Ally vs. Synchrony

Explore accounts, rates and features from two competitive online banks.

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Synchrony Vs Ally

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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.

Pros and cons of Ally vs. Synchrony

Ally

Pros
  • Lower opening deposits.Ally savings and checking accounts have lower initial deposit requirements than Synchrony, and CDs don’t have minimums at all.
  • More domestic ATMs. Contact a representative at any time for assistance or answers to your questions.
  • Checking account. Unlike Synchrony, Ally offers a checking account.
Cons
  • No international ATMs. While Ally has a huge domestic ATM network, it doesn’t have any ATMs outside the US.
  • Lower interest rates. Interest rates on Ally deposit accounts are slightly lower than Synchrony‘s.
  • Fees to use third-party ATMs. Unlike Synchrony, Ally will charge you for using third-party ATMs.
  • No debit card for savings accounts. Ally‘s savings account doesn’t come with a debit card, while Synchrony‘s does.

Synchrony

Pros
  • Higher interest rates. Synchrony offers slightly higher interest rates on its deposit accounts.
  • International ATMs. Beyond its network of domestic ATMs, Synchrony also has ATMs outside the US.
  • No charges for third-party ATMs. Synchrony won’t charge you for using an out-of-network ATM.
  • Debit card for savings accounts. Synchrony‘s savings account also comes with a debit card.
Cons
  • Fewer domestic ATMs. Synchrony has fewer domestic ATMs than Ally.
  • No checking accounts. Unlike Ally, Synchrony doesn’t offer a checking account.
  • Higher CD deposits. Synchrony requires a minimum deposit for its CDs, whereas Ally doesn’t.
  • No 24/7 customer service. Customer service is limited to Synchrony‘s business hours.

Ally vs Synchrony savings accounts

Both of these banks offer high-yield online savings accounts, but Synchrony wins for its higher rate and debit card access.

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Winner: Synchrony

Name Product Interest rate (APY) Fee Minimum deposit to open
1.90%
$0
$0
Earn one of the highest interest rates without the fees.
1.80%
$0
$0
An online-only savings account with no maintenance or hidden fees.
1.20%
$0
$0
This money market savings account offers a consistent APY no matter your balance and no maintenance fees.
1.00%
$0
$0
This money market savings account comes with a debit card and no minimum balance fees.

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Ally vs Synchrony checking accounts

Synchrony doesn’t offer a checking account, which gives Ally the clear edge in this category.

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Winner: Ally

Name Product APY ATMs Fee
0.60% on balances of $15,000+
0.10% on balances of $0 to $14,999
Free at any Allpoint ATM in the US
$0
A checking account with no monthly maintenance fees, but a high minimum daily balance if you're looking to get a decent APY.

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Ally vs. Synchrony certificates of deposit

Both banks offer multiple CD terms and competitive rates, though Synchrony‘s rates are slightly higher. However, Ally wins this section because it doesn’t have deposit requirements, while Synchrony requires at least $2,000.

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Winner: Ally

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
2.1%
2.1%
2.2%
2.25%
2.3%
2%
2.05% on CDs of $25,000+

2% on CDs of $5,000 to $24,999

1.9% on CDs of $0 to $4,999
2.1% on CDs of $25,000+

2.05% on CDs of $5,000 to $24,999

1.95% on CDs of $0 to $4,999
2.25%
2.05%

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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

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

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Winner:Tie

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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