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

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SoFi® and Ally Bank are two of the biggest names in online banking. Both offer interest-bearing checking accounts, no monthly fees and a wide range of features. This guide compares rates, fees and key benefits to help you decide which bank is the better choice for your money.

Quick Overview of SoFi and Ally

How Do They Compare To Other Online Banks?

If you’re exploring more than just SoFi and Ally, here’s how two other popular online banks measure up:

• Chime®: Known for fee-free services and automatic savings tools, but doesn’t offer CDs or money market accounts for long-term savings options.
• Capital One: Combines competitive savings rates with access to physical branches and online tools, making it a flexible hybrid choice.

Historical Background

Here’s a quick look at how SoFi and Ally got their start and evolved into today’s top online banks:

• Ally Bank: Launched in 2009, Ally grew out of General Motors’ financing arm, GMAC, and quickly became known for its competitive deposit rates and digital-first approach.
• SoFi: Short for “Social Finance,” SoFi was founded in 2011 by Stanford students. Initially focused on student loan refinancing, it has expanded into a full-service financial platform with banking, investing, and lending.

Ally vs. SoFi: Account Types and Features

SoFi Account Options

SoFi keeps things simple with just two deposit account options, both packed with perks.

SoFi Checking and Savings, Member FDIC

• Combined checking and savings account
• No account fees or minimum balance requirements
• APY: with direct deposit
• Free access to over 50,000 ATMs

SoFi Plus Checking and Savings

• Unlock by setting up direct deposit
• Up to a APY on savings
• A APY on checking
• Overdraft coverage up to $50 with no fees
• Direct deposit access two days early
• Eligible for a $300 cash bonus with your first eligible direct deposit*

Ally Account Options

Ally offers three types of CD products and a broad range of interest rates and terms, plus traditional savings, checking and money market accounts.

Spending Account

• Interest-bearing checking account with rates up to
• No monthly fees
• Access to over 75,000 fee-free ATMs

Online Savings Account

• APY:
• No monthly maintenance fees or minimum balances
• Organize savings into categories with “buckets”
• Round-ups and automatic transfers make saving easier

Money Market Account

• APY:
• No monthly fees or minimum balances
• Provides both interest and check-writing access

CD Accounts

Best Bank for Account Variety

Ally offers traditional savings, CDs and money market options with competitive APYs.

SoFi vs. Ally: Interest Rates Comparison

SoFi Interest Rates

You have a couple of options for earning interest with deposit accounts at SoFi. SoFi Checking and Savings is a combined account that offers rates, and SoFi Plus Checking and Savings, a premium option. Here are the interest rates:

If you have direct deposit set up, you can enjoy these rates:

• Checking balance:
• Savings balance: Up to

Without direct deposit set up, your account may only be eligible for the less competitive rates:

• Checking balance:
• Savings balance:

Ally Bank Interest Rates

Here’s an overview of some of Ally Bank’s products and interest rates:

• Spending Account: APY on balances less than $15,000 and APY on balances of $15,000 and up
• Savings Account: APY
• High Yield CD: Up to APY
• Raise Your Rate CD: APY
• No Penalty CD: APY

Best Bank for Interest Rates

SoFi wins on savings rates with direct deposit, while Ally leads for CD and money market account options.

Ally vs. SoFi: Fees and ATM Access

Many banks will charge fees for transactions, such as wire transfers or using an ATM outside of the network. Here’s what you should know about Sofi vs. Ally’s fees and charges.

Best Bank for ATM Access and Fees

Ally takes the lead with a larger ATM network and reimbursements — up to $10 per month for out-of-network ATM fees. Both banks, however, offer access to fee-free Allpoint ATMs nationwide.

SoFi vs. Ally: Mobile App and Customer Service

Best Bank for Customer Service

Ally wins for customer support with 24/7 access by phone, chat or email, while both banks earn solid ratings for their mobile apps on the App Store and Google Play.

Pros and Cons of SoFi vs. Ally

Here’s a look at the biggest advantages and drawbacks of each bank to help you see where SoFi and Ally shine — and where they fall short.

Pros and Cons of SoFi

Pros and Cons of Ally

Final Take: Which Bank Is Right For You?

Both online banks offer various types of accounts, but the right choice depends on your banking needs and priorities.

• Best for savings rates: SoFi delivers higher APYs with direct deposit.
• Best for CDs and account variety: Ally shines with multiple CD types and a money market account.
• Best for budgeting tools: Ally has savings buckets and round-up features.
• Best for all-in-one finance: SoFi stands out if you want banking, investing and lending tools all in one platform.

No matter which you choose, both banks offer no monthly fees, competitive interest rates and user-friendly digital experiences, making them strong contenders in online banking.

Virginia Anderson contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 30, 2025. 

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

*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 during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. 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 12/7/2023 and will be available through 1/31/2026. 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 3.80% 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 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% 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 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

SoFi has 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 incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

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.

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.

Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

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