The Chase Sapphire Preferred Card is best for individuals who travel frequently and want to earn rewards points, while the Ally Bank Online Savings Account is best for individuals who want to save money and earn interest.
| Attribute | Chase Sapphire Preferred Card | Ally Bank Online Savings Account |
|---|---|---|
| Name | Chase Sapphire Preferred Card | Ally Bank Online Savings Account |
| Annual Fee | $95 | $0 |
| Sign-up Bonus | Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. There have been limited-time offers for 100,000 bonus points. | Varies; past offers have included up to $500 for opening an Online Savings Account with a specific promo code and meeting deposit requirements. Another offer included a $100 bonus for opening a new Spending or Savings Account and receiving a direct deposit. Some bonuses may be referral-based. |
| Rewards Rate on Dining | 3 points per $1 spent on dining, including eligible delivery services and takeout. | Not applicable for a savings account. |
| Rewards Rate on Travel | 5 points per $1 spent on all travel purchased through Chase Travel; 2 points per $1 spent on other travel purchases. | Not applicable for a savings account. |
| Rewards Rate on Other Purchases | 1 point per $1 spent on other purchases. | Not applicable for a savings account. |
| Foreign Transaction Fees | None | Not applicable for a savings account. |
| APR (Annual Percentage Rate) | 19.99% - 28.24% Variable APR | Not applicable for a savings account. |
| Credit Score Requirement | A good to excellent credit score is needed. It is recommended to have a FICO score of at least 690. Some sources recommend a score of 670 or higher. Others recommend a score of 700 or higher. | Not applicable for a savings account. |
| Account Minimum | Not specified | $0 |
| Interest Rate (APY) | Not available | 3.50% APY. The APY is applicable to all balance tiers and is compounded daily. The rate is variable and may change after the account is opened. |
| FDIC Insurance | Not available | Yes, up to the maximum amount allowed by law ($250,000 per depositor for each qualifying account ownership category). |
| Mobile App Features | Not specified | Mobile app with check deposit. Ally's website and mobile app are user-friendly. |
| Pros | Solid travel protection benefits, including trip cancellation/interruption insurance, primary car rental insurance, and lost luggage insurance. Redeeming points for travel through Chase Travel may provide more value. No Foreign Transaction Fees | No monthly maintenance fees. No minimum balance requirement. Solid interest rates. User-friendly website and mobile app. 24/7 customer support via phone, chat, or email |
| Cons | Has a $95 annual fee. No 0% intro APR offer. Chase's 5/24 rule may restrict eligibility. | Interest rates may be slightly lower compared to other high-yield savings accounts. Withdrawal limit of 10 per statement cycle. Fees may be charged for certain transactions |