When it comes to saving money, choosing the right savings account is crucial. Ally and American Express (Amex) are two popular online banks that offer high-yield savings accounts with competitive interest rates and no monthly maintenance fees.
While both Ally and Amex offer similar benefits, there are some key differences between the two that may sway your decision. In this article, we'll compare Ally and Amex savings accounts to help you determine which one is the best fit for your financial goals.
Compare Savings Rates
Amex High Yield Savings | Ally High-Yield Savings | |
|---|---|---|
Savings Rate | 4.25% | 4.20% |
Minimum Deposit | $0 | $0 |
Fees | $0 | $0 |
Promotion | None | None |
CD Range | Up to 4.50% | 3.00% – 4.85% |
The table shows a comparison of two high-yield savings accounts: Amex High Yield Savings and Ally High-Yield Savings. Both accounts similar savings rate and require no minimum deposit, and have no fees.
However, in terms of CD range, Ally High-Yield Savings offers a higher range of interest rates, with a range of 3.00% – 4.85% compared to Amex High Yield Savings' range of Up to 4.50%. There are no promotions currently offered by either account.
Breaking Down Savings Account Perks
Amex High Yield Savings | Ally High-Yield Savings |
|---|---|
Compounding daily | No Monthly Fees or Account Minimum |
No Fees, Minimum Deposit or Monthly Balance | Savings Organization Tools |
24/7 customer support |
Safe to Save Feature |
Digital Monthly statements | Round-Ups |
- Compounding Daily
The interest you earn on your savings account will compound daily, which means you will earn more money over time.
- No Fees, Minimum Deposit or Monthly Balance
There are no fees or minimum deposit requirements to open an American Express High Yield Savings account. You can also access your money whenever you need it without penalty.
- 24/7 Customer Support
American Express provides 24/7 customer support for its savings account holders. Additionally, they offer free educational tools and resources, including a free credit score and report for members.
- Digital Monthly statements
You can choose to receive digital statements or have them mailed to you, whichever you prefer.
- No Monthly Fees or Account Minimum
Ally Bank High Yield Savings account does not charge monthly maintenance fees or require minimum balances, making it a convenient and accessible savings option.
- Savings Organization Tools
Ally's “buckets” feature enables customers to categorize their savings into different groups within the same account, simplifying financial planning and tracking.
- Safe to Save Feature
Ally's Safe to Save feature analyzes linked checking accounts to identify areas where customers can save more money, allowing them to boost their savings balance effortlessly.
- Round-Ups
The round-up feature rounds up your purchases to the nearest dollar and transfers the spare change from your checking account to your savings account, which can be a useful way to save money without even thinking about it.
Can You Get Better Rates With Other Savings Account?
While traditional brick-and-mortar banks have long been the go-to for savings accounts, the rise of online banks and credit unions has opened up a whole new world of options for savers. These institutions often offer higher interest rates and lower fees, making it easier to reach your savings goals.
Looking for more options besides Ally and Amex? In the following table, we'll take a look at some of the best alternative savings account options from both online and traditional banks and credit unions.
Bank/Institution | Savings APY | Min Deposit | Type |
|---|---|---|---|
Up to 5.00% | $100 | Online Bank | |
4.40% | $0 | Online Bank | |
4.25% | $0 | Online Bank | |
4.30% | $0 | Traditional Bank | |
5.21% | $0 | Online Banking | |
4.40% | $0 | Online Banking | |
4.25%
| $0 | Online Bank | |
4.35% | $0 | Online Bank | |
5.00% | $100 | Online Banking | |
3.06% – 3.10% | $0 | Credit Union | |
up to 4.60% | $1,000 – $5,000 | Online Bank | |
3.00% | $5 | Credit Union |
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Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 5.00% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
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The product offers that appear on this site are from companies from which this website receives compensation.
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The Smart Investor Savings Accounts Comparison Methodology
The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.
- Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
- Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
- Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
- Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.
