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Discover Bank vs Ally Bank

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to Ally Bank? Read our comparison chart below.

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.

While 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.

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

 Discover BankAlly Bank
 Visit SiteLearn More
 

Discover Bank

Ally Bank

SPECIAL OFFER
Online Savings Account - Earn 0.60% APY - Learn More

Read Discover Bank Review

SPECIAL OFFER
Online Savings Account - 0.80% APY - Learn More

Read Ally Bank Review

 

Benefits and Features

Savings
0.60% APY
0.80% APY
CD0.25% to 0.80% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.60%. Minimum deposit of $2,500 to open.0.20% to 1.00% APY. Terms of 3 months to 5 years. 12-month CD APY of 0.75%
CheckingEarn 1% cashback on up to $3,000 in debit card purchases each month0.10% APY under $15,000; 0.25% APY $15,000 or more
Money Market0.45% APY under $100,000; 0.50% APY $100,000 or more. $2,500 minimum deposit.
0.50% APY
Customer Service
24/7
24/7
ATMs
Over 60,000 no-fee ATMs
Over 43,000 no-fee Allpoint ATMs
IRA CD12-month CD APY of 0.60%. 24-month CD APY of 0.65%. 5-year CD APY of 0.80%. 
Locations
Online Only
Online Only
 

CreditDonkey® Reviews

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

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

Discover Bank: Pricing information from published website as of 9/18/2020

Ally Bank: Pricing information from published website as of 09/17/2020.

Which is Better: Discover Bank or Ally Bank?

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

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


Articles on Discover Bank


Articles on Ally Bank


Which Do You Think is Best?

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