Ally Bank vs. Openbank
Comparing Ally Bank and Openbank for high-yield savings: Ally Bank's Savings Account pays 3.20% APY while Openbank's High-Yield Savings Account pays 4.09% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Openbank pays $89 more than Ally Bank annually ($409 vs $320).
Choose Ally Bank if mobile app quality matters, or you want Zelle for quick transfers. Choose Openbank if getting the best rate matters most.
| Metric | Ally BankSavings Account Feb 21, 2026 | OpenbankHigh-Yield Savings Account Feb 21, 2026 |
|---|---|---|
| APY | 3.20% | 4.09% |
Est. Earnings | $5,000+$160 $10,000+$320 $25,000+$800 | $5,000+$205 $10,000+$409 $25,000+$1,023 |
Min Deposit | $0 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsRate Changes Often |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Executive Summary
Openbank offers a High-Yield Savings Account with a competitive APY of 4.09%, making it the clear winner compared to Ally Bank's Savings Account, which has an APY of 3.20%. Openbank's account requires a minimum deposit of $500 but has no maintenance fees, and it is also online-only. In contrast, Ally Bank provides a no-minimum deposit savings option with a strong mobile app experience, rated 4.7 for iOS and 4.4 for Android. Both banks do not require direct deposits, making them accessible for customers seeking high-yield savings options.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Ally Bank?
- ✓Higher rated iOS app (4.7 vs 3.1)
- ✓Higher rated Android app (4.4 vs 2.6)
- ✓Fast transfers via Zelle® (up to $5,000 a day)
Why Openbank?
- ✓Higher potential APY (4.09% vs 3.20%) on all balances
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $409 vs $320/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1023 vs $800/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.09% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Ally BankAlly Bank offers an iOS app rated 4.7 (vs. 3.1) and Android app rated 4.4 (vs. 2.6)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $89 more interest on a $10,000 balance than Ally Bank's Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Ally Bank vs. Openbank Savings Calculator
You earn $89 more with Openbank than Ally Bank on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Ally Bank
Savings Account
Savings Breakdown
- Interest Earned+$320.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,320.00
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$409.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,409.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $319 per year in interest.
Both Ally Bank and Openbank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Ally Bank | Openbank |
|---|---|---|
| APY | 3.20% Verified: 2/21/2026 ↘︎ 0.10%90d Change | 4.09% Verified: 2/21/2026 ↘︎ 0.11%90d Change |
| Product Name | Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Monthly |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | N/A | None |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $5,000/dayBenchmark for online Zelle; high limits. | Not Supported |
| BBB Rating | A+ | A- |
| Next Steps | Visit SiteVerify at Ally Bank Non-sponsored link to official site | Visit SiteVerify at Openbank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Ally Bank | Openbank |
|---|---|---|
| Savings Account | High-Yield Savings Account | |
Current APY | 3.20% | 4.09% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.8 | -2.7 |
Days Since Change | 1 | 16 |
12-Month High | 3.70% | 4.75% |
12-Month Low | 3.20% | 4.09% |
Adjustments / Mo | 0.42 | 0.33 |
Volatility Score | 0.040 | 0.027 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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