Ally Bank vs Bank Of America
High-Yield Savings Accounts Comparison

Last Updated: July 15, 2025

Summary of Ally Bank vs. Bank of America

As of July 15, 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 competitive APY of 3.50%, down from 3.60% last month.
  • Ally Bank has no maintenance fees or minimum balance requirements.
  • Ally Bank has an A+ BBB rating, indicating higher trustworthiness.

Potential Drawbacks

  • Ally Bank has no physical branches, operating online only.
  • Ally Bank's APY is lower than many traditional banks.

Bank of America

Strengths

  • Bank of America has a higher App Store rating of 4.8.
  • Bank of America offers a physical banking option with branches.

Potential Drawbacks

  • Bank of America's Advantage Savings has a very low APY of 0.01%.
  • Bank of America charges an $8 monthly maintenance fee.
Summary: Ally Bank provides a significantly higher APY of 3.50% with no fees, while Bank of America offers a minimal 0.01% APY but has a higher App Store rating and physical branches. Ally Bank's A+ BBB rating surpasses Bank of America's A rating, indicating better trustworthiness. Overall, Ally Bank is more favorable for high-yield savings, while Bank of America may appeal to those preferring in-person banking.

Compare Ally Bank's vs Bank of America's Savings Accounts

Ally BankBank of America
ProductSavings AccountvsAdvantage Savings
APY
3.50% (as of 7/15/2025)0.01% (as of 7/15/2025)
Bundled Account
NoNo
FDIC-insured
YesYes
Online OnlyYesNo
Compound Frequency
DailyMonthly
Minimum Deposit$0$100
Minimum Balance for APY$0N/A
Maintenance Fee$0$8
Direct Deposit Required
NoNo
NoteN/AAPY 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 BankSavings AccountAdvantage Savings
App Store Rating4.7/54.8/5
Google Play Rating4.4/54.6/5
BBB RatingA+A

Comparative Historical APY Insights (Last 6 Months)

Ally BankBank of America
ProductSavings AccountvsAdvantage Savings
Latest APY3.50 %0.01 %
TrendSidewaysSideways
Slope (bps/mo)-4.90.0
Rate Changes / Mo0.540.00
Days Since Last Change27167
High (-6 m)3.80 %0.01 %
Low (-6 m)3.50 %0.01 %
Draw-down from High-7.9 %0.0 %
Volatility (CV)0.0240.000
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 6 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 (-6 m)
Highest APY in the last 168 days.
Low (-6 m)
Lowest APY in the last 168 days.
Draw-down from High
How far today sits below the 6-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 Details

Bank 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 Details

After 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
Compare Bank of America's APY of 0.01% with other banks