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 BankBank of America
ProductSavings AccountvsAdvantage Savings
APY
3.50% (as of 6/20/2025)0.01% (as of 6/20/2025)
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 5 Months)

Ally BankBank of America
ProductSavings AccountvsAdvantage Savings
Latest APY3.50 %0.01 %
TrendSidewaysSideways
Slope (bps/mo)-4.7-0.0
Rate Changes / Mo0.630.00
Days Since Last Change4144
High (-5 m)3.80 %0.01 %
Low (-5 m)3.50 %0.01 %
Draw-down from High-7.9 %0.0 %
Volatility (CV)0.0200.000
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 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