SoFi® vs. Ally Bank: Which Bank Is Right for You?
Review
Updated
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Bottom line: SoFi® and Ally Bank could replace branch-based banking entirely -- look to Ally if you want more account options, and SoFi® if you need both a checking and a savings account.
SoFi® is the newer of these two banks, by a wide margin -- it was founded in 2011 by Stanford business school students. In addition to bank accounts, SoFi® offers loans of all kinds for all needs, as well as both active and automated investment accounts.
Ally Bank has been around a long time -- it started in 1919 as GMAC, a division of General Motors intended to offer financing to car buyers. In the years since, it's continued to offer auto loans, and has added mortgages, credit cards, investment accounts, and of course bank accounts.
SoFi® and Ally Bank have deposit accounts that are featured on several of our "best-of" pages. They offer high-yield deposit products, as well as highly functional checking accounts. Here's a rundown of the key details of each.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
On SoFi's Secure Website.
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300 and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
Ally Savings
The Ally Savings account features a competitive APY on all balances, with no fees or minimums. Customers also have access to several tools like savings buckets, recurring transfers, and roundups to maximize savings opportunities.
We'll start with SoFi®, which offers a combination of a checking and savings account (you can't open one without the other, although they are two separate accounts). The SoFi® savings account is a top product.
The SoFi Checking and Savings account (member FDIC)⁴ has no fees³ or minimum balance requirements, and has some interesting features like Vaults. This feature essentially allow you to create sub-savings accounts within your savings account to save for a specific goal.
The account has one of the best APYs on our radar. It's higher than Ally's, but it requires you to set up direct deposit into the checking account to get the top rate.
The Ally Savings account has a competitive APY, and there are no special requirements to get the top interest rate. It has a similar feature to SoFi®'s Vaults, called Savings Buckets, as well as no fees or balance requirements.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
On SoFi's Secure Website.
With no fees or minimums and tools designed to maximize your savings, the combo account is a good fit for individuals who want to do most of their banking in one place online. The account offers flexibility to access or move funds, especially if your employer's payroll system allows you to access the bank's early direct deposit benefit.
Ally Spending Account
The Ally Spending Account is an appealing option for those who are comfortable managing their money online. Its monthly ATM fee reimbursements give you the freedom to access your cash wherever you need to. That, plus its APY, means you should only make money with this account.
Both SoFi® and Ally offer online checking accounts that earn interest. SoFi®'s checking account must be paired with a savings account, and it has ATM access at more than 55,000 locations nationwide⁵. The SoFi® checking account has excellent overdraft protection for direct deposit customers⁷, and also allows access to paychecks up to two days early⁶.
The Ally Spending Account is Ally's checking account product, and it's also an interest-bearing account. Account holders can also set up spending buckets within the account.
Ally's account has access to more than 75,000 ATMs, plus it offers up to $10 per month in out-of-network ATM fee reimbursement. And like SoFi®, it also offers early access to direct deposits.
APY = Annual Percentage Yield
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.
| 3 Mo. APY | 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 3 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|
| 2.90% | 4.00% | 4.00% | 3.90% | 3.80% | 3.50% | 3.50% |
For certificates of deposit, Ally Bank CDs are the clear winner. SoFi® doesn't offer CDs on its platform (not yet, anyway).
Ally is one of our top banks for CDs. It offers CDs in several term lengths, some of which have highly competitive APYs. Ally's CDs have no minimum deposit, and come in a few unique varieties. The Ally Raise Your Rate CDs come in 2-year and 4-year terms, and allow customers to have their rate adjusted upward if rates rise during the term.
Ally is also one of the few banks to offer no-penalty CDs, which come in an 11-month term and combine the ability to lock in an interest rate with the ability to withdraw the money at any time.
Both banks have highly competitive APYs on all of their deposit products.
With savings accounts, SoFi® has a higher APY but requires account holders to set up direct deposit to get the best rates. Ally's APY is a bit lower but still highly competitive and doesn't have any such requirement.
Interest-bearing checking accounts are somewhat rare to begin with, but SoFi® and Ally's checking accounts pay an APY that's in line with similar products from competitors.
Finally, Ally's CDs have competitive interest rates with other top CD banks on our radar, especially considering there's no minimum deposit requirement.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
up to 3.80%
Rate info
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.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
4.30%
Rate info
The annual percentage yield (APY) is accurate as of May 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
|
N/A
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Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
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%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
|
N/A
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Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
SoFi® has strong customer service, with phone support available from 5 a.m. to 7 p.m. PT Monday–Thursday and ending at 5 p.m. PT Friday–Sunday. SoFi® also has an excellent chat support system and provides help to customers through X (formerly Twitter).
Ally offers phone support with representatives available 24/7, which gives it a bit of an advantage. It also offers live chat and email support, and the Ally website will tell you how long you can expect to wait on hold if you call.
SoFi® has one of the best mobile banking apps in the financial industry. It not only allows customers to manage deposit accounts, loans, credit cards, investments, and more in one place, but it also has some excellent budgeting and financial tools. Everything on SoFi®'s app is extremely user-friendly -- it has a rating of 4.8 out of 5 stars for iOS and 3.8 for Android.
Ally's app has similar functionality, allowing users to manage all of their financial accounts in one place. It allows customers to access financial advice from a designated advisor and has some excellent personal finance tools. Ally app users also love this app -- it has a rating of 4.7 for iOS and 2.4 for Android.
The discrepancy between platform ratings for Ally appears to be due to bugs in the Android version of the app.
Both of these banks have a lot to like, and both have the capability to be your only bank. There are some small differences between the two, so it could be a smart idea to look at our more thorough reviews of both SoFi® and Ally Bank, as well as our individual product reviews (linked throughout) to see which might be the better fit for you.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
On SoFi's Secure Website.
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300 and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
Ally Savings
The Ally Savings account features a competitive APY on all balances, with no fees or minimums. Customers also have access to several tools like savings buckets, recurring transfers, and roundups to maximize savings opportunities.
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.
SoFi® could be a great fit for anyone looking to open both a checking and a savings account, as you can't have one without the other at this bank. If you're able to set up direct deposit or deposit at least $5,000 every 30 days, you'll qualify for the competitive APY on your savings account. If APYs are your focus, SoFi®'s are currently higher than Ally's.
Ally could be the right bank for anyone who wants to open just a checking or a savings account, as the two products aren't linked the way they are at SoFi®. You also don't need to set up direct deposit or make minimum deposits to qualify for Ally's APY on savings. Ally also offers CDs in a few interesting flavors, while SoFi® does not.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
