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Ally vs. Amex: Which Online Bank Is Right for You?

Review Updated
Brooklyn Sprunger
Author: Brooklyn Sprunger
Brooklyn Sprunger
Brooklyn Sprunger
Content Manager

Brooklyn leads the content team behind product reviews and ratings at Motley Fool Money, ensuring readers get well-researched, expert-backed insights to make smarter financial decisions. With nearly seven years working full-time in financial content -- four of them at The Motley Fool -- she has developed a deep passion for personal finance, from investing strategies to everyday money management.

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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.

If you're like me, you want a bank that helps your money grow without charging you just to park it. That means a good high-yield savings account, decent checking perks, and a mobile app that makes life easier.

Ally and American Express National Bank (Member FDIC) both check a lot of those boxes. But they have different strengths, and depending on how you bank, one may serve you better. Let's dig into what makes each stand out.

Ally overview

Ally started as GMAC, the financing arm of General Motors, before transforming into a digital bank in the 2000s. Today it offers checking, savings, CDs, and money market accounts with no monthly fees and no minimums.

Ally is especially known for its intuitive app, customer support, and budgeting-friendly features like "buckets" for savings goals.

Amex overview

Amex is best known for premium credit cards, but its online bank arm has gained popularity for high-yield deposit products. Through American Express National Bank (Member FDIC), you can open a savings account or CD no matter who you are.

But to open a checking account, you'll need to be an existing Amex cardholder. If that's you, the account comes with impressive annual percentage yield (APY) and some neat cardholder perks.

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.

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.

Account options: Ally vs. Amex

Savings accounts

Rates as of Aug 28, 2025
Offer
 
 
Account
American Express® High Yield Savings Account

On American Express's Secure Website.

Rating
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
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
APY 3.50% Rate info Circle with letter I in it. 3.50% annual percentage yield as of August 28, 2025. Terms apply. 3.50%
Min. to earn APY $0 $0
Next Steps
Open Account for American Express® High Yield Savings Account
Read Review
Disclaimers

Both banks offer no-fee, high-yield savings accounts with daily compounding and no deposit minimums.

They're both solid options for building your emergency fund. I like Ally's built-in tools like savings buckets and boosters, but if you want to keep things simple and earn a competitive rate, either one gets the job done.

Checking accounts

Rates as of Aug 28, 2025
Offer
 
 
Account
Rating
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
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% Rate info Circle with letter I in it. Balances less than $15,000 earn 0.10% APY. Balances of $15,000 or higher earn 0.25% APY.
Min. to earn APY $0 $1
Next Steps
Read Review
Read Review
Disclaimers

Here's where the differences start to show.

  • American Express Rewards Checking: Offers 1.00% APY on all balances (as of August 28, 2025) and earns Amex Membership Rewards on eligible debit purchases. But you can only open it if you've been an Amex cardholder for at least 35 days.
  • Ally Spending Account: Offers up to 0.25% APY, depending on your balance. Less impressive on the APY front, but it's available to everyone and has solid ATM access.

If you're already in the Amex ecosystem, the checking account is a nice perk. If not, Ally is the more accessible option.

CDs

Both banks offer solid CD options with no minimum deposit required to open.

  • American Express CDs: Terms from 11 months to 5 years.
  • Ally CDs: Terms from 3 months to 5 years. Ally also offers Raise Your Rate and No-Penalty CD options.

Ally wins on flexibility here, especially if you're looking for short-term CDs or options with early withdrawal benefits.

Money market accounts

Ratings Methodology
Rates as of Aug 28, 2025

Ally Money Market Account

Read Review
Member FDIC.
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
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
3.50%
Min. To Earn APY
$0
  • 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.

Amex doesn't currently offer a money market account. Ally does. If you want a hybrid of checking and savings with high yield and easy access, this one's worth considering.

APY comparison

Both banks offer competitive APYs, but they shine in different areas.

American Express National Bank (Member FDIC) stands out for its checking APY. It's one of the highest I've seen, especially if you're already an Amex cardholder. Ally, on the other hand, offers strong savings and money market rates with more flexibility and no hoops to jump through.

CD rates are solid across the board, with both banks offering similar yields on mid-length terms. If you're just looking for a solid return without needing to move your money around much, either could work.

Bottom line: Amex may be better for maximizing checking interest, while Ally wins on ease of use and all-around flexibility.

Customer service

Both banks are online-only and offer 24/7 phone support.

Mobile apps

App Store ratings as of June 2025 (out of 5.0 stars):

  • Ally: 4.7 stars (iOS), 4.4 stars (Android)
  • American Express National Bank (Member FDIC): 4.9 stars (iOS), 3.8 stars (Android)

Ally's app is sleek and great for budgeting tools like buckets, though Android users report more glitches. Amex's app is solid, but most reviews focus on credit card use vs. banking.

Which bank is right for you?

If you're already an Amex cardholder and want high checking APY and debit rewards, American Express National Bank (Member FDIC) is a great all-in-one option.

But if you want more flexibility, stronger savings features, and a broader product lineup (like money markets and more CD options), Ally might be the better fit.

Whichever you choose, you're getting strong rates with no monthly fees.

Want to get started? Apply for the American Express® High Yield Savings Account.

FAQs

  • Only for checking. Anyone can open a savings account or CD, but the American Express Rewards Checking account is only available to Amex cardholders.

  • Nope. Ally doesn't charge monthly maintenance fees and has no minimum opening deposits on its accounts.

  • Ally. It offers more term options and CD types, like Raise Your Rate and No Penalty CDs.