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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…
FeesBoth banks have low fees.
Opening depositsBoth Ally and Synchrony lets you open any account with $0.
Interest ratesSynchrony’s rates are slightly higher than Ally’s.
Domestic ATMsAlly has more domestic ATMs than Synchrony.
International ATMsSynchrony has ATMs outside of the US, unlike Ally.
Third-party ATM feesSynchrony doesn’t charge you for using third-party ATMs, while Ally does.
Checking accountsAlly offers a checking accounts, unlike Synchrony.
Savings accountsSynchrony’s savings accounts come with a debit card, while Ally’s don’t.
CDsAlly’s CDs don’t have minimums at all, while Synchrony does.
Customer serviceAlly has 24/7 customer service while Synchrony’s hours are more limited.
Branch locationsSynchrony 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.

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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.

1 - 4 of 4
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Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
Synchrony High Yield Savings
Finder Score: 4.3 / 5: ★★★★★
Synchrony High Yield Savings
Custodial account

4.75%

$0
$0
$1,047.50
Ally Bank Savings Account
Finder Score: 4.8 / 5: ★★★★★
Ally Bank Savings Account
Custodial account

4.25%

$0
$0
$1,042.50
Synchrony Bank Money Market Account
Finder Score: 4.4 / 5: ★★★★★
Synchrony Bank Money Market Account
Money market

2.25%

$0
$0
$1,022.50
Ally Money Market
Finder Score: 4.7 / 5: ★★★★★
Ally Money Market
Money market

4.25%

$0
$0
$1,042.50
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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.

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Winner: Ally

The table highlights noteworthy features for Ally’s Interest Checking account, including minimum opening deposit, ATMs and fees.

1 - 1 of 1
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Ally Bank Spending Account
Finder Score: 4.3 / 5: ★★★★★
Ally Bank Spending Account
$0 per month
$0
0.25% on balances of $15,000+
0.10% on balances of to $15,000
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, competitive rates and no minimum opening deposit requirement, though Synchrony‘s rates are slightly higher, making it the best for CDs.

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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.

1 - 3 of 3
Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Synchrony Bank CDs
Finder Rating: 5 / 5: ★★★★★
Synchrony Bank CDs
5.15%
4.80%
4.00%
$0
Very competitive rates and a wide range of CD terms.
Ally High Yield CDs
Finder Rating: 4 / 5: ★★★★★
Ally High Yield CDs
4.40%
4.50%
3.90%
$0
Ally Raise Your Rate CDs
Ally Raise Your Rate CDs
N/A
N/A
N/A
$0
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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:

AllySynchrony
Branches00
ATMs43,000 — US onlyThousands 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

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.

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