Current vs Ally Bank

Current is a simple, digital-only banking app with impressive APY and cashback. How does it compare to Ally Bank? Read our comparison chart below.

Current offers mobile-only banking for adults and teens. It offers cashback rewards, interest on savings, faster direct deposit, and fee-free overdrafts. There are no monthly fees and no minimums.

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

		Ally BankDiscover BankChaseCIT BankAxos Bank
	Current	Ally Bank
	SPECIAL OFFER Current Savings with Interest - Up to 4% APY - Learn More Read Current Review	SPECIAL OFFER Online Savings Account - 3.85% APY - Learn More Read Ally Bank Review
	Benefits and Features
Savings	Up to 4.00% APY on your Savings Pod, on up to a total of $6,000	3.85% APY
CD		2.50% to 4.80% APY. Terms of 3 months to 5 years. 12-month CD APY of 4.50%
Checking	Earn up to 15x points on purchases at participating merchants	0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000
Kids Debit Card
Money Market		4.15% APY
Customer Service		24/7
Minimum Deposit to Open	$0
Mobile App	iOS & Android	iOS & Android
ATMs	Free access to 40,000+ Allpoint ATMs	Over 43,000 no-fee Allpoint ATMs
Locations		Online Only
Monthly Fee	$0
	CreditDonkey® Reviews
Savings
Minimum Deposit
Checking
Price
Customer Service
Mobile App
Ease of Use
Education
Money Market
Pros & Cons	Pros: High savings rate Up to 15x cash back at 14k stores Ability to deposit cash Cons: No web platform Email-based support only Requires direct deposit to earn the boosted APY	Pros: CD options No account minimums Good customer service Cons: Low Checking APY for lower balance customers
Bottom Line	Simple, digital-only banking app with impressive APY and cashback... Read full review	Solid online bank with a great user-friendly website and customer service... Read full review
	Current Savings with Interest - Up to 4% APY Banking for Modern Life Convenient Teen Account With Debit Card	Online Savings Account - 3.85% APY Interest Checking Money Market - 4.15% APY
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Current: Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC Ally Bank: Pricing information from published website as of 5/24/2023.

Current Savings with Interest - Up to 4% APY

Learn More

• 4.00% APY on up to $6,000 balance if you receive and maintain a qualifying direct deposit of $200 or more in a rolling 35 day period. (Otherwise, 0.25% APY.)
• Simply add money to your Savings Pods and enable the Interest feature.
• Earn interest on up to 3 Savings Pods, up to $2,000 balance each.
• Interest accumulates daily.

Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC

Banking for Modern Life

• Get Paid Up to 2 Days Faster
• Fee-Free Overdraft up to $200 with Overdrive
• 40,000 fee-free Allpoint ATMs in the U.S.
• No minimum balance or hidden fees

Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC

Sign Up

Convenient Teen Account With Debit Card

Sign Up in 2 Minutes

• Easy transfers, set spending limits, automate allowances
• Age: 13 years and older
• Fees: No monthly or annual fee

Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC

Which is Better: Current or Ally Bank?

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Current or Chase.

In short: Current's checking is outstanding. Ally Bank's customer service is outstanding.

Articles on Current

Current Banking Review

Current offers banking features like savings, and debit card options — but is it legit? Find out the pros, cons, and how it compares to Chime.

• Current vs Chime

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.

• Ally Bank vs Discover Bank
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Ally Bank CD Rates

Ally Bank CD accounts offer high APYs and require no minimum deposit. But what is the catch? Learn more about Ally CD rates in this review.

• Ally Bank vs Axos Bank

Ally Bank Routing Number

Looking to transfer money in or out of your Ally account? You'll need the right routing number. Find your Ally routing number and learn more about money transfers in our guide.

Which Do You Think is Best?

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