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.
On the other hand, 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.
Continue reading below to see a side-by-side comparison between the two banks, so you can see which one offers the services you need the most.
| PROMOTIONAL LINK | OFFER | REVIEW |
| Discover® Bank Online Savings terms apply | $150/$200 bonus + 3.40% APY | Review |
| Discover® Bank CD | Up to 3.85% APY | Review |
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| Discover | Ally Bank | |
| Locations | Online Only | Online-only Bank |
| ATMs | Over 60,000 no-fee ATMs | Over 43,000 no-fee Allpoint ATMs |
| Savings | 4.5/5 | 4/5 |
| CD | ||
| Checking | 4.5/5 | 4/5 |
| Money Market | 5/5 | 4/5 |
| Customer Service | 5/5 | 5/5 |
| Mobile App | 5/5 | 5/5 |
| Pros | -High yield -Cashback checking -24/7 customer service |
-CD options -No account minimums -Good customer service |
| Cons | -No interest checking -$2,500 minimum deposit for CDs |
-Low Checking APY for lower balance customers |
| Bottom Line | Discover Bank offers some of the highest interest rates on the market. | Ally Bank is an online only based banking that offers full service with the most competitive rates. |
Discover Bank Promotions
 • 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 3.85% 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. |
Ally Bank Promotions
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Bottom Line
Which Bank is Better: Discover or Ally Bank?
In summary:
- 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.
- Ally Bank offers good interest rates and no account minimum or service fees.
For more variety of options, see our list of the best bank account bonuses & savings account offers.
More on Discover Bank:
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
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