Ally vs SoFi Checking and Savings

These figures were copied from Ally's and SoFi's own pages on November 13, 2026. They are not taken from an older review on this site. Rates are variable. A number here is only as current as the date next to it.

Side by side

| What we checked | Ally | SoFi | | --- | --- | --- | | Legal name on the page | Ally Bank, Member FDIC | SoFi Bank, N.A., Member FDIC | | Bank or fintech | Ally Bank, the bank named on the page | SoFi Checking and Savings is offered through SoFi Bank, N.A. | | Monthly fee | $0 monthly maintenance on the spending and savings pages | Checking page title says no monthly fees | | Checking APY and conditions | 0.10% APY under $15,000, 0.25% APY at $15,000 or more, accurate as of 11/12/2026, variable | Checking FAQ says 0.50% APY on checking balances. The page dates its rates as of 10/20/26 | | Savings APY and conditions | 3.2% APY, correct as of 11/12/26, variable, no minimum balance to open or earn the APY. The page says that APY is available across balance tiers | 3.30% APY on savings with Eligible Direct Deposit, rates current as of 10/20/26, no minimum balance. A limited-time 1.10% boost can bring that to 4.40% on a new account with eligible direct deposit. It is not added to SoFi Plus balances the page describes at 4.70% | | Sign-up bonus and caps | None listed on the spending or savings pages we opened | Up to $400, paid by direct-deposit tier, on the official offer page | | Minimum to open | $0 minimum opening deposit on savings. Spending page says no minimum deposit to open | No minimum balance on the checking page | | Overdraft | $0 overdraft item fee. CoverDraft is not a line of credit and is not a guarantee | Checking page meta description says no overdraft fees. A separate dollar schedule was not on the page we copied | | ATM access or reimbursement | 75,000+ no-fee ATMs. Up to $10 back per statement cycle at other ATMs nationwide | Page describes +55K no-fee ATMs | | Source | Ally spending, savings, and rates pages | SoFi checking page and the checking offer page | | As of | November 13, 2026, with Ally's rate date of November 12, 2026 | November 13, 2026, with SoFi's rate date of October 20, 2026 |

Advertiser disclosure. If you open an account or sign up through a link on this page, the provider may pay us a fee. Using the link does not cost you extra. The fee helps us keep this site updated, and it does not change our rankings. How we make money

Ally's pages: Spending Account, Online Savings, and savings rates. SoFi's pages: Checking and Savings and the bonus offer. Our links to the applications are Ally and SoFi Checking and Savings.

Which one to open

There is no universal winner. Ally's savings page is straightforward: one published savings APY, no minimum to earn it, and a $0 monthly fee. SoFi pays a published savings rate only when you meet its direct-deposit or qualifying-deposit test, and it layers a limited-time boost and a separate cash bonus on top of that. If you will not set up direct deposit, Ally's page does not make the savings rate conditional in the same way.

On the personal accounts hub, SoFi is the account we would open as of November 13, 2026. That is an editor's choice for a new personal account on this site. It is not a claim that SoFi will always pay more, and it is not a ranking you should treat as permanent. If your direct deposit will not qualify, read Ally's savings page before you treat SoFi's headline rate as yours.

The no-fee checking and high-yield savers hubs list more accounts. This page does not copy those lists. A checking-and-savings look at SoFi next to Chime is in SoFi Checking and Savings vs Chime. Ally next to Marcus, savings only, is in Ally vs Marcus by Goldman Sachs.

Fees

Ally's spending page says there is no monthly maintenance fee, no overdraft fee, and no minimum balance. The savings rates page says $0 monthly maintenance, $0 minimum opening deposit, and $0 overdraft item fee. Ally does not accept cash by mail or at ATMs. The same spending page also says you can add cash in the app at participating retailers. Those are two different ways of moving cash, and both sentences are on Ally's site.

SoFi's checking page title says the account has no monthly fees, and the page says there is no minimum balance. The meta description on that page says no overdraft fees. We did not copy a separate overdraft fee schedule beyond that sentence. Fees can still reduce earnings. SoFi says that on the rate footnote.

APY conditions

Ally dates the spending-account APYs as accurate as of November 12, 2026. Under $15,000 the checking APY is 0.10%. At $15,000 or more it is 0.25%. Both are variable, and Ally says fees may reduce earnings. Early direct deposit, up to two days sooner, is a feature of the Spending Account when it is opened. That is not an APY.

Ally's savings page says 3.2% APY, correct as of November 12, 2026. The rates page says there is no minimum balance to open the account or to earn the APY, and that the rates are variable. Ally also says the current APY is available across balance tiers, while the APY paid is based on the tier of the end-of-day balance. We did not find a second savings number on that page, so we are not inventing tier rates below 3.2%.

Ally allows unlimited deposits and ATM withdrawals, plus ten withdrawals per statement cycle. Ally says it does not charge a fee for going over that limit. It also says it will close the account if you exceed the limit on more than an occasional basis. That is Ally's rule on its own page. It is not a federal regulation we are restating.

SoFi's checking page says members with Eligible Direct Deposit activity can earn 3.30% APY on savings balances. Interest rates are variable and can change at any time. Those rates are current as of October 20, 2026. There is no minimum balance requirement. The same page describes a limited-time 1.10% APY boost on that 3.30% when you set up a new account with eligible direct deposit, which SoFi describes as boosting the savings APY to 4.40%. The boost may not be combined with other promotional rates and may not be added to SoFi Plus balances the page describes as earning 4.70% APY. Only one 1.10% boost per member. We did not copy a complete end date for that boost from the page, so we are not printing one.

The checking FAQ on SoFi's page says account holders earn 0.50% APY on checking balances. We are pairing that sentence with the page's October 20, 2026 rate date. We did not find a savings APY for someone who does not have Eligible Direct Deposit, so we are not printing one. Qualification, as SoFi describes it, is Eligible Direct Deposit or $5,000 in Qualifying Deposits every 31 calendar days, with a grace period described on the page. Read that section before you assume a month without a paycheck still earns 3.30%.

Ally cites a national average savings figure from the FDIC. That average is not Ally's rate. SoFi's checking FAQ compares its checking APY with a national average. That comparison is not a second SoFi rate.

Bonuses

Ally's spending and savings pages did not list a sign-up bonus on November 13, 2026. We are not filling that cell with a guess.

SoFi's official offer page, sofi.com/banking/checking-offer, is the bonus we are copying. It is titled around earning up to $400. The tiers use total eligible direct deposits within 25 calendar days of the first eligible deposit of $1 or more. From $1.00 to $999.99 the bonus is $0. From $1,000.00 to $4,999.99 the bonus is $50. At $5,000.00 or more the bonus is $400. The $400 tier requires at least $5,000 in total qualifying direct deposits in that 25-day window. The bonus is paid to SoFi Checking. One bonus. The account must be open and in good standing. Eligible Direct Deposit is a recurring ACH of regular income, such as payroll, a pension, or government benefits. The offer page says the promotion runs from May 15, 2026 at 12:01 a.m. ET through December 31, 2026 at 11:59 p.m. ET. SoFi can modify or end it. It is offered by SoFi Bank, N.A., Member FDIC.

The checking page also describes a separate $30 college welcome offer for new members who open with a .edu email through a targeted communication, deposit $10 or more within 5 days, and receive the $30 within 14 days. That offer cannot be combined with the SoFi Checking and Savings rate discount on a SoFi loan. It is not the $400 direct-deposit bonus.

Who holds the money, and FDIC insurance

Ally Bank is the bank on its own pages, and it says Member FDIC. FDIC BankFind, checked November 13, 2026, lists Ally Bank, certificate 57803, as active in Sandy, Utah. Ally's footer also carries the standard warning that investments are not FDIC insured. That warning is about non-deposit products. It does not cancel insurance on the deposit accounts.

SoFi's checking page says the account is offered through SoFi Bank, N.A., Member FDIC. Opening checking also opens a SoFi Savings Account. SoFi's support article says deposits in checking and savings are insured up to $250,000 per depositor for each account ownership category, and it describes joint accounts up to $500,000 in the way SoFi states that example. The same article says additional insurance of up to $3 million may be available through the SoFi Insured Deposit Program. That program is additional coverage SoFi describes. It does not replace the standard $250,000 category limit, and it is not a new federal limit. FDIC BankFind lists SoFi Bank, National Association, certificate 26881, as active in Cottonwood Heights, Utah.

Insurance covers the failure of an insured bank, up to the FDIC's rules. It does not cover a rate, a bonus, or an investment product.

Overdraft and ATMs

Ally's CoverDraft is not a line of credit and not a guarantee. Ally says there is no overdraft fee. In most cases you can qualify 30 days after depositing a total of $100. CoverDraft can cover up to $100, or up to $250 after a qualifying direct deposit of at least $250 for two months in a row. If a transaction is not covered, Ally says it is declined. Ally's spending page says 75,000+ no-fee ATMs, and reimbursement of up to $10 per statement cycle for fees at other ATMs nationwide.

SoFi's checking page points to more than 55,000 no-fee ATMs and says there are no overdraft fees in the page description. We did not copy a CoverDraft-style dollar limit from that page, because it was not there.

How we update this page

We recopy fees, APYs, and bonuses from the provider page and date them. When a page does not show a number, we leave it out. The process is on the methodology page. This comparison was written on November 13, 2026. If you are opening an account after that, read the bank's page again before you rely on a rate.

Switching direct deposit and closing the old account is covered in how to switch banks without missing a payment.