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 | 0.40% APY | Review |
| Discover Cashback Debit | $360 Cash Back | 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. |
Table of Contents
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 0.40% 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.
Read more about Discover Bank Money Market here. Our full list of Discover Bank bonuses here.
Read more about Discover Bank CD here. Our full list of Discover Bank bonuses here.
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.
Open an Ally Invest account to enjoy all these benefits: • Earn up to $3,000 cash bonus with deposit amount requirement • Free Trades for 90 days (up to $500 in value) when you open a new Ally Invest Securities Individual, Joint or Retirement account. • 500+ commission-free ETFs • $4.95 per equity trade with no opening minimum & option trades 65¢ per contract • $3.95 per equity trade for high-balance/high-volume traders & option trades 50¢ per contract • LIVE Trading Platform & Mobile App: Stay on top of the market with live news/streaming quotes available across multiple devices the mobile app. • Get a wide variety of investment products built with the do-it-yourself investor in mind PLUS in-depth research & market analysis tools to support all types of investment strategies |
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
- Ally Bank vs Discover Bank
- TD Bank vs Ally Bank
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
| PROMOTIONAL LINK | OFFER | REVIEW |
| Chase Business Complete BankingSM | $300 Cash | Review |
| HSBC Premier Checking Member FDIC | $450 Cash | Review |
| HSBC Premier Checking Member FDIC | Up To $600 | Review |
| Huntington 25 Checking | $300 Cash | Review |
| TD Bank Beyond Checking | $300 Cash | Review |
| TD Bank Convenience CheckingSM | $150 Cash | Review |
| Huntington Bank Unlimited Plus Business Checking | $750 Cash | Review |
| Huntington Bank Unlimited Business Checking | $400 Cash | Review |
| Huntington Bank Business Checking 100 | $200 Cash | Review |
| Axos Bank Basic Business Checking | $100 Cash | Review |
| Aspiration Spend & Save Account | $100 Cash | Review |
| Ally Invest | Up to $3,000 Cash | Review |
| BlockFi | Up To $250 BTC | Review |
| American Express High Yield Savings | 0.40% APY | Review |
| Discover Cashback Debit Account | $360 Cash | Review |
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