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

Review Updated
Ashley Maready
Ashley Maready
| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee 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 Motley Fool Money'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 that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

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 Apr 05, 2025
Offer
 
 
Account
American Express® High Yield Savings

On American Express's Secure Website.

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 3.70% Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 5, 2025. Terms apply. 3.80%
Min. to earn APY $0 $0
Next Steps
Open Account for American Express® High Yield Savings
Read Review
Disclaimers

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 Apr 05, 2025
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
Disclaimers

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 March 6, 2025

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. -- 2.90%
6 Mo. -- 4.00%
9 Mo. -- 4.00%
11 Mo. 4.00% --
1 Yr. 3.85% 3.90%
1.5 Yr. 3.85% 3.80%
2 Yr. 4.00% --
3 Yr. 3.60% 3.50%
4 Yr. 3.60% --
5 Yr. 3.75% 3.50%
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 Apr 05, 2025

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
3.80%
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 3.80%²
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!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 5, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

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 Motley Fool Money 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.