Table Of Content
Aspiration presented their company in a very different way than their bank competitors. They are technically an SEC-registered financial broker-dealer that has partnered with a bank to provide banking products and services.
To begin, they describe themselves as a green company, implying that they care about the environment and the American way of life. This is stated very clearly on their website, which states that they do not use customer funds to fund fossil fuels or lobbyists who promote anti-people agendas. It's clear that this isn't your run-of-the-mill bank.
Ally Bank is an online bank that grew out of General Motors Acceptance Corporation's banking division. This bank now provides a diverse range of products. Credit cards, mortgage loans CDs, investment products and savings accounts are among the products available. Ally Bank serves millions of customers and offers excellent banking services.
Ally Bank is ideal for customers who prefer to conduct their banking entirely online. Ally Bank provides customers with unrestricted access to loans, high-yield deposit products, and credit cards. This is a high-quality banking service that provides dependable service and modern banking needs that are flexible and adaptable to your needs.
Banking Options
Aspiration has a streamlined banking product line with a hybrid account that has an upgrade option costing $7.99 per month and just one credit card option. The premise of Aspiration is to help you to live a greener life, so the products are heavily weighted in this area. This means that you can earn cash back and other rewards for eco conscious purchases and actions.
Ally has a far more comprehensive choice of banking products. In addition to the checking account, savings account, and CD options, you can access investment and retirement products via Ally Invest, auto loans, and home loans via Ally mortgage. This makes it more in line with a conventional bank, which may make it easier to switch from your high street bank.
Aspiration | Ally Bank | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
Aspiration’s Spend & Save account is a hybrid account, combining savings and checking, but for this comparison, we’ll look at the savings features. In this area, Aspiration does offer far higher rates. While Ally’s 3.75% rate is generous compared to many of the large banks, it is less what offered by Aspiration. However, Aspiration only offers this rate for up to $10,000. After this point, you’ll earn 0%.
While Ally does not have any account maintenance fees, Aspiration has a pay what’s fair approach, so it is possible to pay nothing for your account management if you deem that fair.
Aspiration | Ally Bank | |
|---|---|---|
APY | 1.00% – 3.00% | 3.75% |
Fees | $0 | $0 |
Minimum Deposit | $10 | $0 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
Again, Aspiration has the edge with regards to checking account features. Although Ally has no minimum account opening deposit, Aspiration requires just $10. Additionally, you can earn 1.00% – 3.00%, while Ally offers 0.25% on checking account balances.
While Ally has some nice features like rounding up your checking account amounts to put the extra into savings, Aspiration offers up to 5% cash back on qualifying purchases. Additionally, there is an Aspiration welcome bonus if you spend $1,000 within the first 60 days of opening your account.
Aspiration | Ally Bank | |
|---|---|---|
APY | 1.00% – 3.00% | 0.25% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
Main Benefits |
|
|
CDs
There is no comparison here, as Aspiration does not currently offer CDs. So, if you are interested in CD products, Ally is a better option, offering impressive rates compared to many of the bigger banks.
Ally Bank | |
|---|---|
Minimum Deposit | $0 |
APY Range | 2.00% – 5.00% |
Credit Cards
Aspiration has just one credit card option. The Aspiration Zero card has been created to help consumers work towards the goal of being carbon neutral, with rewards weighted towards greener habits. Aspiration plants up to two trees for every purchase. You’ll receive 0.5% rewards on qualifying purchases, but when you reach 60 trees and therefore are carbon neutral for the month, your rewards during this period are doubled to 1%. The card does have a $60 annual fee.
Ally did previously have a credit card under its name, but TD Bank, the card issuer converted all the existing accounts to TD Cash credit cards. So, Ally no longer offers a credit card, but this may change at some point in the future.
Customer Service
Since both Aspiration and Ally are smaller banks, you would expect limited access to customer service support. While Aspiration has a toll free number available 6 am to 6 pm PT Monday to Friday and on weekends 8 am to 4 pm, Ally has 24/7 support, claiming a typical wait time of just one minute for customer calls.
Both banks have social media channels, but neither bank promotes using these to contact the customer service team.
Online/Digital Experience
Both Aspiration and Ally have an app to help you to manage your bank accounts and financial products on the go. The Aspiration app is rated 4.7/5 and 4.1 out of 5 on the Apple Store and Google Play respectively, while Ally’s app is rated 4.7/5 and 4.2 out of 5 on Apple and Google.
Ally has an easy to use website that allows you to explore the different products, with a help center for different finance topics. Aspiration’s site is more geared towards green living.
So, if you’re not particularly interested in being carbon neutral, you may find the lack of details frustrating. For example, while there are lots of details about how the different products help you to be greener financially, it can be difficult to find the full terms including credit card rates on the website.
Which Bank is The Winner?
To sum up, we’ll need to look at which bank is better, according to what you’re looking for.
If you’re interested in limited products that are more ethically designed, the Aspiration ethos is likely to appeal to you. Although there is not a great choice of products, since there is one hybrid checking and savings account, one credit card and limited investments, you won’t be able to tailor your product to your specific requirements, but you will get rewards for making greener financial decisions.
Ally lacks in other areas. While there are CDs, Ally does not have a credit card currently. So, if you’re looking for a full package of checking, savings and credit card, you’ll find Ally lacking.
 |  |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 3.75% | 1.00% – 3.00%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $0 | $0 | Compare Banking |
Mobile App Rating | 4.7/5 on iOS 4.1/5 on Android | 4.7/5 on iOS 4.1/5 on Android | Various Banks
|
on Ally's website |
on Aspiration website |
on our website |
FAQs
Does Aspiration or Ally offers a promotion or bonus for new customers?
Both banks offer new bank account promotion from time to time, while Aspiration bonuses tend to be higher than Ally promotions.
What is the Aspiration Redwood Fund?
Aspiration promotes what they refer to as long-term investing. This means that your money is not simply used to fund any company. They filter where your money should be invested and find companies that meet three criteria: environmental, social, and governance. They also do not charge a fixed management fee, as most businesses do. You decide how much the fund managers should be paid and how much they should be paid.
Here are the key details about Aspiration's Redwood fund that you should be aware of:
- New investors are welcome.
- A minimum of $10 is required to open an account.
- Pay a reasonable fund management fee.
What is the Aspiration Redwood IRA?
In terms of features and requirements, this is similar to the majority of traditional IRAs on the market. What sets it apart is that you only need $10 to open an account.
Aspiration will collect your share of the annual operating expenses and underlying expenses, but no administrative or management fees will be collected. Your money is also subjected to the same criteria as for long-term investing. Here are the main features of Aspiration's Redwood IRA that you should be aware of:
- A minimum of $10 is required to open an account.
- Tax-deferred growth in a traditional IRA
- There are no additional costs.
How does Ally Invest work?
Ally Invest provides two ways to invest: self-directed trades and managed portfolios. Hands-on investors can trade stocks, options, and ETFs in a low-commission environment using self-directed trade.
However, Ally took into account potential investors with limited knowledge or those who do not want to be responsible for investing their own money. Every type of individual investor has a choice with Ally thanks to its managed portfolios. Furthermore, the minimum deposit is only $100.
What are the top benefits of Ally Bank?
Ally's online savings, checking, money market, and certificate of deposit (CD) accounts have no monthly maintenance fees.
Ally's online savings account offers a 0.50 percent annual percentage yield (APY), which is higher than the interest rate offered by many traditional banks.
Its no-penalty CD account earns higher rates than CDs from most traditional banks. Ally Bank customers have access to over 43,000 ATMs via the Allpoint network, and they can use Zelle to send and receive money from others.
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Aspiration and Chime both have a fairly streamlined banking product offering. Aspiration offers only one hybrid account with a $7.99 per month upgrade option and one credit card option. Chime offers a savings account, a checking account, and a credit card. The product lines' premise, however, differs.
While Aspiration is a banking service aimed at assisting people in living a more environmentally friendly lifestyle, Chime's products are aimed at assisting those who want to build their credit. This will help you decide whether Aspiration or Chime is a better fit for you.
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Aspiration vs Bank of America
Bank of America is a nationwide network that offers deposit, loan, and credit card services. There are also increased daily limits on ATM and debit purchases, which is an excellent incentive to improve your financial situation. Aspiration's company was presented in a very different manner than their bank competitors.
One feature that sets them apart from their competitors is that they let their customers decide how much they want to pay for their services. The fee that the customer believes is fair or appropriate for the level of service they receive is set by the customer.
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Ally vs Discover
Discover is a completely online bank, so there are no local branches where customers can go for banking services. Customers can get in touch with Discovery via customer service, which is available 24 hours a day, seven days a week. You can log in to your account in a number of ways. All accounts are accessible online.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
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Ally vs Axos
Ally Bank is an online bank that arose from the banking division of General Motors Acceptance Corporation. GMAC used to be an auto financing company before being purchased by Ally Bank. This bank now offers a wide range of products. Among the products available are credit cards, home loans, investing products, savings accounts including certificates of deposit, and checking account options. Ally Bank serves millions of customers and provides high-quality banking services.
Axos is a well-established online-only banking service. It has been in business since 2000 and is constantly expanding its services for both individuals and businesses. The bank is a subsidiary of Axos Financial and is headquartered in San Diego, California. Despite the fact that the bank has three locations, the vast majority of its customers are served online.
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Ally vs Marcus
Marcus' banking product offering is more specialized. Marcus' product line reflects its investment pedigree as part of the Goldman Sachs Group. CDs, high-yield savings, investment options, and a variety of loans are available.
Ally has a banking product line that competes with traditional, high-street banks. A checking account, savings account, CDs, mortgages, auto loans, personal loans, retirement products, and investments are among the numerous products available.
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Ally vs SoFi
Since the bank's inception, the SoFi product line has come a long way. You can now get access to investment products, mortgages, and loans, in addition to its hybrid checking and savings account. SoFi even offers insurance. The only thing missing from this bank are CDs and traditional savings accounts.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
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Ally vs Capital One
Ally has a decent banking product lineup that would make switching from a traditional high street bank relatively simple. Checking, savings, CDs, auto loans, personal loans, mortgages, investments, and retirement products are among the products available. The only obvious omission from the Ally line is the absence of a credit card.
Capital One began as a credit card company, but it has since expanded into a variety of other banking services. You can access auto finance, loan refinancing, and children's accounts in addition to savings and checking accounts.
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Ally vs Chime
Ally has a robust banking product offering that rivals that of a traditional bank. Savings accounts, checking accounts, CDs, investments, retirement products, personal loans, auto loans, and mortgages are all available.
Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.
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Ally vs Marcus
Marcus' banking product offering is more specialized. Marcus' product line reflects its investment pedigree as part of the Goldman Sachs Group. CDs, high-yield savings, investment options, and a variety of loans are available.
Ally has a banking product line that competes with traditional, high-street banks. A checking account, savings account, CDs, mortgages, auto loans, personal loans, retirement products, and investments are among the numerous products available.
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Ally vs Wells Fargo
Both Ally and Wells Fargo have a fairly impressive banking product lineup that would make switching from a traditional high street bank simple.
Ally offers CDs, auto loans, mortgages, investments, and retirement products in addition to checking and savings. The only glaring omission in the lineup is the absence of a credit card.
Wells Fargo's product lineup is even more impressive. Checking and savings accounts, mortgages, loans, and a variety of investment options such as IRAs, 401ks, and wealth management services are all available.
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