Savings Account Comparison

Ally Bank vs. Bank of America

Ally Bank's Savings Account pays 3.00% APY while Bank of America's Advantage Savings pays 0.04% APY.

See how they compare on rate stability, mobile app ratings, and more below.

Analysis by Aviel Fahl

Updated August 21, 2026

The Bottom Line

Who pays more interest on $10,000? Ally Bank pays $296 more than Bank of America annually ($300 vs $4).

Choose Ally Bank if getting the best rate matters most.

Comparison of Ally Bank vs Bank of America savings accounts
Metric	Ally Bank Savings Account Aug 21, 2026	Bank of America Advantage Savings Aug 21, 2026
APY	3.00%	0.04%
Est. Earnings	$5,000+$150 $10,000+$300 $25,000+$750	$5,000+$2 $10,000+$4 $25,000+$10
Min Deposit	$0	$100
Snapshot view. Rates subject to change.
Terms	-	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.
Features	FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often	FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedRate Changes Often

Market Reality Check

Both of these institutions offer rates below the top 10 savings and money market accounts we track. Those institutions all pay at least 4.01% APY.

See Top Rates

Comparison Analysis

Comparing Ally Bank vs. Bank of America

Updated: Invalid Date

Executive Summary

A detailed summary for this comparison is being prepared. Check back soon.

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 potential APY (3.00% vs 0.01%-0.04%) on all balances
✓No checking account or direct deposit required

Why Bank of America?

✓Offers 3 different high-yield savings options

Key Feature Differences

Better Returns at $10,000

Ally Bank

Ally Bank's Savings Account earns more on smaller deposits (approx. $300 vs $4/yr).

Better Returns at $25,000

Ally Bank

Ally Bank's Savings Account pulls ahead with larger amounts (approx. $750 vs $10/yr).

Best Mobile App Experience

Bank of America

Bank of America offers an iOS app rated 4.8 (vs. 4.7) and Android app rated 4.6 (vs. 4.4)

Shared Benefits

Both offer monthly maintenance-free account options Fast transfers via Zelle® Available Nationwide Available to New & Existing Customers

The Bottom Line on APY (Interest Only)

Over a 1-year period, Ally Bank's Savings Account pays $296 more interest on a $10,000 balance than Bank of America's Advantage Savings.

*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.

Bank of AmericaAlly Bank

Verify At

Ally Bank

Non-sponsored link to official site

Verify At

Bank of America

Non-sponsored link to official site

Featured Offers

Axos ONE - High Yield Savings & Checking

Over 95,000 fee-free ATMs
Get paid up to 2 days early with Direct Deposit
One convenient app for spending & saving

FDIC Insured

Savings4.21%APY

Checking0.51%APY

Go to Axos Bank

FDIC or NCUA insured

View Details

Monthly Maintenance Fee	None
Min. Deposit to Savings Account	0
Min. Balance in Savings Account	0
How to qualify for APY	OPTION ADirect Deposit $1,500+ AND Maintain $1,500+ avg daily checking balance. OR OPTION BDeposit $5,000+ total/mo AND Maintain $5,000+ avg daily checking balance.
Mobile Ratings	iOS:4.7 Android:4.5

The APY is available with the Axos ONE savings and checking bundle. The checking account also earns interest. To qualify, you must either set up a direct deposit of $1,500 and maintain an average daily balance of more than $1,500 in your ONE Checking account, or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000.

EASY TRANSFERS, LOW MINIMUMS

SponsoredVerified Aug 19, 2026

FDIC Insured

Quontic High Yield Savings

Apply in 3 minutes or less
No monthly service fees
Transfer with Zelle, Apple Pay, G-Pay, and more

FDIC Insured

Savings3.20%APY

Go to Quontic Bank

FDIC or NCUA insured

View Details

Monthly Maintenance Fee	None
Min. Deposit to Savings Account	10000
Min. Balance in Savings Account	0
Mobile Ratings	iOS:4.8 Android:4.9

Top Market Contenders

Barclays

3.65% APY

vs. Ally Bank vs. Bank of America

CIT Bank

3.75% APY

vs. Ally Bank vs. Bank of America

Synchrony Bank

3.30% APY

vs. Ally Bank vs. Bank of America

Popular Peer Comparisons

Barclays vs CIT Bank Axos Bank vs Capital One Chase Bank vs SoFi Bank Capital One vs SoFi Bank Barclays vs Capital One Capital One vs Chime

Ally Bank vs. Bank of America Savings Calculator

Calculations based on current APY for Savings Account and Advantage Savings

Initial Deposit

Recurring Deposit

Frequency

Duration

You earn $296 more with Ally Bank than Bank of America 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

3.00% APY

Savings Breakdown

Interest Earned
+$300.00(2.9%)
Total Contributions
$0
Initial Deposit
$10,000

Projected Balance

$10,300.00

Effective APY

3.00%

Bank of America

Advantage Savings

0.04% APY

ℹ️Tiered rates: 0.04% ($0 - $4,999) | 0.04% ($5,000 - $9,999) | 0.04% ($10,000 - $24,999) | 0.04% ($25,000 - $49,999) | 0.04% ($50,000 - $99,999) | 0.04% ($100,000 - $499,999) | 0.04% ($500,000 - $2,499,999) | 0.04% ($2,500,000 - $9,999,999) | 0.04% ($10,000,000+)

Savings Breakdown

Interest Earned
+$4.00(0.0%)
Total Contributions
$0
Initial Deposit
$10,000

Projected Balance

$10,004.00

Effective APY

0.04%

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Feature	Ally Bank	Bank of America
APY	3.00% Verified: 8/21/2026 -	0.04% Verified: 8/21/2026 -
Product Name	Savings Account	Advantage Savings
Minimum Deposit	$0	$100
Min. Balance for APY	$0	$0.01
Monthly Fee	$0	$8
Compound Frequency	Daily	Monthly
In-Branch Access	No	Yes
Account Type	Online Only	Online & Branches
Physical Branches	N/A	N/A
Direct Deposit Req.	None	None
Checking Bundle	No	No
Mobile Apps	iOS4.7 Android4.4	iOS4.8 Android4.6
FDIC or NCUA Insured	YesVerify FDIC	YesVerify FDIC
Zelle® Support	Available Limit: $5,000/dayBenchmark for online Zelle; high limits.	Available Limit: $3,500/dayFounding member; highest limits for established users.
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	Visit SiteVerify at Ally Bank Non-sponsored link to official site	Visit SiteVerify at Bank of America Non-sponsored link to official site

📈 Compare Savings Rates Over Time

Historical Performance

Last 12 Months Analysis

Metric	Ally Bank	Bank of America
	Savings Account	Advantage Savings	Advantage Relationship Banking	Business Advantage Savings
Current APYMost recent advertised annual-percentage yield.	3.00%	0.04%	0.02%	0.01%
TrendDirection over the last 12 months (regression slope).	Stable	Stable	Stable	Stable
Velocity (bps/mo)Average monthly change; 10 bps = 0.10 pp.	-4.7	0.1	0.1	-0.0
Days Since ChangeRecency of the latest APY adjustment.	79	88	84	93
12-Month HighHighest APY in the last 363 days.	3.50%	0.04%	0.11%	0.02%
12-Month LowLowest APY in the last 363 days.	3.00%	0.01%	0.02%	0.01%
Adjustments / MoTypical number of APY moves per month.	0.41	0.25	0.33	0.33
Volatility ScoreCoefficient of variation (stdev ÷ mean). Lower is more stable.	0.027	0.377	0.894	0.354

How to read these metrics(Click to expand)

Trends & Velocity

Trend: The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
Velocity (bps/mo): Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
Adjustments/Mo: "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.

Risk & Range

High/Low: The absolute ceiling and floor of the rate during the 363-day window.
Volatility Score: Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
Days Since Change: If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.

Compare Similar Savings Accounts

Compare Ally Bank vs...

Comparing against Standard Savings

vs Ally Bank

ElevaultNo Bundle Req

4.34%

APY

vs Ally Bank

Forbright BankNo Bundle Req

4.15%

APY

vs Ally Bank

Neighbors BankNo Bundle Req

4.10%

APY

Compare Bank of America vs...

Comparing against Standard Savings

vs Bank of America

Newtek BankNo Bundle Req

WealthfrontNo Bundle Req

3.95%

APY

High Rates (With Checking Bundle)

Looking for something different? Check out these top-rated alternatives.

Checking Bundle

Axos Bank View Details

4.21%

APY

Checking Bundle

SoFi Bank View Details

More Comparisons

Compare Ally Bank's APY of 3.00% with other banks

Bank Pair	Competitor APY	Min Deposit
Ally Bank vs Affirm	3.20%	$0
Ally Bank vs American Express	3.00%	$0
Ally Bank vs Axos Bank	4.21%	$0
Ally Bank vs Barclays	3.65%	$0
Ally Bank vs Bask Bank	3.75%	$0
Ally Bank vs Betterment	4.00%	$0
Ally Bank vs BMO Alto	3.00%	$0
Ally Bank vs Bread Savings	3.95%	$100
Ally Bank vs BrioDirect	3.75%	$5,000
Ally Bank vs Capital One	3.50%	$0
Ally Bank vs Charles Schwab Bank	0.15%	$0
Ally Bank vs Chase Bank	0.01%	$0
Ally Bank vs Chime	3.75%	$0
Ally Bank vs CIT Bank	3.75%	$100
Ally Bank vs Citibank	2.80%	$0
Ally Bank vs Citizens Access™	2.80%	$0.01
Ally Bank vs Climate First Bank	4.01%	$50
Ally Bank vs E*TRADE from Morgan Stanley	3.50%	$0
Ally Bank vs Elevault	4.34%	$0
Ally Bank vs EverBank	3.90%	$0
Ally Bank vs Fitness Bank	4.05%	$100
Ally Bank vs FNBO Direct	3.00%	$0
Ally Bank vs Forbright Bank	4.15%	$0
Ally Bank vs GO2bank	4.50%	$0
Ally Bank vs Happen Bank	4.00%	$0
Ally Bank vs Ivy Bank	3.85%	$2,500
Ally Bank vs Marcus by Goldman Sachs	3.40%	$0
Ally Bank vs Neighbors Bank	4.10%	$0
Ally Bank vs Newtek Bank	4.20%	$100
Ally Bank vs Openbank	3.80%	$500
Ally Bank vs Peak Bank	4.01%	$100
Ally Bank vs Pibank	4.10%	$0
Ally Bank vs PNC	3.15%	$0
Ally Bank vs SoFi Bank	3.80%	$0
Ally Bank vs Synchrony Bank	3.30%	$0
Ally Bank vs TD Bank	2.50%	$0
Ally Bank vs UFB Direct	3.46%	$5,000
Ally Bank vs Upgrade	3.05%	$0
Ally Bank vs Varo Bank	3.75%	$0
Ally Bank vs Wealthfront	3.95%	$0
Ally Bank vs Wells Fargo	0.05%	$25

Compare Bank of America's APY of 0.04% with other banks

Bank Pair	Competitor APY	Min Deposit
Bank of America vs American Express	3.00%	$0
Bank of America vs Axos Bank	4.21%	$0
Bank of America vs Barclays	3.65%	$0
Bank of America vs Capital One	3.50%	$0
Bank of America vs Chime	3.75%	$0
Bank of America vs CIT Bank	3.75%	$100
Bank of America vs EverBank	3.90%	$0
Bank of America vs Marcus by Goldman Sachs	3.40%	$0
Bank of America vs Newtek Bank	4.20%	$100
Bank of America vs Openbank	3.80%	$500
Bank of America vs Pibank	4.10%	$0
Bank of America vs SoFi Bank	3.80%	$0
Bank of America vs Synchrony Bank	3.30%	$0
Bank of America vs Varo Bank	3.75%	$0
Bank of America vs Wealthfront	3.95%	$0