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Ally vs. Synchrony
Explore accounts, rates and features from two competitive online banks.
Ally and Synchrony both operate entirely online, allowing them to cut overhead costs and offer competitive interest rates and low fees. And while they have similar product offerings, you might be wondering which one is right for you. Compare the two to get a better look at rates, fees and more.
Quick comparison of Ally vs. Synchrony
The table gives a quick glance at which bank is better based on various factors like fees, opening deposits, APYs and more.
| Who is best in terms of… | ||
|---|---|---|
| Fees | Both banks have low fees. | |
| Opening deposits | Both Ally and Synchrony let you open any account with $0. | |
| Interest rates | Synchrony’s rates are slightly higher than Ally’s. | |
| Domestic ATMs | Ally has more domestic ATMs than Synchrony. | |
| International ATMs | Synchrony has ATMs outside of the US, unlike Ally. | |
| Third-party ATM fees | Synchrony doesn’t charge you for using third-party ATMs, while Ally does. | |
| Checking accounts | Ally offers a checking accounts, unlike Synchrony. | |
| Savings accounts | Synchrony’s savings accounts come with a debit card, while Ally’s don’t. | |
| CDs | Ally’s CDs don’t have minimums at all, while Synchrony does. | |
| Customer service | Ally has 24/7 customer service while Synchrony’s hours are more limited. | |
| Branch locations | Synchrony has one branch location, while Ally has none. |
Ally vs. Synchrony savings accounts
Both of these banks offer high-yield online savings accounts with no monthly fee and a $0 opening deposit. But Ally wins for its higher interest rate and the ability to divide your money into savings buckets. Ally also offers integration with a checking account, but Synchrony doesn’t.
Winner: Ally
Use the table to compare savings accounts from Ally and Synchrony to see which has the highest APYs and lowest fees. If you want to dive into even more details, check the “Compare” box next to each one for a unique, side-by-side view.
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What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Ally vs. Synchrony checking accounts
Synchrony doesn’t offer any checking accounts, which gives Ally the clear edge in this category. Plus, Ally’s Interest Checking account earns interest and comes with up to $10 in monthly rebates when you withdraw cash from a non-network ATM.
Winner: Ally
The table highlights noteworthy features for Ally’s Interest Checking account, including minimum opening deposit, ATMs and fees.
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What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Ally vs. Synchrony certificates of deposit
Both banks offer multiple CD terms, competitive rates and no minimum opening deposit requirement, though Synchrony’s rates are slightly higher, making it the best for CDs.
Winner: Synchrony
Use the table to compare CD options at Ally and Sychrony. Sort the table by term to see which bank has the highest APYs. Or, click “More info” to read a review of each account.
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What is the Finder Score?
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
Ally vs. Synchrony branches and ATMs
Neither of these institutions offers physical branches, making customer service and ATM access even more important. Here’s how they compare:
| Ally | Synchrony | |
|---|---|---|
| Branches | 0 | 0 |
| ATMs | 43,000 — US only | Thousands worldwide |
| Customer service |
|
|
Ally vs. Synchrony special features
Despite their similarities, both of these banks have unique features that make them stand out:
Ally
- No penalty and Raise your Rate CDs
- 24/7 customer service
Synchrony
- Learning center
- CareCredit healthcare credit card
Winner:Tie
Ally vs. Synchrony: Which one is best for me?
Both Ally and Synchrony have droolworthy features that make it hard to choose. But this may help you decide which is right for you:
- Choose Ally if…if you want a checking account or want to open a CD with as little as $0.
- Choose Synchrony if… you want the highest APY or a savings account that comes with an ATM card.
Ally vs. Synchrony other products
Online banks generally offer fewer products than traditional institutions, but Ally wins this category for its much larger selection.
- Money market accounts
- CDs and IRA CDs
- Vehicle financing and protection
- Home loans and refinancing
- Self-directed trading
- Managed investment portfolios
- Credit cards
Ally
- Money market accounts
- CDs and IRA CDs
- Business banking
- Credit cards
Synchrony
Bottom line
Ally and Synchrony are two top-rated online banks that offer competitive rates and low fees on their deposit accounts. If you’re looking for higher interest rates, Synchrony may be your best bet. Whereas Ally is better suited for those who want checking accounts and other products.
Compare options from both or explore other banks to find an account that’s right for you.
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