Synchrony Bank offers one of the highest interest savings including an ATM card for withdrawals. There are no services fees as well is a minimum deposit. However, their CDs requires a $2,000 minimum deposit to open.
On the other hand, Ally Bank offers high interest rates on their savings as well as offering interest on their checking and CD account options. There’s no minimum deposits or service fees on their banking products.
Continue reading below to see a side-by-side comparison between the two banks, so you can see which one offers the services you need the most
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| HSBC Bank | Ally Bank | |
| Locations | Online based banking | Online only |
| ATMs | Any ATMs with Plus or Accel logos | Over 43,000 no-fee Allpoint ATMs |
| 5/5 | 4/5 | |
| CD | 5/5 | |
| Checking | 4/5 | |
| Money Market | 4/5 | 4/5 |
| Customer Service | 4/5 | 5/5 |
| Mobile App | 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 -High APY -All balance tiers receive same rate |
-Low Checking APY for lower balance customers |
| Bottom Line | Synchrony Bank offers competitive rates for their savings and CDs accounts. | Ally Bank is an online only based banking that offers full service with the most competitive rates. |
Ally Bank Promotions
Learn more about Ally Bank Online Savings here. Our full list of Ally Bank Promotions here.
Learn more about Ally Invest here from Axos Bank. Our full list of Ally Invest Promotions here.
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Bottom Line
Which Bank is Better: Synchrony Bank or Ally Bank?
In summary:
- Synchrony Bank offers several banking options not only that their APYs is considered one of the higher rates in the industry. However, they fall back on limited customer service.
- Ally Bank offers good interest rates and no account minimum or service fees.
For more variety of options, see our list of the best bank account bonuses & savings account offers.
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