Ally Bank vs Bank Of America
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of Ally Bank vs. Bank of America
As of June 20, 2025 Ally Bank offers an APY of 3.50% for its Savings Account 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 higher APY of 3.50%, down from 3.60% last month.
- No maintenance fees for Ally Bank's Savings Account.
- Ally Bank has a strong App Store rating of 4.7.
Potential Drawbacks
- Ally Bank has no physical branches.
- Ally Bank's account requires no minimum deposit but is online-only.
Bank of America
Strengths
- Bank of America has a higher App Store rating of 4.8.
- Bank of America's Advantage Savings account is not online-only.
Potential Drawbacks
- Bank of America's APY is significantly lower at 0.01%.
- Bank of America charges a maintenance fee of $8.
Summary: Ally Bank provides a much higher APY of 3.50% compared to Bank of America's 0.01%, along with no maintenance fees. However, Ally Bank operates exclusively online and has no branches, while Bank of America offers a hybrid model with a slightly better App Store rating. Users should weigh the benefits of higher savings returns against the convenience of physical locations.
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 6/20/2025) | 0.01% (as of 6/20/2025) | |
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 | N/A | 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. | |
Visit Bank | Savings Account | Advantage Savings | |
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 5 Months)
Ally Bank | Bank of America | ||
---|---|---|---|
Product | Savings Account | vs | Advantage Savings |
Latest APY | 3.50 % | 0.01 % | |
Trend | Sideways | Sideways | |
Slope (bps/mo) | -4.7 | -0.0 | |
Rate Changes / Mo | 0.63 | 0.00 | |
Days Since Last Change | 4 | 144 | |
High (-5 m) | 3.80 % | 0.01 % | |
Low (-5 m) | 3.50 % | 0.01 % | |
Draw-down from High | -7.9 % | 0.0 % | |
Volatility (CV) | 0.020 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 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 (-5 m)
- Highest APY in the last 144 days.
- Low (-5 m)
- Lowest APY in the last 144 days.
- Draw-down from High
- How far today sits below the 5-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: $35 (3.38%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.62%)
Your total balance
$1,035.00
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $1,035
Earnings: $35
Bank DetailsBank of America
APY: 0.01%
Total savings breakdown:
- Interest earned: $0.1 (0.01%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (99.99%)
Your total balance
$1,000.10
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $1,000.1
Earnings: $0.1
Bank DetailsAfter 1 year Ally Bank would earn you $34.9 more than Bank of America.
More Comparisons
Compare Ally Bank's APY of 3.50% with other banks
Bank Pair | Best APY | Min Deposit |
---|---|---|
Ally Bank vs American Express | 3.60% | $0 |
Ally Bank vs Axos Bank | 4.66% | $0 |
Ally Bank vs Barclays | 4.10% | $0 |
Ally Bank vs Capital One | 3.60% | $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 | 3.60% | $0 |
Ally Bank vs Fitness Bank | 5.00% | $100 |
Ally Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
Ally Bank vs SoFi Bank | 3.80% | $0 |
Ally Bank vs Synchrony Bank | 3.80% | $0 |
Ally Bank vs Varo Bank | 5.00% | $0 |
Compare Bank of America's APY of 0.01% with other banks
Bank Pair | Best APY | Min Deposit |
---|---|---|
Bank of America vs American Express | 3.60% | $0 |
Bank of America vs Axos Bank | 4.66% | $0 |
Bank of America vs Barclays | 4.10% | $0 |
Bank of America vs Capital One | 3.60% | $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 | 3.60% | $0 |
Bank of America vs Fitness Bank | 5.00% | $100 |
Bank of America vs Marcus by Goldman Sachs | 3.65% | $0 |
Bank of America vs SoFi Bank | 3.80% | $0 |
Bank of America vs Synchrony Bank | 3.80% | $0 |
Bank of America vs Varo Bank | 5.00% | $0 |