Ally Bank vs American Express
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
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Summary of Ally Bank vs. American Express
As of 8/29/2025 both Ally Bank (Savings Account) and American Express (High Yield Savings Account) offer an APY of 3.50% .
Both banks yield $350 in interest on a $10,000 balance after one year. Neither has an APY advantage, so consider other features (fees, access, app ratings, etc.) when choosing.
Ally Bank
Strengths
- Ally Bank has an A+ BBB rating, indicating strong trustworthiness.
- Ally Bank offers a higher App Store rating of 4.7 compared to American Express.
Potential Drawbacks
- Ally Bank has no branches, which may limit in-person service options.
American Express
Strengths
- American Express has a higher App Store rating of 4.9.
- American Express has no maintenance fees for its accounts.
Potential Drawbacks
- American Express has an F BBB rating and is not accredited.
Summary: Both Ally Bank and American Express offer high-yield savings accounts with a current APY of 3.5%. However, Ally Bank has a significantly better A+ BBB rating, while American Express has an F rating and is not accredited. Ally also boasts a higher App Store rating of 4.7 compared to American Express's 4.9. Both banks operate online only and have no maintenance fees.
Compare Ally Bank's vs American Express' Savings Accounts
| Ally Bank | American Express | ||
|---|---|---|---|
| Product | Savings Account | vs | High Yield Savings Account |
| APY | 3.50% (as of 8/29/2025) | 3.50% (as of 8/29/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | No | |
| App Store Rating | 4.7/5 | 4.9/5 | |
| Google Play Rating | 4.4/5 | 3.8/5 | |
| BBB Rating | A+ | F |
Comparative Historical APY Insights (Last 7 Months)
| Ally Bank | American Express | ||
|---|---|---|---|
| Product | Savings Account | vs | High Yield Savings Account |
| Latest APY | 3.50 % | 3.50 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.2 | -4.2 | |
| Rate Changes / Mo | 0.42 | 0.42 | |
| Days Since Last Change | 73 | 38 | |
| High (-7 m) | 3.80 % | 3.80 % | |
| Low (-7 m) | 3.50 % | 3.50 % | |
| Draw-down from High | -7.9 % | -7.9 % | |
| Volatility (CV) | 0.026 | 0.025 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-7 m)
- Highest APY in the last 214 days.
- Low (-7 m)
- Lowest APY in the last 214 days.
- Draw-down from High
- How far today sits below the 7-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Calculate Savings Growth for Ally Bank vs American Express
All calculations are based on APY.
Ally Bank
APY: 3.50%
Total savings breakdown:
- Interest earned: $2,114.1 (10.51%)
- Total contributions: $13,000 (64.63%)
- Initial deposit: $5,000 (24.86%)
Your total balance
$20,114.10
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $20,114.1
Earnings: $2,114.1
Bank OverviewAmerican Express
APY: 3.50%
Total savings breakdown:
- Interest earned: $2,114.1 (10.51%)
- Total contributions: $13,000 (64.63%)
- Initial deposit: $5,000 (24.86%)
Your total balance
$20,114.10
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $20,114.1
Earnings: $2,114.1
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Ally Bank's total earnings would be the same as American Express's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare Ally Bank's APY of 3.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Ally Bank vs Axos Bank | 4.46% | $0 |
| Ally Bank vs Bank of America | 0.01% | $100 |
| Ally Bank vs Barclays | 4.10% | $0 |
| Ally Bank vs Capital One | 3.50% | $0 |
| Ally Bank vs Chase Bank | 0.01% | $0 |
| Ally Bank vs Chime | 3.75% | $0 |
| Ally Bank vs CIT Bank | 4.00% | $100 |
| Ally Bank vs Discover Bank | 3.50% | $0 |
| Ally Bank vs Fitness Bank | 4.85% | $100 |
| Ally Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Ally Bank vs Presidential Bank | 4.50% | $5,000 |
| Ally Bank vs SoFi Bank | 3.80% | $0 |
| Ally Bank vs Synchrony Bank | 3.80% | $0 |
| Ally Bank vs UFB Direct | 4.21% | $5000 |
| Ally Bank vs Varo Bank | 5.00% | $0 |
| Ally Bank vs Wells Fargo | 2.51% | $25 |
Compare American Express' APY of 3.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| American Express vs Axos Bank | 4.46% | $0 |
| American Express vs Bank of America | 0.01% | $100 |
| American Express vs Barclays | 4.10% | $0 |
| American Express vs Capital One | 3.50% | $0 |
| American Express vs Chase Bank | 0.01% | $0 |
| American Express vs Chime | 3.75% | $0 |
| American Express vs CIT Bank | 4.00% | $100 |
| American Express vs Discover Bank | 3.50% | $0 |
| American Express vs Fitness Bank | 4.85% | $100 |
| American Express vs Marcus by Goldman Sachs | 3.65% | $0 |
| American Express vs Presidential Bank | 4.50% | $5,000 |
| American Express vs SoFi Bank | 3.80% | $0 |
| American Express vs Synchrony Bank | 3.80% | $0 |
| American Express vs UFB Direct | 4.21% | $5000 |
| American Express vs Varo Bank | 5.00% | $0 |
| American Express vs Wells Fargo | 2.51% | $25 |