Bank of America is one of the largest banks in the nation, however how does it compare to Ally Bank. Furthermore, Ally Bank is an online bank with a great user-friendly website and customer service. On the other hand, Bank of America has over 5,000 locations and 16,000 ATMs, and they are known for good customer service with extended hours,
Depending on what your needs are, one of these banks might be a better fit for you. If you are curious to see which bank is better, keep reading to find out a side-by-side comparison between Ally Bank and Bank of America.
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| Bank of America | Ally Bank | |
| Locations | Over 5,000 locations (Locator) | Online Only |
| ATMs | Approximately 15,900 ATMs around the country. | Over 43,000 no-fee Allpoint ATMs |
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| Customer Service | 4/5 | 5/5 |
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| Bottom Line | Bank of America operates nationwide offering many account options like checking, savings, and more! | Ally Bank is a full-service online bank with very competitive rates. Their banking products have no minimum balance requirements or service fees. |
Promotions from Bank of America
- Advantage Plus Banking: With this account, you can write checks and also enroll in overdraft protection. Furthermore, the minimum opening deposit for this setting is $100.
- Advantage SafeBalance: With this setting, there are no overdraft fees – you can only spend what you have. Additionally, there are no paper checks.
- Relationship Banking: With just $100, you can open an interest-bearing checking account.
- Rewards Savings: This account gives you access to tiered interest rates. All you have to do is provide a $100 opening deposit.
- Custodial Savings Account: This account is a great option if you want to save for your child but not give him/her access until the age of 18. Once your child turns 18, they will receive access to their funds in the account.
- Child Savings: Children under the age of 18 can have access to the account without a monthly service fee. Additionally, this joint account is great to allow your child to be in charge of their money.
Ally Bank Promotions
- Interest Checking: A checking account that gives you more. We reward you for banking with us, not the other way around.
- Online Savings: This account earns 1.50% APY. There are no minimum balance to maintain the rate.
- Certificate: Customers can choose between a High Yield, Raise Your Rate, No Penalty CD rates to take advantage of the vast array of rates and terms.
Author’s Verdict
Both of these banks have great features, so it just depends what you’re looking for. However, no matter what bank you choose, you can be sure to get a great banking experience. Additionally, they both have a large network of ATMs across the nation.
In addition, we have a list of bank promotions to get some extra cash in your pockets today. You may also want to check out savings accounts if you want to get started on saving up money.
