Banking Bank Reviews

Ally vs. SoFi® [2025]: More Account Options or Higher APYs

Ally and SoFi are both online-only and offer significantly higher APYs than traditional banks. They both have no account fees or minimums, but SoFi has higher rates and offers more deposit options.

By Kate Daugherty

Edited by Melinda Sineriz, ABFP™

Updated Oct. 20, 2025

No account fees on SoFi Checking and Savings¹ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>
Competitive APYs
Member perks like complimentary financial planning and loan discounts with SoFi Plus² SoFi Plus members can schedule an unlimited number of appointments with a financial planner during periods in which the SoFi Plus member meets the eligibility criteria set forth in section 10(a) of the SoFi Plus Terms and Conditions. SoFi members who are not members of SoFi Plus can schedule one (1) appointment with a financial planner. The ability to schedule appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at <a href="http://www.adviserinfo.sec.gov/">www.adviserinfo.sec.gov</a>.
Highly-rated, unique mobile app
Investment options (including fractional shares)³ There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batch order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. ⁴ INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUEAutomated investing is offered through SoFi Wealth LLC, an SEC-registered investment adviser.

Our view

Ally and SoFi® are both online-only and offer above-average APYs on their savings accounts. Both also offer APYs on their checking accounts, a range of additional products, and access to thousands of fee-free ATMs nationwide.⁵ 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 incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time. They're both good options, which can make it a hard choice.

However, when comparing Ally with SoFi, examining the features each offers in more detail can help you make the best choice. Ally offers monthly rebates on out-of-network ATM fees and has CDs and money market accounts. SoFi doesn't have any of those things, but it does offer a higher APY on its checking and savings accounts. You can also deposit cash (for a fee) with SoFi, which Ally doesn't offer. Ultimately, I lean toward SoFi, but Ally is also a solid option.

How we rate products

Compare Ally and SoFi

	Ally	SoFi
Best for	Overdraft protection CD and money market accounts ATM fee reimbursement	Higher APY on checking and savings Multiple loan and investing options Cash deposits (for a fee)
Number of branches	0	0
Number of fee-free ATMs	Over 75,000 through the Allpoint and MoneyPass Networks	55,000 through the Allpoint Network⁵ <p>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 incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
Mobile app rating	4.7 on Apple App Store 4.4 on Google Play	4.8 on Apple App Store 4.2 on Google Play
Products offered	Checking (called Spending) High-yield savings Money Market account CDs Auto financing Credit cards Investing and retirement accounts	Checking High-yield savings Loans Credit cards Investing Insurance Estate planning Business accounts
	Read our Ally review	Visit SoFi

To learn more about Ally and SoFi, read our Ally Bank review and SoFi review.

Checking accounts

	Monthly fee	Minimum opening deposit
Ally	$0	$0
SoFi	$0¹ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>	$0

Both Ally and SoFi are online-only, meaning they don't have physical branches to visit which is a potential drawback for some. However, that also generally means that they can offer higher annual percentage yields (APYs) on their accounts, including their checking accounts.

Each offers one checking account option, and both are easy to open with no monthly fees or minimum balance requirements.

Check out our SoFi Checking and Savings review for more information about that account.

APYs

Between the two, SoFi offers the highest APY on its checking account, earning 0.50%⁶ Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 1/24/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a> on all balances when you set up an eligible direct deposit. SoFi also automatically opens a savings account in your name when you open a checking account, which can be convenient.

Comparatively, Ally offers 0.10% (as of 10/01/25) on balances under $15,000. That's still more than you'd earn with a traditional bank, but no matter your balance, you'd still earn more with SoFi.

2025 award winner Best Checking and Savings Combo

5.0

SoFi Checking and Savings

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Limited-Time Offer: Earn up to a $300 bonus and up to 4.30% APY on Savings (3.60% APY⁷with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.⁸ FDIC Insured.⁹

Learn More

Fees and cash deposits

Overall, both Ally and SoFi keep the fees to a minimum with no monthly maintenance fees, overdraft fees, or minimum opening balance requirements.

However, neither Ally nor SoFi is great with cash deposits.

Ally won't accept cash deposits at all. SoFi, on the other hand, does accept cash, but you must visit a retailer that offers Green Dot services, and you may incur a $4.95 fee per deposit.

Overdraft protection

Both have two options for overdraft protection.

Ally's Overdraft Transfer Service will link your Spending account to your Ally Savings or Money Market account to cover overdrafts.

The second option is CoverDraft, which offers up to $100 in overdraft coverage if you've had an Ally account for more than 30 days and have deposited $100 or more into your spending account. Coverage increases to $250 if you have a qualifying direct deposit for two consecutive months.

If you overdraft, your next deposit will automatically be applied to the negative balance. You have 14 days to bring your balance up to $0, or Ally may restrict withdrawals from your account.

SoFi 's overdraft features are called Overdraft Protection and Overdraft Coverage.¹⁰ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.  The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY.  Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage. Overdraft Protection transfers funds from your SoFi savings account to your checking account.

SoFi's Overdraft Coverage requires a monthly direct deposit of at least $1,000 to qualify. With this program activated, SoFi will cover up to $50 in debit card transaction overdrafts. If you go over $50, SoFi will decline the charge.

I prefer Ally's overdraft coverage, as it provides more leeway and offers coverage of up to $250 if you have a qualifying deposit. But even if you do overdraft, neither will charge a fee.

Savings accounts

	Monthly fee	APY
Ally	$0	3.40%¹¹ <p class="">The APY of 3.40% is accurate as of 10/01/25. Rates are subject to change and may vary by account type and financial institution. </p>
SoFi	$0¹ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>	Up to 3.60%⁶ <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 1/24/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p>

Overall, the Ally and SoFi Savings accounts have similar features and benefits. I prefer SoFi because it offers a slightly higher APY than Ally, but they are pretty interchangeable.

Both Ally and SoFi offer a single high-yield savings account with competitive APYs. Neither charges monthly maintenance fees or minimum balance fees, which is true of many of the best online banks.

SoFi offers a higher APY than Ally, with 3.60% on all savings balances if you set up an eligible direct deposit. SoFi also occasionally offers savings boosts, which means you may earn a higher APY on your balance for a limited time if you qualify.

Ally offers 3.40% APY on all savings balances, which is relatively close, but you'll still earn a smidge more at SoFi.

Both Ally and SoFi offer additional tools on their savings accounts, which I really like. They both have automatic transfers and account round-ups to help you save more. Each provides tools to help you track your progress toward savings goals. Ally calls its option "buckets," while SoFi calls its option "vaults."

Ally also offers Surprise Savings, where Ally will analyze your linked checking account and transfer money that is "safe-to-save" into your savings account.

5.0

2025 award winner Best Checking and Savings Combo

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Learn More

4.6

Use Cash App As Your All-in-One Financial Services Platform

Bank¹²without all the fees—save, send, and spend your money the way you want.¹³ Get paid up to 2 days early – up to 2 days earlier than most banks¹⁴

Download Cash App

4.3

Enjoy $300 as a new Chase checking customer

When you open a new Chase Total Checking® account with qualifying activities.¹⁵ FDIC Insured. Offer valid through 1/21/2026.

Learn More

5.0

2025 award winner Best Checking and Savings Combo

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Learn More

Other products

Ally

Ally Bank doesn't have as many loan or investing account options as SoFi, but it does offer certificates of deposit (CDs) and money market accounts.

Ally has three CD options, all requiring no minimum balance to open or to earn APY.

High-Yield CD: pays 3.90% (as of 10/01/25) on 6- or 9-month terms, with lower APYs available on different term lengths
Raise Your Rate CD: pays 3.50% (as of 10/01/25) on a two- or four-year term, with the option to increase your rate once for a two-year term or twice for a four-year term
No-Penalty CD: offers a 3.30% (as of 10/01/25) APY, allowing you to withdraw your money anytime after the first six days of account funding without penalty

The Ally Money Market account earns 3.40% (as of 10/01/25) APY, the same as the Ally Savings account, but it comes with a debit card and checks. However, you can only make ten withdrawals or transfers per statement cycle, including online and mobile banking transfers, overdraft transfers, checks, and debit card purchases.

Additionally, Ally offers credit cards, auto financing, and refinancing options.

Customers can also open self-directed or automated investing accounts through Ally Bank as well as traditional or Roth IRAs.

SoFi

SoFi doesn't offer CDs or money market accounts, but it does provide multiple loan options that Ally doesn't have.

You can find a variety of loan options, including mortgages, HELOCs (Home Equity Lines of Credit), home equity loans, and FHA and VA loans. You can also apply for a personal loan, private student loans, or refinance a Parent PLUS loan, medical resident or professional loans, or law and MBA loans.

SoFi also offers home, auto, and life insurance as well as investing accounts. Like Ally, you can choose between automated and self-directed investing, or open or roll over a retirement account.

SoFi also offers three credit card options.

ATM and branch access

Both Ally and SoFi have an extensive network of ATMs nationwide.

Ally offers fee-free access to more than 75,000 ATMs through the Allpoint and MoneyPass Networks. My favorite feature, and one that really sets Ally apart, is that if you use an out-of-network ATM, Ally will credit any fees up to $10 per statement period.

SoFi, comparatively, also utilizes the Allpoint Network with access to over 55,000 fee-free ATMs nationwide. However, they do not reimburse out-of-network ATM fees.

Customer service and support

Ally

You can reach customer support from Ally by:

Phone: 1-877-247-2559 (available 24/7)

Chat: Log in to your account to chat securely

Email: Log in to your Ally account to send a secure message

Mail:

General: Ally Bank Customer Care, P.O. Box 951, Horsham, PA, 19044

Deposits: Ally Bank, P.O. Box 13625, Philadelphia, PA, 19101 (Send deposits and endorsed checks, not cash.)

Ally also offers a highly ranked mobile app, available on both the Apple App Store (rated 4.7 out of 5, with over 97,000 reviews) and Google Play Store (rated 4.4 out of 5, with over 35,000 reviews).

SoFi

You can reach SoFi's customer support by:

Phone:

1-855-456-SOFI (7634)

Monday through Thursday, 5:00 a.m. to 7:00 p.m. PST

Friday through Sunday, 5:00 a.m. to 5:00 p.m. PST

Chat: Log in to your account to chat with a virtual assistant 24/7

You can also request help through the SoFi mobile app, available on both the Apple App Store (rated 4.8 out of 5, with over 380,000 reviews) and Google Play Store (rated 4.2 out of 5, with over 47,000 reviews).

FAQs

Is FDIC coverage the same at both Ally and SoFi?

Both Ally and SoFi have FDIC coverage, which protects deposits up to $250,000 per depositor, per account type. SoFi offers an additional program, called Insured Deposits, which provides up to $3 million in FDIC coverage through a network of partner banks.⁹ 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 <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

How do I deposit cash at Ally and SoFi?

You can't deposit cash with Ally. To deposit cash with SoFi, visit a participating retailer in the Green Dot network, which can be located through the SoFi mobile app. Funds will typically be available within 15 minutes but may take up to two hours to be credited to your account. Each cash deposit may incur a $4.95 fee.

Does Ally or SoFi have better savings tools?

Both SoFi and Ally offer similar savings tools. Both offer automatic transfers and features that round up your debit card purchases to the nearest dollar, transferring the difference from your checking account to your savings account. Ally offers Surprise Savings features, which will analyze your spending and transfer money that's safe to save into your savings account.

Bottom line

When it comes to Ally vs. SoFi, I would choose SoFi simply because it offers a higher APY on both checking and savings accounts. You can also deposit cash with SoFi, unlike Ally, which does not provide this option. However, if I were interested in opening a CD or money market account, I would choose Ally.

As you search for the best banks to meet your needs, don't just settle for a high APY. Instead, research the minimum balance requirements, fees, and overdraft protection coverage.

Learn More

5.0

2025 award winner Best Checking and Savings Combo

High APY of up to 4.30% on Savings (3.60% APY⁷ with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.⁸

Paycheck access up to 2 days early with direct deposit¹⁶

No monthly maintenance or overdraft fees¹

Streamlined savings and savings goals with Vaults

Access to a large ATM network⁵