you’re not sure exactly what banking services and products are the best option for you.
Both the banks also have highly rated apps. The Axos app is rated 4.7/5 and 4.5/5 for Apple and Google respectively, while Ally’s app is rated 4.7/5 on Apple and and 4.2 out of 5 on Google.
These apps allow you to not only transfer funds and manage your transactions, but you can access support and manage your card. You can even locate the nearest fee free ATM through the app, making it highly convenient if you’re in an unfamiliar neighborhood.
Which Bank is The Winner?
Obviously, Ally is a bigger brand compared to Axos, but does this mean it is a better bank? We’ll need to look a little closer to make that determination.
Both Axos and Ally offer fee free accounts to make managing your money easy. However, Axos offers a far better savings rate and you can upgrade your checking account to enjoy up to 1% on your balance or 1% cash back on your debit card purchases, a feature that more than compensates for the 0.25% offered by Ally.
In terms of CDs, Ally certainly has the edge, as you don’t need a minimum deposit and can get far better rates even with just a one year CD. However, the five year CD offers a rate that is four times more than Axos.
FAQs
Does Axos offer a bonus for new accounts?
$500 as of April 2025. Also, you can always compare the best banking promotions and how Axos promotions are compared to other banking promotions.
Is Axos Bank legitimate and secure?
Yes, Axos Bank is a legitimate financial institution with FDIC insurance. It is a wholly owned subsidiary of Axos Financial and has been in operation since 2000.
You can enjoy full-service banking while also having the security of a secure online platform where you can manage all aspects of your accounts. You can also use the Axos app, which is available for both Android and iOS.
What is the biggest drawback of Axos Bank?
Besides being online only bank, the minimum deposit may be a challenge for some people. Also, its CD rates are lower than most of the banks around.
Is Ally Bank a good bank all around?
Ally Bank is a market leader in online banking. This bank provides a wide range of accounts at competitive rates, making it one of the best options for most customers. You can use full-service online banking, but you should be aware that you will not be able to use in-person banking services at a local branch. While the checking accounts don't have the best rates, Ally Bank as a whole provides an excellent financial package.
Which is preferable: Capital One 360 or an Ally checking account?
Both Capital One 360 and Ally Bank are primarily providers of online banking services. They both offer higher rates than many traditional banks, as well as a variety of accounts. However, there are some distinctions that will influence which option is best for you.
Ally is a good choice if you want access to live support 24 hours a day, seven days a week, and fee reimbursement for any out-of-network machine usage. Capital One, on the other hand, has a massive ATM network and highly competitive products.
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?
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
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Ally Bank vs. Bank of America: Which Bank Account Is Better?
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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
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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.
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Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 3.85% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
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- Up to 4.10% APY on savings
- No monthly service fees.
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How We Compared Axos Bank and Ally Bank: Methodology
In our comprehensive banking comparison, The Smart Investor team thoroughly assessed Axos and Ally Bank across five main categories:
- Checking Accounts (30%): We scrutinized essential features like direct deposit, debit card availability, monthly maintenance fees, ATM and branch access, check deposit, bill pay options, and account alerts. Additionally, we considered any special checking account options and promotions offered to customers.
- Savings Accounts including CDs (20%): Our evaluation focused on critical factors such as APY (Annual Percentage Yield), minimum deposit requirements, Terms and Flexibility of accounts, and the assurance of FDIC insurance. We also examined special savings options, variety of CDs, automatic renewal options, and early withdrawal penalties.
- Credit Cards (15%): We analyzed the rewards program, annual fees, intro bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards, ensuring a comprehensive comparison of available features.
- Lending Options (15%): We assessed the variety of lending options available, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, providing consumers with insights into the bank's lending capabilities.
- Customer Experience And Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, customer support accessibility, online reviews, JD Power research, Trustpilot ratings, and the overall Financial Stability of each bank, ensuring a holistic view of customer experience and reputation.
