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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.
If you’d like to earn a high interest rate on a bank account, Ally and Axos Bank are two popular online banks with great high-yield banking options.
To see which online bank may be better for you, we’ve compared each bank’s savings, checking, CD, and money market accounts. We’re also reviewing the banks’ trustworthiness so you can know more about the institutions’ history.
Pros and cons of Ally
ProsCons
24/7 live customer service over the phone or through live chat
Fee-free bank accounts
Competitive interest rates
Savings account comes with tools to help you save
Unique CDs, including no-penalty CDs, IRA CDs, and Raise Your Rate CDs
No physical locationsNo joint bank accounts for minorsD rating from the Better Business Bureau for unresolved complaints
Pros and cons of Axos
ProsCons
24/7 customer support through live chat
Fee-free bank accounts
High interest rates on savings and money market account
Welcome bonus on checking account
Eligible to open a joint bank account with a minor
Low CD rates compared to other online banksRelatively high minimum opening deposits for savings, CDs, and money market accounts
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.
Ally Interest Checking AccountAxos Bank Rewards CheckingAPYAlly Interest Checking AccountAxos Bank Rewards CheckingHow to earn APYEarn 0.10% APY on account balances under $15,000Earn 0.25% APY on account balances over $15,000Earn at least 0.40% APY if you receive a minimum of $1,500 in direct deposits monthlyEarn up to an extra 0.55% APY through stages if you add Axos Invest accounts and a loanMinimum opening depositAlly Interest Checking AccountAxos Bank Rewards CheckingMonthly service feeNoneNonePerksEarn interest on accountNo overdraft feesEarly direct depositFree overdraft protection availableRefunds up to $10/month in out-of-network ATM feesAccess to 43,000 free ATMsAxos Bank Rewards Checking through stages No overdraft feesFree overdraft protection availableUnlimited refunds on domestic out-of-network ATM feesCaveatsNo physical locationsNo physical locationsNo interest earned if you don’t meet any of the requirements. Next stepsAlly Interest Checking AccountAxos Bank Rewards Checking
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.
Ally vs. Axos savings account comparisons
Ally and Axos pay competitive interest rates on savings accounts.
Ally High Yield Savings AccountAxos High Yield Savings AccountAPYAlly High Yield Savings AccountAxos High Yield Savings AccountHow to earn APYNo requirements to earn interestEarn 0.61% APY on account balances under $25,000Earn 0.25% APY on account balances between $25,000 and $100,000Earn 0.15% APY on balances over $100,000Minimum opening depositAlly High Yield Savings AccountAxos High Yield Savings AccountMonthly service feeNoneNonePerksSavings buckets feature lets you separate savings to create specific goalsSurprise savings tool automatically transfers extra change from your checking account to help you saveFree ATM cardFree incoming domestic and international wire transfersCaveatsNo physical branches to deposit cashNo physical branches to deposit cashNext stepsAlly High Yield Savings AccountAxos High Yield Savings Account
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 vs. Axos CD comparisons
Ally High Yield Certificate of DepositAxos Certificate of DepositTerm lengths3 months to 5 years3 months to 5 yearsMinimum opening depositAlly High Yield Certificate of DepositAxos Certificate of DepositAPYAlly High Yield Certificate of DepositAxos Certificate of DepositEarly withdrawal penalties60 to 150 days of interest1.5 months to 14 months of interestTypes of CDsHigh-yield CD, No Penalty CD, Raise Your Rate CD, IRA CDStandard CDsNext stepsAlly High Yield Certificate of DepositAxos Certificate of Deposit
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 vs. Axos money market account comparisons
Ally Money Market AccountAxos High Yield Money Market AccountAPYAlly Money Market AccountAxos High Yield Money Market AccountMinimum opening depositAlly Money Market AccountAxos High Yield Money Market AccountMonthly service feeNoneNonePerksEarn interest regardless of account balanceDebit cardPaper checksRefunds up to $10/month in out-of-network ATM feesAccess to 43,000 free ATMsEarn interest regardless of account balanceDebit cardPaper checksCaveatsNo physical locationsNo physical locationsHigh minimum opening depositNext stepsAlly Money Market AccountAxos High Yield Money Market Account
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.
Winner: Ally
You’ll probably favor Ally when it comes to money market accounts. 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 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 D 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
Which is better, Axos or Ally?
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.
Does Ally or Axos charge fees?
Ally and Axos do not charge monthly service fees, overdraft fees, or out-of-network ATM fees.