Ally vs. Synchrony

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.

What’s in this guide?

• Pros and cons of Ally
• Pros and cons of Synchrony
• Savings accounts
• Checking accounts

• Certificates of deposit
• Other products
• Branches and ATMs
• Special features

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	Ally lets you open any account with $0, while Sychrony requires a $2,000 minimum for CDs.
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 Synchrony wins for its higher rate and debit card access. Plus, Synchrony doesn’t charge an excessive transaction fee if you make more than six withdrawals a month, unlike Ally.

Winner: Synchrony

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.

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.

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.

Winner: Ally

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.

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.

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

• Does Ally offer rewards or opening bonuses?

  No. Ally does not currently offer rewards programs or opening bonuses.

• Does Ally have credit cards?

  No. At the moment, Ally does not offer credit cards.

• Does Synchrony have a rewards program?

  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.

• How do I close an Ally account?

  You can close your Ally account by phone, mail, live chat or secure email.