Synchrony vs Ally

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Oak&Elm
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Synchrony vs Ally

Post by Oak&Elm » Sun Nov 20, 2016 9:34 am

I'm looking for an online bank for savings and short term CD's. I like both Synchrony and Ally, i do not need a chcking account. Based on this which would you pick. I'm leaning towards Synchrony.

MikeG62
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Re: Synchrony vs Ally

Post by MikeG62 » Sun Nov 20, 2016 10:18 am

I very much recommend Ally and have been doing business with them for about a decade now. I currently have online savings accounts with Ally (as well as with Discover Bank and Barclays). In the past I have had CD's with Ally too. They are very easy to deal with, it is easy to get someone on the phone who is knowledgeable and helpful (not always the case with online banks) should you have any questions. Their web site is very good too. I've recommended them to several friends too and none have had any issues or complaints.

I had looked at Synchrony a few years back as they had some attractive CD rates (at the time). However, the online reviews I had seen (again at the time) were horrible. People who had issues had trouble getting someone on the phone who could help them.
Last edited by MikeG62 on Sun Nov 20, 2016 10:56 am, edited 1 time in total.

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tennisplyr
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Re: Synchrony vs Ally

Post by tennisplyr » Sun Nov 20, 2016 10:50 am

I looked at these 2 over the past summer and chose Ally. So far, so good....website works for me and phone support was helpful.
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Re: Synchrony vs Ally

Post by orlandoman » Sun Nov 20, 2016 11:26 am

Have/had 3 CD's & saving acct. with Ally. Very happy, no problems. Would recommend Ally.
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BeneIRA
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Re: Synchrony vs Ally

Post by BeneIRA » Sun Nov 20, 2016 11:43 am

I have experience with Ally and I have been very happy with their customer service. I knew someone who worked at Synchrony and they reported that the customer service was not the best. That is only one aspect, sure, but Ally wins hands down on at least that one. It looks like, depending on your duration and the amount, they are pretty close and the extra amount might not be much.

GMan82
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Re: Synchrony vs Ally

Post by GMan82 » Sun Nov 20, 2016 11:46 am

Synchrony doesn't have checking accounts, either. It's the main reason I'm considering a switch to either Ally or Alliant Credit Union for my banking.

I'm still weighing the benefits. All I know is that I want to get rid of Bank of America at some point.

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Re: Synchrony vs Ally

Post by Nicolas » Sun Nov 20, 2016 11:48 am

I recommend Synchrony over Ally. We've had two high yield savings accounts with Synchrony for the past eighteen months and have had no problems whatsoever, they also pay higher interest than Ally.

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Re: Synchrony vs Ally

Post by mickeyd » Sun Nov 20, 2016 2:04 pm

Both Ally and Synchrony are FDIC banks. Online accounts at ALLY yield 1.00% and Synchrony is at 1.05%, I believe. Both APYs can change overnight, up or down. CD rates come and go as the bank need cash. Nothing wrong with jumping from bank to bank chasing CD rates after your time is up.

I use Ally, but have a good chunk at NFCU in a 30 month 2.5% CD, which is much higher than Ally offers me.

I don't believe that I have ever spoken to a live person @ Ally since I do all transactions online. I don't know how good/bad their customer service is, but their online service is superior.
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Re: Synchrony vs Ally

Post by gclancer » Sun Nov 20, 2016 4:59 pm

No experience with Synchrony but I'm a happy Ally customer. I would recommend Ally without hesitation.

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Re: Synchrony vs Ally

Post by 123 » Sun Nov 20, 2016 5:21 pm

We do business with both Synchrony and Ally (CD's etc). The Ally website seems to have far more features then the Synchrony website. Some folks don't mind calling for assistance, with Ally I can do everything with the website.
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Re: Synchrony vs Ally

Post by need403bhelp » Sun Nov 20, 2016 7:17 pm

I have had Synchrony 1.05% savings 2+ years. I have never had any problems with them at all although some other banks have more web features (e.g., CO360 allows you to make account joint entirely online; Synchrony requires phone/paperwork to convert your account to joint ownership). I have Ally as a 2nd checking account. When I opened CDs regularly, I would pick the highest rate each time my old one matured, regardless of which bank had that particular rate.

EDIT: I guess what I am also trying to say is that, even though I have read complaints about the web interface for Synchrony, especially around the time they upgraded the online interface, I have NEVER had any problems with them at all. Then again, I use them mainly as an emergency fund and nothing else. However, I have done a fair amount of transfers to/from other accounts with NO problems. Also, rate has been 1.05% the entire time I have been with them for high-yield savings.

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Re: Synchrony vs Ally

Post by rj49 » Sun Nov 20, 2016 11:07 pm

You might take a look at Discover. Their savings rate is a bit lower, at .95%, but their checking account gives 10 cents back for every transaction, whether it's a debit purchase or bill pay or check written. You can buy a 50-cent pack of gum and boast about how you get 20% back on your debit card :).

I saw that the VG Prime MMF is up to .6% yield now, and with possible interest rate hikes soon, it could get more competitive with online banks, with the convenience of easily moving fund dividends and capital gains to it.

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walletless
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Re: Synchrony vs Ally

Post by walletless » Sun Nov 20, 2016 11:09 pm

If you ever plan on opening a Living Trust and fund the account to it -- use Ally. Synchrony does not support trust ownership at the moment.

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Downtown
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Re: Synchrony vs Ally

Post by Downtown » Mon Nov 21, 2016 8:28 am

I have accounts with both companies. IMHO Ally is far superior.

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Re: Synchrony vs Ally

Post by kaneohe » Mon Nov 21, 2016 8:52 am

walletless wrote:If you ever plan on opening a Living Trust and fund the account to it -- use Ally. Synchrony does not support trust ownership at the moment.


You might want to clarify what you mean. I have accts titled in living trust name at both. Don't know about online access at either since I don't do that. Synchrony has at least limited telephone access..........for balances, transactions. Ally doesn't allow that....they say.....tho I recently accidentally discovered a way around that.

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Re: Synchrony vs Ally

Post by radiowave » Mon Nov 21, 2016 9:14 am

rj49 wrote:You might take a look at Discover. Their savings rate is a bit lower, at .95%, but their checking account gives 10 cents back for every transaction, whether it's a debit purchase or bill pay or check written. You can buy a 50-cent pack of gum and boast about how you get 20% back on your debit card :).

I saw that the VG Prime MMF is up to .6% yield now, and with possible interest rate hikes soon, it could get more competitive with online banks, with the convenience of easily moving fund dividends and capital gains to it.


Out of curiosity, with the Discover checking do you get photo copies of each check front and back available in the online portal?
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J295
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Re: Synchrony vs Ally

Post by J295 » Mon Nov 21, 2016 9:16 am

FWIW .... we have American Express Bank savings accounts. Slightly lower rate but easy to use.

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Re: Synchrony vs Ally

Post by Hukedonfonix4me » Mon Nov 21, 2016 9:45 am

I have used Ally for the past ~6 months. No complaints, user friendly web interface. If you need to speak with a customer service agent, the estimated wait time is posted on the website. I have yet to see the estimate over 10 minutes.
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Re: Synchrony vs Ally

Post by HueyLD » Mon Nov 21, 2016 9:52 am

kaneohe wrote:Synchrony has at least limited telephone access..........for balances, transactions. Ally doesn't allow that....they say.....tho I recently accidentally discovered a way around that.

And the way around that is??

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Re: Synchrony vs Ally

Post by 4th and Inches » Mon Nov 21, 2016 9:56 am

I am a happy savings account customer of Synchrony bank. I have never used Ally. Either one is likely perfectly suitable.

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HueyLD
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Re: Synchrony vs Ally

Post by HueyLD » Mon Nov 21, 2016 10:07 am

HueyLD wrote:
kaneohe wrote:Synchrony has at least limited telephone access..........for balances, transactions. Ally doesn't allow that....they say.....tho I recently accidentally discovered a way around that.

And the way around that is??

I guess by calling Ally's 24x7 customer service number and talk to a human being?

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Re: Synchrony vs Ally

Post by sperry8 » Mon Nov 21, 2016 10:10 am

I have both as well as over a dozen other online only CD/Savings accounts (I chase yield).

I'd say if you're going to open a 1 yr CD or longer and not attempt to move/use the money frequently (or break contract) then go with the website that offers the highest yield.

However if you're looking for an online bank. One with a good debit card, CS, ACH transfers, good website, etc. - then Ally wins hands down.
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walletless
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Re: Synchrony vs Ally

Post by walletless » Mon Nov 21, 2016 10:42 am

kaneohe wrote:
walletless wrote:If you ever plan on opening a Living Trust and fund the account to it -- use Ally. Synchrony does not support trust ownership at the moment.


You might want to clarify what you mean. I have accts titled in living trust name at both. Don't know about online access at either since I don't do that. Synchrony has at least limited telephone access..........for balances, transactions. Ally doesn't allow that....they say.....tho I recently accidentally discovered a way around that.

Good to know. About a year ago when I called Synchrony they told me they cannot open trust ownership accounts. Same with GE Capital Bank (Now GS Bank). If they support it now it seems like a good option.

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Re: Synchrony vs Ally

Post by killjoy2012 » Mon Nov 21, 2016 10:51 am

I have some insider insight to how both companies are run and would strongly suggest Synchrony over Ally. Ally is run by a bunch of ex-BOA execs based in Charlotte, NC -- the same HQ city of BoA. You can compare rates all you want - just know who you're dealing with.

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SquawkIdent
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Re: Synchrony vs Ally

Post by SquawkIdent » Mon Nov 21, 2016 10:56 am

Both are good. Synchrony ACH withdrawals take 3 business days while Ally tries for next day and at the very least it's 2 business days. Another consideration would be Barclays. Their ACH withdrawal times are the same if not better than Ally most times. :sharebeer

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Re: Synchrony vs Ally

Post by LateStarter1975 » Mon Nov 21, 2016 11:09 am

Been with Ally for the past 5 years. I can easily say it's the best bank I've ever had in my life. It's really no-nonsense banking like they advertise
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Re: Synchrony vs Ally

Post by DaftInvestor » Mon Nov 21, 2016 12:14 pm

I've had good luck with Synchrony (as well as GS Bank). Personally - I'd simply look at the accounts you want to open and see which has the highest interest rates. I never opened an account with Ally because they were always a small step lower than the others (and I don't do any phone calls so things like customer service don't really matter to me) but if I was opening an account today - I'd simply pick whichever provided the best rates.

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Re: Synchrony vs Ally

Post by guitarguy » Mon Nov 21, 2016 2:09 pm

gclancer wrote:No experience with Synchrony but I'm a happy Ally customer. I would recommend Ally without hesitation.


+1.

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Re: Synchrony vs Ally

Post by HueyLD » Mon Nov 21, 2016 2:24 pm

SquawkIdent wrote:Both are good. Synchrony ACH withdrawals take 3 business days while Ally tries for next day and at the very least it's 2 business days.

Effective 12/3/2016, ACH transfers between your Ally and non-Ally accounts will be completed in ONE business day unless you have a history of overdrafts.

I like this major improvement.

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Re: Synchrony vs Ally

Post by nirm » Mon Nov 21, 2016 4:35 pm

+1 for ally bank.

Have not used synchrony, but when I was researching online I saw several bad reviews about their customer service and decided to go with Ally. Has been a great experience with Ally so far. The account opening process was quick and easy. The app and website are very user friendly. Their ACH transfer times are the shortest among all the online or B&M banks that I have dealt with.

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Re: Synchrony vs Ally

Post by tractorguy » Mon Nov 21, 2016 5:41 pm

I have CD and savings accounts at both. I have found Ally much easier to buy CD's and set up accounts. Unfortunately, they are currently offering lower rates for 12 month CDs and the convenience is not worth passing up the increased income so I bit the bullet and am dealing with Synchrony for my short term CD needs.

My biggest issue with Synchrony has been the systems they use to set up two factor authentification (which is required). When setting up online access, I expected that they'd use the cell phone number I entered into my account information for two factor verification. Heck no. They are using the landline for the house I sold 4 months ago (which I obviously can't access). That phone number is not in any of the information I gave them. When questioned, their response was that they use external databases when setting up their accounts and pull the phone number from that for the first 60 days. After that, they promised me that they'll use the phone number on file. We'll see. They also said that they can't change this process but not to worry because I can call them if I need to verify a new computer. To be fair, that worked when I first set up the account.

The accounts aren't 60 days old yet so I can't confirm that they are going to use the correct information instead of some number that is pulled from some unknown database. It seems like a heck of a way to run a railroad.
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Re: Synchrony vs Ally

Post by minesweep » Mon Nov 21, 2016 5:44 pm

I have two savings accounts with Ally that were opened about 10 months ago.. One account for myself and one for my sister (I have power of attorney). I like the layout at their website (very user friendly). They sent me an email earlier this month telling me of the following updates that are coming to their website.

In online banking, we're putting Payments and Transfers front and center, so you won't have to search for the tools you use most.

We're also making some changes to online banking and our app, including a Snapshot view that gives you a one-page summary of your relationship with us.

You'll recognize the Balance Breakdown, which shows you how your money is distributed in all your accounts, and you'll find all the details for your accounts you're used to viewing when you log in.

We're also simplifying log in options for our app. Soon, you'll be able to log in using your fingerprint or a unique passcode you create.

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Re: Synchrony vs Ally

Post by Dandy » Tue Nov 22, 2016 10:07 am

I have accounts at Alliant and Discover also brokerage CDs at Vanguard (rates just starting to be competitive again). I used to have CDs at Ally and my children have checking/savings accounts there. No problem with any of the above. I think good 24/7 customer service is a good feature for any financial firm as is a user friendly web site.

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Re: Synchrony vs Ally

Post by douginct » Tue Nov 22, 2016 11:31 am

SquawkIdent wrote:Both are good. Synchrony ACH withdrawals take 3 business days while Ally tries for next day and at the very least it's 2 business days. Another consideration would be Barclays. Their ACH withdrawal times are the same if not better than Ally most times. :sharebeer

The 3 day ACH transfers really bother me. I have been systematically reducing the amount of money I have at Synchrony due to this. Overall I prefer Ally and also like Capital One 360.

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Re: Synchrony vs Ally

Post by nilecruiser » Tue Nov 22, 2016 11:34 am

The accounts aren't 60 days old yet so I can't confirm that they are going to use the correct information instead of some number that is pulled from some unknown database. It seems like a heck of a way to run a railroad.


I can confirm this, too. I was told that I would have to have an account open for 6 months before they could change the phone number (to one I actually owned). Not only did I object to routinely spending 25-30 minutes in a call queue, my thought was if Synchrony was OK using an incorrect phone number for confirming financial transactions, this probably wasn’t a bank I wanted to do business with. Fortunately, I have been very happy with Ally (high yield savings account) and have never looked back.

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Re: Synchrony vs Ally

Post by SquawkIdent » Tue Nov 22, 2016 1:50 pm

douginct wrote:
SquawkIdent wrote:Both are good. Synchrony ACH withdrawals take 3 business days while Ally tries for next day and at the very least it's 2 business days. Another consideration would be Barclays. Their ACH withdrawal times are the same if not better than Ally most times. :sharebeer

The 3 day ACH transfers really bother me. I have been systematically reducing the amount of money I have at Synchrony due to this. Overall I prefer Ally and also like Capital One 360.


Me too. I don't understand why it takes so long and neither does their CSR's when I asked them. Depositors will have to decide if this is a make or break item to earn and extra .05% over Ally or Barclays (which after 12-3-16 will both be doing 1 business day ACH's). :sharebeer

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Re: Synchrony vs Ally

Post by mouth » Tue Nov 22, 2016 9:51 pm

Throwing my hat in the ring for Synchrony. Does everything I ask it to do. Holds my money, highest / near highest interest out there, gives back my money when I need it, quickly, 'nough said. Their web page is simple but very effective and I recall sign-up was uneventful; just the way I like it.

I've had Emigrant Direct, MySavingsDirect, and Synchrony for refernce.

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Re: Synchrony vs Ally

Post by need403bhelp » Tue Nov 22, 2016 10:24 pm

SquawkIdent wrote:Me too. I don't understand why it takes so long and neither does their CSR's when I asked them. Depositors will have to decide if this is a make or break item to earn and extra .05% over Ally or Barclays (which after 12-3-16 will both be doing 1 business day ACH's). :sharebeer


FYI, I actually like the 3 day ACH transfers. I use Synchrony as a kind of "break in case of emergency" emergency fund/savings account. As such, I like having as few ways as possible to instantly access the money (I believe that they offered a debit card for the account when I signed up, but I refused for the same reason). On the other hand, it is hard for me to imagine a true emergency where the extra two days would make a difference.

My main checking account is Capital One 360. Advantage: ATM 2 blocks for my house and able to deposit cash into my account easily (esp helpful as I have in laws who live in a different country and seem to like to gift fairly large amounts in cash).

Ally, on the other hand, has the distinct advantage of allowing many (?unlimited) linked accounts. I use it as a "hub" account for my prepaid card-linked savings accounts (5 of Netspend family and Insight).

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