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 |
Savings Account
The SoFi Spend & Save account is a hybrid savings and checking account. While you can earn up to 4.50% on your entire balance, you can create savings vaults. These allow you to work towards separate savings goals.
This way you can save for short and long term events without needing to have multiple savings accounts. This is a good way to keep your finances organized. 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 4.25%. 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 4.50% | 4.25% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
Checking Needed? | Yes | No |
Main Benefits |
|
|
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, so if you tend to carry a balance, SoFi may be a better option.
SoFi Money | Ally Bank | |
|---|---|---|
APY | 1.20% | 0.25% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
Main Benefits |
|
|
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 September 2023:
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 3.00% | 60 days of interest
|
6 Months | 3.50% | 60 days of interest
|
9 Months | 5.00% | 60 days of interest
|
12 Months | 4.85% | 60 days of interest
|
11 Months – No Penalty | 4.55%
| / |
36 Months | 4.25% | 90 days of interest |
60 Months | 4.10% | 150 days of interest
|
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
SoFi also 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.
Ally doesn’t technically have loans, rather it works with your lending service provider to offer finance solutions. Ally Lending offers loans for medical bills and home renovations with no down payment or application fees. So, if you’re looking for a straight personal loan, SoFi has the edge.
Credit Cards
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%.
Ally offers 3 credit cards:
- Ally Platinum Mastercard® offers credit-building support, zero fraud liability, 24/7 fraud monitoring, automatic credit line reviews, and no foreign transaction fees. It also promises no rate hikes for late payments.
- Ally Everyday Cash Back Mastercard® is great for cash back enthusiasts, offering 3% cash back at gas stations, grocery stores, and drugstores, 1% on everything else, no earning limits, and no minimum redemption requirements.
- Ally Unlimited Cash Back Mastercard® provides a steady 2% cash back on all purchases with no expiration dates, no redemption minimums, and no annual fees, making it a reliable cash back card choice.
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.
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-$250 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.
Compare More
SoFi vs Bank of America
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 vs Varo
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 vs Chime
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?
SoFi vs Marcus
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?
Ally vs Discover
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 vs Axos
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?
Ally vs Aspiration
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?
Ally vs Marcus
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?
Ally vs Capital One
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
Ally vs Chime
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?
Ally vs Wells Fargo
Both Ally and Wells Fargo have a fairly impressive banking product lineup that would make switching from a traditional high street bank simple.
Ally offers CDs, auto loans, mortgages, investments, and retirement products in addition to checking and savings. The only glaring omission in the lineup is the absence of a credit card.
Wells Fargo's product lineup is even more impressive. Checking and savings accounts, mortgages, loans, and a variety of investment options such as IRAs, 401ks, and wealth management services are all available.
Read Full Comparison: Ally vs Wells Fargo: Which Bank Account Is Better For You?
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