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. 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 Bank	Discover Bank


	SPECIAL OFFER Online Savings Account - 3.85% APY - Learn More Read Ally Bank Review	SPECIAL OFFER Discover Online Savings - $200 Cash Bonus - Learn More Read Discover Bank Review
	Benefits and Features
Savings	3.85% APY	3.90% APY
CD	2.50% to 4.80% APY. Terms of 3 months to 5 years. 12-month CD APY of 4.50%	2.00% to 4.75% APY depending on terms. $2,500 minimum
Checking	0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000	Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details
Money Market	4.15% APY	3.80% APY under $100,000; 3.85% APY $100,000 or more. $2,500 minimum deposit.
Customer Service	24/7	24/7
Mobile App	iOS & Android
ATMs	Over 43,000 no-fee Allpoint ATMs	Over 60,000 no-fee ATMs
IRA CD		12-month CD APY of 4.75%. 24-month CD APY of 4.30%. 5-year CD APY of 4.00%.
Locations	Online Only	Online Only
	CreditDonkey® Reviews

Savings
Checking
Money Market
Customer Service
Mobile App
Pros & Cons	Pros: CD options No account minimums Good customer service Cons: Low Checking APY for lower balance customers	Pros: High yield No fees 24/7 customer service Cons: No interest checking $2,500 minimum deposit for CDs
Bottom Line	Solid online bank with a great user-friendly website and customer service... Read full review	Solid online bank with high APY rates and good customer service... Read full review

	Online Savings Account - 3.85% APY Interest Checking Money Market - 4.15% APY	Discover Online Savings - $200 Cash Bonus Discover Online Savings - $150 Cash Bonus Online Savings Account - Earn 3.90% APY
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 5/24/2023. Discover Bank: Pricing information and data points from published website as of 05/29/2023.

Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Get Deal

Expires 6/15/2023

Member FDIC

Discover Online Savings - $150 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

Get Deal

Expires 6/15/2023

Member FDIC

Online Savings Account - Earn 3.90% APY

Get Deal

No fees
No minimum opening deposit
No minimum balance required

Which is Better: Ally Bank or Discover Bank?

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

Articles on Ally Bank

Ally Bank

Ally Bank offers good interest rates and no account minimums. But is this popular online bank good for you? Learn the benefits (and drawbacks) here.

Ally Bank CD Rates

Ally Bank CD accounts offer high APYs and require no minimum deposit. But what is the catch? Learn more about Ally CD rates in this review.

Ally Bank Routing Number

Looking to transfer money in or out of your Ally account? You'll need the right routing number. Find your Ally routing number and learn more about money transfers in our guide.

Articles on Discover Bank

Discover Bank Review

Discover offers high interest rates on its online savings and CD accounts. But there are downsides. Here's what you need to know before you open an account.

Discover Online Savings Account Review

Discover Bank online savings account offers a high interest rates and no monthly fees. But is it the right place for your money? Read on to find out, plus the best way to open an account.