Banking » Compare Banks » Axos Vs Ally Bank Comparison – Which Is Better in 2024?
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Axos Vs Ally Bank Comparison – Which Is Better in 2024?

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.
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: June 3, 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: June 3, 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.

Table Of Content

Ally Bank is an online bank that grew out of General Motors Acceptance Corporation's banking division. GMAC used to be an auto financing company, but it was acquired by Ally Bank. This bank now provides a diverse range of products. 

Credit cards, home loans, investing products, savings accounts including certificates of deposit and checking accounts options.  are among the products available. Ally Bank serves millions of customers and offers excellent banking services.

Ally Bank is a good choice for people looking for simple accounts that they can manage entirely on their own, with a small but competitive set of deposit accounts. Ally, like many online-only banks, offers higher interest rates and charges fewer and lower account fees than many traditional banks.

 This is a high-quality banking service that provides dependable service and modern banking needs that are flexible and adaptable to your needs.

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

Axos is one of the most established online-only banking services. It has been in operation since 2000 and continues to expand its services for both individuals and businesses. The bank is headquartered in San Diego, California, and is a subsidiary of Axos Financial. While the bank has three locations, the majority of its customers are served online.

In 2018, the bank acquired Nationwide Bank, which increased Axos Bank's deposits by $3 billion and added 40,000 customers. WiseBanyan, a no-fee robo advisor, was also acquired by the bank, which will benefit Axos bank customers.

While Axos Bank is an online bank, it also provides full-service banking and a variety of accounts to suit the needs of most private customers and small businesses.

Savings Account

Ally offers an impressive 4.2% 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%
4.2%
Fees
$0
$0
Minimum Deposit
$250
$0
Checking Needed?
No
No
Main Benefits
  • Tiered interest, with the 0.61% rate available up to $24,999
  • Free ATM card available on request.
  • Biometric security authentication
  • Buckets to organize your savings, so you can allocate funds and work towards your savings goals
  • 24/7 support via chat, email or phone

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 and while the Essential checking does not pay interest, you can upgrade to the Axos Rewards checking that pays 1% interest, you simply need a $50 minimum deposit to open the account. There is also the option to upgrade to Cash Back checking that pays up to 1% cash back on your purchases, again with a $50+ minimum deposit.

Both checking accounts have some nice features. For example, Axos has Direct Deposit Express that allows you to get your hands on your paycheck funds up to two days early, while Ally has round up. This feature rounds up your purchases to top up your savings.

So, if you swipe your card for $5,65, your account will be debited $6 and the remaining $0.35 will go into your savings account. These amounts are so small, you are unlikely to notice them as you’re spending, but over the course of a month or two, you can give your savings a little boost.

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
  • Get paid up to 2 days early with Direct Deposit Express.
  • No overdraft or non-sufficient funds fees.
  • Make Peer to Peer payments directly from your account.
  • Account alerts via text, email or push notifications..
  • Remote check deposit using your smartphone
  • Rounds up your checking account purchases into your linked savings account
  • Easy transfers with Zelle and Ally Skill, an Amazon Alexa compatible voice transfer system.
  • ATM network of over 43,000 fee free machines

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% – 4.50% APY on its certificate of deposit products.

Axos Bank
Ally Bank
Minimum Deposit
$1,000
$0
APY Range
0.20%
3.00% – 4.50%
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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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Fees:
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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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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.

ally bank
The Smart Investor Logo
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.
4.2%
Up to 0.61%
Up to 5.02%
Checking Fee The monthly fee on checking account
$0
$0
Compare Banking
Mobile App Rating
4.7/5 on iOS
4.1/5 on Android
4.7/5 on iOS
4.4/5 on Android
Various Banks
Open Account
on Ally's website
Open Account
on Axos website
Compare
on our website

FAQs

$500 as of July 2024. Also, you can always compare the best banking promotions and how Axos promotions are compared to other banking promotions.

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.

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.

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.

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.

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?

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

Ally Bank is our winner with a complete banking package, including a checking account ( not available with Synchrony) and high savings rates.

Ally Bank vs. Synchrony Bank: Compare Banking Options

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

Banking Reviews

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Savings Rate: 5.21% APY
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Savings Rate: 4.50% APY

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Savings Rate: 4.75% APY

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CD Rate: 5.00% – 5.20% APY
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Savings Rate: 5.21% APY
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Savings Rate: Up to 5.00% APY

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Savings Rate: 4.40% APY
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Savings Rate: 4.50% APY

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Savings Rate: 4.75% APY APY

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CD Rate: 5.00% – 5.20% APY
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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.
Picture of 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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Savings Rate: 5.21% APY
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Savings Rate: Up to 5.00% APY
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Savings Rate: 4.50% APY

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CD Rate: 5.00% – 5.20% APY
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Promotion:
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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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Promotion:
$250 $250 cash bonus if you make direct deposits totaling $2,000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck

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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:
$500 Use Promo Code “RC500” for a $500 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).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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