Ally Bank vs Bank Of America
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
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Summary of Ally Bank vs. Bank of America
As of August 29, 2025 Ally Bank offers an APY of 3.50% for its Savings Account, compared to Bank of America's 0.01% APY for its Advantage Savings account.
Ally Bank yields $349 more than Bank of America on a $10,000 balance after one year. Ally Bank pays $350, while Bank of America pays $1 - an APY advantage for Ally Bank.
Ally Bank
Strengths
- Ally Bank offers a competitive APY of 3.50%, significantly higher than Bank of America's 0.01%.
- Ally Bank has no maintenance fees, while Bank of America charges $8 monthly.
- Ally Bank has an App Store rating of 4.7, slightly lower than Bank of America's 4.8.
Potential Drawbacks
- Ally Bank has no physical branches, which may be inconvenient for some customers.
- Ally Bank's APY has not changed in the last 30 days, remaining at 3.50%.
- Ally Bank's Google Play rating is 4.4, lower than Bank of America's 4.6.
Bank of America
Strengths
- Bank of America has a higher App Store rating of 4.8 compared to Ally Bank's 4.7.
- Bank of America allows a minimum deposit of $100 for its Advantage Savings account.
- Bank of America also has an A+ BBB rating, matching Ally Bank's rating.
Potential Drawbacks
- Bank of America's APY is only 0.01%, significantly lower than Ally Bank's 3.50%.
- Bank of America charges an $8 monthly maintenance fee, unlike Ally Bank.
- Bank of America requires a minimum balance of $500 to waive the monthly fee.
Summary: Ally Bank offers a much higher APY of 3.50% with no fees, while Bank of America provides a low APY of 0.01% and charges $8 monthly. Both banks have an A+ BBB rating, but Bank of America has slightly higher App Store and Google Play ratings. Ally Bank's lack of branches may be a drawback for some customers, whereas Bank of America requires a minimum deposit for its savings account.
Compare Ally Bank's vs Bank of America's Savings Accounts
| Ally Bank | Bank of America | ||
|---|---|---|---|
| Product | Savings Account | vs | Advantage Savings |
| APY | 3.50% (as of 8/29/2025) | 0.01% (as of 8/29/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | No | |
| Compound Frequency | Daily | Monthly | |
| Minimum Deposit | $0 | $100 | |
| Minimum Balance for APY | $0 | N/A | |
| Maintenance Fee | $0 | $8 | |
| Direct Deposit Required | No | No | |
| Note | 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. | ||
| App Store Rating | 4.7/5 | 4.8/5 | |
| Google Play Rating | 4.4/5 | 4.6/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 7 Months)
| Ally Bank | Bank of America | ||
|---|---|---|---|
| Product | Savings Account | vs | Advantage Savings |
| Latest APY | 3.50 % | 0.01 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.2 | 0.0 | |
| Rate Changes / Mo | 0.42 | 0.00 | |
| Days Since Last Change | 73 | 213 | |
| High (-7 m) | 3.80 % | 0.01 % | |
| Low (-7 m) | 3.50 % | 0.01 % | |
| Draw-down from High | -7.9 % | 0.0 % | |
| Volatility (CV) | 0.026 | 0.000 |
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 Bank of America
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 OverviewBank of America
APY: 0.01%
Total savings breakdown:
- Interest earned: $5.7 (0.03%)
- Total contributions: $13,000 (72.20%)
- Initial deposit: $5,000 (27.77%)
Your total balance
$18,005.70
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Ally Bank's total earnings would be $2,108.4 higher than Bank of America'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 American Express | 3.50% | $0 |
| Ally Bank vs Axos Bank | 4.46% | $0 |
| 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 Bank of America's APY of 0.01% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Bank of America vs American Express | 3.50% | $0 |
| Bank of America vs Axos Bank | 4.46% | $0 |
| Bank of America vs Barclays | 4.10% | $0 |
| Bank of America vs Capital One | 3.50% | $0 |
| Bank of America vs Chase Bank | 0.01% | $0 |
| Bank of America vs Chime | 3.75% | $0 |
| Bank of America vs CIT Bank | 4.00% | $100 |
| Bank of America vs Discover Bank | 3.50% | $0 |
| Bank of America vs Fitness Bank | 4.85% | $100 |
| Bank of America vs Marcus by Goldman Sachs | 3.65% | $0 |
| Bank of America vs Presidential Bank | 4.50% | $5,000 |
| Bank of America vs SoFi Bank | 3.80% | $0 |
| Bank of America vs Synchrony Bank | 3.80% | $0 |
| Bank of America vs UFB Direct | 4.21% | $5000 |
| Bank of America vs Varo Bank | 5.00% | $0 |
| Bank of America vs Wells Fargo | 2.51% | $25 |