Synchrony Bank claims to have some of the highest APYs and lowest fees in the industry. They are an online-only institution that allows it to minimize fees and offer better interest rates to customers.
Whereas, Ally Bank is a full-service online bank with very competitive rates. Their banking products have no minimum balance requirements or service fees.
Read below and learn about which bank better suits your financial needs!
| BONUS LINK | OFFER | REVIEW |
| Huntington Bank Unlimited Plus Business Checking | $1,000 Cash | Review |
| Huntington Bank Unlimited Business Checking | $400 Cash | Review |
| Huntington Bank Business Checking 100 | $100 Cash | Review |
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| Synchrony Bank | Ally Bank | |
| Locations | Online Only | Online Only |
| ATMs | Any ATMs with Plus or Accel logos | Over 43,000 no-fee Allpoint ATMs |
| Savings | 5/5 | 4/5 |
| CD | 0.25% to 1.65% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open. | 0.50% to 1.60% APY. Terms of 3 months to 5 years. 12-month CD APY of 1.50% |
| Checking | N/A | 3/5 |
| Money Market | 4/5 | 4/5 |
| Customer Service | 4/5 | 5/5 |
| Mobile App | N/A | 5/5 |
| Pros | -Savings with ATM card -High APY -All balance tiers receive same rate |
-CD options -No account minimums -Good customer service |
| Cons | -No checking account -$2,000 minimum deposit for CDs -Limited customer service hours |
-Low Checking APY for lower balance customers |
| Bottom Line | Synchrony Bank offers high interest savings with an ATM card for easy withdrawals. Their CDs require a $2,000 minimum deposit to open. | Ally Bank is one of the most reputable online banks in the industry. No minimum deposit, no account minimum, and no maintenance fees. |
Conclusion
Synchrony Bank and Ally Bank are some of the top banking institutions within the U.S. They offer several account options and features for your banking needs.
In summary:
- Synchrony Bank offers several savings options with the ability to access your cash. Their APYs are among the higher rates in the industry.
- Ally Bank interest rates are pretty solid for today’s standards. And you may feel at ease knowing you can reach a real person at any hour of any day.
For more variety of options, see our list of the best bank account bonuses & savings account offers.
