SoFi vs. Ally: Which Bank Is Right for You?

Whether you go with SoFi or Ally, you’ll be choosing one of the best online banks out there. Each bank offers accounts with few fees, 24/7 phone support, decent APYs and a variety of products and services. The differences in account offerings between the two online banks are marginal, but those small differences can add up.

SoFi vs. Ally: A quick comparison

	SoFi Go to site	Ally Read Review
Bonus	Earn $50 or $400 when you sign up and set up eligible direct deposit New SoFi Checking and Savings customers can get a 0.70% boost on their Savings APY for up to six months by setting up direct deposit and enrolling in SoFi Plus. Terms apply $75 to the referrer and $25 to the referred (redeemed as points) for SoFi Checking and Savings	N/A
Savings	Up to 3.30% APY for Plus members or those who meet deposit requirements.	Up to 3.1% APY
Checking	Monthly fee: $0 Minimum deposit: $0 0.50% APY	Monthly fee: $0 Minimum deposit: $0 Up to 0.25% APY
CDs	N/A	Terms: 3 to 60 months Up to 4% APY on 6-month term $0 opening deposit requirement
ATMs	55,000+ fee-free ATMs within the Allpoint® Network	55,000 Allpoint ATMs Out-of-network ATM fee: $0 ATM reimbursements: Up to $10 per month
Branches	Online only	Online only

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.

Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.

Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.

Ally vs. SoFi: Product offerings

SoFi and Ally are two of the most popular and well-known online banks. Both are FDIC-insured on their own, unlike many other digital banking fintechs like Chime and Current, which rely on third-party banks to insure their products.

Banking

SoFi and Ally offer some of the best personal bank accounts available. Ally Savings often earns itself a place on our best high-yield savings accounts list, and SoFi often takes the win for the best checking account. These accounts lack fees and deposit requirements, and they’re full of modern perks.

Both banks also allow joint owners on their accounts, use the Allpoint ATM network and accept mobile check deposits, and their APYs on savings are neck-in-neck.

With SoFi’s hybrid option, you only have to open one account to get both a checking and savings account. Unlike Ally, SoFi doesn’t offer money market accounts or CDs. But Ally can’t accept cash deposits at all, and SoFi accepts cash deposits at select retail locations for a $4.95 fee.

Ally offers:

Ally Savings. The Ally Savings account has no monthly fees, no balance requirements and no messy APY tiers. You’ll earn up to 3.1% APY on all balances, but there’s no way to make cash deposits. It features its own digital envelope budgeting tool called “buckets,” which allows you to sort your savings goals.
Ally Spending. No monthly maintenance fees, opening deposits or overdraft fees. There are also no fees for any incoming wires, cashier’s checks or ATM fees within the Allpoint network. The Ally Spending account also offers 0.1% to 0.25% APY based on your balance, features a budgeting tool and works together with the savings account for roundups. You can also get up to $10 in out-of-network ATM fee reimbursements per month.
Ally CDs. Ally offers a variety of CDs, none of which require an opening deposit. It offers rate boosts for renewing and no-penalty CD options, and rates are as high as 4% APY.
Money market account. Ally’s money market account made our list of the best money market accounts (MMAs). It earns 3.2% APY on all balance tiers and has no monthly fees, overdraft fees or incoming wire fees. There are also no excessive transaction fees, and you’ll get a debit card and checkwriting privileges.

SoFi offers:

SoFi Checking and Savings. It’s a hybrid checking and savings account with no monthly fees or opening deposit requirements. Checking balances earn 0.50% APY with no balance requirements. The savings balance earns up to 3.30% APY if you’re a Plus member (requires $10 monthly fee), or set up direct deposit, or if you deposit at least $5,000 per month. If you don’t meet the requirements, the APY drops to 0.80%. The account also comes with up to 20 “vaults,” so you can separate your savings goals, similar to the Ally’s Spend account buckets.

Borrowing

SoFi and Ally offer similar lending options. Both banks offer mortgages, refinancing, auto loans, personal loans and business credit, but Ally offers three more credit card options.

SoFi offers:

Secured and unsecured loans. Browse personal loans, home loans, student loans and home equity loans. It also offers small business loans and a variety of refinancing options such as auto loans, student loans, cash-out refinance and mortgage refinancing.
SoFi Credit Card. Offers unlimited 2% cash back, up to 3% cash back on SoFi Travel purchases, and has no annual fee.

Ally offers:

Secured and unsecured loans. Offers personal loans, mortgages, refinancing and auto loans. Ally also offers small business lending and resources.
Credit cards. There are four different Ally personal credit cards: Ally Platinum, Ally Everyday Cash Back, Ally Unlimited Cash Back and Ally Unlimited Cash Back for Nurses & Educators.

Investing

Both SoFi and Ally feature investing and retirement planning tools.

Ally investing. Ally’s investment platform offers self-directed trading, robo portfolios and personal investment advice. It has many investment options, including stocks and exchange-traded funds (ETFs), commission-free ETFs, bonds, mutual funds, and margin accounts. It also offers IRAs.
SoFi Invest®. SoFi offers an online investing platform where you can invest in stocks, ETFs, mutual funds and alternative asset funds. It also offers traditional, ROTH or SEP IRAs.

SoFi Vaults vs. Ally Buckets

Both SoFi and Ally Bank offer subaccounts to sort savings goals, or simply organize your spending. Ally lets you make 30 Buckets, while SoFi allows for 20 Vaults, and both banks offer savings round-ups. Round-up features rounds up debit card purchases, depositing the difference into your savings automatically.

With Ally’s Buckets, you can set specific goals by selecting a target savings amount and choosing a date to reach it. Ally also has another tool called “Surprise Savings,” which analyzes spending patterns to identify safe-to-save amounts and automatically transfers those funds into savings.

How SoFi and Ally’s fees compare

The only real fee difference comes down to foreign transactions. SoFi’s Mastercard charges a low 0.2% foreign exchange convenience fee, and Ally has a 1% foreign exchange rate fee.

Other than that, SoFi and Ally are nearly identical in fees — or lack of them. Neither charges monthly maintenance fees on its personal accounts, they use the same free Allpoint ATM network and they don’t require opening deposits. But unlike SoFi, Ally also offers up to $10 in out-of-network ATM reimbursements per month and doesn’t require an opening deposit on its MMA or various CD offerings.

But SoFi allows unlimited savings transactions, and Ally only allows up to 10 withdrawals or transfers with its savings account — which is still higher than the typical six monthly transactions you’ll find at other banks.

Also, while Ally does have a transaction limit, there are no excessive transaction fees, and you can make unlimited transactions between your savings buckets.

What customers say about Ally and SoFi

Both Ally and SoFi have the highest rating of A+ with the Better Business Bureau (BBB). These ratings are based on a company’s responsiveness to customer complaints, as well as the volume of complaints they receive. While the rating is the same, SoFi has gotten over double the number of complaints.

The majority of these two banks’ complaints are typical banking grievances, such as struggling to contact customer support — a common complaint we see with digital banks without physical branches. Other common complaints are about frozen accounts due to fraudulent or suspicious activity, disappointment with being denied financing or billing issues.

But overall, complaints are typical for both online banks, and there were no real red flags we could spot.

What do people on Reddit say?

On Reddit, SoFi receives decent marks, with customers saying they like the convenience of the hybrid account, its high APYs and referral bonuses for various products. Redditors also talk highly of Ally, with most saying it’s a solid online bank with high APYs and few fees, and many note it has fast and responsive customer service.

Final verdict: Ally takes the win

Both banks have no monthly fees or deposit requirements on their personal accounts, support joint accounts, offer 24/7 phone support, have envelope budgeting features, investing options, interest-bearing checking accounts and more. All in all, they have more in common than they differ.

You really can’t go wrong with SoFi or Ally, but Ally’s got a little more to offer with less hassle.

Ally’s 3.1% APY on savings is slightly lower than SoFi’s highest rate, but there are no deposit or balance requirements to earn that rate. It also offers more savings products, including a high-yield MMA with a debit card, an interest-bearing checking account, and multiple high-yield CDs with no opening deposit requirements.

Between SoFi and Ally, the savings rates are nearly the same, but Ally doesn’t have any balance, deposit or monthly fee requirements. To get the best savings APY with SoFi, you have to set up direct deposit, or deposit $5,000 per month, or pay a $10 monthly fee for SoFi Plus – even typing that all out was a little exhausting.

But if you really need to make cash deposits, SoFi might be better. You can also get a savings and checking account by opening just one account, and both your checking and savings balance earn interest. But it doesn’t accept or send international wire transfers, and it doesn’t offer CDs or MMAs.

Ally at a glance

Ally is best if you’re looking for high-yield accounts for savings, checking, CDs and MMAs.

Pros

$0 monthly fees on checking or savings
High APYs on savings, CDs, MMA and checking
No APY tiers or deposit requirements
Free domestic and international incoming wires
Envelope budgeting on checking and savings

Cons

1% foreign ATM fee
10 savings transactions per month
No cash deposits

SoFi at a glance

SoFi is better if you need to make cash deposits, and want the convenience of opening one account for both checking and savings.

Pros

$0 monthly fees on checking or savings
Accepts cash deposits for $4.95 fee
High APYs and cash back
24/7 customer phone support
Unlimited savings transactions

Cons

No international wires
No CDs or MMAs
0.2% foreign Mastercard convenience fee
Plus membership or deposit requirements for best savings APY

Alternatives to SoFi and Ally

If you prefer online banking but SoFi and Ally aren’t for you, you’ve got plenty of alternative options.

Upgrade. Similar to SoFi and Ally, Upgrade is a fintech company with banking services. The Upgrade Rewards Checking Plus account has no monthly fees and offers cashback rewards.
Current. This fintech company offers banking services through its banking partner. It has somewhat limited personal banking offerings similar to SoFi but comes with many perks. With Current, you’ll enjoy no monthly fees, savings pods and rewards, and cash back. There’s also a credit-building card called Current Build featuring paycheck advances and no APR.
Capital One. A primarily online bank, Capital One is a full-service bank offering credit cards, checking, savings and CDs. It also offers a variety of business banking products, mortgages, auto loans and business credit.

See how even more bank accounts stack up:

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To make sure you get accurate and helpful information, this guide has been edited by Alexa Serrano Cruz as part of our fact-checking process.

Written by

Bethany Hickey

Banking editor

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Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

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