Ally vs. Axos Review: Which Online Bank Is Right for You?

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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

Axos Pros and Cons

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.

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. 

Ally vs. Axos Savings Account Comparisons

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.

Ally vs. Axos CD Comparisons 

Axos CDs aren’t as strong as the bank’s other products. Several of its 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.

Ally vs. Axos Money Market Account Comparisons

Ally 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. 

Ally vs. Axos Trustworthiness and BBB Ratings

The Better Business Bureau assesses businesses to see if they effectively respond to customer issues.

Axos has an A+ rating. Meanwhile, Ally received an A rating from the BBB because it has three unresolved complaints. 

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. 

Ally vs. Axos: Frequently Asked Questions