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Synchrony Bank vs Ally Bank

Synchrony Bank is a good online bank offering high interest rates. How does it compare to Ally Bank? Read our comparison chart below.

Synchrony Bank offers high interest savings with an ATM card for easy withdrawals. There is no minimum deposit. Their CDs require a $2,000 minimum deposit to open. There are no service fees for any products.

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

 

Synchrony Bank

Ally Bank

SPECIAL OFFER
High Yield Savings - 3.75% APY - Learn More

Read Synchrony Bank Review

SPECIAL OFFER
Online Savings Account - 3.30% APY - Learn More

Read Ally Bank Review

 

Benefits and Features

Savings3.75% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle
3.30% APY
CD2.25% to 4.60% APY. Terms of 3 months to 5 years. No minimum deposit to open.2.00% to 4.35% APY. Terms of 3 months to 5 years. 12-month CD APY of 4.25%
Checking 0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000
Money Market2.25% APY. No monthly service fee and no minimum deposit.
3.30% APY
Customer ServiceMon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET)
24/7
ATMsAny ATMs with Plus or Accel logosOver 43,000 no-fee Allpoint ATMs
IRA CD2.25% to 4.60% APY. Terms of 3 months to 5 years. No minimum deposit to open. 
IRA Money Market2.25% APY. 
Locations
Online Only
Online Only
 

CreditDonkey® Reviews

SavingsStarStarStarStarStarStarStarStarStarEmpty Star
Money MarketStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarStar
CheckingStarStarStarStarEmpty Star
Mobile AppStarStarStarStarStar
Pros & ConsPros:
  • Savings with ATM card
  • High APY
  • All balance tiers receive same rate
Cons:
  • No checking account
  • Limited customer service hours
Pros:
  • CD options
  • No account minimums
  • Good customer service
Cons:
  • Low Checking APY for lower balance customers
Bottom LineGood online bank offering high interest rates... 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.

Synchrony Bank: Pricing information from published website as of 01/26/2023.

Ally Bank: Pricing information from published website as of 01/25/2023.

Which is Better: Synchrony 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 Synchrony Bank or Chase.

In short: Synchrony Bank's savings is excellent. Ally Bank's customer service is outstanding.


Articles on Synchrony Bank

Synchrony Bank

Synchrony offers some of the highest savings and CD rates. But there are downsides. Read this review before you open an account.

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 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?


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