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Ally and Axos are both features in our best online banks guide.

The bottom line: You’ll likely prefer Ally for savings options. 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. 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.

Ally pros and cons

Pros
Cons

24/7 live customer service over the phone or through live chat

Fee-free bank accounts

High interest rates on savings accounts, money market accounts, and CDs

Savings account comes with tools to help you save

Unique CDs, including no-penalty CDs, IRA CDs, and Raise Your Rate CDs

No physical locations
No joint bank accounts for minors

Axos pros and cons

Pros
Cons

24/7 customer support through live chat

Fee-free bank accounts

Solid rates on savings account

Eligible to open a joint bank account with a minor

Low interest rate on CDs and money market account compared to other online banks
Relatively high minimum opening deposits for savings, CDs, and money market accounts

Ally vs. Axos checking account comparisons

 
Ally Interest Checking Account
Axos Bank Rewards Checking

APY
Ally Interest Checking Account
Axos Bank Rewards Checking

How to earn APY

Earn 0.10% APY on account balances under $15,000
Earn 0.25% APY on account balances over $15,000

Earn at least 0.40% APY if you receive a minimum of $1,500 in direct deposits monthly
Earn up to an extra 0.55% APY through stages if you add Axos Invest accounts and a loan

Minimum opening deposit
Ally Interest Checking Account
Axos Bank Rewards Checking

Monthly service fee
None
None

Perks

Earn interest on account
No overdraft fees
Early direct deposit
Free overdraft protection available
Refunds up to $10/month in out-of-network ATM fees
Access to 43,000 free ATMs

Axos Bank Rewards Checking APY through stages 
No overdraft fees
Free overdraft protection available
Unlimited refunds on domestic out-of-network ATM fees
 

Caveats
No physical locations

No physical …read more

Source:: Business Insider

      

Ally vs. Axos review: Which online bank is right for you?

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