Banking » Compare Banks » Ally Bank Savings Account vs American Express High Yield Savings Account (HYSA)
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Ally Bank Savings Account vs American Express High Yield Savings Account (HYSA)

Ally and Amex savings offers lucrative savings rates and many other benefits for savers. Here's our side by side savings account comparison
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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%
4.2%
Minimum Deposit
$0
$0
Fees
$0
$0
Promotion
None
None
CD Range
Up to 4.50%
3.00% – 4.50%

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% – 4.50% 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

The interest you earn on your savings account will compound daily, which means you will earn more money over time.

 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.

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.

You can choose to receive digital statements or have them mailed to you, whichever you prefer.

Ally Bank High Yield Savings account does not charge monthly maintenance fees or require minimum balances, making it a convenient and accessible savings option.

Ally's “buckets” feature enables customers to categorize their savings into different groups within the same account, simplifying financial planning and tracking.

Ally savings buckets
(Screenshot from Ally app)

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.

Ally savings boosters
(Screenshot from Ally app)

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.

Ally savings select buckets example
(Screenshot taken by our team from Ally app)

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
4.35%
$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

Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
CIT-Bank-Logo
Savings Rate: Up to 5.00% APY

live-oak-bank-logo

Savings Rate: 4.40% APY
Quontic bank logo
Savings Rate: 4.50% APY

valley direct logo

Savings Rate: 4.75% APY APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
We get compensated for these product offers

Top Savings Accounts From Our Partners

Chime Banking App

  • 2.00% APY on Chime Savings 
  • Build Credit History
  • No Monthly Fees

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

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
CIT-Bank-Logo
Savings Rate: Up to 5.00% APY
Quontic bank logo
Savings Rate: 4.50% APY

valley direct logo

Savings Rate: 4.75% APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Compare Ally Savings

Ally and Marcus Savings account offer competitive rates on savings with no monthly fees. Compare account features, benefits and drawbacks.

Ally Bank Savings Account vs Marcus Online Savings Account: Which Is Better?

Compare Ally and Capital One Savings account rates, features, benefits, and limitations to determine which one is the best option for you.

Ally Bank Savings Account vs. Capital One 360 Performance Savings: Which Is Best?

Ally and SoFi savings account rates are among the highest in the market and no monthly fees required. Compare account features and drawbacks.

SoFi High Yield Online Savings Account vs. Ally Bank Savings Account: Compare Side By Side

Compare Citi Accelerate Savings and Ally Savings rates, features, benefits, and limitations to determine which one is the best option for you.

Citi Accelerate Savings vs Ally High-Yield Savings: Comparison

Discover and Ally offer online only savings accounts with several benefits, tools and sometimes even promotions. Here's our full comparison: Ally Bank Savings Account vs Discover Online Savings

Ally and Amex savings offers lucrative savings rates and many other benefits for savers. Here's our side by side savings account comparison: Chase Savings vs Ally Bank Savings Account

 

Compare Amex Savings Account

Compare CIT Bank Savings Connect and Amex Savings account rates, features, benefits, and limitations to determine which is the best for you.

CIT Bank Platinum Savings vs. American Express HYSA: Which Is Best?

Discover and American Express offer competitive savings rates and no monthly fees. Compare account features, benefits, and drawbacks.

Discover Online Savings Account vs. American Express HYSA

Capital One and Amex savings rates are quite similar. However, each of them has its own benefits, features and tools. Here's our comparison: Capital One 360 Performance Savings vs. American Express HYSA

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.

Savings Accounts Reviews

Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Search
Best Savings Accounts
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
CIT-Bank-Logo
Savings Rate: Up to 5.00% APY
Quontic bank logo
Savings Rate: 4.50% APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
We get compensated for these product offers
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 10/16/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

fifth-third-bank-logo

Promotion:
$250 $250 cash bonus if you make direct deposits totaling $2,000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs

Banking Promotions & Latest Rate Updates

Our Banking Newsletter

Sign up for our newsletter and gain access to expert advice,
insider knowledge, and exclusive updates

Sign Up for

Our Newsletter

Join our community for the latest attractive savings rate changes ,expert insights, and member-only perks