Ally Bank offers high interest rates on their savings as well as offering interest on their checking and CD account options.
There’s no minimum deposits or service fees on their banking products.
While Bank of America offers different accounts: checking, savings, CDs, IRA and investment accounts through Merrill Edge.
They are highly praised for their good customer service with extended hours.
Continue reading below to see a side-by-side comparison between the two banks, so you can see which one offers the services you need the most.
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| Ally Bank | Bank of America | |
| Locations | Online-only Bank | Over 5,000 locations (Locator) |
| ATMs | Over 43,000 no-fee Allpoint ATMs | Over 1,800 ATMs |
| Savings | 3/5 | 3/5 |
| CD | 3.5/5 | 2/5 |
| Checking | 4.5/5 | 2.5/5 |
| Money Market | 3.5/5 | |
| Customer Service | 5/5 | 4/5 |
| Mobile App | 4.5/5 | 4.5/5 |
| Pros | -Extended banking hours -Low requirements to waive monthly fees -No foreign transaction fees |
-National availability -Extended customer service hours -Full service bank |
| Cons | -No free checking -Low APY |
-No free checking option – Low interest rate -Many miscellaneous banking fees |
| Bottom Line | Ally Bank is an online only based banking that offers full service with the most competitive rates. | Bank of America operates nationwide offering many account options like checking, savings, and more! |
Ally Bank Promotions
Learn more about Ally Bank Online Savings here. Our full list of Ally Bank Promotions here.
Learn more about Ally Invest here from Axos Bank. Our full list of Ally Invest Promotions here.
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Bottom Line
Which Bank is Better: Ally Bank or Bank of America?
In summary:
- Ally Bank offers good interest rates and no account minimum or service fees.
- Bank of America has many account options and their user friendly interface and mobile app is noteworthy.
For more variety of options, see our list of the best bank account bonuses & savings account offers.
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