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Ally Bank vs Bank of America

Ally Bank is a solid online bank with a great user-friendly website and customer service. How does it compare to Bank of America? Read our comparison chart below.

Ally Bank offers high interest on their Savings account. It also offers interest checking and multiple CD options, including No Penalty and Raise Your Rate CDs. There is no minimum deposits or service fees for any of their banking products.

While Bank of America is one of the largest banks in the U.S. with over 5,000 locations and 16,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

Compare Ally Bank with Bank of America, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 Ally Bank
 Learn MoreLearn More
 

Ally Bank

Bank of America

SPECIAL OFFER
Online Savings Account - Learn More

Read Ally Bank Review

SPECIAL OFFER
Advantage Plus Banking Checking Account - $100 Bonus - Learn More

Read Bank of America Review

 

Benefits and Features

Savings1.70% APY. No monthly service fee and no minimum deposit.0.03% APY (up to 0.06% if enrolled in Preferred Rewards). $8 monthly maintenance fee, unless you have 1) daily balance of $500, 2) are a Bank of America Preferred Rewards Client, or 3) link your Rewards Savings Account to your Interest Checking Account. Minimum deposit of $100.
CD0.75% to 2.15% APY. Terms of 3 months to 5 years. 12-month CD APY of 2.00%. No minimum deposit to open.Standard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.60% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $10,000.
Checking0.10% APY under $15,000; 0.50% APY $15,000 or more. No monthly service fee and no minimum deposit. Ally will refund ATM fees for other banks up to $10 per statement cycle. 
Money Market0.75% APY. No monthly service fee and no minimum deposit. 
Customer Service
24/7
Mon-Fri: 8am - 9pm(ET)
Sat: 8am - 8pm (ET)
Sun: 8am-5pm (ET)
ATMsOver 43,000 no-fee Allpoint ATMsApproximately 15,900 ATMs around the country.
IRA CD Standard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.60% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $2,000.
Locations
Online Only
4600 retail financial centres around the country and brances in more than 40 other countries.
 

CreditDonkey® Reviews

 Ally Bank
Savings
Checking
Money Market
Customer Service
Mobile App
CD
Pros & ConsPros:
  • CD options
  • No account minimums
  • 24/7 customer service
Cons:
  • Low Checking APY for lower balance customers
Pros:
  • National availability
  • Extended customer service hours
  • Full service bank
Cons:
  • No free checking option
  • Low interest rates
  • Many misc. banking fees
Bottom LineSolid online bank with a great user-friendly website and customer service... Read full reviewNational bank with widespread accessibility and wide range of services... Read full review

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Ally Bank: Pricing information from published website as of 12/07/2019.

Bank of America: Pricing information from published website as of 12/06/2019 based on 91107 zip code.

Which is Better: Ally Bank or Bank of America?

Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing Ally Bank or Chase.

In short: Ally Bank's savings, checking, and customer service are worth mentioning. In particular, the customer service is outstanding.


Articles on Ally Bank


Articles on Bank of America


Which Do You Think is Best?


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