SoFi vs. Ally Bank | Which Account is Best?

SoFi vs. Ally Bank:

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With SoFi you're going to have more of a hybrid account that they call cash management and this is basically a blend of a traditional checking and savings account. So with this account, you are gonna earn 0.25% interest which is honestly the biggest drawback with SoFi because compared to a lot of the competition this is just not that good. Beyond that, you're going to have absolutely no fees on this account and you'll have free access to their network of 55,000 Allpoint ATMs which if you’ve seen any of my other bank reviews then you've probably come to expect that. With SoFi you're also going to have various cashback offers from partnered retailers, FDIC insurance of up to 1.5 million dollars which is significantly higher than many competitors, and access to their peer to peer transfer system that allows you to send and receive money to friends who also had a SoFi account. And while we are focusing on the SoFi Money platform and comparing it to Ally’s banking services, keep in mind that SoFi does also have their own investing platform that gives you access to their automated investing features, retirement accounts, cryptocurrencies, fractional shares, and their very own SoFi ETF's.

So Ally bank has a more traditional model where you're able to have a separate savings account and checking account. As far as their savings account goes, you're gonna earn at 0.6% interest currently although remember these rates are constantly changing and they have some really great features within their savings accounts such as their bucket savings and booster savings which I talked about in-depth in my full review on Ally bank. Just like SoFi, Ally bank has no fees including no monthly fees or minimum balance fees and while they have a few obscure fees here and there, these are for very specific things that you will probably never come across. Ally Bank says that they're also on the Allpoint network but claims that they only have 43,000 ATMs. So that's the savings account but like I said you also have the option to get a separate checking account. Another area that Ally bank has an advantage is their 24/7 customer support that is extremely helpful and usually, their wait times are well below 5 minutes which is a huge plus in my book. You are going to have the standard FDIC insurance of $250,000 and Ally is also partnered with Zelle meaning that you can send and receive money with pretty much any bank account in the US.

So you're probably seeing why I put these two head to head because they are very very similar and honestly either platform would be a fantastic option for your online bank. Now, if we're strictly looking at the banking features that each company offers, Ally bank definitely has the advantage as far as interest rates go and they have 24/7 customer service. As far as the mobile platforms go, I would definitely give that category to SoFi because while they do have a lot of ads, I love the layout of their application and think it is really sleek and modern. If you are really looking to keep track of your finances from your phone then SoFi definitely has the edge but Ally bank, on the other hand, has been around for a lot longer and really pioneered the fully online banking model and as result their desktop based website and online banking features are really top notch.

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