Aspiration Vs Ally Bank (Complete Comparison Guide)

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own. Read more about Affiliate Disclosure

Aspiration is a bank that offers virtual accounts to people who don’t need physical branches. Aspiration gives you the ability to earn your interest daily, while you can still freely use other currencies in the world. Aspiration’s mission is that they “want to break down traditional barriers of entry into financial services”.

Ally Bank is a bank that offers savings, checking accounts, credit cards, CDs, and more. Aspiration does not offer any of these things. Aspiration promises to deliver “new opportunities for wealth creation” while Ally Bank believes in delivering “easy banking”.

Aspiration seems to offer more, but Ally Bank’s experience might be the better choice for some. Aspiration is just making its way into the world, while Ally Bank has been around since 2009. Aspiration believes in being an up-and-coming bank where you can make money off of your money, but Ally Bank promises easy banking and great customer service.

Points to be considered while choosing the digital bank:

  • Fees

Online banks are known for having very little or no fees when it comes to checking/savings accounts.

  • High-interest rate

Online banks tend to have lower interest rates compared to traditional brick-and-mortar banks, but some online banks manage to offer competitive interest rates on savings accounts and CD rates that are close to brick-and-mortar banks’ interest rates. Online banks also offer CD rates, savings account rates, and checking account bonuses which can help you earn extra money on your savings or interest earned on checking accounts.

  • Websites

Online banks have simple websites that are easy to use, but some online banks such as Ally have a superior website that is easy to use and provides 24-hour access to account information. Online banks make it easy for customers by allowing them to transfer money from the online bank directly to their other accounts or using an ATM machine for free if they are within the network of the online bank’s ATMs.

  • Additional Services

Online banks also tend to offer special promotions that can be helpful for some customers. Online banks sometimes offer tools or services that traditional brick-and-mortar banks do not have, which allows them to provide a unique service they wouldn’t otherwise provide.

  • Mobile App

Online banks also have mobile apps that allow you to access your money from your phone, but they aren’t as reliable as having a dedicated mobile app. Online banks are becoming more reliable when it comes to their mobile apps, but sometimes they still have problems with the reliability of their mobile banking services.

  • Security

FDIC-insured online banks are safe, but make sure to research the online bank before signing up. Online banks also have security features you can use to protect your accounts, such as setting up a password or PIN number that is needed when withdrawing money from an ATM machine.

Online banks are insured by the FDIC just like traditional brick-and-mortar banks are. Online bank security is monitored around the clock by a 24/7 monitoring center that constantly checks for any threats to online bank accounts and will shut down any threats immediately.

What is Ally Bank?

Ally Bank is a well-established online banking company located in New York, New York. Ally Bank was founded in 1919 as General Motors Acceptance Corporation or GMAC. Ally no longer consists of just automobile loans;

Ally’s recent acquisitions have allowed Ally to become a nationwide bank with deposits encompassing over $148 billion dollars. Ally originally started out providing auto financing but quickly expanded its customer base by acquiring financial institutions across the United States. Ally has been known for its innovative marketing strategy and is a pioneer in online banking.

What services do Ally offer?

Ally offers many interest-generating and convenient services that make Ally one of the most popular banks in the United States: Ally’s high-interest checking account with no fees, ATM fee reimbursements at Ally ATMs, Ally’s free online Bill Pay, Ally’s $10 overdraft protection fee reimbursement every year, Ally Invest (Ally Bank’s low-fee investment brokerage), Ally Home Loans with lower rates, Ally Auto loans, Ally No Penalty CD which allows you to withdraw your money anytime without penalty fees, and worldwide Ally customer service by Ally professionals.

Ally has several checking accounts to choose from including Ally Interest Checking which offers free online Bill Pay and unlimited check writing abilities as well as Ally’s high-interest checking account that allows you to earn up to 0.25% APY.

Ally also offers its customers free Ally checking which is a simple form of banking that allows Ally customers to write checks, receive their funds via direct deposit or ACH, and receive Ally ATM fee reimbursements.

What is Aspiration Bank?

Aspiration-Bank is a relatively new online bank created in 2015. Aspiration is a bank that doesn’t operate brick-and-mortar branches, Aspiration offers its customers ATM-free banking via Aspiration’s mobile app. Aspiration Funds Aspiration funds are Aspiration bank’s premium financial products which Aspiration offers to its customers.

Aspiration funds include high yield fund, Money Market Fund, and US Government Bond Fund. Overall, Aspiration’s Funds will likely perform better than most other online banks as they invest in low-risk securities such as government bonds.

What services do Aspiration offer?

Aspiration offers its customers free Aspiration checking that pays 1.00% APY, ATM fee reimbursements at any non-proprietary ATM, mobile check deposit via Aspiration’s app, no minimum balance requirement to open an account, mobile banking with 24/7 support, and nationwide customer service.

Aspiration bank’s basic services are free, Aspiration bank earns money from its premium financial products. Aspiration has a wide range of Aspiration funds that grow with Aspiration Bank investments and Aspiration also offers an Aspiration Brokerage account for trading stocks and options.

How is Ally better than Aspiration Bank?

  • Aspiration bank is a new player in the market with an innovative idea, however, Ally has been around for 10 years, offering many services that Aspiration does not offer.
  • Ally offers competitive rates on its savings accounts and CD rates which allows you to earn more money on your account.
  • Ally has 24/7 customer service via phone or online chat, unlike Aspiration.
  • Ally customers can use any ATM that is within the network of Allied Financial, but Aspiration requires customers to visit an ATM that belongs to them or be charged a fee.
  • Ally also has mobile apps for both Android and Apple devices which allow you access to your money anywhere, anytime with their app.

How is Aspiration better than Ally Bank?

  • Aspiration offers no fees, while there are fees with Ally.
  • Customers can earn interest with Aspiration’s savings accounts, while Ally does not pay interest on any of their accounts.
  • Ally offers lower rates on checking accounts than Aspiration does.
  • Ally requires customers to pay a fee if they do not use their own network of ATMs or make transfers with an ATM machine.
  • Ally does not have a feature where customers can invest in other people’s financial goals.
  • Aspiration has its own debit card, while Ally only has co-branded debit cards with Visa or Mastercard.
  • Ally only has ATMs in select locations, which makes it inconvenient for people who aren’t near the available ATMs.

Why should you choose Ally bank?

Great Interest Rate: Ally has a great interest rate on its savings account as well as competitive CD rates.

ATM Fee Reimbursement: Ally offers ATM fee reimbursements at Ally ATMs as well as worldwide customer service by Ally professionals that makes Ally one of the best online banks in America.

High-Interest Checking: Ally’s high-interest checking is also a major advantage for Ally customers because it allows you to have unlimited check writing abilities with Ally’s high-interest checking account.

Easy to use the application: Ally has its own app that allows Ally customers to use Ally features on the go which is convenient when you are in a hurry.

No Overdraft Fees: Ally also offers overdraft protection reimbursement at Ally ATMs which is great for people who are not able to handle Ally’s overdraft fees. Ally No Penalty CD offers great interest rates plus the convenience of being able to withdraw your funds without penalty fees.

Why should you choose Aspiration Bank?

No service fees: Aspiration has no monthly service fees. Aspiration Checking Account is free and Aspiration Aspiration doesn’t have a daily balance limit, either.

No ATM Fees: Aspirations does not charge for using Aspirations ATMs. You can also use over 30,000 in-network partner ATMs in the U.S. Aspiration Aspiration is a bank that does not have brick-and-mortar branches, Aspiration Aspiration only offers its customers ATM-free banking via Aspiration’s mobile app.

Credit Cards: As an Aspiration customer you can apply for a credit card with no application fee and no annual fee. You’ll get Rewards (2% cash-back rewards on dining and local transport purchases and 1% Rewards on all other Aspiration Aspiration purchases).

No minimum balance requirement: Aspiration doesn’t have a daily balance limit and Aspiration also allows its customers to purchase up to 10 checks for free. As an Aspiration customer, the only requirement is that your monthly direct deposits have to be no less than $250 in order to ensure low-risk status.

Customer Support: A 24-hour helpline is available to support its customers.

Is Ally Bank safe and secure?

Ally’s FDIC insurance makes Ally a safe and secure bank that protects Ally customers from losing their money in case Ally Bank goes out of business. Ally is a traditional brick-and-mortar bank offering its services online.

Ally has been around for many years which makes Ally one of the best online banks in America because Ally won’t be going out of business anytime soon. Ally has over 140,000 ATMs and 4,800 employees that make Ally a secure place for Ally customers to bank and invest their money. Ally had zero customer complaints in 2018 which makes Ally one of the best online banks in America.

Is Aspiration Bank safe and secure?

The aspiration bank is safe and secure. Its services are insured by the Federal Deposit Insurance Corporation up to $250,000. Aspiration has consistently received high ratings from online financial platforms such as WalletHub and Bankrate. The company’s products and services offer a good alternative for banking customers who want an affordable service while still maintaining high levels of security and protection.

Who can open an account in Ally Bank?

Ally customers must be 18 years or older. Ally is not currently accepting Ally customers who are residents of Indiana, Puerto Rico, and New York due to Ally bank’s terms and conditions.

Who can open an account in Aspiration Bank?

Aspiration bank offers its services to any US citizen who has reached the age of majority and can reside in one of the states where it has network access. If you are not a US citizen but live in the country, you can still open an account with Aspiration bank.

Who is Ally Bank best for?

Ally is best for Ally customers that are looking for a great Ally interest rate on their savings account as well as CD rates. Ally customers also benefit from Ally’s ATM fee reimbursements which allow Ally customers to use Ally ATMs worldwide fee-free and unlimited check writing abilities with Ally’s high-interest checking account.

For example, Ally customers earn up to 0.25% APY plus Ally’s $10,000 Ally Bank checking bonus is added to Ally’s High-Interest Checking account which allows Ally customers to also receive free Ally checking with no monthly fee or minimum balance required.

Who is Aspiration Bank best for?

Aspiration is best for those who want a high-yield savings account, competitive interest rates, and no monthly fees. The company also offers credit cards with low-interest rates as well as student loans at relatively low-interest rates compared to other companies.

Is Aspiration bank worth it?

Aspiration bank is worth it if you are looking for a no-frills checking account with the ability to invest in the market as well as borrow money. It also provides free ATM access and rewards. There is no monthly account or transaction fee, which makes it easy for Aspiration to provide this bank account with the lowest possible cost.

The Aspiration mobile app is currently available only on iOS devices. When you open an Aspiration bank account, you also get a link to download the mobile app.

Is Ally Bank worth it?

Ally Bank has been widely recognized as one of the best online banks in America because it offers great interest rates, fast customer service, and a simple website. Ally’s website is easy-to-use and allows customers to have 24-hour access to Ally accounts or Ally can contact you via phone, text, or email to help you with Ally questions. Ally offers several types of accounts and services that can benefit just about any type of customer and is FDIC insured.

Ally has been known for its promotions, which makes opening an Ally Bank account even more enticing. Ally Bank’s interest rates, simple website, and customer service make Ally one of the best online banks in America. Ally has earned a place as one of the best online banks by providing its customers with an unbeatable experience each time they use Ally Banking services.

The Bottom Line

Aspiration’s main selling point is that it vows to pay customers interest on their savings accounts, while Ally pays no interest. Aspiration also has an innovative idea where its users can invest in other people’s financial goals and take part of the profits made when the person reaches their goal. Aspiration also has a feature where you earn money off your purchases when reaching a goal.

While Aspiration has an innovative idea, Ally still offers a lot more to its customers than Aspiration does not, making it the better choice for people who are looking for a traditional brick-and-mortar bank with low fees and higher interest rates. All in all, both banks can be beneficial to customers looking for online banks, it simply depends on your personal preferences.

I lead product content strategy for SaltMoney. Additionally, I’m helping our broader team of 4 evolve into a mature content strategy practice with the right documentation and processes to deliver quality work. Prior to Instacart, I was a content strategy lead at Uber Eats and Facebook. Before that, I was a content strategist at SapientNitro, helping major Fortune 500 brands create better, more useful digital content.

Leave a Comment