We break down what each bank offers across checking and savings, digital banking, and customer support, so you can decide which is best for you.
October 20, 2026
SoFi and Ally are two of the largest online-only banks in the U.S. Both charge no monthly fees, require no minimum balance, and have no brick-and-mortar branches, so you'll do all your banking on a phone or computer. This comparison breaks down what each bank offers across checking and savings, digital banking, and customer support, so you can decide which one fits how you bank.
Why go online? Besides ease, it may come down to your deposit accounts' earning power. As of October 2026, the national average savings rate is 0.38%, according to the FDIC's National Rates and Rate Caps. Ally pays a competitive rate to every savings customer, and SoFi pays 3.30% to customers with eligible direct deposit or $5,000+ in qualifying deposits every 31 days. Rates are variable and subject to change.
Social Finance, Inc. (SoFi) was founded in 2011 by a group of students from Stanford Business School and became a nationally chartered bank in 2022. Today, SoFi has more than 15.8 million members who use the financial company for services like personal loans, investment accounts, insurance, banking, and more.
Ally Financial, headquartered in Detroit, was founded in 1919 by General Motors to offer consumers car loans. Ally Bank (its subsidiary) is a Utah-based bank that offers competitive rates and a wide range of account types, including checking, savings, money market accounts, and CDs. Ally Financial’s website states it has over 11 million customers across all its offerings, not just banking.
Feature | SoFi | Ally |
|---|---|---|
Branches | None — online only | None — online only |
ATM network | 55,000+ fee-free ATMs | 75,000+ fee-free ATMs |
Account structure | Combined checking and savings account | Separate checking and savings accounts, plus money market and CDs |
BBB rating | A- (not accredited) | A+ (not accredited) |
Standout feature | Rate boost and early direct deposit for qualifying customers | Savings “buckets” and automatic Surprise Savings |
Best for | Customers who want banking bundled with loans, investing, and credit cards | Customers who want a wider range of account types, including CDs and money market |
Pros | Cons |
Early direct deposit | No CDs or money market accounts |
No monthly fees | Top rate requires a paid SoFi Plus subscription and only covers the first $20,000 |
Access to over 55,000 ATMs nationwide | Cash deposits are made at participating retailers |
Pros | Cons |
No direct deposit or activity requirement | Cash deposits only at Walmart, and only into checking |
Offers CDs and a money market account | Combined 10-withdrawal limit per statement cycle across savings and money market, though no fee for exceeding it |
Can use over 75,000 ATMs nationwide | No longer offers mortgages; Ally-branded cards are now issued by a third party |
Feature | SoFi | Ally |
Monthly fee | $0 | $0 |
Minimum opening deposit | $0 | $0 |
Savings rate | 3.30% | Competitive rate for everyone, no conditions |
Notable fees | $30 outgoing domestic wire fee, plus a fee on instant transfers | $20 outgoing domestic wire fee; incoming wires free; no outgoing international wires |
SoFi combines checking and savings into a single account, SoFi Checking and Savings, rather than offering them as two separate products, which may take time to get used to. It doesn't offer money market accounts or Certificates of Deposit; Ally does.
Standout Feature: Rate Boost
Customers who set up qualifying direct deposit earn more competitive rates on savings instead of the base rate, plus early access to deposits, sometimes up to two days ahead of schedule. Two other paths reach the same rate:
No direct deposit? Deposit $5,000+ every 31 days.
Join SoFi Plus ($10 every 30 days; the fee reduces net earnings)
Fees and Access
SoFi charges $30 for outgoing domestic wires, plus a percentage fee on instant transfers, but has no other monthly fees and no minimum balance requirement. You'll have access to 55,000+ fee-free ATMs within the Allpoint® Network.
Ally offers a broader lineup by pairing checking and savings with money market accounts and CDs, plus auto financing and self-directed and robo investing through Ally Invest. Ally no longer offers mortgages and sold its credit card portfolio in 2025 to refocus on auto and deposits; Ally-branded cards are now issued by a third party.
Standout Feature: Savings Buckets
Ally splits checking and savings into distinct accounts, which can give savers more structure if they want to separate short-term spending from longer-term goals. Its savings "buckets" tool lets you divide a single savings account into multiple labeled sub-goals, like an emergency fund, a vacation fund, or a down payment fund, without opening separate accounts for each.
Fees and Access
Ally charges $20 for outgoing domestic wires; incoming domestic wires are free, and Ally doesn't offer outgoing international wires. With the Spending or money market account, you can access over 75,000 Allpoint® and MoneyPass® ATMs in the U.S. for free, plus up to $10 per statement cycle in reimbursements for fees charged at other ATMs.
Ally's app rates higher on Google Play than SoFi's, but Apple users rate the app the same, and both institutions offer digital budgeting tools and features to help consumers get the most out of their digital experience.
Feature | SoFi | Ally |
Google Play rating | 3.8 (as of September 2026) | 4.4 (as of September 2026) |
Apple App Store rating | 4.7 (as of September 2026) | 4.7 (as of September 2026) |
Security | SoFi Bank, N.A. is FDIC insured to $250,000 per depositor, with up to $3 million available when you opt in to the SoFi Insured Deposit Program, which places funds at participating FDIC-insured banks. Existing balances at those banks count toward coverage. SSL/AES encryption and two-factor authentication | Ally Bank is FDIC insured to $250,000 per depositor. SSL/AES encryption and two-factor authentication |
Feature | SoFi | Ally |
Phone support | Virtual assistant 24/7; human support during business hours only | Dedicated banking line, stated as 24/7 |
Email support | Yes | Yes |
Chat support | Yes, in-app | Yes, in-app |
In-person support | Not available (online-only) | Not available (online-only) |
Both banks offer phone support and an in-app chat, a strength shared by most online-only banks that lack branches for in-person help. SoFi's phone line runs virtual assistants around the clock, but reaching a human is limited to business hours. Ally advertises a 24/7 banking line. Ally also offers email support, which SoFi does not, so if you prefer a written record of your exchange, Ally may be a better fit.
To consolidate your banking with student loan refinancing, personal loans, investing, or credit cards under one login instead of using multiple lenders or banks.
A single combined checking-and-savings account over separate deposit accounts.
To boost your savings rate and get early paycheck access, either through direct deposit or a SoFi Plus subscription.
Separate checking and savings accounts, plus access to CDs and a money market account.
A higher-rated app, savings buckets, and email support.
Access to the larger of the two banks' fee-free ATM networks.
Disclaimers
1. 1.10% Savings APY Boost
Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
2. Up to $400 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3. Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.
ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
Maya Dollarhide is a writer specializing in personal finance, with a special focus on student loans and debt consolidation and management. She has written for Yahoo Finance, Investopedia, Student Loan Hero, Bankrate, and other publications.
