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 4.00% 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% | 4.00% |
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 3.00% – 4.30% APY on its certificate of deposit products.
Axos Bank | Ally Bank | |
|---|---|---|
Minimum Deposit | $1,000 | $0 |
APY Range | 0.20% | 3.00% – 4.30% |
