Ally Bank vs. Bank Of America
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
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Summary of Ally Bank vs. Bank of America
Key Metrics at a Glance
| Feature | Ally Bank | Bank of America |
|---|---|---|
| Top Savings APY | 3.40% Savings Account | 0.01% Advantage Savings |
| Minimum to Open | $0 | $100 |
| Minimum Balance for APY | $0 |
Ally Bank
Strengths
- Ally Bank offers a competitive APY of 3.40%, higher than Bank of America's 0.01%.
- Ally Bank has no maintenance fees, unlike Bank of America's $8 fee.
- Ally Bank has a strong App Store rating of 4.7.
Potential Drawbacks
- Ally Bank's APY decreased from 3.50% to 3.40% in the last 30 days.
- Ally Bank is online-only, with no physical branches.
Bank of America
Strengths
- Bank of America has a high App Store rating of 4.8.
- Bank of America offers a physical presence with branches.
Potential Drawbacks
- Bank of America's APY is significantly lower at 0.01%.
- Bank of America charges an $8 maintenance fee for its savings account.
Summary: Ally Bank stands out with a high APY of 3.40% and no maintenance fees, while Bank of America offers a lower APY of 0.01% and charges an $8 fee. Both banks have strong BBB ratings, but Ally Bank's online-only model contrasts with Bank of America's physical branches. Additionally, Ally Bank's App Store rating is slightly lower than Bank of America's, yet still strong.
→ As of October 14, 2025 Ally Bank offers an APY of 3.40% for its Savings Account, with a minimum balance of $0, compared to Bank of America's 0.01% APY for its Advantage Savings account, with a minimum balance of .
→ Ally Bank yields $339 more than Bank of America on a $10,000 balance after one year. Ally Bank pays $340, while Bank of America pays $1 - an APY advantage for Ally Bank.
Calculate Savings Growth for Ally Bank vs Bank of America
All calculations are based on APY.
Ally Bank
APY: 3.40%
Total savings breakdown:
- Interest earned: $2,050.5 (10.23%)
- Total contributions: $13,000 (64.84%)
- Initial deposit: $5,000 (24.94%)
Your total balance
$20,050.50
Effective APY: 3.40% (based on your deposit and contributions)
Total balance: $20,050.5
Earnings: $2,050.5
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 $2,044.8 higher than Bank of America's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Ally Bank's vs Bank of America's Savings Accounts
| Ally Bank | Bank of America | ||
|---|---|---|---|
| Product | Savings Account | vs | Advantage Savings |
| APY | 3.40% (as of 10/14/2025) | 0.01% (as of 10/14/2025) | |
| 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 | 4.3/5 | 4.6/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 8 Months)
| Ally Bank | Bank of America | ||
|---|---|---|---|
| Product | Savings Account | vs | Advantage Savings |
| Latest APY | 3.40 % | 0.01 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -3.8 | -0.0 | |
| Rate Changes / Mo | 0.46 | 0.00 | |
| Days Since Last Change | 19 | 259 | |
| High (-8 m) | 3.80 % | 0.01 % | |
| Low (-8 m) | 3.40 % | 0.01 % | |
| Draw-down from High | -10.5 % | 0.0 % | |
| Volatility (CV) | 0.028 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 8 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 (-8 m)
- Highest APY in the last 259 days.
- Low (-8 m)
- Lowest APY in the last 259 days.
- Draw-down from High
- How far today sits below the 8-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.
More Comparisons
Compare Ally Bank's APY of 3.40% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Ally Bank vs American Express | 3.50% | $0 |
| Ally Bank vs Axos Bank | 4.51% | $0 |
| Ally Bank vs Barclays | 4.10% | $0 |
| Ally Bank vs BrioDirect | 4.20% | $5,000 |
| Ally Bank vs Capital One | 3.40% | $0 |
| Ally Bank vs Chase Bank | 0.01% | $0 |
| Ally Bank vs Chime | 3.75% | $0 |
| Ally Bank vs CIT Bank | 3.85% | $100 |
| Ally Bank vs Discover Bank | 3.40% | $0 |
| Ally Bank vs Elevault | 4.34% | $0 |
| Ally Bank vs EverBank | 4.05% | $0 |
| Ally Bank vs Fitness Bank | 4.75% | $100 |
| Ally Bank vs FVCbank | 4.10% | $500 |
| Ally Bank vs GO2bank | 4.50% | $0 |
| Ally Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Ally Bank vs Neighbors Bank | 4.50% | $0 |
| Ally Bank vs Newtek Bank | 4.35% | $0 |
| Ally Bank vs Peak Bank | 4.20% | $100 |
| Ally Bank vs Pibank | 4.60% | $0 |
| Ally Bank vs Presidential Bank | 4.50% | $5,000 |
| Ally Bank vs Santander Bank | 0.01% | $25 |
| Ally Bank vs SoFi Bank | 4.50% | $0 |
| Ally Bank vs Synchrony Bank | 3.80% | $0 |
| Ally Bank vs TIMBR | 4.40% | $1,000 |
| Ally Bank vs UFB Direct | 3.96% | $5000 |
| Ally Bank vs Varo Bank | 5.00% | $0 |
| Ally Bank vs Wells Fargo | 0.05% | $25 |
| Ally Bank vs Zynlo Bank | 4.20% | $10 |