Discover Bank vs Ally Bank: Which Is Better?

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.

	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

Discover Online SavingsDiscover Money MarketDiscover CDDiscover IRA CD

Open a Discover Online Savings Account for all these features: • Earn high interest rate of 0.50% 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 Apply Now at Discover 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 0.40% APY balances $100,000 and over • Earn 0.35% APY balances under $100,000 • Open with as little as $2,500. • No hidden fees. No surprises. • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs Apply Now at Discover

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 0.20% APY up to 0.60% 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. • Start today with a minimum deposit of $2,500! • Get started and open a Discover CD in 3 easy steps. Apply Now at Discover

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 0.20% APY up to 0.60% APY • Start today with as little as $2,500! • 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. Apply Now at Discover

Read more about Discover Bank IRA CD here. Our full list of Discover Bank bonuses here.

Ally Bank Promotions

Open an Ally Invest account to enjoy all these benefits: • Earn up to $3,500 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 Apply Now at Ally Invest

Compare to Other Banks

Discover Bank:

• Discover Bank vs Chase
• Discover Bank vs Ally Bank

Ally Bank:

• 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:

• How To Find and Use Your Discover Bank Login
• Discover Bank Routing Number

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

Chase Coupon Promo Codes $100, $200, $300, $350, $500, $725, $1000, $2000 for January 2021

Huntington Bank Promotions: $150, $200, $400, $500, $750 Checking Bonuses for January 2021

HSBC Bank Promotions: $200, $240, $450, $600, $2,000 Checking Bonuses for January 2021

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