Ally Bank offers high interest rates on their savings as well as offering interest on their checking and CD account options.
There’s no minimum deposits or service fees on their banking products.
Whereas, Discover Bank is an online-only financial institution offering different banking services like checking, savings, money market and even CDs.
They offer high interest rates that are comparable to other big named banks, so be sure to check out all the products they have.
Continue reading below to see a side-by-side comparison between Ally Bank and Discover Bank, so you can see which one offers the services you need the most.
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| Ally Bank | Discover | |
| Locations | Online-only Bank | Online-only Bank |
| ATMs | Over 43,000 no-fee Allpoint ATMs | Over 60,000 no-fee ATMs |
| Savings | 3/5 | 4.5/5 |
| CD | 3.5/5 | |
| Checking | 4.5/5 | 4.5/5 |
| Money Market | 3.5/5 | 5/5 |
| Customer Service | 5/5 | 5/5 |
| Mobile App | 4.5/5 | 5/5 |
| Pros | -Extended banking hours -Low requirements to waive monthly fees -No foreign transaction fees |
-High yield -Cashback checking -24/7 customer service |
| Cons | -No free checking -Low APY -Only on East Coast |
-No interest checking -$2,500 minimum deposit for CDs |
| Bottom Line | Ally Bank is an online only based banking that offers full service with the most competitive rates. | Discover Bank offers some of the highest interest rates on the market. |
Discover Bank Promotions
Discover Online SavingsDiscover Money MarketDiscover CDDiscover IRA CD
 Open a Discover® Online Savings Account for all these features: • Earn high interest rate of 3.90% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details |
Read more about Discover Bank Online Savings here. Our full list of Discover Bank bonuses here.
• Get started and open a Discover® Money Market Account in 3 easy steps. • Available nationwide online • Earn high yields with flexible access to your cash. • Earn 3.75%% APY balances $100,000 and over • Earn 3.70% APY balances under $100,000 • No hidden fees. No surprises. • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs |
Read more about Discover Bank Money Market here. Our full list of Discover Bank bonuses here.
• Available nationwide online, Discover® offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months • Rates ranging from 2.00% APY up to 4.10% APY. • Opening a Discover Bank Certificate of Deposit is extremely quick and easy. • Funds on deposit are FDIC-insured up to the maximum allowed by law. • Get started and open a Discover CD in 3 easy steps. |
Read more about Discover Bank CD here. Our full list of Discover Bank bonuses here.
• Available nationwide online • Select terms as short as 3 months up to 120 months • Rates ranging from 2.00% APY up to 4.10% APY • Step-by-step help available 24/7 by phone • Flexible options: Roth (pay now, save later) & Traditional IRAs (earn now, pay later) • Gather your retirement savings into one place. • Just three steps and you’re on your way to saving with a Discover® IRA CD. |
Read more about Discover Bank IRA CD here. Our full list of Discover Bank bonuses here.
Ally Bank Promotions
Learn more about Ally Bank Online Savings here. Our full list of Ally Bank Promotions here.
Learn more about Ally Invest here from Axos Bank. Our full list of Ally Invest Promotions here.
Compare to Other Banks
- Ally Bank vs Bank of America
- Ally Bank vs Wealthfront
- Ally Bank vs Capital One
- Ally Bank vs Marcus by Goldman Sachs
- Ally Bank vs Axos Bank
- Ally Bank vs CIT Bank
- TD Bank vs Ally Bank
- Discover Bank vs Chase
- Discover Bank vs Ally Bank
- Discover Bank vs Bank of America
- Discover Bank vs Wells Fargo
- Discover Bank vs KeyBank
- Discover Bank vs Regions Bank
- Discover Bank vs US Bank
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Bottom Line
Which Bank is Better: Ally Bank or Discover Bank?
In summary:
- Ally Bank offers good interest rates and no account minimum or service fees.
- Discover Bank’s savings and customer service are worth checking out since it offers high-interest rates compared to traditional savings accounts that pay very little interest.
For more variety of options, see our list of the best bank account bonuses & savings account offers.
More on Ally Bank:
- How To Open an Ally Bank Account
- What Are Ally Bank’s Hours?
- How To Find and Use Your Ally Bank Login
- Ally Bank Routing Number
- Ally Bank Review
More on Discover Bank
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