They offer high interest rates that are comparable to other big named banks, so be sure to check out all the products they have.
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 Bank Online Savings||0.50% APY||Review|
|Discover Bank CD||Up to 0.60% APY||Review|
|Discover Bank Money Market||Up to 0.40% APY||Review|
|Discover Bank IRA CD||Up to 0.60% APY||Review|
|Locations||Online Only||Online-only Bank|
|ATMs||Over 60,000 no-fee ATMs||Over 43,000 no-fee Allpoint ATMs|
-24/7 customer service
-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
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
See advertiser website for full details
• 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
• 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.
• 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.
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
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
Which Bank is Better: Discover or Ally Bank?
- 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.
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
|Chase Business Complete BankingSM||$300 Cash||Review|
|Chase Total Checking®||$200 Cash||Review|
|HSBC Premier Checking Member FDIC||$450 Cash||Review|
|HSBC Premier Checking Member FDIC||Up To $600||Review|
|HSBC Advance Checking Member FDIC||$200 Cash||Review|
|HSBC Advance Checking Member FDIC||Up To $240||Review|
|Huntington 25 Checking||$500 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|
|Wise Business Banking||$100 Cash||Review|
|Axos Bank Basic Business Checking||$100 Cash||Review|
|Aspiration Spend & Save Account||$100 Cash||Review|
|American Express High Yield Savings||0.50% APY||Review|
|CIT Bank Money Market||0.50% APY||Review|
|Ally Invest||Up to $3,500 Cash||Review|