Ally Bank vs. Bank of America
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Ally BankSavings Account Jan 21, 2026 | Bank of AmericaAdvantage Savings Jan 21, 2026 |
|---|---|---|
| APY | 3.30% | 0.01% |
Est. Earnings | $5,000+$165 $10,000+$330 $25,000+$825 | $5,000+$1 $10,000+$1 $25,000+$3 |
Min Deposit | $0 | $100 |
Snapshot view. Rates subject to change. | ||
Terms | - | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® Supported | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® Supported |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing Ally Bank vs. Bank of America
As of Ally Bank offers an APY of 3.30% for its Savings Account, with a minimum balance of $0, compared to Bank of America's 0.01% APY for its Advantage Savings account, with a minimum balance of .
Ally Bank pays $329 more than Bank of America on a $10,000 balance after one year. Ally Bank pays $330, while Bank of America pays $1 - an APY advantage for Ally Bank.
Why Ally Bank?
- ✓Higher potential APY (3.30% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
Why Bank of America?
No distinct advantages found vs Ally Bank.
— Key Feature Differences —
Better Returns at $10,000
Ally BankAlly Bank's Savings Account earns more on smaller deposits (approx. $330 vs $1/yr).
Better Returns at $25,000
Ally BankAlly Bank's Savings Account pulls ahead with larger amounts (approx. $825 vs $3/yr).
Best for Simplicity
Ally BankAlly Bank's Savings Account offers 3.30% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Bank of AmericaBank of America offers an iOS app rated 4.8 (vs. 4.7) and Android app rated 4.6 (vs. 4.4)
Shared Benefits
Over a 1-year period, Ally Bank's Savings Account pays $329 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Ally Bank offers a competitive Savings Account with an APY of 3.30%, making it a strong choice for savers looking for better returns without any direct deposit requirements or maintenance fees. This account is online-only and requires no minimum deposit or balance. In contrast, Bank of America’s Advantage Savings account provides a significantly lower APY of 0.01%, with an $8 monthly maintenance fee that can be waived under certain conditions. While Bank of America boasts a highly rated mobile app experience, the stark difference in APY makes Ally Bank the clear winner for those prioritizing savings growth.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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Non-sponsored link to official site
Top Market Contenders
Ally Bank vs. Bank of America Savings Calculator
You earn $329 more with Ally Bank than Bank of America on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Ally Bank
Savings Account
Savings Breakdown
- Interest Earned+$330.00(3.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,330.00
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Ally Bank | Bank of America |
|---|---|---|
| APY | 3.30% Verified: 1/21/2026 ↘︎ 0.10%90d Change | 0.01% Verified: 1/21/2026 Stable (90d) |
| Product Name | Savings Account | Advantage Savings |
| Minimum Deposit | $0 | $100 |
| Min. Balance for APY | $0 | N/A |
| Monthly Fee | $0 | $8 |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.7 Android4.4 | iOS4.8 Android4.6 |
| Zelle® Support | Available Limit: $5,000/dayBenchmark for online Zelle; high limits. | Available Limit: $3,500/dayFounding member; highest limits for established users. |
| BBB Rating | A+ | A+ |
| Important Notes | - | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. |
| Next Steps | Visit SiteVerify at Ally Bank Non-sponsored link to official site | Visit SiteVerify at Bank of America Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Ally Bank | Bank of America |
|---|---|---|
| Savings Account | Advantage Savings | |
Current APY | 3.30% | 0.01% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.1 | 0.0 |
Days Since Change | 82 | 36 |
12-Month High | 3.80% | 0.03% |
12-Month Low | 3.30% | 0.01% |
Adjustments / Mo | 0.42 | 0.17 |
Volatility Score | 0.043 | 0.120 |
How to read these metrics(Click to expand)
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