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Ally vs. American Express® National Bank: Which Bank Is Right for You?

Review Updated
Ashley Maready
By: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Our Banking Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Bottom line: To take full advantage of all of American Express® National Bank's banking services (Member FDIC), you need to be an established credit card customer -- if you're not, Ally might be the better fit for you.

Ally vs. American Express® National Bank: Account options

Here's a breakdown of accounts offered by Ally and American Express® National Bank.

Savings accounts

The Ally Savings account is simple and straightforward. The annual percentage yield is lower than some offerings on our list of the best high-yield savings accounts, but it's still fairly competitive. Plus, you get that APY for no fees and with no minimum balance or opening deposit requirement. You can also create up to 30 "buckets" to help you set goals and manage your savings -- as an Ally user, this is my favorite feature of the account.

American Express® High Yield Savings offers an ever-so-slightly higher annual percentage yield than Ally, but otherwise, the two have a lot in common. There are no fees here, and no minimum deposit requirement. Both accounts compound your interest daily and pay it out monthly.

Rates as of Jul 03, 2024
Offer
 
 
Account
Rating
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY 4.25% Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 3, 2024 4.25%
Min. to earn APY $1 $0
Next Steps
Open Account for American Express® High Yield Savings
Read Review

Checking accounts

If you want to earn interest on your checking account, you're in luck with both Ally and Amex. Ally Spending Account earns an APY of up to 0.25%, but the amount you'll get is dependent on the balance in your account. If it's less than $15,000, you'll earn just 0.10%. But if you've got at least $15,000 in the account, you can earn 0.25%. That said, this is far below what a good high-yield savings account will pay you, and most people don't have a compelling reason to keep so much in a checking account. Ally has a network of 43,000 fee-free ATM networks for when you need cash.

The APY on an American Express Rewards Checking account absolutely blows Ally out of the water -- 1.00%, on all balances, as of April 4, 2024. Wow! But there's a big caveat here. To be eligible to open this account, you must have had an Amex card for at least three months. That said, the account itself also offers debit card users the ability to earn 1 Amex Membership Rewards point on every $2 of eligible purchases. And you can use more than 70,000 fee-free ATMs.

One big perk these two have in common is that neither comes with maintenance fees or a minimum deposit requirement.

Rates as of Jul 03, 2024
Offer
 
 
Account
Rating
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY 1.00% Rate info Circle with letter I in it. APY = annual percentage yield up to 0.25%
Min. to earn APY $0 $1
Next Steps
Read Review
Read Review

CDs

Ally CDs come in standard terms you'll find offered by most banks -- three months to five years. Ally's best rates are on terms from six to 18 months, which seems to be typical for many banks these days. Ally has options for Raise Your Rate and No Penalty CDs, too.

American Express® National Bank CDs have fewer available term lengths -- they start at 11 months and finish at five years. That 11-month rate is the best available, and the 12- and 24-month rates are also fairly solid.

Neither bank requires a minimum opening deposit, making these CD options a good choice for those just getting started with the intricacies of CDs and wanting to dip a toe.

Rates as of June 7, 2024

APY = Annual Percentage Yield

Offer
Logo for American Express National Bank CD
Member FDIC.
Logo for Ally High Yield CD
Member FDIC.
Account American Express National Bank CD Ally High Yield CD
3 Mo. -- 3.00%
6 Mo. -- 4.40%
9 Mo. -- 4.25%
11 Mo. 4.50% --
1 Yr. 4.35% 4.50%
1.5 Yr. 3.25% 4.25%
2 Yr. 4.00% --
3 Yr. 3.00% 4.00%
4 Yr. 3.00% --
5 Yr. 3.00% 3.90%
Min. Deposit $0 $0
Early Withdrawal Penalty Yes Yes
Next Steps
Read Review
Read Review

Money market accounts

Of the two banks we're considering, only Ally offers this type of account. The Ally Money Market Account has the same APY as its savings account as of this writing, but comes with greater accessibility, in the form of check-writing privileges and a debit card. You don't need a minimum balance or deposit to open this one, either.

Ratings Methodology
Rates as of Jul 03, 2024
Award Icon 2024 Award Winner

Ally Money Market Account

Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
Monthly Fee
$0
Min. Balance
$0
APY
4.20%
Min. To Earn APY
$1
  • FDIC insured
  • No monthly fee
  • ATM access
  • Checking privileges
  • No cash deposits
  • No branches

Ally's banking approach carries over to its money market account with a high APY and a focus on cutting routine account fees to $0, including monthly maintenance. What's more, there are no minimum balance requirements.

Ally vs. American Express® National Bank: APYs

Ally Bank's APYs on all account options are fairly solid -- its savings account doesn't have the highest rate we've seen, but Ally's other benefits (more on those below) and the ease of using the account might make up for the slightly lower rate. The APY on the checking account is pretty low unless you have a huge balance -- but again, money is almost always better kept in a different kind of account unless you are actively spending it.

American Express® National Bank offers a slightly higher APY on its savings account, but its CD rates are comparable to Ally's. And of course, you can earn a much higher APY on its checking account, but you have to be a current Amex card holder to be able to open one.

Ally vs. American Express® National Bank: Customer service

If in-person customer service is your jam, you will not find it with either American Express® National Bank or Ally -- these are fully online banks. That said, you can reach both by phone 24/7, and if you're logged into your account, you can also use a chat function.

Turning to professional rankings, Ally and Amex took high spots in the 2023 J.D. Power U.S. Direct Banking Satisfaction Study. Ally ranked third for checking account providers, and tied with Amex for third for savings account providers. It's not surprising that Amex didn't crack the top three for checking, since, again, checking account access is limited.

Ally vs. American Express® National Bank: Mobile apps

Ally's mobile app is solid. Users can deposit checks and access Ally's "buckets," which will help you set goals for your money, and view charts to show you where it goes. It also works directly with Zelle, so you can transfer money elsewhere. Users like it for the most part. iOS users give it an average 4.7 out of 5, but it ranks lower with Android users -- only 2.5 out of 5. This disparity indicates the app might work better for iPhone users.

American Express® National Bank's mobile app doesn't generate a lot of complaints, either -- although again, it ranks better (4.9) with iOS users than Android (3.9), which might indicate operating-system-specific problems. Plus, since Amex is better known for its card offerings, most reviews discuss card functions rather than banking. You can deposit checks and transfer money around with the Amex app.

Ally vs. American Express® National Bank: Which is right for you?

Ally and American Express® National Bank are both decent options if you're looking for a new online bank to help you manage your cash flow. Both have great mobile apps, solid APYs on accounts, and decent customer service.

That said, Ally might be a better option if you're just getting started with banking, as all of its basic banking products will be available to you. Amex's savings account and CDs are open to all, but if you're already an Amex card holder, you might consider using this bank for your checking needs, too.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 3, 2024
Min. to earn: $1
N/A

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • Ally is a great option for just about anyone, but I'd give it bonus points for being a good bank for young people or those who are new to managing their money. Ally has no requirements for minimum deposits or existing credit card relationships to take full advantage of its account offerings.

  • American Express® National Bank is best known for its card options. Consequently, if you've got an Amex card, you'll be in the best possible position to take advantage of its full range of banking products -- you must be an Amex cardholder to open its perk-filled checking account.