Ally Bank: Products. Also reimburse $10/month toward other atm fees. It can be a tough landscape to navigate so we’ve taken this off your hands and put together a comparison looking at CIT Bank vs Ally Bank. .65% checking a 1% savings. Press question mark to learn the rest of the keyboard shortcuts. How does it compare to Synchrony Bank? Mobile check deposits are credited immediately. but am I missing something other than this page. Has anyone had any issues and/or prefers one over the other? So, if you have a 1% cash back card. More services, simple/clean/useable interfaces, and 1% APY on Savings, .10% on Checking, free checks, debit card, bill pay, instant transfers between checking and savings, no fees, no minimums, 10$ in refunds on ATM fees. Thanks, I'll add that to my list of places to look up. For options trading, both Ally Invest and TD Ameritrade charge the same base fee of $0. They did when the account first opened (first 30 days) but now checks are deposited immediately and credited the next morning like every other bank I've had. Both Synchrony and Ally offer savings accounts, money market accounts, and CDs, and they have comparable rates across the board. You would net more money by using Discover Bank's debit card on purchases under $10. I also like CapitalOne360 (had them since they were ING Direct), although their interest rates are lower than Ally at this point, so I've moved my daily accounts and most cash to Ally. No debit card for savings accounts. There is no minimum deposit. Good mobile app that includes depositing checks by phone. The 24/7 service would be huge. Very short waits to talk to customer service. Yes, you can also get a free checking account at Ally, which will make transferring and withdrawing funds much easier. That bonus maxes out at $120 a year. I recently got a credit card with them and I've really enjoyed their online, mobile, and customer services. Even more services than Ally and Discover, but a lower APY. You could open a local credit union account to transfer into and you have the funds the next day. I've never used Synchrony. See which works for you. Another option is Discover Bank. Great for those situations where you can't use a credit card, or the amount is so low that you'd be getting less than 10 cents in cash back from using a credit card. Tanza Loudenback. Thanks for the information. Been very happy with them so far. Synchrony Bank offers high interest savings with an ATM card for easy withdrawals and there are no minimum deposits on their accounts. On their checking accounts they give you a flat 10 cents every time you user your debit card, clear a check, or pay a bill with their bill pay. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. interesting. Join our community, read the PF Wiki, and get on top of your finances! Checking accounts: Ally offers a checking accounts, unlike Synchrony. However, their CDs requires a $2,000 minimum deposit to open. How someone even has the desire to even want to do this on top of their 9-5er, is truly amazing. Press J to jump to the feed. Read our comparison chart below. Whereas, Ally Bank is a full-service online bank with very competitive rates. I've heard of Ally for a while, but it seems that Synchrony has better offerings according to mint (mostly the ATM fee reimbursements). I'm also happy with Ally. Their CDs however, require a $2,000 minimum deposit to open. Investors pick a goal-saving for retirement, building wealth, making a big purchase, or generating income. There are no services fees as well is a minimum deposit. Great for coffee and pizza slices. Looks pretty interesting, one of the other commenters said that capital one has more? I use alliant. If you're someone that uses a debit card a lot it might actually be the best. Their CDs require a $2,000 minimum deposit to open. Synchrony review vs. Ally Bank and Capital One 360 are among the strongest online banks. ALLY Sales vs. its Competitors Q2 2020 Comparing the results to its competitors, Ally Financial Inc reported Total Revenue increase in the 2 quarter 2020 by 3.67 % year on year, while most of its competitors have experienced contraction in revenues by -29.13 % , recorded in the same quarter. To sustain this free service, we receive affiliate commissions via some of our links. Third-party ATM fees: Synchrony doesn’t charge you for using third-party ATMs, while Ally does. I'm also happy with Ally. Ally Bank is a solid online bank with a great user-friendly website and customer service. Thanks! Fewer ATMs. Ally's Online Savings Account offers a competitive rate of 0.50% with no fees or minimums. Ally review. If you do utilize an out of network ATM with your savings account debit card, the bank will refund up to $5 per statement cycle. Ally Bank vs. Capital One 360 Checking Accounts Review Online checking accounts from Ally Bank and Capital One 360 are among the most popular accounts from online banks. Personally I don't think Synchrony is worth the slightly higher APY. They used to reimburse ALL ATM fees every month but now I think they just do $10 per month. I can’t thank you enough. Currently, Discover high-yield savings accounts offer exactly what they claim, high savings yields and high APY rates. They offer less services, no checking accounts, no bill pay, no mobile app. Is there a list somewhere that says here's the services of CapitalOne 360 vs Ally vs Discover so I can see if it's worth the .25%? Ally Invest and TD Ameritrade charge the same amount for regular stock trades, $0. Mint is saying that if I switch to one of these I'm getting a much better interest on my savings than my BoA account (1, 1.05% vs .something %). Domestic ATMs: Ally has more domestic ATMs than Synchrony. Accessing your money in a Synchrony savings account is possible digitally or by using a debit card, which is something you generally only see with checking accounts. That's still good enough for my needs. Ally does not have the highest rate of any mainstream bank at the time of this publication. Capital One doesn't hold my checks? American Express Bank, FSB is an FDIC-insured online bank (FDIC Certificate #35328) located in Salt Lake City, Utah.It offers two savings products. Compare the rates and fees (Capital One has no fees); then decide. Bottom Line: For those who have at least $25,000 minimum balance or can commit to $100 / month savings, the 1.7% APY (as of this writing) clearly beats Ally for high rates. Perhaps they are banking on people not noticing the higher yields in money market funds. Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. You can also count on FDIC insurance to protect your money at Ally, with up to $250,000 per account guaranteed in case of bank failure. However, Synchrony only offers savings accounts, not checking accounts. If you sign up with Synchrony, you’ll need to handle your regular banking with someone else as all its products are designed for long-term saving. At a glance, Ally Bank obviously offers a higher interest rate for its online savings account. No waiting like lame Capital One 360 who will hold a $10 check 3 days. Share; Links to non-Ally websites Both Discover and Ally offer a great variety of accounts. In terms of account options, the biggest difference is that Ally offers a checking account while Synchrony does not. Even though Discover online savings accounts have many advantages, they do have some limitations. You won’t earn as much interest on your checking balance if you decide to bank with Ally. Ally's rates are lower than synchrony on their 1 yr and 2 yr c/d's. Synchrony Bank offers high interest savings with an ATM card for easy withdrawals. I’m Sam and today’s video is on M1 Finance versus Ally Invest Managed Portfolio and how does the Robo-Advising fare against my personal growth portfolio. They are an online-only institution that allows it to minimize fees and offer better interest rates to customers. I just switched from Synchrony to Ally for all the reasons in this post. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. No envelope deposits at some ATMs means your deposits are credited immediately. Discover Savings Account Review: Limitations. Also I think all of Synchrony's UI looks like shit. Saving Ally vs Synchrony savings account (self.personalfinance) submitted 2 years ago by Blackjack204 Has anyone had any issues with Ally or Synchrony online bank for a high APY saving account. Find out which one is better. They have an excellent website and app, and their support is very highly rated as well. By using our Services or clicking I agree, you agree to our use of cookies. Ally Bank vs. Synchrony: How their rates compare As online banks , neither Ally Bank nor Synchrony are burdened with the cost of maintaining brick-and-mortar branches. Read our comparison chart below. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. However, this account is at its best when it's paired with Ally's checking account. Join our community, read the PF Wiki, and get on top of your finances! Best Online Banks For Savings: Barclays vs Marcus vs Ally vs Synchrony vs Alliant vs CIT vs Discover. I like Capital One 360. .75% right now iirc. Ally Invest vs. Robinhood – Investment performance Ally Invest. You can open and fund an Ally Bank Money Market Account, Online Savings Account or Interest Checking Account with any amount and your funds are insured by the FDIC up to the maximum amount allowed by law. I use Ally and have no complaints. This doesn’t affect rankings. I'd go with Ally. Ally also has ATM fee reimbursements, up to $10/month, or you can use one of their network ATMs for free. There are no service fees for any products so be sure to take advantage of both a personal and business checking account.On the other hand, Ally Bank … I use Ally without any complaints. Interest income is taxed at your marginal tax rate. Capital One 360 is good too. Lower interest on checking accounts. Synch also offers a debt/atm card. Opening an account is easy with either bank - Discover Bank and Ally Bank allow you to open an account with a $0 minimum deposit and no monthly balance or hidden fees to worry about.In terms … Ally employs firewalls, data encryption, constant monitoring and more to ensure your online sessions are safe. Synchrony’s rates are slightly higher than Ally’s. Ally operates entirely online, so you won’t be able to visit a branch. Synchrony Bank offers one of the highest interest savings including an ATM card for withdrawals. .65% checking & 1% savings rates. Discover Bank is also pretty good. Ally doesnt offer an ATM card on the savings. Check out Alliant Credit Union. I plan on depositing 10k in one shot. Sally Jones Updated: December 29, 2020 Leave a comment. Ally vs. Synchrony: Account options. GE Capital (another online bank) has been … Besides that, Synchrony and Ally are quite similar. I have a general savings, one for escrow (property taxes, insurance), a joint one with each of my kids. .95% on Savings accounts. They process ACH transfers the fastest I've ever seen. 0.95% rate, though. 2020-11-11T15:12:00Z The letter F. … When opening bank accounts, it is better to open both a savings and a checking account if possible because savings account rates are generally higher than rates offered by checking … Banks only slowly increased the yield on their high yield savings accounts slightly above 1% (at the time of writing, Ally 1.05%, CIT, Synchrony, Barclays 1.15%, GS Bank 1.20%, a few others at 1.25% or 1.30%). View Money Market Rates. Ally vs. Marcus vs. Wealthfront: How 3 of the most popular high-yield savings accounts stack up. Ally is a robust online bank with an array of deposit products, loans and services. Schwab is a great option too. Synchrony Bank claims to have some of the highest APYs and lowest fees in the industry. Cookies help us deliver our Services. I use Capital One 360 and I highly recommend it. Ally is 1% and Synch is 1.05%. Can open unlimited savings accts. I don't like using my debit card just because of the credit building, points, and safety of a credit card. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Since Synchrony doesn't offer a checking account, it doesn't allow an overdraft to occur. Only the money market. Synchrony Bank vs Ally Bank. Ally is transparent about their investment performance statistics, which you’ll see when you set up a managed portfolio. Cookies help us deliver our Services. Free ATM at 43,000 Allpoint locations. Service has always been quick, courteous, and professional. Option contracts are pricier at TD Ameritrade, costing $0.65 versus $0.50 at Ally Invest. By using our Services or clicking I agree, you agree to our use of cookies. The bank offers low-fee deposit accounts with no monthly maintenance fees … Synchrony has an actual bank in NJ at an address. Learn more at Ally.com or call live, 24/7 customer care at 877-247-ALLY (2559). Synchrony doesn't have overdraft fees, but Ally does. Ally Bank vs Synchrony Bank. I just started using Synchrony for a c/d so I don't know if they give out loyal percentages for renewing a c/d. Anybody have strong feelings either way? Lower costs mean they can offer their customers some of the best savings account APYs in the industry. Offers a lot of the same services as Ally. Press J to jump to the feed. Their transfers used to take forever, but they recently changed that to where it is more up to speed. HSBC Bank is a large multi-national bank and offers several checking accounts for different needs.. HSBC Direct is the online banking operation and offers high interest savings for just a minimum deposit of a dollar with no service fees.. Albeit, Synchrony Bank offers one of the highest interest savings including an ATM card for withdrawals. Ally Bank is a Member FDIC and Equal Housing Lender , NMLS ID 181005. Credit products and any applicable mortgage credit and collateral are subject to approval and additional terms and conditions apply. I have the sapphire reserve card, so I think I'm good with hotels, etc. While Ally Bank's rate is a bit higher, it promises its customers straightforward banking from the get-go. I'll take a look at that. Bill pay. And they let you open multiple sub savings accounts similar to Capital One 360. They have zero fees, ATM included. I also like CapitalOne360 (had them since they were ING Direct), although their interest rates are lower than Ally at this point, so I've moved my daily accounts and most cash to Ally. oh hey – i just left a message on the ING vs Ally and now I think I will wait before making any decisions go over the wealth of information you kindly have made available to the rest of us first. Has anyone had any issues with Ally or Synchrony online bank for a high APY saving account. By having your money sit around in a no interest account, you are essentially losing 1.9% per year to inflation. Ally also has ATM fee reimbursements, up to $10/month, or you can use one of their network ATMs for free. They also offer $20 a month back on ATM fees. Discover Bank vs. I've never used Synchrony. Should take into account tax as well. Ally has 43,000 ATMs compared to Alliant’s 80,000. Press question mark to learn the rest of the keyboard shortcuts. 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