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 approximately 4,300 locations and 17,000 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.
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Learn More | Visit Site | |
Ally Bank | Bank of America | |
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Online Savings Account - 4.25% APY - | Bank of America Business Advantage Checking Account - $200 Bonus Offer - | |
Benefits and Features | ||
Savings | ![]() | |
CD | 3.00% to 5.15% APY. Terms of 3 months to 5 years. 12-month CD APY of 5.10% | ![]() |
Checking | 0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000 | ![]() |
Money Market | ||
Customer Service |
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Mobile App | ||
ATMs | Over 43,000 no-fee Allpoint ATMs | |
IRA CD | ![]() | |
Locations | Approximately 3,900 retail financial centers | |
CreditDonkey® Reviews | ||
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Savings | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Checking | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Money Market | ![]() ![]() ![]() ![]() ![]() | |
Customer Service | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Mobile App | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
CD | ![]() ![]() ![]() ![]() ![]() | |
Pros & Cons | Pros:
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Bottom Line | Solid online bank with a great user-friendly website and customer service... | National bank with widespread accessibility and wide range of services... |
Learn More | Visit Site | |
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 11/25/2023. Bank of America: Pricing information from published website as of 12/05/2023 based on 91107 zip code. |
Bank of America Business Advantage Checking Account - $200 Bonus Offer
- Open a new eligible business checking account by June 30, 2024
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
Business Advantage Fundamentals™ Banking
- No fee for first 200 transactions per statement cycle
- No fee for first $7,500 in cash deposited per statement cycle
- Waive the $16 monthly fee in a variety of ways
Business Advantage Relationship Banking
- No fee for first 500 transactions per statement cycle
- No fee for first $20,000 in cash deposited per statement cycle
- Waive the $29.95 monthly fee by maintaining a $15,000 combined average monthly balance
Which is Better: Ally Bank or Bank of America?
Still need help deciding which bank reviews & deals 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 and customer service are worth mentioning. In particular, the customer service is outstanding.