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Ally Bank vs Discover Bank

Ally Bank is a solid online bank with a great user-friendly website and customer service. How does it compare to Discover Bank? Read our comparison chart below.

Ally Bank offers high interest on their Savings account. It also offers interest checking and multiple CD options, including No Penalty and Raise Your Rate CDs. There is no minimum deposits or service fees for any of their banking products.

While Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms and have a minimum deposit of $2,500. In addition, Discover offers checkback checking. There are no service fees.

Compare Ally Bank with Discover Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 Ally BankDiscover Bank
 Learn MoreVisit Site
 

Ally Bank

Discover Bank

SPECIAL OFFER
Online Savings Account - Learn More

Read Ally Bank Review

SPECIAL OFFER
Online Savings Account - Earn 1.80% APY - Learn More

Read Discover Bank Review

 

Benefits and Features

Savings1.70% APY. No monthly service fee and no minimum deposit.1.80% APY. No fees and no minimum deposit.
CD0.75% to 2.25% APY. Terms of 3 months to 5 years. 12-month CD APY of 2.00%. No minimum deposit to open.0.35% to 2.30% APY. Terms of 3 months to 10 years. 12-month CD APY of 2.10%. Minimum deposit of $2,500 to open.
Checking0.10% APY under $15,000; 0.50% APY $15,000 or more. No monthly service fee and no minimum deposit. Ally will refund ATM fees for other banks up to $10 per statement cycle.Earn 1% cashback on up to $3,000 in debit card purchases each month. No fees and no minimum deposit.
Money Market0.75% APY. No monthly service fee and no minimum deposit.1.65% APY under $100,000; 1.70% APY $100,000 or more. No fees. $2,500 minimum deposit.
Customer Service
24/7
24/7
ATMsOver 43,000 no-fee Allpoint ATMs
Over 60,000 no-fee ATMs
IRA CD 12-month CD APY of 2.10%. 24-month CD APY of 2.15%. 5-year CD APY of 2.20%.
Locations
Online Only
Online Only
 

CreditDonkey® Reviews

 Ally BankDiscover Bank
Savings
Checking
Money Market
Customer Service
Mobile App
Pros & ConsPros:
  • CD options
  • No account minimums
  • 24/7 customer service
Cons:
  • Low Checking APY for lower balance customers
Pros:
  • High yield
  • Cashback checking
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Bottom LineSolid online bank with a great user-friendly website and customer service... Read full reviewSolid online bank with high APY rates and good customer service... Read full review
 Learn MoreVisit Site
What Others View

    Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

    Ally Bank: Pricing information from published website as of 11/17/2019.

    Discover Bank: Pricing information from published website as of 10/31/2019

    Which is Better: Ally Bank or Discover Bank?

    Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing Ally Bank or Chase.

    In short: Discover Bank's money market is outstanding.


    Articles on Ally Bank


    Articles on Discover Bank


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