Both American Express High-Yield Savings Account and Ally Bank Online Savings Account are strong contenders for a high-yield savings account. American Express stands out for its robust customer service and reliable mobile app, while Ally Bank offers more options for external transfers and potential ATM access through its checking account. The choice depends on individual priorities, such as app reliability versus ATM access.
| Attribute | American Express High-Yield Savings Account | Ally Bank Online Savings Account |
|---|---|---|
| Annual Percentage Yield (APY) | 3.60% as of June 21, 2025 (variable) | Variable, may change after account opening. As of June 16, 2025, more than 5x the national average. Specific APYs mentioned: 3.60% (May 2025), 4.00% and 4.20% (October 2024). |
| Minimum deposit to open | $0 | $0 (No minimum deposit required) |
| Monthly maintenance fee | $0 | $0 (No monthly maintenance fees) |
| FDIC insurance coverage | FDIC insured up to $250,000 per depositor, per insured bank, per ownership category | Up to the maximum allowed by law. Standard coverage is $250,000 per depositor. |
| Compounding frequency | Daily | Daily |
| Online and mobile access | Yes, through website and mobile app | Online-only bank with user-friendly website and mobile app. Mobile app features include account management, mobile check deposit, bill pay, and account transfers. iOS app has high ratings, Android app has mixed reviews. |
| ATM access | No | No direct ATM access from savings account. If you have an Ally Bank Spending (checking) Account, you can use its debit card at Allpoint ATMs (over 43,000 or 55,000) for free. Ally may reimburse up to $10 per statement cycle for fees charged at other ATMs. |
| Customer service availability | 24/7 by phone | 24/7 via phone, chat, or email. Phone number is 1-877-247-2559. |
| Mobile check deposit | Yes | Yes, Ally Bank eCheck Deposit is available. Deposit limits may apply (e.g., up to $50,000 per day and $250,000 per 30 calendar days). |
| External transfer options | Yes, link external bank accounts | Online transfers, outgoing wire transfers (fees may apply), telephone transfers. Use Popmoney to send money to any U.S. bank account. Recurring transfers can be set up. |
| Interest payment frequency | Monthly | Compounded daily and credited monthly. |
| Balance tiers for APY | No balance tiers; same APY for all balances | Balance tiers exist, but the APY may be the same across all tiers. Tiers: Less than $5,000, Between $5,000 and $24,999.99, $25,000 or more. |
| User Feedback - Positive | Known for robust customer service, Mobile app is user-friendly and reliable | Generally considered user-friendly mobile app (iOS), Easy to transfer funds to and from other banks |
| User Feedback - Negative | None | Android app has received mixed reviews regarding its reliability, Some reviews report long wait times or difficulty resolving issues with customer service |