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Find the right savings account for you
To see which online bank may be better for you, we've compared Ally and Axos savings, checking, CD, and money market accounts. We're also reviewing the banks' trustworthiness so you can know more about the institutions' history.
Eligible to open a joint bank account with a minor
Earn bonuses on personal or business checking accounts if you qualify
Low interest rate on CDs and money market account compared to other online banks
Relatively high minimum opening deposits for savings, CDs, and money market accounts
Ally vs. Axos Checking Account Comparisons
Ally Interest Checking Account
Axos Bank Rewards Checking
APY (Annual Percentage Yield)
Ally Interest Checking Account
Axos Bank Rewards Checking
How to earn APY
Earn 0.10% APY on account balances under $15,000
Earn 0.25% APY on account balances over $15,000
Earn at least 0.40% APY if you receive a minimum of $1,500 in direct deposits monthly
Earn up to an extra 2.90% APY through stages through debit card purchases, Axos Investments accounts and loan payments
Minimum opening deposit
Ally Interest Checking Account
Axos Bank Rewards Checking
Monthly service fee
None
None
Perks
Earn interest on account
No overdraft fees
Early direct deposit
Spending buckets to help manage expenses
Free overdraft protection available
Refunds up to $10/month in out-of-network ATM fees
Access to 43,000 free ATMs
Axos Bank Rewards Checking APY through stages
No overdraft fees
Free overdraft protection available
Unlimited refunds on domestic out-of-network ATM fees
You may qualify for a Axos Bank Rewards Checking - Ongoing Bonus welcome bonus
Caveats
No physical locations
No physical locations
No interest earned if you don't meet any of the requirements.
Next steps
Ally Interest Checking Account - CTA Text
Axos Bank Rewards Checking - CTA Text
Ally and Axos both offer a fee-free, interest-earning checking account. Axos Bank also has specialized bank accounts for specific age groups. For instance, the Axos Bank Golden Checking Account is tailored for customers over the age of 55 and is one of the best checking accounts for seniors out there.
The Ally Interest Checking Account has a pretty straightforward approach to earning interest. Meanwhile, the Axos Bank Rewards Checking is a bit more complicated, but you could potentially earn a much higher rate than with the Ally as long as you check off the first account requirement — keep at least $1,500 in your account daily. You could also earn Axos Bank Rewards Checking - Intro Bonus.
Another small thing to note is how each bank approaches ATMs. Axos offers unlimited ATM refunds since it doesn't have an ATM network. Ally is a part of the Allpoint ATM network — so you'll have access to 43,000 free ATMs. You'll also be reimbursed up to $10 per month if you use an ATM outside of the Allpoint network.
Ally vs. Axos Savings Account Comparisons
Ally High Yield Savings Account
Axos High Yield Savings Account
APY (Annual Percentage Yield)
Ally High Yield Savings Account
Axos High Yield Savings Account
How to earn APY
No requirements to earn interest
Earn 0.61% APY on account balances under $25,000
Earn 0.25% APY on account balances between $25,000 and $100,000
Earn 0.15% APY on balances over $100,000
Minimum opening deposit
Ally High Yield Savings Account
Axos High Yield Savings Account
Monthly service fee
None
None
Perks
Savings buckets feature lets you separate savings to create specific goals
Surprise savings tool automatically transfers extra change from your checking account to help you save
Free ATM card
Free incoming domestic and international wire transfers
Caveats
No physical branches to deposit cash
No physical branches to deposit cash
Next steps
Ally High Yield Savings Account - CTA Text
Axos High Yield Savings Account - CTA Text
The Ally High Yield Savings Account will likely be a better choice if you don't have a lot of money for an opening deposit, or if you don't think you can maintain a high account balance.
You might favor the Axos High Yield Savings Account if you want easy access to your account, though. You'll get a free ATM card with a savings account. Meanwhile, at Ally, you'll have to transfer money to an Ally checking account or external bank account to access your money.
Axos CDs aren't as strong as the bank's other products. Several of its CDs also pay lower interest rates than the national average CD rates.
Meanwhile, Ally offers higher interest rates than the national average CD rate, and has unique CD options that aren't available at many banks. For example, a No Penalty CD lets you withdraw money before the end of a CD term without paying a fee, and the Raise Your Rate CD increases your rate if Ally's rates go up during your term. Furthermore, the IRA CD works as type of retirement account that invests your funds in a CD.
Ally vs. Axos Money Market Account Comparisons
Ally Money Market Account
Axos High Yield Money Market Account
APY (Annual Percentage Yield)
Ally Money Market Account
Axos High Yield Money Market Account
Minimum opening deposit
Ally Money Market Account
Axos High Yield Money Market Account
Monthly service fee
None
None
Perks
Earn interest regardless of account balance
Debit card
Paper checks
Refunds up to $10/month in out-of-network ATM fees
Access to 43,000 free ATMs
Earn interest regardless of account balance
Debit card
Paper checks
Caveats
No physical locations
No physical locations
High minimum opening deposit
Next steps
Ally Money Market Account - CTA Text
Axos High Yield Money Market Account
Ally pays a much higher money market account rate right now.
Many banks, including Axos, require you to have at least $1,000 to open a money market account. However, at Ally, you can open a money market account with $0.
Ally vs. Axos Trustworthiness and BBB Ratings
The Better Business Bureau assesses businesses to see if they effectively respond to customer issues.
Axos has an A+ rating. Meanwhile, Ally received an A rating from the BBB because it has a few unresolved complaints.
A high BBB rating doesn't necessarily guarantee your relationship with a bank will be perfect. Reach out to current customers or read online customer reviews to see if a bank might be a good fit for you.
Neither Ally nor Axos has been involved in public scandals.
Ally vs. Axos: Frequently Asked Questions
Which is better, Axos or Ally?
Your decision between the two online banks will likely depend on the accounts you'd like to open. Ally is a better choice for savings accounts and CDs, especially if you don't have much money. Axos Bank may be a great option for opening a checking account, though. It has a rewards checking account that pays a competitive interest rate if you meet certain requirements.
Does Ally or Axos charge fees?
Ally and Axos do not charge monthly service fees, overdraft fees, or out-of-network ATM fees.
