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.
Whereas, 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.
Continue reading below to see a side-by-side comparison between Ally Bank and Discover Bank, so you can see which one offers the services you need the most.
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| Ally Bank | Discover | |
| Locations | Online-only Bank | Online-only Bank |
| ATMs | Over 43,000 no-fee Allpoint ATMs | Over 60,000 no-fee ATMs |
| Savings | 3/5 | 4.5/5 |
| CD | 3.5/5 | |
| Checking | 4.5/5 | 4.5/5 |
| Money Market | 3.5/5 | 5/5 |
| Customer Service | 5/5 | 5/5 |
| Mobile App | 4.5/5 | 5/5 |
| Pros | -Extended banking hours -Low requirements to waive monthly fees -No foreign transaction fees |
-High yield -Cashback checking -24/7 customer service |
| Cons | -No free checking -Low APY -Only on East Coast |
-No interest checking -$2,500 minimum deposit for CDs |
| Bottom Line | Ally Bank is an online only based banking that offers full service with the most competitive rates. | Discover Bank offers some of the highest interest rates on the market. |
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 4.00% 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
Compare to Other Banks
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- Discover Bank vs US Bank
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Bottom Line
Which Bank is Better: Ally Bank or Discover Bank?
In summary:
- Ally Bank offers good interest rates and no account minimum or service fees.
- 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.
For more variety of options, see our list of the best bank account bonuses & savings account offers.
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
- Ally Bank Review
More on Discover Bank
