Ally Bank vs. Synchrony Bank: Which Is Best for You?

Online banks Ally and Synchrony can earn you more interest than traditional banks can, partly because they don’t have to shell out money to maintain branches.

But the two banks have differences that can matter: Synchrony has no checking accounts, but its savings rates are competitive enough to consider if you're focused on accounts with high annual percentage yields.

Snapshot comparison

Choose Ally if:

• You're looking for an online bank with full product offerings, including checking accounts.

• You want a competitive interest rate on your checking account.

• Access to live customer support at any time of day is important to you.

• You want access to an overdraft program.

Choose Synchrony if:

• You only want savings options and don’t want a checking account.

Below is a detailed breakdown of how the banks compare when it comes to checking, savings, CDs, customer experience and overdraft fees.

Ally Bank vs. Synchrony Bank: Basic checking accounts

» Want to see more options? See the best online checking accounts

Ally Bank vs. Synchrony Bank: Basic savings accounts

» Want to compare other accounts? See our best high-yield online savings accounts

Ally Bank vs. Synchrony Bank: Certificates of deposit

Ally Bank vs. Synchrony Bank: Banking experience

Ally Bank vs. Synchrony Bank: Overdraft fees

Ally is hard to beat

Synchrony’s rates on savings products and minimum balance requirement are pretty much on par with Ally's. But Synchrony’s overall game doesn’t quite compete in terms of product offerings, because it doesn’t offer a checking account. If you’re looking to keep your checking and savings accounts under the same roof, you’ll be disappointed by Synchrony. Ally’s accounts, meanwhile, are among the best we’ve come across for any bank.

If the idea of joining an online bank appeals to you but you want more options, take a look at our list of the best online checking accounts.