Table Of Content
When SoFi Bank Wins?
The SoFi product line has come a long way since this bank first launched. You can now access investment products via SoFi Invest, mortgages, loans along with its hybrid checking & savings account.
SoFi even has insurance products. The only thing this bank is lacking is CDs and conventional savings accounts.
SoFi Money can be a better choice than Ally if:
You are happy with a hybrid savings and checking account
You want a welcome bonus
- You want a cashback credit card
When Ally Bank Wins?
Ally has a far more comprehensive choice of conventional banking products. In addition to the checking account, savings account, and CD options, there are investment and retirement products via Ally Invest, mortgages, auto loans, and personal loans.
This makes it more in line with a conventional bank, which may make it easier to switch from your high street bank.
Ally Bank can be a better choice than SoFi Money if:
You want a separate checking and savings account
You want access to 24/7 customer support
You want CDs or money market accounts options
SoFi Money | Ally Bank | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
SoFi vs. Ally Bank: Savings Account
The SoFi Spend & Save account is a hybrid savings and checking account. While you can earn up to 3.80% on your entire balance, you can create savings vaults.
These allow you to work towards separate savings goals. . You can even specify which vault you want your round up funds to go into.
Ally's savings account is more conventional, which is separate from its checking account and pays 3.80%. Like SoFi, there are no account management fees.
However, instead of Vaults, you can organize your savings into buckets. Essentially, this is the same thing, so you can create different buckets for different savings goals.
SoFi Money | Ally Bank | |
|---|---|---|
APY | up to 3.80% | 3.80% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
Checking Needed? | Yes | No |
Main Benefits |
|
|
SoFi vs. Ally Bank: Checking Account
As we mentioned above, SoFi has a hybrid checking and savings account, but it does have some nice checking account features.
There is a $50 overdraft protection, so you won’t get charged a fee if you accidentally slip into the red. You can also round up your purchases and the difference will go into one of your savings vaults. There is also a $100 welcome bonus for new customers.
Ally's checking account also offers interest on balance and has similar features, including round-ups. You can also set up automatic savings and use your smartphone to remote check deposits.
While both checking accounts offer an interest rate on balance, SoFi may be a better option if you tend to carry a balance.
SoFi Money | Ally Bank | |
|---|---|---|
APY | 0.50% | 0.25% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
Main Benefits |
|
|
Ally vs. SoFi: Compare CDs
There is no comparison here, as SoFi does not currently offer CDs.
So, if you are interested in CD products, Ally is a better option, offering impressive rates compared to many of the bigger banks. Here are Ally CD rates as of March 2025:
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.90% | 60 days of interest
|
6 Months | 4.05% | 60 days of interest
|
9 Months | 4.00% | 60 days of interest
|
12 Months | 3.90% | 60 days of interest
|
11 Months – No Penalty | 3.75%
| / |
36 Months | 3.40% | 90 days of interest |
60 Months | 3.40% | 150 days of interest
|
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Ally vs. SoFi: Mortgage Options
SoFi offers a variety of mortgage and home loan products including cash out refinance, home equity loans, and fixed rate mortgages.
You can get prequalified and select the right term and associated rate for you. SoFi also offers its members a $500 discount on home loans or refinancing fees. SoFi really stands out because you can put down as little as 5%, and you only need a loan to value of 80% or more.
Ally also offers mortgage products for home purchases or refinancing. This includes fixed rates, adjustable rates, and jumbo loans.
The bank offers several home loan tools, including calculators and guides to assist first-time buyers. Ally also advertises that you can get pre-approval in just three minutes.
Loan Options
Ally doesn't have personal loans anymore, while SoFi offers a variety of personal loans, including home improvement loans and credit consolidation loans.
You also don’t need to worry about fees, as there are no origination fees as you would find with many lenders. SoFi also offers some bonus rewards. You can get up to $1,000 in cash and even a $10 bonus just for viewing your rate.
SoFi vs. Ally Bank: Credit Cards
Ally offers various credit cards:
- Ally Platinum Mastercard®
- Ally Everyday Cash Back Mastercard®
- Ally Unlimited Cash Back Mastercard®
SoFi offers just one credit card that is designed to help you to save, invest and pay down your debt.
You can earn 2% cash back unlimited if you redeem it to save, invest or pay down a SoFi loan. If you redeem your cash back for your SoFi credit card statement credit, you’ll get 1%.
Additionally, if you make at least the minimum payment on time for 12 months, SoFi will lower your APR rate by 1%.
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SoFi vs. Ally Bank: Customer Service
SoFi has a variety of customer service lines according to the banking product. While the credit card line is available 24/7, most of the other lines are only available from 5 am to 7pm.
On the other hand, Ally has 24/7 support, claiming a typical wait time of just one minute for customer calls.
However, the standard of service is not particularly reflected in the consumer review ratings. SoFi has an average 3 out of 5 rating on Trustpilot, while Ally has a poor 2 out of 5 rating.
SoFi In the Shoes of a User: Features Visual Guide
We checked out the SoFi App's features to see how they work for regular users. Below are our thoughts and discoveries on each feature.
Depositing checks became a hassle-free experience with the SoFi Deposit Check feature. The app's intuitive camera scanning allowed us to capture and deposit checks remotely, eliminating the need for a trip to the bank.
SoFi's Overdraft Protection feature added an extra layer of security to our checking account. We could set up safeguards to prevent accidental overdrafts, offering peace of mind and avoiding unnecessary fees.
With a few steps, we could move funds effortlessly – whether it was paying bills, splitting expenses, or sending money to friends.
Online/Digital Experience
Both SoFi and Ally have an app to help you to manage your bank accounts and any financial products on the go. The SoFi app is rated 4.4 out of 5 on Google Play and 4.8 out of 5 on the Apple Store, while Ally’s app is rated 4.7/5 and 4.2 out of 5 on Apple and Google respectively.
Both banks also have an easy to use website that allows you to explore the product lines with help resources for different finance topics.
Which Bank is The Winner?
To sum up, we’ll need to look at which bank is better, according to what you’re looking for.
Both Sofi and Ally offer some impressive banking products that have some key similarities. Both banks offer interest on checking account balances and access to banking products including mortgages and loans.
However, SoFi does lack CDs and it has a hybrid checking and savings account. On the other hand, while Ally has a conventional checking and savings account, it does not have a credit card option.
FAQs
What promotion does SoFi offer?
Based on the sum of their first month's direct deposits, new members will receive a tiered direct deposit welcome bonus of up to $50-$300 paid straight to their SoFi Checking & Savings accounts.
Can you invest in Crypto via SoFi ?
SoFi has recently launched SoFi Crypto, which as the name suggests allows you to buy, sell and trade cryptocurrencies. You can manage SoFi Crypto via the bank’s app and you can get started from as little as $10.
However, SoFi Crypto is not available in all states, so you will need to check the availability in your home state.
What are the requirements to open a bank account with Ally?
You must be an American citizen or authorized permanent residence. At least 18 years of age is required. A Social Security number is required to open an Ally Invest account. You can use either your Social Security number or your Taxpayer Identification number to open bank accounts.
Is SoFi a good bank for teens?
SoFi requires account users to be aged 18+, so it is not really a good option for teens. The bank has no dedicated children’s accounts, so if you are looking for a checking or savings account for your teenager, SoFi is not the best option for you.
How to close an ally bank account over the phone or online?
If you decide to close your Ally bank account, call the helpline and an agent will walk you through the process. You can also submit a written request.
Can I open a joint account on Ally?
Most Ally accounts allow you to add another person. Ally has a standardized Additional Owner form, which you need to complete. The signed form can then be uploaded or faxed or mailed back to Ally. In addition, you must provide a signature card for each account holder.
SoFi vs Ally Bank: Comparison Methodology
In our detailed comparison, The Smart Investor team thoroughly looked at SoFi and American Express 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.
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.
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
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.
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Compare SoFi With Alternative Banks
Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.
Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.
Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?
SoFi has developed a respectable banking product line. Aside from its hybrid savings and checking account, it also offers mortgages, loans, and investment products. The only thing missing from the offering is a traditional savings account and CDs.
Since its inception as a credit card provider, Discover has come a long way. Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Read Full Comparison: SoFi Money vs Discover: Which Online Banking Suits You Best?
Marcus is a subsidiary of Goldman Sachs, which is reflected in its banking products. Marcus provides high-yielding savings and CDs, as well as investment options and a variety of loans. This does not, however, include a checking account.
SoFi's banking products are more akin to those of traditional banks. While there are no checking or savings accounts available, rather a hybrid account, you can access loans, mortgages, and investment products. SoFi also offers insurance. CDs and traditional savings accounts, on the other hand, are not available in the SoFi catalog.
Read Full Comparison: Marcus vs SoFi Money: Which Banking Service Is Better?
SoFi offers a Spend and Save account that is part savings account and part checking account. You can earn 0.25 percent on your entire balance, but you can also establish savings vaults. These are separate funds within the account that allow you to allocate funds to various savings goals. This allows you to save for both short and long-term goals without having to manage multiple savings accounts.
Varo, on the other hand, has a more traditional savings account that offers an impressive up to 3% interest rate. Higher rates are available if you keep a savings balance of $5,000 or more or receive $1,000 or more in direct deposits during the qualifying period.
Read Full Comparison: SoFi vs Varo Bank: Which Account Is Better For Your Money?
SoFi's online Spend and Save account, like the Chime online checking account, is fee-free, but it has some different checking account features. Chime, for example, offers a $200 fee-free overdraft facility subject to terms, whereas SoFi provides cash back if you have recurring direct deposits of $500 or more each month.
Read Full Comparison: SoFi vs Chime: Which Online Banking Wins?
Upgrade and SoFi Bank offer various online banking products, including checking, savings, and credit cards. Let's compare them side by side: Upgrade vs. SoFi Bank
Chase Bank is our winner with a complete package of banking services. SoFi is best for savings rates, online experience, and lending options.
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.
PNC Bank is our winner with a complete package of banking services. SoFi is best for savings rates, online experience, and lending options.
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