Banking » Compare Banks » Aspiration vs Ally Bank: Where to Put Your Money in 2024?
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Aspiration vs Ally Bank: Where to Put Your Money in 2024?

Aspiration bank doesn't provides a great choice of products, but offers nice rewards for making greener financial decisions. If you’re looking for a full package of checking, savings and credit card, you’ll find Ally lacking.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: January 1, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: January 1, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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 4.35% 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
Up to 3.00%
4.35%
Fees
$0
$0
Minimum Deposit
$10
$0
Checking Needed?
No
No
Main Benefits
  • Your deposits will not fund fossil fuel exploration or production
  • Option to upgrade to Aspiration Plus to earn 5% interest on your first $10,000 of savings
  • Buckets to organize your savings, so you can allocate funds and work towards your savings goals
  • 24/7 support via chat, email or phone
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Chase_logo

Promotion:
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With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
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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
  • Earn up to 5% cash back
  • Satisfaction guarantee. If you’re not happy with your purchase within 60 days, you can obtain a refund even if the store will not accept a return.
  • Spend $1,000 in the first 60 days and receive a welcome bonus of $150.
  • Option to plant a tree every time you swipe your debit card.
  • Remote check deposit using your smartphone
  • Rounds up your checking account purchases and deposits the difference into your linked savings account
  • Easy transfers with Zelle and Ally Skill, an Amazon Alexa compatible voice transfer system.
  • ATM network of over 43,000 fee free machines

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
3.00% – 5.25%

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.

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Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.05% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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.

ally bank
aspiration bank logo
The Smart Investor Logo
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.
4.35%
Up to 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
Open Account
on Ally's website
Open Account
on Aspiration website
Compare
on our website

FAQs

Both banks offer new bank account promotion from time to time, while Aspiration bonuses tend to be higher than Ally promotions.

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.

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.

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.

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.

Compare Ally With Other Banks

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.

Read Full Comparison: Ally vs Chime: Which Banking Account Wins?

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.

Read Full Comparison: SoFi Money vs Ally Bank: Compare Banking Options

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.

Read Full Comparison: Ally vs Capital One: Compare Banking Options

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.

Read Full Comparison: Ally vs Marcus: Which Online Bank Is Better?

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.

Read Full Comparison: Discover vs Ally: Which Bank Wins?

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.

Read Full Comparison: Axos Vs Ally Bank Comparison – Which Is Better?

While Wells Fargo has a far more comprehensive product line, Ally does offer better rates on savings, CDs and even its checking account. The only areas where Wells Fargo has the edge is its credit cards and its impressive selection of mortgage products and loans.

Ally vs Wells Fargo: Which Bank Account Is Better For You?

Chase is the largest brick-and-mortar bank, while Ally Bank is among the best online banks. Here's our comparison and our winner: Chase vs. Ally Bank

If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.

Ally Bank vs. Bank of America: Which Bank Account Is Better?

U.S. Bank is one of the largest brick-and-mortar banks, while Ally is among the best online banks. Let's compare them and find our winner: Ally Bank vs. U.S. Bank

Citi is our winner for most consumers, but Ally is also a great option if you are willing to manage your account online. Here's why:

Citibank vs. Ally Bank: Which Bank Account Is Better?

While TD offers a better selection of checking accounts and credit cards, Ally is also a great option for those who want an online-only bank.

Ally vs. TD Bank: Which Bank Account Is Better?

While Amex has a decent checking account and better credit card options, Ally's CD and lending options are superior. Here's our comparison: American Express Bank vs. Ally Bank

Ally Bank is one of the top online banks, while HSBC Bank focuses on serving wealthier customers. Let's compare them side by side: Ally Bank vs. HSBC Bank

Barclays provides a comprehensive range of services to US customers, while Ally bank is among the best online banks. How do they compare? Barclays Bank vs. Ally Bank

Ally Bank is our winner with a complete banking package, including a checking account ( not available with Synchrony) and high savings rates.

Ally Bank vs. Synchrony Bank: Compare Banking Options

Both Ally and Upgrade offer a complete banking package, including savings, checking, and credit cards. Here's our side by side comparison.

Upgrade vs. Ally Bank: Compare Banking Options

Banking Reviews

How We Compared Aspiration and Ally Bank: Methodology

In our comprehensive banking comparison, The Smart Investor team thoroughly assessed Aspiration and Y across five main categories:

  • Checking Accounts (30%): We scrutinized essential features like direct deposit, debit card availability, monthly maintenance fees, ATM and branch access, check deposit, bill pay options, and account alerts. Additionally, we considered any special checking account options and promotions offered to customers.
  • Savings Accounts including CDs (20%): Our evaluation focused on critical factors such as APY (Annual Percentage Yield), minimum deposit requirements, Terms and Flexibility of accounts, and the assurance of FDIC insurance. We also examined special savings options, variety of CDs, automatic renewal options, and early withdrawal penalties.
  • Credit Cards (15%): We analyzed the rewards program, annual fees, intro bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards, ensuring a comprehensive comparison of available features.
  • Lending Options (15%): We assessed the variety of lending options available, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, providing consumers with insights into the bank's lending capabilities.
  • Customer Experience And Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, customer support accessibility, online reviews, JD Power research, Trustpilot ratings, and the overall Financial Stability of each bank, ensuring a holistic view of customer experience and reputation.
Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
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Savings Rate: 5.05% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

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Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
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