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.
See our best bank bonuses updated daily to earn up to $1,000 in free money. Find popular checking offers such as Chase Bank, HSBC Bank, TD Bank, Huntington Bank, BBVA, Discover Bank, and CIT Bank. See our best rates for Savings and CD too.
|Chase Private Client $2,000 Bonus||Chase Business Complete BankingSM $300 Bonus|
|Chase Total Checking® $200 Bonus||Chase SavingsSM $150 Bonus|
|HSBC Premier Checking $450 Bonus||HSBC Premier Checking Up To $600|
|HSBC Advance Checking $200 Bonus||HSBC Advance Checking Up To $240|
|TD Bank Premier Checking $300 Bonus||TD Bank Convenience Checking $150 Bonus|
|Huntington 25 Checking $500 Bonus||Huntington Business Checking 100 $200 Bonus|
|Huntington Unlimited Business Checking $400 Bonus||Huntington Unlimited Plus Business Checking $750 Bonus|
|Axos Basic Business Checking $100 Bonus||Aspiration Spend & Save Account $100 Bonus|
|Ally Invest Up To $3,500 Bonus||BBVA Online Checking & Savings $250 Bonus|
|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!|
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.