Banking » Compare Banks » SoFi vs Ally High-Yield Savings: Compare Side By Side
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

SoFi vs Ally High-Yield Savings: 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, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
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, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023

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

Banking » Compare Banks » SoFi vs Ally High-Yield Savings: Compare Side By Side
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

SoFi vs Ally High-Yield Savings: 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, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
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, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: November 1, 2023

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 – $250 New customers should deposit $1,000 – $5,000 to get the promotion. Expired on 12/31/2023

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

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.

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.

Savings Accounts Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. 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. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.