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SoFi® vs. Ally: Which Online Bank Deserves Your Deposit?

Review Updated
Brooklyn Sprunger
Author: Brooklyn Sprunger
Brooklyn Sprunger
Brooklyn Sprunger

Brooklyn leads the content team behind product reviews and ratings at Motley Fool Money, ensuring readers get well-researched, expert-backed insights to make smarter financial decisions. With nearly seven years working full-time in financial content -- four of them at The Motley Fool -- she has developed a deep passion for personal finance, from investing strategies to everyday money management. Her financial goals include buying a house and planning as many trips as her budget allows. In her free time, you’ll likely find her listening to a pop culture podcast or telling anyone who will listen to get a high-yield savings account.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Let's be honest: You don't need a physical bank branch anymore -- not when online banks are offering better rates, smarter features, and fewer fees.

I've reviewed dozens of these digital banks, and SoFi® and Ally are two that always stand out. They both check the right boxes: no monthly fees, strong savings options, and easy-to-use apps. But they're built with different kinds of users in mind.

Here's a head-to-head comparison to help you figure out which one deserves your deposit.

SoFi overview

SoFi (short for Social Finance) launched in 2011 and has quickly evolved into a financial powerhouse. You get checking, savings, credit cards, loans, investing tools, and even mortgage options all in one app. It's designed for people who want a one-stop shop for their money -- with sleek design and no account fees.

Ally overview

Ally has been around longer, originally tied to General Motors before becoming a full-fledged digital bank. It's known for a top-rated app, standout customer service, and practical tools like savings buckets and boosters. It offers a full suite of banking products with no monthly maintenance fees or deposit minimums.

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how Motley Fool Money rates bank accounts.

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how Motley Fool Money rates bank accounts.

Account options: Ally vs. SoFi

Savings accounts

Rates as of Jul 15, 2025
Offer
 
 
Account
SoFi Checking and Savings

On SoFi's Secure Website.

Rating
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY up to 3.80% Rate info Circle with letter I in it. Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 8/12/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus. 3.50%
Min. to earn APY $0 $0
Next Steps
Open Account for SoFi Checking and Savings
Read Review
Disclaimers

Both banks offer high-yield savings accounts with no fees or minimums. SoFi generally offers a higher annual percentage yield (APY) if you set up direct deposit. If not, Ally's base APY is usually more accessible.

Ally also gives you tools to manage your money better -- like buckets for savings goals and automatic boosters to help you stash away more.

Checking accounts

Rates as of Jul 15, 2025
Offer
 
 
Account
SoFi Checking and Savings

On SoFi's Secure Website.

Rating
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY 0.50% Rate info Circle with letter I in it. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus. up to 0.25% Rate info Circle with letter I in it. Balances less than $15,000 earn 0.10% APY. Balances of $15,000 or higher earn 0.25% APY.
Min. to earn APY $0 $1
Next Steps
Open Account for SoFi Checking and Savings
Read Review
Disclaimers

SoFi's checking account earns 0.50% APY, includes early paycheck access, and occasionally offers a sign-up bonus.

The Ally Spending Account doesn't offer as much interest (up to 0.25% APY based on your balance), but it's reliable, includes excellent ATM access, and works well with its savings tools.

Both banks give you access to 55,000+ fee-free ATMs.

Money market accounts

Ratings Methodology
Rates as of Jul 15, 2025

Ally Money Market Account

Read Review
Member FDIC.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
Monthly Fee
$0
Min. Balance
$0
APY
3.50%
Min. To Earn APY
$0
  • FDIC insured
  • No monthly fee
  • ATM access
  • Checking privileges
  • No cash deposits
  • No branches

Ally's banking approach carries over to its money market account with a high APY and a focus on cutting routine account fees to $0, including monthly maintenance. What's more, there are no minimum balance requirements.

This is where Ally has the edge. SoFi doesn't offer a money market account. Ally does, and it acts like a high-yield savings account with check-writing access and a debit card, if needed.

CDs

Rates as of July 8, 2025

APY = Annual Percentage Yield

Offer image for Ally High Yield CD
Ally High Yield CD
Bottom Line

Ally High Yield CDs are notable for saver-friendly features like no minimum deposits and lower-than-average withdrawal penalties (though you're still better off holding through your CD term!). The rates are generally not at the very top of the market, but they tend to not be far off.

MINIMUM DEPOSIT $0
Read Review
3 Mo. APY 6 Mo. APY 9 Mo. APY 1 Yr. APY 1.5 Yr. APY 3 Yr. APY 5 Yr. APY
2.90% 3.90% 3.90% 3.85% 3.70% 3.50% 3.50%

Ally wins here too. SoFi doesn't offer CDs at all. Ally's lineup includes high-yield CDs, Raise Your Rate CDs, and No Penalty CDs -- great if you want flexibility or short-term savings options.

APY comparison

If you're focusing on checking and savings and plan to set up direct deposit, SoFi may give you the better overall APY. But for longer-term saving (like CDs or money market accounts), Ally wins with its broader product selection.

Customer service

Both banks are strong here.

SoFi offers live phone support seven days a week and quick help via chat and social media, though hours are limited.

Ally offers 24/7 customer support by phone and is consistently ranked as one of the best in the industry.

Mobile apps

Both apps are well-reviewed, but they shine in different ways.

App App Store Rating Google Play Rating
SoFi 4.8 out of 5.0 4.0 out of 5.0
Ally 4.7 out of 5.0 4.4 out of 5.0
Data source: App Store and Google Play. Ratings are accurate as of June 2025.

SoFi's app is a financial hub -- banking, investing, budgeting, and loan tools all in one. Ally's app is sleek and easy to navigate, with savings features like buckets and boosters built in.

Which bank is right for you?

If you want a single app to handle all your finances -- and you're ready to set up direct deposit to unlock the top APYs -- SoFi is a strong pick. I love how seamless everything feels, especially for users who want both banking and investing in one place.

But if you're more focused on saving, want a few more account types (like CDs and money market accounts), or prefer built-in budgeting tools, Ally is the better fit.

Both offer fee-free banking and modern mobile tools, so it really comes down to how you prefer to manage your money. You can't go wrong -- both banks make it easier to grow your money without paying fees.

Want to get started? Apply for a SoFi Checking and Savings (Member FDIC) account today.

FAQs

  • No, SoFi combines its checking and savings into one account. You'll get both when you sign up, though you can primarily use just the savings side if you want.

  • Nope. Ally doesn't charge monthly fees, and there are no minimum deposit requirements.

  • Ally. It has built-in tools like buckets and boosters that make it easier to track and grow your savings toward specific goals.

  • Not at this time. If you're looking to lock in a rate with a CD or want the flexibility of a money market account, Ally is the better choice.