Barclays, a global financial giant, provides a comprehensive range of services to US customers, while Ally bank is among the best online banks.
Let's compare them side by side: checking account options, savings accounts, CDs, and loan 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
Both Barclays and Ally Bank offers competitive rates on their savings account.
Barclays provides seamless online transfers to and from other banks and the convenience of direct deposit. Barclays also provides tools such as the Savings Assistant to aid customers in reaching their savings goals.
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.
The Round Ups feature tracks spending transactions and transfers accumulated amounts, rounding up to the nearest dollar, into the savings account once at least $5 is accrued.
Both banks don't have money market accounts for individuals.
Barclays Online Savings | Ally Bank Savings Account | |
|---|---|---|
Savings Rate | 4.20% | 4.20% |
Minimum Deposit | $0 | $0 |
Fees | $0 | $0 |
Certificate Of Deposits (CDs)
Both Ally Bank and Barclays offer great options when it comes to CDs. Ally is better for short-term CDs, while Barclays has the lead when it comes to long-term CDs.
Moreover, Both banks allow for flexible CD investing strategies, like CD laddering and combining short and long-term CDs. This flexibility gives customers more control over their investments and the ability to tailor their CD approach based on their financial goals.
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Barclays Bank vs Ally Bank CD Rates
CD Term | Ally Bank | Barclays |
|---|---|---|
3 Months | 3.00% | N/A |
6 Months | 4.90% | N/A |
9 Months | 4.80% | N/A |
12 Months | 4.50% | 3.75% |
18 Months | 4.25% | 3.25% |
24 Months | N/A | 3.00% |
No Penalty CD – 11 Months | 4.50% | N/A |
36 Months | 3.75% | 3.00% |
48 Months | N/A | 3.00% |
60 Months | 3.75% | 3.25% |
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.85% 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 | Bonus | Annual Fee |
| AAdvantage Aviator Red World Elite Mastercard | 1X – 2X
2X miles for every one dollar spent on eligible American Airlines purchases and 1X miles on all other purchases | 50,000 miles
50,000 AAdvantage® bonus miles after making your first purchase and paying the $99 annual fee in full, both within the first 90 days
| $99 |
|---|---|---|---|---|
| The JetBlue Card | 1X – 3X
3 points per $1 spent on JetBlue purchases, 2 points per $1 at restaurants and grocery stores and 1 point per $1 on all other purchases
| 10,000 points
10,000 points when you spend $1,000 in the first 90 days after opening your account
| $0 |
| Banana Republic Credit Card | 1X – 5X
5 points for every dollar spent at Banana Republic, Gap, Athleta and Old Navy. 1 point per dollar on all other purchases | 20% off your first order
20% off your first order at Banana Republic
| $0 |
| Wyndham Rewards Earner Card | 1x – 5x
5X points on eligible purchases made at Hotels by Wyndham as well as on qualifying gas purchases. Earn 2X points on eligible dining and grocery store purchases (excluding Target® and Walmart®) and 1X points on all other purchases (excluding Wyndham Vacation Club down payments).
| 30,000 points
30,000 points when you spend $1,000 on your card within 90 days of opening your account
| $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 Barclays.
Ally provides mortgage options, including refinancing, auto loans and personal loans, while Barclays only offers personal loans.
Which Bank Is Our Winner?
Ally is our winner as it is a better fit for most consumers with a complete banking package that includes competitive checking and savings options.
Top Offers From Our Partners
Top Offers From Our Partners
How We Compared Ally Bank and Barclays: 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 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?
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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Compare Barclays Versus Other Banks
Citi offers an excellent range of banking products that cover the majority of your financial needs.
Personal loans, mortgages, credit cards, investment options, IRAs, and wealth management plans are available in addition to savings and checking accounts. Barclays' product line is more streamlined. This bank offers credit cards, savings accounts, credit cards, and personal loans.
The most obvious product gap is the absence of a checking account. As a result, Barclays becomes more of a supplementary bank rather than your primary day-to-day financial institution.
Read Full Comparison: Citi vs Barclays: Which Bank Account Is Better?
Barclays and HSBC are non-US banks that offering various banking services to US customers. Let's compare their banking options side by side: Barclays Bank vs. HSBC Bank
Amex comes out on top with a solid checking option (which Barclays doesn't have), an excellent savings account, and great credit cards.
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Capital One is our winner for most consumers than Barclays bank. But, there are important things to consider when comparing them: Barclays Bank vs. Capital One
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