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Compare Ally and SoFi
| SoFi | Ally | |
| Best for |
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| Number of branches | 0 | 0 |
| Number of fee-free ATMs | 55,000 through the Allpoint Network3 <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> | Over 75,000 through the Allpoint and MoneyPass Networks |
| Mobile app rating | 4.8 on Apple App Store
4.2 on Google Play |
4.7 on Apple App Store
4.4 on Google Play |
| Products offered |
|
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| Visit SoFi | Read our Ally review |
Checking accounts
| Monthly fee | Minimum opening deposit | |
| Ally | $0 | $0 |
| SoFi | $04 <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.
APY
Between the two, SoFi offers the highest APY on its checking account, earning 0.50%5 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% 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 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> 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.
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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.9 <p>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.</p> 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%10 <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 | $04 <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 3.80%5 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% 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 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</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 3.80% 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.
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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.8 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">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>.</b></p>
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. To learn more about Ally and SoFi, read our Ally Bank review and SoFi Checking and Savings review.
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- Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY6 <p>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 during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. 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 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% 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 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 1/24/25. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.7 <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
- No account, overdraft, or monthly fees4 <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>
- Get your paycheck up to two days early11 <p>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.</p>
- Access additional FDIC insurance up to $3 million8 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">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>.</b></p>
