Ally Bank has several different products to choose from. They have a high interest for their checking, savings, and CD options. Plus, there aren’t any minimum deposits or monthly charges you have to worry about.
Meanwhile, Wealthfront has a lower fee of 0.25% with a minimum requirement of $500 to open your account. They offer many different advanced plans and utensils to give a perfect picture of financial health.
Read below for more information on Ally Bank and Wealthfront compared to one another.
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| Ally Bank | Wealthfront | |
| Locations | Online only | Online only |
| ATMs | More than 43,000 no-fee Allpoint ATMs | Yes |
| Savings | 1.50% APY | 0.35% APY |
| CD | 0.50% to 1.60% APY. Terms from 3 months to 5 years. 12-Month CD APY of 1.50% | — |
| Checking | 0.10% APY under $15k & 0.50% APY for $15k+ | — |
| Money Market | 0.75 APY | — |
| Customer Service | 24/7 | 4/5 |
| Mobile App | 5/5 | — |
| Pros | -CD options -No account minimum -Good customer service |
-Minimal opening deposit and fees -Advanced goal tracker -Tax loss harvesting |
| Cons | -Low Checking APY for lower Diffcustomers | -No human adviosrs
-No fractional shares |
| Bottom Line | Ally Bank has many financial products to offer. | Good robo-advisor for hands off investor. Fees are low. |
Comparing Both Banks
Both Ally Bank and Wealthfront are online banks. They offer financial products that their customers enjoy. Their rates are just slightly different and have different accounts. Ally Bank has a 24/7 customer service with real people. Meanwhile, Wealthfront is all electronic and has robot advisors customers contact when they have any questions.
Different Bank Accounts
Ally Bank has great reviews for their savings and checking accounts. Their checking accounts will all bear interest, which is a good feature to have. It comes with no minimum opening deposits, and is FDIC insured. Ally Bank also offers different savings accounts to choose from. They have 3 CD account options such as: High Yield, Raise Your Rate, and No Penalty CDs.
With Wealthfront, they have a cash account that as recently decreased their rates. Originally, they offered rates of 1.78% now to 1.27% for the cash account. With the decrease in rates, it seems less appealing than the rates compared to Ally Bank.
Conclusion
Now, when you open a bank account online you know the difference between Ally Bank and Wealthfront. Both banks offer different features for their accounts and has their own pros and cons. However, if you want a specific bank account, focus on the rates they offer and the benefits that come with it.
