Which Institution Offers a Higher Interest Rate?
Our experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Alliant vs. Ally
Alliant Credit Union
Ally Bank
Editor’s Rating
Joint bank accounts for minors
Editor’s Rating
$0 minimum opening deposits
If you’re looking to make more interest on your money, you might be eyeing Alliant Credit Union or Ally since both offer competitive interest rates right now.
We’ve compared each account below to see which bank accounts stand out the most, and so you can determine if one of these institutions may be a suitable option for you. We’re also evaluating each bank’s trustworthiness so you can know more about the institution’s history.
Pros and Cons: Alliant Credit Union
Pros and Cons: Ally
Alliant vs. Ally Checking Account Comparisons
Ally and Alliant both offer a fee-free, interest-earning checking account. Alliant also has a teen checking account, if you’re looking to open a bank account for a minor at least 13 years old.
Alliant High-Interest Checking Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.25%
Minimum Deposit Amount
up to $25
- Earn interest
- No minimum opening deposit
- No monthly service fees
- $20/month in out-of-network ATM fee refunds
- No overdraft fees
- No incoming wire transfer fee
- Compounds interest monthly, not daily
- $25 outgoing wire transfer fee
Product Details
- Several ways to become a member; the easiest is to join Foster Care to Success (Alliant will cover your $5 membership fee)
- 80,000+ free ATMs
- Alliant does not charge overdraft fees; you can overdraw, but you will not pay a fee. You may also link checking to a savings account and select for funds to automatically transfer to cover overdrawn amount.
- Interest compounded monthly
- Federally insured by the NCUA
Alliant vs. Ally Savings Account Comparisons
Alliant and Ally pay higher interest rates than the average savings account. Alliant also has a kids savings account featured in our best kids savings account guide.
Ally Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.25%
Minimum Deposit Amount
$0
- High APY
- No minimum opening deposit
- No monthly service fees
- Savings buckets help you save for different goals
- Surprise savings transfers help you save extra money from your checking account
- No physical branch locations
- No way to deposit cash
The Insider’s Take
The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn’t charge standard bank fees. You may earn 4.15% APY, and the account doesn’t have any requirements for earning interest. However, keep in mind that the best high-yield savings accounts pay up to 5.50% APY right now.
Product Details
- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
Alliant vs. Ally Certificate Comparisons
Alliant Certificate
Annual Percentage Yield (APY)
4.30% to 5.15%
Minimum Deposit Amount
$1,000
- Competitive APY
- Low-to-standard early withdrawal penalties
- Interest compounded monthly, not daily
- $1,000 minimum deposit
- No terms over 5 years
Product Details
- Several ways to become a member; the easiest is to join Foster Care to Success (Alliant will cover your $5 membership fee)
- Terms ranging from 3 months to 5 years
- Early withdrawal penalty is dividends for the number of days the certificate is open. Up to 90 days dividends for terms of 17 months or less; up to 120 days dividends for terms of 18-23 months; up to 180 days interest for terms of 24 months or more; 7 days dividends if you withdraw during the 7-day grace period, even though no interest has accumulated yet
- Interest compounded monthly
- Federally insured by the NCUA
Alliant vs. Ally Money Market Account
Alliant doesn’t have a money market account, but Ally does. Ally’s money market account pays a competitive interest rate and has a $0 opening deposit — most banks usually require at least $1,000 to open a money market account.
It also provides you with a debit card and paper checks, making it a convenient savings tool for accessing money quickly if necessary.
Ally Money Market Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.40%
Minimum Deposit Amount
$0
- No opening deposit or minimum account balance
- No monthly service fee
- Access to a debit card
- Access to paper checks
- Out-of-network ATM reimbursements of up to $10 per month
- 24/7 customer service
- Easy-to-use mobile app
- Link to other Ally bank accounts
- Not the highest money market account APY
- No physical branch locations
- $10 excess transaction fee (paused during COVID-19)
Product Details
- Access to checks and a debit card
- Interest compounded daily, paid monthly
- FDIC insured
Compare Today’s Savings Rates
Alliant vs. Ally Trustworthiness and BBB Rating
We use ratings from the Better Business Bureau, so you see how a bank deals with customer issues.
The BBB gave Alliant an A+ rating. Meanwhile, Ally received an A rating from the BBB because it has a few unresolved complaints.
A high BBB rating doesn’t necessarily guarantee your relationship with a bank will be perfect. Consider chatting with current customers or reading online customer reviews, too.
Alliant and Ally haven’t been involved in any recent public controversies.
Frequently Asked Questions
You’ll favor Alliant if you’re looking to open savings or checking accounts for minors since Ally doesn’t offer bank accounts for kids. If you’re looking for a variety of CD options, you may lean more toward Ally. Alliant doesn’t have no-penalty or step-up CDs.
Ally offers a higher interest rate on its savings account. Keep in mind interest can rates fluctuate on savings accounts, though.
UFB High Yield Savings
Earn 5.25% APY on your savings. No monthly maintenance fees. No minimum deposit is required to open an account.
