Save money and be informed. CreditDonkey is a bank comparison and reviews website. This website is made possible through financial relationships with card issuers and some of the products and services mentioned on this site. Advertiser Disclosure†

Synchrony Bank vs Ally Bank

Synchrony Bank is a good online bank offering high interest rates. How does it compare to Ally Bank? Read our comparison chart below.

Synchrony Bank offers high interest savings with an ATM card for easy withdrawals. There is no minimum deposit. Their CDs require a $2,000 minimum deposit to open. There are no service fees for any products.

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

 Ally Bank
 Learn MoreLearn More
 

Synchrony Bank

Ally Bank

SPECIAL OFFER
High Yield Savings - 0.50% APY - Learn More

Read Synchrony Bank Review

SPECIAL OFFER
Online Savings Account - 0.50% APY - Learn More

Read Ally Bank Review

 

Benefits and Features

Savings0.50% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle
0.50% APY
CD0.15% to 0.80% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open.0.20% to 0.85% APY. Terms of 3 months to 5 years. 12-month CD APY of 0.60%
Checking 0.10% APY under $15,000; 0.25% APY $15,000 or more
Money Market0.35% APY. No monthly service fee and no minimum deposit.
0.50% APY
Customer ServiceMon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET)
24/7
ATMsAny ATMs with Plus or Accel logosOver 43,000 no-fee Allpoint ATMs
IRA CD0.15% to 0.80% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open. 
IRA Money Market0.35% APY. 
Locations
Online Only
Online Only
 

CreditDonkey® Reviews

 Ally Bank
SavingsStarStarStarStarStarStarStarStarStarEmpty Star
Money MarketStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarStar
CheckingStarStarStarStarEmpty Star
Mobile AppStarStarStarStarStar
Pros & ConsPros:
  • Savings with ATM card
  • High APY
  • All balance tiers receive same rate
Cons:
  • No checking account
  • $2,000 minimum deposit for CDs
  • Limited customer service hours
Pros:
  • CD options
  • No account minimums
  • Good customer service
Cons:
  • Low Checking APY for lower balance customers
Bottom LineGood online bank offering high interest rates... Read full reviewSolid online bank with a great user-friendly website and customer service... Read full review

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

Synchrony Bank: Pricing information from published website as of 2/25/2021.

Ally Bank: Pricing information from published website as of 2/25/2021.

Which is Better: Synchrony Bank 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 Synchrony Bank or Chase.

In short: Synchrony Bank's savings is excellent. Ally Bank's customer service is outstanding.


Articles on Synchrony Bank

Synchrony Bank

Synchrony offers some of the highest savings and CD rates. But there are downsides. Read this review before you open an account.

Articles on Ally Bank

Ally Bank

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 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?





You Might Also Like

Are Online Savings Account a Good Idea?

Are Online Savings Account a Good Idea?

Online savings accounts offer higher interest rates. But is it safe? Take a look at the risks before you switch.
Discover CD Rates Review
Discover Bank

Discover CD Rates Review

Discover Bank's CD account offers high rates and no hidden fees. But is the term worth it? Read this review before you open a CD.
Best High Yield Savings Accounts

Best High Yield Savings Accounts

Make your money work harder for you in a high-yield savings account. Here are the top savings accounts to grow your money.
Best Online Bank

Best Online Bank

Online banks are convenient, pay higher interest rates, and have less fees. Find out which accounts are best (#1 surprised us).
Money Market vs Savings

Money Market vs Savings

Savings and money market accounts are both FDIC insured bank accounts. So what's the difference? Learn the pros and cons and find out which is best for you.
TIAA Bank Review: Is It Good?

TIAA Bank Review: Is It Good?

If you have a large opening deposit, TIAA Bank provides a variety of options at high introductory rates. But there are downsides. Read on to see if it's right for you.
How to Choose a Bank: Beginner's Guide

How to Choose a Bank: Beginner's Guide

Can't decide what bank to use? Here are tips for choosing a new bank that's right for your needs.
HSBC Direct Online Savings Review
HSBC Bank

HSBC Direct Online Savings Review

Are you tired of abysmal interest rates on your savings accounts? Maybe you've even abandoned the thought of a savings account because it just doesn't seem worth it anymore.
How to Invest $100k

How to Invest $100k

Investing large sums of money in a savings account or CD? That mistake may be costing you. Find better ways to invest $100K and increase your profits.
Capital One 360 Review: Pros and Cons

Capital One 360 Review: Pros and Cons

Capital One 360 checking and savings accounts are free to open and offer higher-than-average APY rates. Does this popular web bank live up to its claims? Find out if it's right for you.

Next Page:

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Terms | Contact Us
© 2021 CreditDonkey