Both Upgrade and Ally Bank offer various online banking products, including checking, savings, and credit cards. Let's compare them side by side
Checking Accounts
There is no clear winner when it comes to checking accounts, but if we have to pick one – Ally is our choice due to its varied checking features for customers.
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Account Types
Upgrade's Rewards Checking Plus account is an appealing option with no monthly maintenance fees.
Users can earn up to 2% cash back on recurring purchases like utilities, streaming services, and gas stations, with a base rewards rate for other debit card transactions.
Bank Account | Monthly Fee | APY On Balance |
|---|---|---|
Upgrade Rewards Checking | $0 | Up to 2% cash back on purchases |
Ally provides a sole checking account known as the Ally Bank spending account, which earns interest on the balance.
Ally's checking accounts include complimentary checks and debit cards, and there are no monthly maintenance fees associated with your checking account.
Bank Account | Monthly Fee | APY On Balance |
|---|---|---|
Ally Spending Account | $0 | 0.25% |
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Features
With Upgrade, account holders enjoy rate discounts on Upgrade credit cards and loans, and customers with direct deposit can get paid up to two days early. Additional benefits include no monthly maintenance fees or account minimums, and access to a high-yield savings account.
However, cash deposits aren't accepted, requiring transfers from external accounts or the use of direct deposit or mobile check deposit.
Bank Account | Main Features |
|---|---|
Upgrade Rewards Checking | Get paid up to two days early, debit card, loans rate discounts |
You can easily deposit checks by taking a picture with your smartphone using Ally eCheck Deposit. Plus, you can send and receive money easily with Zelle.
Bank Account | Main Features |
|---|---|
Ally Spending Account | Deposit checks remotely, early pay, interest bearing, debit card, overdraft solutions, savings buckets |
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Savings Accounts
Upgrade is our winner in the savings account competition with higher rates than customers can get with Ally.
Since Upgrade is a financial technology company and not a bank; the account is FDIC insured through Cross River Bank. The account requires no minimum initial deposit and allows same-day transfers up to $100,000 with no fees. However, to earn the advertised interest rate, the daily balance must be $1,000 or more
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.
Both Upgrade and Ally don't have money market accounts.
Ally Bank Savings Account | Upgrade Savings Account | |
|---|---|---|
Savings Rate | 4.00% | 4.41% |
Minimum Deposit | $0 | $0 |
Fees | $0 | $0 |
Certificate Of Deposits (CDs)
If you need a CD, Ally wins with competitive rates and a variety of options including no penalty CD. Upgrade doesn't offer CDs
Ally provides high interest rates across nearly all CD terms. Additionally, Ally allows you to employ smart strategies like CD laddering, applicable to both short and long-term CDs.
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Ally Bank CD Rates
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 3.00% | 60 days of interest
|
6 Months | 4.30% | 60 days of interest
|
9 Months | 4.20% | 60 days of interest
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12 Months | 4.10% | 60 days of interest
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11 Months – No Penalty | 4.00%
| / |
36 Months | 3.50% | 90 days of interest |
60 Months | 3.50% | 150 days of interest
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Credit Cards
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 |
Upgrade offers a range of credit cards tailored to individuals with average to excellent credit scores (630 to 850).
The Upgrade Cash Rewards Visa® provides 1.5% cash back on all purchases,while the Upgrade OneCard provides 3% cash back on everyday purchases and 2% on others if linked to an Upgrade Rewards Checking Plus account.
The Upgrade Life Rewards Card rewards 3% cash back on gas, groceries, health, streaming, and utilities, and 1% on other purchases. All cards convert unpaid balances into installment plans with fixed interest rates.
The Upgrade OneCard uniquely combines a credit card and personal loan, allowing immediate full payment if linked to a checking account. Ongoing rewards include 3% cash back on specified categories, capped at $500 yearly, and 2% on other purchases, contingent on maintaining a qualifying active account.
Card | Rewards | Bonus | Annual Fee |
| Upgrade OneCard | 1-3%
3% cash back for everyday purchases and 2% unlimited cash back on everything else
| $200
$200 welcome bonus when you start using a new Rewards Checking account and make 3 purchases.
| $0 |
|---|---|---|---|---|
| Upgrade Life Rewards | 1% – 3%
3% cash back on gas, grocery, health, streaming, and utilities purchases and 1% cash back on all other purchases
| $200
$200 bonus when you also open a Rewards Checking Plus account and make 3 debit card transactions
| $0 |
| Upgrade Cash Rewards | 1.5%
1.5% cash back on payments
| $200
Earn $200 bonus after opening a Rewards Checking account and making 3 debit card transactions.
| $0 |
| Upgrade Select
Card | N/A | N/A | $39
|
Mortgage And Loans
When it comes to borrowing money, Ally is better for borrowers than Upgrade.
Ally Bank provides mortgages for homebuyers, mortgage refinancing, home equity loans, personal loans, and car financing for both new and used vehicles. Upgrade only offers personal loans and lines of credit.
Which Bank Is Our Winner?
There is no clear winner in this comparison. Both Ally and Upgrade offer a complete banking package, including savings, checking, and credit cards, with small benefits to each, depending on the product.
How We Compared Upgrade and Ally Bank: 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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