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.
|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|
|Pros||-Extended banking hours
-Low requirements to waive monthly fees
-No foreign transaction fees
-Extended customer service hours
-Full service bank
|Cons||-No free checking
|-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
Open an Ally Invest account to enjoy all these benefits:
• Earn up to $3,000 cash bonus with deposit amount requirement
• Free Trades for 90 days (up to $500 in value) when you open a new Ally Invest Securities Individual, Joint or Retirement account.
• 500+ commission-free ETFs
• $4.95 per equity trade with no opening minimum & option trades 65¢ per contract
• $3.95 per equity trade for high-balance/high-volume traders & option trades 50¢ per contract
• LIVE Trading Platform & Mobile App: Stay on top of the market with live news/streaming quotes available across multiple devices the mobile app.
• Get a wide variety of investment products built with the do-it-yourself investor in mind PLUS in-depth research & market analysis tools to support all types of investment strategies
Which Bank is Better: Ally Bank or Bank of America?
- 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.