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Charles Schwab Bank vs Ally Bank

Charles Schwab Bank is a popular brokerage with a free checking account that refunds ATM fees. How does it compare to Ally Bank? Read our comparison chart below.

Charles Schwab Bank offers an Investor Checking account with unlimited ATM fee reimbursements worldwide and no foreign transaction fees. No minimum to open and no service fee. It is tied to a brokerage account but you don't have to use it.

While Ally Bank offers high interest on their Savings account. It also offers interest checking and multiple CD options, including No Penalty and Raise Your Rate CDs. There is no minimum deposits or service fees for any of their banking products.

Compare Charles Schwab Bank with Ally Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 

Charles Schwab Bank

Ally Bank

SPECIAL OFFER
High Yield Investor Checking – Unlimited ATM Rebates - Learn More

Read Charles Schwab Bank Review

SPECIAL OFFER
Online Savings Account - 4.20% APY - Learn More

Read Ally Bank Review

 

Benefits and Features

Savings
0.48% APY
4.20% APY
CDOffers brokered CDs from other banks. Minimum deposit of $1,000.3.00% to 4.50% APY. Terms of 3 months to 5 years. 12-month CD APY of 4.50%
Checking0.45% APY, $0.01 account minimum0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000
Money Market 
4.20% APY
Mobile App 
iOS & Android
ATMsUnlimited ATM fee rebates when used with ATMs with the Visa, Interlink logo. Available worldwide.Over 43,000 no-fee Allpoint ATMs
Customer Service24/7 Live Customer Service (Telephone and Chat)
24/7
Locations345 branches across the country. You may also open an account online.
Online only
 

CreditDonkey® Reviews

SavingsStarStarStarStarEmpty StarStarStarStarStarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarEmpty StarStarStarStarStarStar
Customer ServiceStarStarStarStarHalf StarStarStarStarStarStar
Money MarketStarStarStarStarEmpty Star
Pros & ConsPros:
  • No account minimum
  • No service fees
  • Refund all ATM fees
Cons:
  • Only checking or savings
  • Must do banking online
Pros:
  • CD options
  • No account minimums
  • Good customer service
Cons:
  • Low Checking APY for lower balance customers
Bottom LinePopular brokerage with a free checking account that refunds ATM fees... Read full reviewSolid online bank with a great user-friendly website and customer service... Read full review

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Charles Schwab Bank: Pricing information from published website as of 05/18/2024.

Ally Bank: Pricing information from published website as of 05/14/2024.

Which is Better: Charles Schwab Bank or Ally Bank?

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Charles Schwab Bank or Chase.

In short: Ally Bank's mobile app is outstanding.


Articles on Charles Schwab Bank

Charles Schwab Bank Review

Charles Schwab is more than a brokerage. It also offers high yield checking and savings interest rates that might far surpass your local bank. Read on to learn the pros and cons.

Charles Schwab High Yield Savings

Charles Schwab Bank has a savings account with no fees and a free debit card. But how does its APY stack up against other accounts?

Charles Schwab Routing Number

You'll need the right routing number to transfer money in or out of your Charles Schwab bank account. Find yours and learn more about money transfers in our guide.

Articles on Ally Bank

Ally Bank

Ally Bank offers good interest rates and no account minimums. But is this popular online bank good for you? Learn the benefits (and drawbacks) here.

Ally Bank Locations

Ally is an excellent online bank with no physical locations. So, how can you access your funds? Read on to find out.

Ally High Yield Savings

Ally Savings offers a strong APY and various savings tools to help you boost your funds. Read on to find out more.

Ally Bank Problems

Ally Bank is well-known for having attractive APYs and practically no fees. But, what's the catch? Read on to know what nuisances you may encounter.

Ally Savings vs Money Market

Ally's Money Market and Savings accounts boast high APYs with no hidden fees. But, how do they differ? Read on to find out.

Ally Bank CD Rates

Ally Bank CD accounts offer high APYs and require no minimum deposit. But what is the catch? Learn more about Ally CD rates in this review.

Ally Bank Routing Number

Looking to transfer money in or out of your Ally account? You'll need the right routing number. Find your Ally routing number and learn more about money transfers in our guide.

Which Do You Think is Best?


Which Bank Account is Right for You?


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About CreditDonkey
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