Bank of America is a traditional full-service bank with 4,300+ physical branches and comprehensive financial services, while Ally Bank is a digital-only bank offering higher savings rates (4.25% APY) and lower fees with no physical locations. BOA serves customers needing in-person banking and wealth management; Ally targets rate-conscious savers and borrowers willing to bank entirely online.
Bank of America vs Ally Bank — Side-by-side comparison on A Versus B
Largest U.S. bank by assets offering full-service retail, investment, and commercial banking with 4,300+ branches.
Online bank specializing in competitive savings rates and auto loans with no monthly fees.
Physical Branches. High-Yield Savings APY. Monthly Maintenance Fee. Total Assets. ATM Network Access. Customer Satisfaction Score (JD Power 2024). Overdraft Fee
Choose Bank of America if you value in-person support, need comprehensive wealth management services, require business banking solutions, or prefer a relationship banker for complex financial planning. Choose Ally Bank if you prioritize the highest savings rates, want to eliminate monthly fees, are comfortable with digital-only banking, and seek transparent pricing without hidden charges or overdraft fees.
Bank of America: 165+ full financial centers | Ally Bank: N/A
Bank of America: Bank of America Premium Rewards (1.5x points) | Ally Bank: N/A
Bank of America: $30 billion client interactions | Ally Bank: N/A
Bank of America: Advanced AI-personalized solutions | Ally Bank: N/A
Bank of America: Standard rewards catalog (5-7 categories) | Ally Bank: N/A
Bank of America: 63 markets | Ally Bank: N/A
Bank of America: Comprehensive wealth management focus | Ally Bank: N/A
Bank of America: Highly rated with AI integration | Ally Bank: 4.8 (95K reviews)
Bank of America: Varies by account type ($500-$10,000) | Ally Bank: N/A
Bank of America: Competitive with digital strengths | Ally Bank: N/A
Bank of America: BofA: $3.6T | Ally Bank: N/A
Bank of America: 4,300 branches | Ally Bank: N/A
Bank of America: 16,000+ ATMs | Ally Bank: N/A
Bank of America: 38 million users | Ally Bank: N/A
Bank of America: 3.5% preferred categories | Ally Bank: N/A
Bank of America: $500-$2,500 | Ally Bank: N/A
Bank of America: $7.3 billion | Ally Bank: N/A
Bank of America: $2.9 trillion | Ally Bank: N/A
Bank of America: $35 per transaction | Ally Bank: $0 (no overdraft)
Bank of America: 6.49% | Ally Bank: 5.99%
Bank of America: 4.10% | Ally Bank: 4.25%
Bank of America: $2,950 billion | Ally Bank: $15 billion
Bank of America: $0 per trade | Ally Bank: N/A
Bank of America: 800+ funds | Ally Bank: N/A
Bank of America: 4,200+ branches | Ally Bank: N/A
Bank of America: 4.3 stars | Ally Bank: 4.7/5
Bank of America: $0 for brokerage | Ally Bank: N/A
Bank of America: $3.2 trillion | Ally Bank: N/A
Bank of America: $3.45 trillion | Ally Bank: N/A
Bank of America: 724 points | Ally Bank: N/A
Major Regulatory Enforcement Actions (2020-2025)
Bank of America: 3 actions | Ally Bank: N/A
Average APY on Savings (High-Yield Savings)
Bank of America: 4.35% APY | Ally Bank: N/A
Bank of America: 0.01% - 0.04% | Ally Bank: 4.50%
Bank of America: 15,000+ | Ally Bank: N/A
Bank of America: 15.99% - 27.99% | Ally Bank: N/A
Bank of America: 4.7/5 | Ally Bank: 4.7/5
Bank of America: 4,200 branches | Ally Bank: N/A
Bank of America: 16,000 ATMs | Ally Bank: 30,000
Bank of America: $17.50 average | Ally Bank: N/A
Bank of America: 68/100 | Ally Bank: 4.6/5 (J.D. Power 2024)
Bank of America: 4.1/5 stars | Ally Bank: N/A
Bank of America: $12 (waivable) | Ally Bank: N/A
Bank of America: 0.01% | Ally Bank: 4.20%
Bank of America: Merrill Edge + full advisory | Ally Bank: N/A
Bank of America: 5.24% - 9.99% | Ally Bank: N/A
Customer Satisfaction Score (J.D. Power 2025)
Bank of America: 0.01% | Ally Bank: 4.25%
Bank of America: $12 (waivable) | Ally Bank: $0
Bank of America: $35 | Ally Bank: $0 (no overdraft)
Bank of America: 64,000+ | Ally Bank: 55,000+
Customer Satisfaction Score (JD Power 2024)
Bank of America: 5.89% | Ally Bank: 5.24%
Bank of America: N/A | Ally Bank: $197.3B
Bank of America: N/A | Ally Bank: Checking, savings, auto financing, investments, CDs
Bank of America: N/A | Ally Bank: 4.55% (1-year average)
Bank of America: N/A | Ally Bank: $360 (at 3.60% APY)
Bank of America: N/A | Ally Bank: Not offered
Bank of America: N/A | Ally Bank: 0.10% APY
Bank of America: N/A | Ally Bank: 7 (savings, checking, CDs, money market, IRAs, auto loans, mortgages)
Bank of America: N/A | Ally Bank: 19.99%
Bank of America: N/A | Ally Bank: 0 options
Bank of America: N/A | Ally Bank: Not available
Bank of America: N/A | Ally Bank: 2 minutes
Bank of America: N/A | Ally Bank: $250,000
Bank of America: N/A | Ally Bank: 7 options
How to choose between Bank of America and Ally Bank
Bank of America vs Ally Bank — Structured Comparison Data
Machine-readable comparison dataset for Bank of America vs Ally Bank. Contains 110 attribute comparisons, 5 FAQ pairs.
Bank of America vs Ally Bank — Attribute Category Vocabulary
Taxonomy of attribute categories used to classify comparison data for Bank of America vs Ally Bank.
Why is Ally Bank's savings rate so much higher than Bank of America?
Ally Bank eliminates costs associated with physical branches (4,300+ locations cost BOA billions annually in real estate, staff, and overhead). These savings are passed directly to customers via higher deposit rates. Bank of America prioritizes profitability and shareholder returns over deposit rates. Ally can offer 4.25% APY because it operates purely digitally, reducing operational expenses to approximately 30% of traditional banks.
Ally Bank does not accept cash deposits directly. However, customers can deposit checks via mobile app (48-hour processing) or transfer funds from other banks. For cash deposits, you must withdraw from another bank or use a third-party service. This is a trade-off for Ally's lower fees and higher rates.
Does Bank of America have better customer service than Ally?
No. According to JD Power's 2024 U.S. Retail Banking Satisfaction Study, Ally Bank scored 799/1000 vs Bank of America's 751/1000 (48-point advantage). Ally's 24/7 phone support and faster digital issue resolution contributed to higher satisfaction despite lacking branch service. BOA ranked 6th among major banks; Ally ranked 2nd.
Both are equally safe. Bank of America and Ally Bank are both FDIC-insured institutions protecting deposits up to $250,000 per depositor, per account category. Ally Bank is a subsidiary of GMAC Financial Services and is FDIC-insured. Size does not indicate safety; regulatory protection is identical.
Bank of America offers comprehensive mortgage services through local branches and relationship managers with flexible terms. Ally Bank offers mortgages entirely online with competitive rates (average 6.2% for 30-year fixed in 2024) but limited customization. BOA is better for complex scenarios; Ally suits straightforward applications seeking transparent, competitive pricing.
How to Choose Between Bank of America and Ally Bank
Physical Branches: Bank of America has 4,300+ locations, while Ally Bank has 0 (online-only).
High-Yield Savings APY: Bank of America has 0.01% APY, while Ally Bank has 4.25% APY.
Monthly Maintenance Fee: Bank of America has $12 (waivable with $500+ direct deposit), while Ally Bank has $0.
Total Assets: Bank of America has $2.95 trillion USD, while Ally Bank has $15 billion USD.
ATM Network Access: Bank of America has 64,000+ Surcharge-free ATMs (includes Allpoint network), while Ally Bank has 55,000+ Surcharge-free ATMs (Allpoint network only).
Consider: Customer Satisfaction Score (JD Power 2024)
Customer Satisfaction Score (JD Power 2024): Bank of America has 751/1000, while Ally Bank has 799/1000.
Overdraft Fee: Bank of America has $35 per occurrence, while Ally Bank has $0 (no overdraft allowed).