Save money and be informed. CreditDonkey is a bank comparison and reviews website. This website is made possible through financial relationships with card issuers and some of the products and services mentioned on this site. Advertiser Disclosure†

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.

 Discover Bank
Member FDIC
 Learn MoreVisit Site
 

Ally Bank

Discover Bank

SPECIAL OFFER
Online Savings Account - 4.35% APY - Learn More

Read Ally Bank Review

SPECIAL OFFER
Discover® Online Savings - $200 Cash Bonus - Learn More

Read Discover Bank Review

 

Benefits and Features

Savings
4.35% APY
4.30% APY
CD3.00% to 4.65% APY. Terms of 3 months to 5 years. 12-month CD APY of 4.65%2.00% to 4.80% APY depending on terms. $2,500 minimum
Checking0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details
Money Market
4.40% APY
4.15% APY under $100,000; 4.20% APY $100,000 or more. $2,500 minimum deposit.
Mobile App
iOS & Android
 
ATMsOver 43,000 no-fee Allpoint ATMs
Over 60,000 no-fee ATMs
Customer Service
24/7
24/7
IRA CD 12-month CD APY of 4.80%. 18-month CD APY of 4.50%. 24-month CD APY of 4.00%. 5-year CD APY of 3.75%.
Locations
Online only
Online Only
 

CreditDonkey® Reviews

 Discover Bank
SavingsStarStarStarStarEmpty StarStarStarStarStarHalf Star
CheckingStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Money MarketStarStarStarStarEmpty StarStarStarStarStarHalf Star
Mobile AppStarStarStarStarStarStarStarStarStarStar
Customer ServiceStarStarStarStarStarStarStarStarStarStar
Pros & ConsPros:
  • CD options
  • No account minimums
  • Good customer service
Cons:
  • Low Checking APY for lower balance customers
Pros:
  • High yield
  • No fees
  • 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 02/16/2024.

Discover Bank: Pricing information and data points from published website as of 02/07/2024.

Discover Bank
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 CY124 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 03/14/24, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 3/14/2024
Discover Bank
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 CY124 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 03/14/24, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 3/14/2024
Discover Bank
Member FDIC

Online Savings Account - Earn 4.30% 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 High Yield Savings

Ally Savings offers a strong APY and various savings tools to help you boost your funds. Read on to find out more.

Ally Bank Problems

Ally Bank is well-known for having attractive APYs and practically no fees. But, what's the catch? Read on to know what nuisances you may encounter.

Ally Savings vs Money Market

Ally's Money Market and Savings accounts boast high APYs with no hidden fees. But, how do they differ? Read on to find out.

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.

Articles on Discover Bank

Discover Bank Review

Discover® Bank 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® Bank high yield savings: high interest, no fees. Find out its benefits, drawbacks, and the easy way to open an account.

Discover CD Rates

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

Discover Bank Locations

Wondering if there is a Discover® Bank near you? Read this article to find out.

Discover Checking Account Fees

Does Discover® Cashback Debit have any fees? Find out if they are completely fee-free.

Who Owns Discover

You've probably heard of Discover credit cards, but what exactly is Discover® Bank? Is it a legitimate bank? Read on for all the details.

Discover Checking Account Minimum Balance

Discover® Cashback Debit doesn't have a minimum balance. But what's the catch? Read on for all the details.

Discover Checking Account Requirements

Discover® checking account offers no monthly fees and a rewarding cashback program. Here's what you need to open an account today.

Discover Savings vs Money Market

Discover® Bank 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.

Which Do You Think is Best?


You Might Also Like

Most Reliable High Yield Savings Account

Most Reliable High Yield Savings Account

Looking for a reliable high-yield savings account to grow your funds? Read on to learn which ones are worth your time.
Banks with No Overdraft Fees

Banks with No Overdraft Fees

Banks are slowly starting to ditch overdraft fees. If you're looking to open a new account without overdraft fees, here are some of the top picks.
How Long Does It Take to Open a Bank Account

How Long Does It Take to Open a Bank Account

Opening an account can be done in minutes at most banks. So, make sure your requirements are ready to avoid delays. Read on for more details.
Capital One High Yield Savings Review

Capital One High Yield Savings Review

Want to grow your funds passively? Capital One offers a high-yield savings account with a solid APY and easy accessibility. Read on to find out more.
Best Savings Accounts for College Students

Best Savings Accounts for College Students

Kickstart your savings journey as a student. Find the best savings accounts with high APYs to give your savings a boost.
Best Joint Checking Accounts

Best Joint Checking Accounts

Explore an expert review of the top joint checking accounts for your needs: married couples, unmarried couples, parents-teens, and businesses.

Capital One Bank Hours

Capital One Bank is open 6 days a week. Take a look at their operating hours.
Best National Bank

Best National Bank

There are over 5,000 FDIC-insured banks in America. How do you choose a good national bank to keep your money safe?
Best Student Checking Accounts

Best Student Checking Accounts

A student checking account allows you to manage your money with fewer fees and requirements. Find the best student checking accounts offered by the top banks.
Banks With Free Checking and No Minimum Balance

Banks With Free Checking and No Minimum Balance

Discover top banks for free checking accounts with no minimum balance requirement. Open your account with $0 deposit.

Next Page:

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2024 CreditDonkey Inc. All Rights Reserved.