Ally Bank vs. Varo Bank | Which Account is Best?

Ally Bank vs. Varo Bank:

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Let's start off with one of the most popular reviews here on the channel and that is Varo bank. Now as per usual with these online banks, you're going to have that no fee structure which means no monthly maintenance fees, no foreign transaction fees, and none of that crap, and you're going to get free access to 55,000 ATMs which make it really easy to withdraw cash in a pinch. Now not only are you able to withdraw cash, but one of the biggest advantages of Varo bank is that you're able to deposit cash via the green dot reload system that we've seen from a few other competitors and this allows you to deposit cash had over 90,000 retail locations like CVS Walgreens Beyond that you're also going to have the early paycheck feature and Varo to Varo which is their peer to peer transfer systems like Venmo or cash app. Varos interest rate used to be 1.21% for the lower category and 2.81% for the higher category. However, just recently they dropped their lower main interest rate to 0.81% which isn't horrible but this is a pretty substantial change.

Alright so moving on to Ally Bank, they're also going to have that no fee structure on all of those regular fees, however, they do still have a $25 overdraft fee. With Ally, you're going to have access to 43,000 ATMs completely for free and they will also reimburse you up to $10 per month for off-network ATMs. Two of my favorite features that they offer is the buckets feature which allows you to divide all of your savings into 10 different categories and their booster savings feature which can automatically transfer money either from your Ally checking account or from some other external account into your savings account on a regular basis. On your savings, you're currently going to earn 0.6% which is lower than what it used but you're also going to earn 0.1% on all of your checking account money which isn't a huge deal but definitely an added perk and actually if you have more than $15,000 in your checking account, then you'll be able to earn 0.25% which is insane for a checking account. Ally’s features just keep on going and they're going to give you access to CDs, money market accounts, mortgages, auto loans, and even their very own investing platform not to mention they have 24/7 customer service.

Overall, I personally feel that Varo is going to give you a more modern banking experience since they are more of a technology company, however, ally bank has been around for a lot longer and has had more time to expand the services that they offer and improve on the most basic banking features I mean they really were the pioneer of the fully online banking model. So because of all of those other features including the CDs, money market accounts, loan options, and the integrated investing platform, I personally would give this battle to ally bank!

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I am not a Certified Financial Planner®. The topics presented in this video are for entertainment purposes only. You, and you alone, are responsible for the financial decisions that you make.

Видео Ally Bank vs. Varo Bank | Which Account is Best? канала Magnified Money