Ally Vs. Axos Review: Which Online Bank Is Right for You?
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Ally vs. Axos review: Which online bank is right for you?
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.
The bottom line: Ally has more straightforward bank accounts than Axos, so you won't need to worry about minimum opening deposits or requirements to earn a competitive interest rate. As result, you'll likely prefer Ally for savings options. But for checking accounts, Axos may stand out more because you could potentially earn a much higher interest rate than with Ally.
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.
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Axos Bank
Ally pros and cons
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Axos pros and cons
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Ally vs. Axos checking account comparisons
| Ally Interest Checking Account | Axos Bank Rewards Checking | |
| APY | 0.10% to 0.25% APY | Up to 1.25% APY |
| How to earn APY |
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| Minimum opening deposit | $0 | $50 |
| Monthly service fee | None | None |
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| Next steps | Learn more | Learn more |
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.
Winner: Axos
Axos Bank Rewards Checking is a bit more distinct than Ally's offering, and it might catch your eye if you're looking for a high-yield checking account with a competitive interest rate. If you don't think you can't meet any of the requirements, though, the Ally Interest Checking Account allows you to earn at least some interest if you have a low account balance.
Axos Bank Rewards Checking from Axos
Deposit Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Ally vs. Axos savings account comparisons
| Ally High Yield Savings Account | Axos High Yield Savings Account | |
| APY | 2.25% APY | 0.15% to 0.61% APY |
| How to earn APY |
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| Minimum opening deposit | $0 | $250 |
| Monthly service fee | None | None |
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| Next steps | Learn more | Learn more |
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.
Winner: Ally
The Ally High Yield Savings Account wins in this category because it has a $0 opening deposit and allows you to earn a high interest rate regardless of your account balance.
Ally High Yield Savings Account from Ally
Deposit Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Ally vs. Axos CD comparisons
| Ally High Yield Certificate of Deposit | Axos Certificate of Deposit | |
| Term lengths | 3 months to 5 years | 3 months to 5 years |
| Minimum opening deposit | $0 | $1,000 |
| APY | 1.00% to 3.25% APY | 0.20% APY |
| Early withdrawal penalties | 60 to 150 days of interest | 1.5 months to 14 months of interest |
| Types of CDs | High-yield CD, No Penalty CD, Raise Your Rate CD, IRA CD | Standard CDs |
| Next steps | Learn more | Learn more |
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.
Winner: Ally
You'll likely prefer Ally if you're looking to open a CD. It pays a higher interest rate than most Axos CDs and also has special types of CDs.
Ally High Yield Certificate of Deposit from Ally
Deposit Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Ally vs. Axos money market account comparisons
| Ally Money Market Account | Axos High Yield Money Market Account | |
| APY | 2.25% APY | 0.25% APY |
| Minimum opening deposit | $0 | $1,000 |
| Monthly service fee | None | None |
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| Next steps | Learn more | Learn more |
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.
Winner: Ally
Ally likely has more appealing money market account than Axos. You may open a money market account with $0 and you'll also earn a higher interest rate with Ally right now. However, keep in mind interest rates may fluctuate.
Ally Money Market Account from Ally
Deposit Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.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.
Winner: Axos
Both banks are trustworthy options. That said, Axos wins in this category since it efficiently responds to customer issues.
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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