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.
|Locations||Online-only Bank||Online-only Bank|
|ATMs||Over 43,000 no-fee Allpoint ATMs||Over 60,000 no-fee ATMs|
|Pros||-Extended banking hours
-Low requirements to waive monthly fees
-No foreign transaction fees
-24/7 customer service
|Cons||-No free checking
-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
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB223 by 06/15/2023
• Earn high interest rate of 3.60% 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
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
• 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 3.55% APY balances $100,000 and over
• Earn 3.50% 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 2.00% APY up to 4.75% 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 2.00% APY up to 4.75% 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
Compare to Other Banks
- Ally Bank vs Bank of America
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- Ally Bank vs Capital One
- Ally Bank vs Marcus by Goldman Sachs
- Ally Bank vs Axos Bank
- Ally Bank vs CIT Bank
- TD Bank vs Ally Bank
- Discover Bank vs Chase
- Discover Bank vs Ally Bank
- Discover Bank vs Bank of America
- Discover Bank vs Wells Fargo
- Discover Bank vs KeyBank
- Discover Bank vs Regions Bank
- Discover Bank vs US Bank
Which Bank is Better: Ally Bank or Discover Bank?
- 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