Ally Bank stands out with its competitive interest rates, no-fee banking, and 24/7 customer service, making it a strong choice for online banking. Wells Fargo, while having a large ATM network and various credit card options, lags in interest rates and has potential monthly fees. Ally Bank is better for maximizing savings and accessible support, while Wells Fargo may suit those who prefer traditional banking with diverse credit card choices.
| Attribute | Ally Bank | Wells Fargo |
|---|---|---|
| Interest Rates on Savings Accounts | 3.50% APY on Online Savings Account, 3.60% APY as of March 17, 2025 | Wells Fargo's savings account APYs are generally low. The Way2Save account has a 0.01% APY. Platinum Savings offers relationship rates up to 2.51% for high balances when linked to an eligible checking account. |
| Checking Account Fees | No monthly maintenance fees, statement fees, incoming wire fees, or cashier's check fees. Fees for expedited delivery ($15) and outgoing domestic wires ($20) | Everyday Checking: $10 monthly fee, waivable if you maintain a $500 minimum daily balance, receive $500+ in direct deposits, are 17-24 years old, or meet other requirements. Clear Access Banking: $5 monthly fee, waivable for those 13-24 years old or with a linked campus debit/ATM card, or a qualifying military direct deposit. Prime Checking: $25 monthly fee, waivable with $20,000 in linked Wells Fargo accounts. Premier Checking: $35 monthly fee, waivable with $250,000 in linked Wells Fargo accounts. |
| Minimum Balance Requirements | No minimum balance requirements for Online Savings Account or Interest Checking Account | Vary by account. Everyday Checking waives the monthly fee with a $500 minimum daily balance. |
| ATM Network Size | Access to over 43,000 Allpoint ATMs. Reimbursement up to $10 per statement cycle for out-of-network ATM fees in the U.S. | Wells Fargo has a large ATM network with over 4,200 domestic banking locations. |
| Mobile Banking App Rating (iOS & Android) | High app ratings in both Apple and Google app stores | Favorable reviews on Google Play and the Apple App Store. |
| Customer Service Availability (Hours) | 24/7 customer service via phone, chat, and email (877-247-2559) | Not specified in the search results. |
| Online Bill Pay Functionality | Schedule bill payments with no fee | Available via the Wells Fargo Mobile app. |
| FDIC Insurance Coverage | FDIC-insured up to $250,000 per depositor for each qualifying account ownership category | $250,000 per depositor, per insured financial institution, for each account ownership category. Expanded coverage options are available through deposit sweep programs. |
| Mortgage Rates | Offers home loans | Not specified in the search results. |
| Loan Options (Personal, Auto) | Auto loans and personal loans. No application fees for personal loans, pre-qualification available without affecting credit score | Personal and auto loans are available. |
| Credit Card Offerings | Ally Platinum Mastercard (credit building), Ally Everyday Cash Back Mastercard (3% cash back at gas stations, grocery stores, and drugstores, 1% on all other purchases), Ally Unlimited Cash Back Mastercard (2% cash back on all purchases). Offered by invitation only. | Wells Fargo offers a variety of credit cards, including cash back, rewards, and balance transfer options. Popular cards include Wells Fargo Active Cash, Wells Fargo Reflect, and Wells Fargo Autograph. |
| User Reviews and Ratings | Overall satisfaction ranked highly among online-only banks for checking and savings products (J.D. Power's 2024 Direct Banking Satisfaction Study) | Wells Fargo earned 3.6 out of 5 stars in Bankrate's review across its deposit products. |