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. 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 Bank	Ally Bank

	Visit Site	Learn More
	SPECIAL OFFER Discover Online Savings - $200 Cash Bonus - Learn More Read Discover Bank Review	SPECIAL OFFER Online Savings Account - 4.25% APY - Learn More Read Ally Bank Review
	Benefits and Features
Savings	4.30% APY	4.25% APY
CD	2.00% to 5.00% APY depending on terms. $2,500 minimum	3.00% to 5.15% APY. Terms of 3 months to 5 years. 12-month CD APY of 4.85%
Checking	Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details	0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000
Money Market	4.20% APY under $100,000; 4.25% APY $100,000 or more. $2,500 minimum deposit.	4.40% APY
Customer Service	24/7	24/7
Mobile App		iOS & Android
ATMs	Over 60,000 no-fee ATMs	Over 43,000 no-fee Allpoint ATMs
IRA CD	12-month CD APY of 5.00%. 18-month CD APY of 5.00%. 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: High yield No fees 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 Line	Solid online bank with high APY rates and good customer service... Read full review	Solid online bank with a great user-friendly website and customer service... Read full review
	Visit Site	Learn More
	Discover Online Savings - $200 Cash Bonus Discover Online Savings - $150 Cash Bonus Online Savings Account - Earn 4.30% APY	Online Savings Account - 4.25% APY Money Market - 4.40% APY Interest Checking
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 and data points from published website as of 09/09/2023. Ally Bank: Pricing information from published website as of 09/22/2023.

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 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.

Get Deal

Expires 12/14/2023

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 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.

Get Deal

Expires 12/14/2023

Member FDIC

Online Savings Account - Earn 4.30% APY

Get Deal

No fees
No minimum opening deposit
No minimum balance required

Which is Better: Discover Bank or Ally Bank?

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

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

Make your money work with Discover high yield savings: high interest, no fees. Find out its benefits, drawbacks, and the easy way to open an account.

Discover CD Rates Reviews

Maximize returns with Discover Bank's lucrative CD rates - no hidden fees. Read this detailed review.

Discover Savings vs Money Market

Discover boasts solid rates for both their money market and savings accounts. Find out which one is more suited for you.

Is Discover Bank a Good and Real Bank

Looking for a safe bank with great rates? This analysis of Discover Bank reveals all - is it legit? Find out now.

Is Discover Savings Worth It

Is your money secure in a high-yield Discover savings account? Get your answers now.

Discover Savings Account Bonus

Earn up to $200 bonus by opening a Discover Online Savings Account. Find out how to qualify with the correct bonus.

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.