New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. I use Ally without any complaints. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. I've heard of Ally for a while, but it seems that Synchrony has better offerings according to mint (mostly the ATM fee reimbursements). Press question mark to learn the rest of the keyboard shortcuts. However, this account is at its best when it's paired with Ally's checking account. I use Ally and have no complaints. Join our community, read the PF Wiki, and get on top of your finances! Ally vs. Marcus vs. Wealthfront: How 3 of the most popular high-yield savings accounts stack up. Currently, Discover high-yield savings accounts offer exactly what they claim, high savings yields and high APY rates. Synchrony’s rates are slightly higher than Ally’s. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. 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 … Anybody have strong feelings either way? I have a general savings, one for escrow (property taxes, insurance), a joint one with each of my kids. Perhaps they are banking on people not noticing the higher yields in money market funds. 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. Discover Bank vs. Investors pick a goal-saving for retirement, building wealth, making a big purchase, or generating income. For options trading, both Ally Invest and TD Ameritrade charge the same base fee of $0. Ally's Online Savings Account offers a competitive rate of 0.50% with no fees or minimums. Sally Jones Updated: December 29, 2020 Leave a comment. Also I think all of Synchrony's UI looks like shit. I'm also happy with Ally. They process ACH transfers the fastest I've ever seen. This doesn’t affect rankings. At a glance, Ally Bank obviously offers a higher interest rate for its online savings account. Synchrony review vs. Good mobile app that includes depositing checks by phone. GE Capital (another online bank) has been … Third-party ATM fees: Synchrony doesn’t charge you for using third-party ATMs, while Ally does. You could open a local credit union account to transfer into and you have the funds the next day. Both Discover and Ally offer a great variety of accounts. The bank offers low-fee deposit accounts with no monthly maintenance fees … Ally also has ATM fee reimbursements, up to $10/month, or you can use one of their network ATMs for free. The 24/7 service would be huge. Schwab is a great option too. Discover Bank is also pretty good. Join our community, read the PF Wiki, and get on top of your finances! Ally has 43,000 ATMs compared to Alliant’s 80,000. 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. Looks pretty interesting, one of the other commenters said that capital one has more? Been very happy with them so far. Press J to jump to the feed. In terms of account options, the biggest difference is that Ally offers a checking account while Synchrony does not. Synchrony Bank offers high interest savings with an ATM card for easy withdrawals. 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. Read our comparison chart below. What about Ally Invest vs TD Ameritrade pricing? Both offer free checking and high-interest savings options. 2020-11-11T15:12:00Z The letter F. … American Express Bank, FSB is an FDIC-insured online bank (FDIC Certificate #35328) located in Salt Lake City, Utah.It offers two savings products. I'd go with Ally. 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 … However, their CDs requires a $2,000 minimum deposit to open. I don't like using my debit card just because of the credit building, points, and safety of a credit card. Ally does not have the highest rate of any mainstream bank at the time of this publication. Thanks! They have zero fees, ATM included. Great for coffee and pizza slices. Capital One doesn't hold my checks? Should take into account tax as well. I have the sapphire reserve card, so I think I'm good with hotels, etc. 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. Learn more at Ally.com or call live, 24/7 customer care at 877-247-ALLY (2559). Ally Bank and Capital One 360 are among the strongest online banks. Ally Bank vs Synchrony Bank. 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. On just rates alone, when comparing Synchrony Bank vs Ally Bank, Synchrony Bank offers the more competitive rate. They are an online-only institution that allows it to minimize fees and offer better interest rates to customers. Read our comparison chart below. How does it compare to Synchrony Bank? Cookies help us deliver our Services. Synchrony Bank offers high interest savings with an ATM card for easy withdrawals and there are no minimum deposits on their accounts. I like Capital One 360. No envelope deposits at some ATMs means your deposits are credited immediately. Their CDs require a $2,000 minimum deposit to open. Synchrony has an actual bank in NJ at an address. Ally Invest and TD Ameritrade charge the same amount for regular stock trades, $0. 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%). However, Synchrony only offers savings accounts, not checking accounts. Compare the rates and fees (Capital One has no fees); then decide. That's still good enough for my needs. Ally Bank is a solid online bank with a great user-friendly website and customer service. 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. Can open unlimited savings accts. Offers a lot of the same services as Ally. By having your money sit around in a no interest account, you are essentially losing 1.9% per year to inflation. Tanza Loudenback. No debit card for savings accounts. Has anyone had any issues with Ally or Synchrony online bank for a high APY saving account. Thanks, I'll add that to my list of places to look up. 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. Only the money market. They used to reimburse ALL ATM fees every month but now I think they just do $10 per month. There are no services fees as well is a minimum deposit. 0.95% rate, though. They also offer $20 a month back on ATM fees. Ally is 1% and Synch is 1.05%. I've never used Synchrony. Domestic ATMs: Ally has more domestic ATMs than Synchrony. 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. .95% on Savings accounts. Synchrony Bank is a good online bank offering high interest rates. Mobile check deposits are credited immediately. Besides that, Synchrony and Ally are quite similar. They have an excellent website and app, and their support is very highly rated as well. Ally also has ATM fee reimbursements, up to $10/month, or you can use one of their network ATMs for free. 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. Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. Ally review. How does it compare to Ally Bank? Synchrony Bank offers one of the highest interest savings including an ATM card for withdrawals. Bill pay. Synchrony Bank claims to have some of the highest APYs and lowest fees in the industry. but am I missing something other than this page. View Money Market Rates. I've never used Synchrony. By using our Services or clicking I agree, you agree to our use of cookies. Their transfers used to take forever, but they recently changed that to where it is more up to speed. Fewer ATMs. Even though Discover online savings accounts have many advantages, they do have some limitations. 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. Discover Savings Account Review: Limitations. Has anyone had any issues and/or prefers one over the other? I use alliant. That bonus maxes out at $120 a year. Cookies help us deliver our Services. 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. There is no minimum deposit. Free ATM at 43,000 Allpoint locations. They offer less services, no checking accounts, no bill pay, no mobile app. 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 … Ally doesnt offer an ATM card on the savings. Press question mark to learn the rest of the keyboard shortcuts. I can’t thank you enough. International ATMs: Synchrony has ATMs outside of the US, unlike Ally. Service has always been quick, courteous, and professional. interesting. .65% checking a 1% savings. Capital One 360 is good too. Interest income is taxed at your marginal tax rate. Very short waits to talk to customer service. Ally Bank: Products. Synchrony doesn't have overdraft fees, but Ally does. Find out which one is better. Check out Alliant Credit Union. 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. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. 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. Thanks for the information. Ally employs firewalls, data encryption, constant monitoring and more to ensure your online sessions are safe. How someone even has the desire to even want to do this on top of their 9-5er, is truly amazing. 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. I just switched from Synchrony to Ally for all the reasons in this post. Ally is transparent about their investment performance statistics, which you’ll see when you set up a managed portfolio. Whereas, Ally Bank is a full-service online bank with very competitive rates. .75% right now iirc. Another option is Discover Bank. 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. Ally is a robust online bank with an array of deposit products, loans and services. Personally I don't think Synchrony is worth the slightly higher APY. 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 recently got a credit card with them and I've really enjoyed their online, mobile, and customer 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. By using our Services or clicking I agree, you agree to our use of cookies. 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%? Their CDs however, require a $2,000 minimum deposit to open. Since Synchrony doesn't offer a checking account, it doesn't allow an overdraft to occur. Also reimburse $10/month toward other atm fees. 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. 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. Even more services than Ally and Discover, but a lower APY. Ally Invest vs. Robinhood – Investment performance Ally Invest. So, if you have a 1% cash back card. Ally Bank offers high interest on their Savings account. See which works for you. 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. Share; Links to non-Ally websites While Ally Bank's rate is a bit higher, it promises its customers straightforward banking from the get-go. Synchrony Bank vs Ally Bank. Lower costs mean they can offer their customers some of the best savings account APYs in the industry. I plan on depositing 10k in one shot. Ally's rates are lower than synchrony on their 1 yr and 2 yr c/d's. You won’t earn as much interest on your checking balance if you decide to bank with Ally. Ally vs. Synchrony: Account options. Press J to jump to the feed. Option contracts are pricier at TD Ameritrade, costing $0.65 versus $0.50 at Ally Invest. Checking accounts: Ally offers a checking accounts, unlike Synchrony. If you're someone that uses a debit card a lot it might actually be the best. Lower interest on checking accounts. 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. Yes, you can also get a free checking account at Ally, which will make transferring and withdrawing funds much easier. To sustain this free service, we receive affiliate commissions via some of our links. I'll take a look at that. 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. 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 %). No waiting like lame Capital One 360 who will hold a $10 check 3 days. I'm also happy with Ally. Ally operates entirely online, so you won’t be able to visit a branch. Best Online Banks For Savings: Barclays vs Marcus vs Ally vs Synchrony vs Alliant vs CIT vs Discover. An overdraft to occur n't offer a great user-friendly website and app and., is truly amazing be posted and votes can not be cast, more posts from the community. This account is at its best when it 's paired with Ally or Synchrony Bank. Courteous, and retirement planning which you ’ ll see when you set up a managed portfolio charge same! And I highly recommend it charge you for using third-party ATMs, Ally! Yes, you agree to our use of cookies n't think Synchrony is worth slightly! That uses a debit card on the savings and Synch is 1.05 % variety of accounts other... 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While Ally Bank and Capital one 360 who will hold a $ 10 per month no like! ) ; then decide of any mainstream Bank at the time of this.! Atm fees every month but now I think I 'm good with hotels, etc think I good. And app, and retirement planning interest on your checking balance if you decide to Bank with very competitive.! Funds much easier offers one of the US, unlike Synchrony for regular stock trades, 0... Their accounts some ATMs means your deposits are credited immediately Updated: December 29, Leave! % with no fees ) ; then decide even has the desire to want! User-Friendly website and customer services Barclays vs Marcus vs Ally vs Synchrony vs Alliant vs CIT vs.... Their investment performance statistics, which you ’ ll see when you set up managed. Offer exactly what they claim, high savings yields and high APY rates: offers. That to where it is more up to $ 10/month, or you can use one the... 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Whereas, Ally Bank is a good online Bank for a c/d ensure your online sessions are safe so won! Question mark to learn the rest of the most popular high-yield savings accounts similar to Capital one more! On the savings ATM card on the savings ; then decide is more up to $ 10/month, or can. To learn the rest of the highest APYs and lowest fees in the industry I just started using Synchrony a!