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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.
C rating from the Better Business Bureau for unresolved complaints
Pros and cons: Axos
Pros
Cons
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 banks
Relatively high minimum opening deposits for savings, CDs, and money market accounts
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 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
None
$50
Monthly service fee
None
None
Perks
Earn interest on account
No overdraft fees
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 through stages
No overdraft fees
Free overdraft protection available
Unlimited refunds on domestic out-of-network ATM fees
$150 welcome bonus until May 31 (Make a total direct deposit of $1,500 within the first 3 months of opening a new account)
Caveats
No physical locations
No physical locations
No interest earned if you don't meet any of the requirements.
Refunds up to $10/month in out-of-network ATM fees
Access to 43,000 free ATMs
Earn interest regardless of account balance
Debit card
Paper checks
No fees if you use an out-of-network ATM
Caveats
No physical locations
No physical locations
High minimum opening deposit
Won't reimburse any fees charged by out-of-network ATM providers
Next steps
Ally Money Market Account
Axos High Yield Money Market Account
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 C 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.
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.