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Online banks are more popular than ever thanks to low fees, competitive interest rates, and robust digital tools. Plus, there’s no need to visit a branch in person to perform basic banking tasks like depositing a check or transferring money.

SoFi and Ally Bank are two major players in this space. In fact, they are both considered among the best online banks today. But is one better than the other? Here’s a closer look at how these two financial institutions stack up against each other.

Social Finance Inc. — better known as SoFi — is an online financial company founded in 2011 by a group of Stanford business school students. In 2012, SoFi launched its student loan refinancing program for federal and private student loans. Today, SoFi serves more than 6.9 million customers and has expanded its product offerings to include lending, investing, personal banking, insurance, and more.

Read our full review of SoFi here

Ally Bank is a Utah-based online bank known for offering competitive interest rates on its financial products with minimal fees. It was founded in 1919 by General Motors as GMAC to make car loans to its customers. It changed its name to Ally in 2010 and now offers personal banking products, retirement and investment accounts, and lending services.

Read our full review of Ally Bank here

Both SoFi and Ally Bank offer interest-bearing checking accounts. However, SoFi’s online checking account rate is double the maximum rate offered by Ally. Ally offers 0.10% APY on balances less than $15,000 and 0.25% APY on balances of $15,000 and up, while SoFi offers 0.50% APY on all balances.

Neither account requires a minimum opening deposit or minimum balance. There are also no monthly maintenance fees or overdraft fees associated with either account.

The catch: SoFi does not currently offer a standalone checking account option. Rather, it has an online bank account that works like a combination checking and savings account. SoFi also has a smaller ATM network than Ally. SoFi does, however, currently offer a welcome bonus of up to $300 while Ally does not.

Both Ally and SoFi made our list of the 10 best free checking accounts available today.

SoFi and Ally’s high-yield savings accounts are both free to open, have no monthly maintenance fee, and do not require a minimum balance to earn interest or avoid fees. SoFi’s account has an earning potential of up to 4% APY for new customers (3.3% APY without savings boost), while Ally offers a flat 3.2% APY.

SoFi does not currently offer any CDs.

Ally, however, offers three different types of CDs (high-yield, “raise your rate,” and no-penalty) in a wide range of terms. The highest CD rate offered by Ally is for its 12-month CD at 3.7% APY.

Ally Bank also ranked among our lists of the best 6-month CD rates, best 1-year CD rates, and best 18-month CD rates on the market today.

SoFi does not currently offer a money market account.

Ally’s money market account offers 3.2% APY with no minimum opening deposit or minimum balance requirement to earn interest. There are also no monthly maintenance fees. Ally’s money market account comes with a debit card and checks for easier access to your money.

Ally Bank also made our list of the 10 best high-yield money market accounts available today.

SoFi’s products and services aren’t limited to its online bank account. SoFi also offers student loan refinancing, private student loans, personal loans, mortgage loans, auto loan refinancing, credit cards, insurance products, and more.

The same goes for Ally Bank — its products and services include credit cards, investment and retirement products, mortgage refinancing, vehicle loans and refinancing, and more.

SoFi and Ally offer comparable APYs for savings accounts, while SoFi has the higher checking account rate. However, SoFi’s product offerings are more limited. Ally offers high-yield CDs and money market accounts, while SoFi does not.

SoFi also does not offer standalone checking and savings accounts. Those who prefer to keep their checking and savings accounts separate may prefer Ally over SoFi. On the other hand, those who simply want to earn the highest possible rate on their checking and savings balances may be more inclined to bank with SoFi.

SoFi and Ally are both comparable when it comes to banking fees. Neither bank charges monthly maintenance fees or overdraft fees. That said, Ally may offer a slight advantage over SoFi because it offers ATM fee reimbursements (up to $10 each statement cycle). Meanwhile, SoFi customers are responsible for any out-of-network ATM fees they may incur.

SoFi is a good option for savers who want a simplified banking experience, the opportunity to earn a welcome bonus, and a range of member benefits such as help with financial planning and estate planning, insurance coverage, and more extensive lending options.

Ally offers a wider range of deposit accounts than SoFi. Those who prefer to handle all of their banking needs with one financial institution might find Ally to be the more attractive option. Ally also offers investment products and home and auto lending services.

SoFi checking and savings disclosures

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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount 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 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Eligible Direct Deposit can earn 3.30% 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 3.30% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

0.70% Savings APY Boost

Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

Fee Policy

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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

ATM Access

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 may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.

Early Access to Direct Deposit Funds

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.

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