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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 - 0.50% APY - Learn More

Read Ally Bank Review

SPECIAL OFFER
Online Savings Account - Earn 0.40% APY - Learn More

Read Discover Bank Review

 

Benefits and Features

Savings
0.50% APY
0.40% APY
CD0.15% to 0.80% APY. Terms of 3 months to 5 years. 12-month CD APY of 0.55%0.20% to 0.60% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.50%. Minimum deposit of $2,500 to open.
Checking0.10% APY under $15,000; 0.25% APY $15,000 or moreEarn 1% cashback on up to $3,000 in debit card purchases each month
Money Market
0.50% APY
0.30% APY under $100,000; 0.35% APY $100,000 or more. $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 0.50%. 24-month CD APY of 0.50%. 5-year CD APY of 0.60%.
Locations
Online Only
Online Only
 

CreditDonkey® Reviews

 Ally BankDiscover Bank
SavingsStarStarStarStarEmpty StarStarStarStarStarHalf Star
CheckingStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Money MarketStarStarStarStarEmpty StarStarStarStarStarHalf Star
Customer ServiceStarStarStarStarStarStarStarStarStarStar
Mobile AppStarStarStarStarStarStarStarStarStarStar
Pros & ConsPros:
  • CD options
  • No account minimums
  • Good 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

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 7/23/2021.

Discover Bank: Pricing information and data points from published website as of 01/28/2021

Discover Bank
Member FDIC

Online Savings Account - Earn 0.40% APY

  • 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 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.

Discover Checking

With Discover Bank's Cashback Debit account, you'll pay no fees and earn money for purchases. Learn more about these benefits—and some downsides—in our guide.

Discover CD Rates Reviews

Discover Bank's CD account offers high rates and no hidden fees. But is the term worth it? Read this review before you open a CD.

Which Do You Think is Best?





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