Ally Bank vs. Bank of America
Compare rates, requirements, and features side-by-side to find the best option for you.
Ally Bank
Savings Account
3.30%APYDec 6, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Ally Bank
Savings Account
Bank of America
Advantage Savings
0.01%APYDec 6, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.25% APY.
Comparison Analysis
Comparing Ally Bank vs. Bank of America
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.
Executive Summary
Ally Bank offers a competitive Savings Account with a notable APY of 3.30%, making it a strong choice for savers seeking better returns without any direct deposit requirements or maintenance fees. In contrast, Bank of America's Advantage Savings account provides a minimal APY of just 0.01%, with a monthly maintenance fee of $8 that can be waived under certain conditions. While Bank of America boasts a well-rated mobile app, Ally Bank's higher APY and simpler terms make it the preferable option for those focused on maximizing savings.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Stop Losing Interest
See who beats both Ally Bank and Bank of America.
| Feature | Ally Bank | Bank of America |
|---|---|---|
| APY | 3.30% Verified: 12/6/2025 ↘︎ 0.20%90d Change | 0.01% Verified: 12/6/2025 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 |
| 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 |
Savings Comparison
Ally Bank earns $1,981.4 more than Bank of America.
Ally Bank
Savings Account
Savings Breakdown
- Interest Earned+$1,987.10(9.9%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$19,987.10
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$5.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,005.70
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 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) | -4.3 | -0.0 |
Days Since Change | 36 | 311 |
10-Month High | 3.80% | 0.01% |
10-Month Low | 3.30% | 0.01% |
Adjustments / Mo | 0.48 | 0.00 |
Volatility Score | 0.039 | 0.000 |
How to read these metrics(Click to expand)
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