Banking » Compare Banks » SoFi High Yield Online Savings Account vs. Ally Bank Savings Account: Compare Side By Side
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SoFi High Yield Online Savings Account vs. Ally Bank Savings Account: Compare Side By Side

Ally and SoFi savings account rates are among the highest in the market and no monthly fees required. Compare account features and drawbacks.
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: April 15, 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: April 15, 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

In today's world, online banking is becoming increasingly popular due to its convenience and accessibility. Ally Bank and SoFi Bank are two popular online banks that offer high-yield savings accounts with competitive interest rates, low fees, and user-friendly mobile apps.

In this article, we will compare the Ally High-Yield Savings account and the SoFi Bank Savings account in-depth.

Compare Savings Rates And Deposit Requirements

Ally High-Yield Savings
SoFi Bank Savings
Savings Rate
4.25%
up to 4.60%
Minimum Deposit
$0
$0
Fees
$0
$0
Promotion
None
$50 – $300 New customers should deposit $1,000 – $5,000 to get the promotion. Expired on 06/30/2024

When comparing Ally High-Yield Savings and SoFi Bank Savings, SoFi Bank Savings offers a higher interest rate of 4.25% compared to Ally High-Yield Savings' rate of up to 4.60%. Both banks have no minimum deposit requirements and no monthly maintenance fees, making them accessible to a wide range of customers.

SoFi Bank Savings is also currently offering a promotional offer for new customers, which can earn them up to $250, while Ally High-Yield Savings does not have any current promotions.

Compare Saving Features and Benefits

Both Ally and SoFi offer very competitive rates, but since SoFi is not a pure savings account, the benefits are a bit different. Here's a comparison:

Ally High-Yield Savings
SoFi Bank Savings
High Interest Rate
Spending Tracker
No Monthly Fees or Account Minimum
Credit score Monitoring
Savings Organization Tools
Free Paper Check
Safe to Save
Automatic Savings Roundups
Round-Ups
No Monthly Fees

 You can earn over 10 times the national average savings rate with Ally's High-Yield Savings account.

There are no monthly maintenance fees to worry about. No Minimum Balance Requirements

Ally's “buckets” feature allows you to organize your savings into different categories, all within the same account.

This feature analyzes your linked checking account to identify areas where you can boost your savings balance.

Ally's round-up feature allows you to transfer spare change from your checking account to your savings account automatically.

No account fees, including overdraft fees, account inactivity fees, foreign transaction fees, or ATM fees

Automatic Savings Roundups, which round up purchases to the nearest whole number and transfer the difference to a specified vault

Unlimited free paper checks for making payments when required

Spending tracker through Relay, which allows customers to monitor their spending habits on their SoFi Money account and other accounts with other financial institutions.

Credit score monitoring through partnership with TransUnion

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How Can Ally And SoFi Improve?

Ally High-Yield Savings
SoFi Bank Savings
No physical branches
Third-Party ATM Fees
Withdrawal Limits
Withdrawal Limits
No cash deposits
No physical branches

While SoFi and Ally Savings offers several attractive features, there are also some potential drawbacks that customers should be aware of.

Firstly, unlike traditional banks, you cannot deposit cash into them directly. With SoFi, it's even more challenging – you must first deposit cash into another bank account and then transfer funds electronically into SoFi Savings.

Additionally, since Ally and SoFi is an online bank, it does not accept cash deposits directly into your account, and there are no physical branches to visit for face-to-face customer service.

Secondly, SoFi Bank has withdrawal limits, including a $1000 limit for ATM withdrawals, a $150 limit for over-the-counter withdrawals, and a $6000 limit for point of sale purchases. Additionally, users are limited to 12 point of sale transactions per day.

On the other hand,  Ally High-Yield Savings account is subject to a maximum of six withdrawals per month due to its classification as a high-yield savings account. If you need more frequent access to your savings, this may not be the best option for you.

How to Start Saving: Step-by-Step Comparison

Both SoFi and Ally are online-only banks, and therefore you can open an account online quickly:

To open a SoFi Bank Savings account, follow these steps:

  1. Sign up: Provide your basic information to create a SoFi Money account.
  2. Verify identity and choose account type: Confirm your identity, citizenship status, and choose between an individual or joint account.
  3. Complete additional questions: Answer questions related to your role in a brokerage firm or security exchange, your directorship or role in a publicly-traded company, or adding a trusted person to help manage the account.
  4. Link your bank account: Link your bank account to add funds to your SoFi Money account.
SoFi savings overview
SoFi Savings Overview On SoFi App (Screenshot taken by our team from SoFi, rates may not be updated)

You can open an Ally savings account over the phone or by downloading an application and mailing it in. However, the simplest way is online.

You can complete the online application process in a few simple steps. Visit the Ally official website and click on the high-yield savings account product page.

  1. Provide your basic personal information, verify your identity by submitting a copy of documentation, and choose your preferred funding options.
  2. Wait for an email confirmation from Ally that your application has been approved and your account is open.

How We Compare Savings Account: Methodology

The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.

  • Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
  • Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
  • Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
  • Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.

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Picture of 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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