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Charles Schwab Bank vs Ally Bank

Charles Schwab Bank is a popular brokerage with a free checking account that refunds ATM fees. How does it compare to Ally Bank? Read our comparison chart below.

Charles Schwab Bank offers an Investor Checking account with unlimited ATM fee reimbursements worldwide and no foreign transaction fees. No minimum to open and no service fee. It is tied to a brokerage account but you don't have to use it.

While Ally Bank offers high interest on their Savings account. It also offers interest checking and multiple CD options, including No Penalty and Raise Your Rate CDs. There is no minimum deposits or service fees for any of their banking products.

Compare Charles Schwab Bank with Ally Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 Charles Schwab BankAlly Bank
 Learn MoreLearn More
 

Charles Schwab Bank

Ally Bank

SPECIAL OFFER
High Yield Investor Checking – Unlimited ATM Rebates - Learn More

Read Charles Schwab Bank Review

SPECIAL OFFER
Online Savings Account - Learn More

Read Ally Bank Review

 

Benefits and Features

Savings
0.50% APY
2.20% APY. No monthly service fee and no minimum deposit.
CDOffers brokered CDs from other banks. Terms range from 1 month to 20 years. Minimum deposit of $1,000.0.75% to 3.10% APY. Terms of 3 months to 5 years. 12-month CD APY of 2.75%. No minimum deposit to open.
Checking0.40% APY, $0.01 account minimum0.10% APY under $15,000; 0.60% APY $15,000 or more. No monthly service fee and no minimum deposit. Ally will refund ATM fees for other banks up to $10 per statement cycle.
Money Market 0.90% APY under $25,000; 1.00% APY $25,000 or more. No monthly service fee and no minimum deposit.
Customer Service24/7 Live Customer Service (Telephone and Chat)
24/7
ATMsUnlimited ATM fee rebates when used with ATMs with the Visa, Interlink logo. Available worldwide.Over 43,000 no-fee Allpoint ATMs
Locations345 branches across the country. You may also open an account online.
Online Only
 

CreditDonkey® Reviews

 Charles Schwab BankAlly Bank
Savings
Checking
Customer Service
Mobile App
Money Market
Pros & ConsPros:
  • No account minimum
  • No service fees
  • Refund all ATM fees
Cons:
  • Only checking or savings
  • Must do banking online
Pros:
  • CD options
  • No account minimums
  • 24/7 customer service
Cons:
  • Low Checking APY for lower balance customers
Bottom LinePopular brokerage with a free checking account that refunds ATM fees... Read full reviewSolid online bank with a great user-friendly website and customer service... Read full review

High Yield Investor Checking – Unlimited ATM Rebates

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Charles Schwab Bank: Pricing information from published website as of 3/22/2019.

Ally Bank: Pricing information from published website as of 03/21/2019.

Which is Better: Charles Schwab Bank or Ally Bank?

Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing Charles Schwab Bank or HSBC Bank.

In short: Ally Bank's mobile app is outstanding.


Articles on Charles Schwab Bank


Articles on Ally Bank

    Ally Bank Review

    Ally Bank offers good interest rates and no account minimums. But is this popular online bank good for you? Learn the benefits (and drawbacks) here.

Which Do You Think is Best?


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