Ally Bank and American Express Bank are two of the leading online banks. In this article, we will compare their bank's accounts, savings rates and lending options.
Checking Accounts
American Express wins when it comes to checking accounts. While both accounts are similar in terms of conditions, Amex offers higher APY on balance than Ally and rewards everyday spending with its debit card.
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Account Types
The Amex Rewards Checking is an interest-bearing checking with no monthly fees that easily managed through the user-friendly Amex App or online platform, allowing you to review transactions, transfer funds, and track rewards seamlessly.
Bank Account | Monthly Fee | APY On Balance |
|---|---|---|
Amex Rewards Checking | $0 | 1.00% |
Ally provides a sole checking account known as the Ally Bank spending account, which earns interest on the balance.
Ally's checking accounts include complimentary checks and debit cards, and there are no monthly maintenance fees associated with your checking account.
Bank Account | Monthly Fee | APY On Balance |
|---|---|---|
Ally Spending Account | $0 | 0.25% |
We checked out the SoFi App's options. Whether it's saving for a vacation or paying off a credit card, Ally's tasks feature keeps you organized and on track:
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Features
With Amex Rewards Checking, customers can earn Membership Rewards points on eligible Debit Card purchases with no monthly fees, and it's backed by Amex with 24/7 customer service and fraud monitoring.
Mobile check deposits are simple with the Amex App, and digital transfers enable easy money transfers between connected accounts, including the Amex High Yield Savings account. Additionally, you can add your debit card to your digital wallet for quick and convenient payments in-store and online.
Bank Account | Main Features |
|---|---|
Amex Rewards Checking | Interest on balance, mobile check deposits, digital transfers, debit card with purchase protection, rewards your everyday spending
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The Ally Checking Account lets you use over 43,000 ATMs without any fees through Allpoint. If you use a different ATM and get charged, Ally will reimburse you up to $10 per month.
This account also helps you manage your spending better by dividing it into different categories. You can get your direct deposit money up to 2 days earlier.
Bank Account | Main Features |
|---|---|
Ally Spending Account | Deposit checks remotely, early pay, interest bearing, debit card, overdraft solutions, savings buckets |
Savings Accounts
There is no clear winner when it comes to savings accounts, as both Amex and Ally offer competitive rates.
With Ally Savings, users can utilize savings buckets to organize and visualize their financial goals effectively. It also offers recurring transfers, which provide a “set it and forget it” option, enabling scheduled transfers into the savings account.
At American Express, customers can manage their savings with simple transfers and auto-deposits and get 24/7 customer service.
Both banks don't have money market accounts for regular people.
Ally Bank Savings Account | American Express Savings Account | |
|---|---|---|
Savings Rate | 4.20% | 4.25% |
Minimum Deposit | $0 | $0 |
Fees | $0 | $0 |
Certificate Of Deposits (CDs)
If you need a CD, Ally is a much better option than American Express.
Unlike American Express, Ally provides high interest rates across nearly all CD terms. Additionally, Ally allows you to employ smart strategies like CD laddering, applicable to both short and long-term CDs. They even offer a no-penalty CD option, making it more attractive for those seeking flexibility.
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American Express CD Rates
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
12 Months | 4.35% | 270 days interest |
18 Months | 3.25%
| 270 days interest |
24 Months | 4.00% | 270 days interest |
36 Months | 3.00% | 270 days interest |
48 Months | 3.00% | 365 days interest |
60 Months | 3.00% | 540 days interest |
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Ally Bank CD Rates
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 3.00% | 60 days of interest
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6 Months | 4.75% | 60 days of interest
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9 Months | 4.85% | 60 days of interest
|
12 Months | 4.50% | 60 days of interest
|
11 Months – No Penalty | 4.00%
| / |
36 Months | 4.00% | 90 days of interest |
60 Months | 3.90% | 150 days of interest
|
Credit Cards
American Express is our winner when it comes to credit cards, with more credit card options and redemption options than Ally.
Amex has a bunch of credit cards that suit different needs. They really care about making customers happy and focus on easy-to-use features.
For everyday use, there are simple cards like the Blue Cash Everyday® Card and the Blue Cash Preferred® Card from American Express. These are great for families or people who spend a lot on groceries and gas. You get good cashback on supermarket and gas station purchases, plus some streaming services.
If you're a more advanced user, Amex has fancier cards. The American Express ® Gold Card gives you extra rewards for dining, groceries, and flights, especially if you love to travel.
For serious travelers, the The Platinum Card® from American Expressis one of the best. It comes with tons of travel perks, like airport lounge access and bonus points for lots of different purchases.
Amex also has travel co-branded cards with different levels and perks. If you love Delta Air Lines, their cards give you Delta SkyMiles and cool benefits like boarding early and free checked bags. And if you're a fan of Marriott or Hilton hotels, their cards offer free nights, elite status, and bonus points when you stay at their hotels.
American membership Rewards program provide cardmembers with various benefits and rewards for using their American Express cards. Points can be redeemed for a variety of rewards, including travel, merchandise, gift cards, statement credits, and more.
Card | Rewards | Bonus | Annual Fee |
| Blue Cash Preferred® Card from American Express | 1-6%
6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit
and U.S. gas stations, 1% cash back on other purchases
| $250
$250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months
| $95 ($0 intro for the first year) |
|---|---|---|---|---|
| American Express® Gold Card | 1X – 4X
4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
| 60,000 points
60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.
| $325 |
| The Platinum Card® from American Express | 1X – 5X
5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
| 80,000 points
80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership
| $695 |
| Delta SkyMiles® Gold American Express Card | 1X – 2X
2X miles on delta purchases, at restaurants worldwide (including take-out and delivery in the U.S) and at U.S. supermarkets, and 1x miles on all other eligible purchases
| 40,000 Miles
40,000 Bonus Miles after you spend $2,000 in purchases on your new Card in your first 6 months
| $150, $0 intro first year |
| Hilton Honors American Express Card | 3X – 7X
7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
| 70,000 points
70,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership
| $0 |
Card | Rewards | Bonus | Annual Fee |
| Ally Unlimited Cash Back | 2%
Unlimited 2% cash back on all purchases
| N/A | $0 |
|---|---|---|---|---|
| Ally Everyday Cash Back | 1% – 3%
3% cash back at gas stations, grocery stores, and drugstores, with 1% cash back on everything else | N/A | $0 – $39 |
| Ally Platinum Credit Card | N/A | N/A | $0 |
Mortgage And Loans
When it comes to borrowing money, Ally is much better for borrowers than Amex.
Ally Bank provides mortgages for homebuyers, mortgage refinancing, home equity loans, personal loans, and car financing for both new and used vehicles.
Which Bank Is Our Winner?
There is no clear winner in this comparison. While Amex has a decent checking account and better credit card options, Ally's CD and lending options are superior.
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Compare Ally With Other Banks
Ally has a robust banking product offering that rivals that of a traditional bank. Savings accounts, checking accounts, CDs, investments, retirement products, personal loans, auto loans, and mortgages are all available.
Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.
Read Full Comparison: Ally vs Chime: Which Banking Account Wins?
Since the bank's inception, the SoFi product line has come a long way. You can now get access to investment products, mortgages, and loans, in addition to its hybrid checking and savings account. SoFi even offers insurance. The only thing missing from this bank are CDs and traditional savings accounts.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
Read Full Comparison: SoFi Money vs Ally Bank: Compare Banking Options
Ally has a decent banking product lineup that would make switching from a traditional high street bank relatively simple. Checking, savings, CDs, auto loans, personal loans, mortgages, investments, and retirement products are among the products available. The only obvious omission from the Ally line is the absence of a credit card.
Capital One began as a credit card company, but it has since expanded into a variety of other banking services. You can access auto finance, loan refinancing, and children's accounts in addition to savings and checking accounts.
Read Full Comparison: Ally vs Capital One: Compare Banking Options
Marcus' banking product offering is more specialized. Marcus' product line reflects its investment pedigree as part of the Goldman Sachs Group. CDs, high-yield savings, investment options, and a variety of loans are available.
Ally has a banking product line that competes with traditional, high-street banks. A checking account, savings account, CDs, mortgages, auto loans, personal loans, retirement products, and investments are among the numerous products available.
Read Full Comparison: Ally vs Marcus: Which Online Bank Is Better?
Discover is a completely online bank, so there are no local branches where customers can go for banking services. Customers can get in touch with Discovery via customer service, which is available 24 hours a day, seven days a week. You can log in to your account in a number of ways. All accounts are accessible online.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
Read Full Comparison: Discover vs Ally: Which Bank Wins?
Ally Bank is an online bank that arose from the banking division of General Motors Acceptance Corporation. GMAC used to be an auto financing company before being purchased by Ally Bank. This bank now offers a wide range of products. Among the products available are credit cards, home loans, investing products, savings accounts including certificates of deposit, and checking account options. Ally Bank serves millions of customers and provides high-quality banking services.
Axos is a well-established online-only banking service. It has been in business since 2000 and is constantly expanding its services for both individuals and businesses. The bank is a subsidiary of Axos Financial and is headquartered in San Diego, California. Despite the fact that the bank has three locations, the vast majority of its customers are served online.
Read Full Comparison: Axos Vs Ally Bank Comparison – Which Is Better?
Aspiration has a streamlined banking product line that includes a hybrid account with a $7.99 per month upgrade option and only one credit card option. Aspiration's premise is to help you live a greener life, so the products are heavily weighted in this category. This means that you can earn cash back and other rewards for making environmentally conscious purchases and taking action.
Ally offers a much broader range of banking products. In addition to checking, savings, and CD accounts, you can also get investment and retirement products, mortgages, auto loans, and personal loans. This brings it more in line with a traditional bank, which may make switching from your high street bank easier.
Read Full Comparison: Aspiration vs Ally Bank: Where to Save Your Money?
While Wells Fargo has a far more comprehensive product line, Ally does offer better rates on savings, CDs and even its checking account. The only areas where Wells Fargo has the edge is its credit cards and its impressive selection of mortgage products and loans.
Chase is the largest brick-and-mortar bank, while Ally Bank is among the best online banks. Here's our comparison and our winner: Chase vs. Ally Bank
If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.
Ally Bank vs. Bank of America: Which Bank Account Is Better?
U.S. Bank is one of the largest brick-and-mortar banks, while Ally is among the best online banks. Let's compare them and find our winner: Ally Bank vs. U.S. Bank
Citi is our winner for most consumers, but Ally is also a great option if you are willing to manage your account online. Here's why:
While TD offers a better selection of checking accounts and credit cards, Ally is also a great option for those who want an online-only bank.
Ally Bank is one of the top online banks, while HSBC Bank focuses on serving wealthier customers. Let's compare them side by side: Ally Bank vs. HSBC Bank
Barclays provides a comprehensive range of services to US customers, while Ally bank is among the best online banks. How do they compare? Barclays Bank vs. Ally Bank
Ally Bank is our winner with a complete banking package, including a checking account ( not available with Synchrony) and high savings rates.
Both Ally and Upgrade offer a complete banking package, including savings, checking, and credit cards. Here's our side by side comparison.
Compare American Express Bank
Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. They do not, however, provide as many products as Discover Bank does.
Read Full Comparison: Discover vs American Express: Which Bank Account Is Better?
Capital One is a premium online banking service that offers convenient, dependable service and physical locations to anyone looking for them. Capitol One 360, in addition to providing a trustworthy and dependable service, has no hidden fees or minimums, allowing you to continue earning interest on your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs to meet your money access needs.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. American Express National Bank is a respectable, secure banking option that does not offer any extra features but does offer the most important one.
Read Full Comparison: American Express vs Capital One: Which Bank Is Better For You?
Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.
American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.
Read Full Comparison: American Express vs Chase Bank
The Citi checking account is a fairly standard product. The account does have a $12 monthly fee, but it is waived if you make a qualifying deposit or make a qualifying bill payment. Overdraft protection is also available, which automatically transfers funds from your savings account to avoid overdraft fees.
Because the American Express savings account has a high yield, the number of withdrawals or transfers you can make each month is limited to nine. It's also a nice touch that American Express allows you to choose paper statements if you prefer the old-fashioned way.
Read Full Comparison: American Express vs Citi: Where to Save Your Money?
While CIT Bank lacks a credit card option, it does have a decent eChecking account, mortgages, and home loans. However, American Express has personal loans and an impressive choice of credit card options.
CIT Bank vs American Express: Which Bank Account Is Better For You?
For most consumers, Bank of America may be a better option. American Express is a solid option for customers with higher wealth. Here's why.
American Express Bank vs. Bank of America: Which Bank Account Is Better?
Chase Bank is our winner, while Amex and Chase offer great banking services and credit card portfolios. Here's our side-by-side comparison: American Express Bank vs. Chase Bank
While PNC Bank is a brick-and-mortar bank, American Express Bank's is an online bank. Let's compare their banking products side by side: American Express Bank vs. PNC Bank
U.S. Bank is one of the largest brick-and-mortar banks in the US, while Amex Bank is among the best online banks. Let's compare them: U.S. Bank vs. American Express Bank
Our preferred choice is American Express, which provides a comprehensive banking package that outshines Truist Bank. Here's how they compare: Truist Bank vs. American Express Bank
While TD offers a better selection of checking accounts and lending options, Amex is a great option for online banking. How do they compare? American Express Bank vs. TD Bank
American Express and HSBC focus on serving wealthier customers by providing services and features beyond the standard. How do they compare? American Express Bank vs. HSBC Bank (USA)
Amex comes out on top with a solid checking option (which Barclays doesn't have), an excellent savings account, and great credit cards.
Barclays Bank vs. American Express Bank: Which Bank Account Is Better?
American Express is our winner with a decent checking account, an impressive savings account, and a great selection of credit cards.
Synchrony Bank vs. American Express Bank: Which Bank Account Is Better?
Our Methodology: Breaking Down Bank Comparisons
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, providing a holistic view of customer experience and reputation.
