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Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

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.

Compare Ally and Axos

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Budgeting tools on savings account

Editor’s rating

4.5/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

High APY on rewards checking account

Editor’s rating

4.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Ally pros and cons

Axos pros and cons

Ally vs. Axos checking account comparisons

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 it landed in our best checking accounts for seniors guide.

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 Interest Checking Account as long as you check off the first account requirement — keep at least $1,500 in your account daily.

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. 

Axos Bank Rewards Checking


Annual Percentage Yield (APY)

Up to 1.25% APY


Minimum Deposit Amount

$50

Axos Axos Bank Rewards Checking

Axos Bank Rewards Checking


Annual Percentage Yield (APY)

Up to 1.25% APY


Minimum Deposit Amount

$50


Annual Percentage Yield (APY)

Up to 1.25% APY


Minimum Deposit Amount

$50

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Ally vs. Axos savings account comparisons

Ally and Axos pay competitive interest rates on savings accounts

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.

Ally Ally High Yield Savings Account

Ally High Yield Savings Account


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

Ally Ally High Yield Savings Account

Ally High Yield Savings Account


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

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Ally vs. Axos CD comparisons 

Axos CDs aren’t as strong as the bank’s other products. Its 2-year, 3-year, 4-year, and 5-year 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 Ally High Yield Certificate of Deposit

Ally High Yield Certificate of Deposit


Annual Percentage Yield (APY)

1.00% to 3.25% APY


Minimum Deposit Amount

$0

Ally Ally High Yield Certificate of Deposit

Ally High Yield Certificate of Deposit


Annual Percentage Yield (APY)

1.00% to 3.25% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

1.00% to 3.25% APY


Minimum Deposit Amount

$0

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Ally vs. Axos money market account comparisons

Both money market accounts pay more than the average money market account. That said, Ally currently pays one of the most competitive interest rates on money market accounts 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 Ally Money Market Account

Ally Money Market Account


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

Ally Ally Money Market Account

Ally Money Market Account


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.25% APY


Minimum Deposit Amount

$0

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Ally vs. Axos trustworthiness and BBB rating

The Better Business Bureau assesses businesses to see if they effectively respond to customer issues.

Axos has an A+ rating. Meanwhile, Ally received a C- rating because it has a high volume of customer complaints and two unresolved customer issues. 

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. 

Frequently asked questions

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. You may open either account with $0, while Axos Bank requires at least $250 to open a savings account and $1,000 to open a CD.

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.

Ally and Axos do not charge monthly service fees, overdraft fees, or out-of-network ATM fees. 



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