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.
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 lets 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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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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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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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
Phone 24/7
Live chat
Email
Phone weekdays 7 a.m. – midnight ET, weekends 8 a.m. – 5 p.m. ET
Live chat
Email
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.
Ally
Money market accounts
CDs and IRA CDs
Vehicle financing and protection
Home loans and refinancing
Self-directed trading
Managed investment portfolios
Credit cards
Synchrony
Money market accounts
CDs and IRA CDs
Business banking
Credit cards
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.
Frequently asked questions
No. Ally does not currently offer rewards programs or opening bonuses.
No. At the moment, Ally does not offer credit cards.
Yes. All Synchrony customers are automatically enrolled in the Perks Account Rewards program. It offers fee rebates, hotel discounts, VIP events and more depending on account balances and tenure.
You can close your Ally account by phone, mail, live chat or secure email.
Peter Carleton is a freelance writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading. See full bio
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