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Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Ally and Synchrony are two online-only banks with strong high-yield savings accounts, money market accounts, and CDs. So how do you decide which is the right choice for you?
We’ve compared individual Ally and Synchrony accounts so you can determine which accounts are better fits. We’ll also assess each bank’s trustworthiness for you to learn more about how the institutions respond to customer issues.
Compare Ally vs. Synchrony
Editor’s Rating
Editor’s Rating
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On Ally Bank’s site. Ally Bank, FDIC Insured
Pros and Cons of Ally
Pros and Cons of Synchrony
Ally vs. Synchrony Savings Account Comparisons
Below, we’ve compared high-yield savings accounts offered by each bank.
At their core, the Ally High Yield Savings Account and Synchrony High-Yield Savings Account are pretty much the same. Both high-yield savings accounts have a $0 minimum opening deposit, charge no monthly service fees, and pay similar interest rates.
If you would like to easily withdraw money from your account, you might like Synchrony more than Ally. The Synchrony High-Yield Savings Account comes with an ATM card, so you’ll be able to directly withdraw money from your account. At Ally, you’ll have to take extra steps. You’ll need to transfer money to another Ally account or an external bank account first, then withdraw money from that account.
You may prefer Ally over Synchrony if you prioritize savings tools, though. Ally has a savings tool called savings buckets. Savings buckets allow you to save for specific savings goals. You can assign labels for a goal — for example, “emergency savings” or “vacation” — and track your progress by setting a goal amount.
Synchrony High-Yield Savings Account
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
Synchrony High-Yield Savings Account
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
on Synchrony’s site. Member FDIC.
Synchrony High-Yield Savings Account
Details
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
Ally vs. Synchrony CD Comparisons
Below we’ve compared Ally and Synchrony CDs.
When it comes to CDs, Synchrony and Ally stand out for the same reasons.
The two online banks offer traditional CDs with high interest rates and $0 minimum opening deposits.
You’ll also have a variety of CD types to choose from at either bank. Synchrony and Ally both have a no-penalty CD, which is a type of CD that let’s you take out money from your account without facing an early withdrawal penalty. Both banks also offer CDs that can raise rates before a term ends (the Ally Raise Your Raise CDs and Synchrony Bump Up CD).
Choosing between these two banks may ultimately depend on which institution offers the higher interest rate for the type of CD that you want.
You’ll also want to consider whether you have a preference on how you’ll withdraw money from a CD. At Synchrony, you must call customer service to cash out your CD. Meanwhile, Ally lets you cash out your CD through online banking. You may log into your account and submit a transfer request under the tab “Manage CDs” up to one year before your CD matures.
Annual Percentage Yield (APY)
2.25% to 5.00%
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
2.25% to 5.00%
Minimum Deposit Amount
$0
Synchrony CD
Details
Annual Percentage Yield (APY)
2.25% to 5.00%
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
2.00% to 5.00%
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
2.00% to 5.00%
Minimum Deposit Amount
$0
Ally High Yield CD
Details
Annual Percentage Yield (APY)
2.00% to 5.00%
Minimum Deposit Amount
$0
Ally vs. Synchrony Money Market Account Comparisons
See how the Ally Money Market Account stacks up to the Synchrony Money Market Account.
Ally and Synchrony have very similar money market accounts. Both money market accounts have $0 minimum opening deposits, zero monthly service fees, and paper checks/ATM card accessibility.
The only significant distinctions between the two accounts right now are the differences in interest rates and reimbursements of out-of-network ATM fees. The Ally Money Market Account currently pays 3.40% APY. In comparison, the Synchrony Money Market Account pays 2.25% APY. Ally will also reimburse more in out-of-network ATM fees.
Ally Money Market Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally Money Market Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally Money Market Account
Details
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally vs. Synchrony Checking Account Comparisons
If you’d like to open a checking account, then you’ll prefer Ally over Synchrony. Synchrony doesn’t offer a checking account.
The Ally Interest Checking Account is still a strong checking account, though. It doesn’t charge monthly service fees or overdraft fees. The online bank also reimburses up to $10 in out-of-network ATM fees each month.
Ally Interest Checking Account
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
Ally Interest Checking Account
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
Ally Interest Checking Account
Details
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
Ally vs. Synchrony: Which Bank is More Trustworthy?
Neither Ally nor Synchrony has any public scandals.
We also use ratings from the Better Business Bureau so you can see how a bank deals with customer issues.
Ally received an A rating from the BBB because it has three unresolved complaints. Meanwhile, The Better Business Bureau has given Synchrony an A+ rating.
A good BBB rating isn’t necessarily the be-all and end-all. Talk to current customers or read online customer reviews to see if a financial institution might be a good fit.
Ally vs. Synchrony: Frequently Asked Questions
The best option for you will depend on which accounts you’d like to open. If you’re planning to open a checking account, Ally will easily be the clear choice since Synchrony only has savings accounts.
Deciding between Synchrony and Ally savings accounts, money market accounts, and CDs may ultimately hinge on which one pays the higher interest rate for the account you want. However, also take into consideration that rates can always change.
Right now, the Synchrony High-Yield Savings Account pays 3.75% APY, while the Ally High-Yield Savings Account pays 3.40% APY.
Most Synchrony CDs and Ally CDs are comparable, but Ally’s money market account pays more than Synchrony’s money market account.
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