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.
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Learn More | Visit Site | |
Ally Bank | Discover Bank | |
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Online Savings Account - 4.25% APY - | Discover Online Savings - $200 Cash Bonus - | |
Benefits and Features | ||
Savings | ||
CD | 3.00% to 5.15% APY. Terms of 3 months to 5 years. 12-month CD APY of 5.10% | 2.00% to 5.30% 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 | 4.20% APY under $100,000; 4.25% APY $100,000 or more. $2,500 minimum deposit. | |
Customer Service | ||
Mobile App | ||
ATMs | Over 43,000 no-fee Allpoint ATMs | |
IRA CD | 12-month CD APY of 5.20%. 18-month CD APY of 5.00%. 24-month CD APY of 4.40%. 5-year CD APY of 4.00%. | |
Locations | ||
CreditDonkey® Reviews | ||
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Savings | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Checking | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Money Market | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Customer Service | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Mobile App | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Pros & Cons | Pros:
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Bottom Line | Solid online bank with a great user-friendly website and customer service... | Solid online bank with high APY rates and good customer service... |
Learn More | Visit 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 11/25/2023. Discover Bank: Pricing information and data points from published website as of 11/24/2023. |
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 CY923 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 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
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 CY923 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 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Online Savings Account - Earn 4.35% 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.