Ally and Discover are online banks with competitive high-yield savings accounts. Both banks also have checking, money market, and CD accounts.
Ally and Discover Bank are online banks with high-yield savings accounts.
Ally; Discover; Insider
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Ally and Discover Bank are great online-only bank options for avoiding typical bank fees.
Ally offers more appealing savings, CD, and money market accounts than Discover Bank.
Discover offers a strong checking account that's on par with Ally's checking account.
Ally and Discover Bank are two popular online banks that are great options if you don't want to deal with common bank fees.
While the banks offer similar products, you might find that one is a better fit for your specific needs.
To help you analyze the differences between each bank, we're comparing savings, checking, CD, and money market accounts and determining which ones are the most appealing. We're also comparing financial institutions in trustworthiness.
Pros and cons of Ally
Pros
Cons
24/7 customer service over the phone or through live chat
Interest-earning checking account
No minimum opening deposit on all accounts
Savings tools
High interest rates on savings, money market accounts, and CDs
No physical locations
C rating from the Better Business Bureau
Pros and cons of Discover
Pros
Cons
24/7 customer service over the phone or through live chat
Checking accounts that lets you earn cash back on your debit card
Variety of CDs
A+ rating from the Better Business Bureau
High interest rates on savings, money market accounts and CDs
Only 1 branch, which is in Delaware
High minimum opening deposit required for CD and money market accounts
Checking account comparisons
Ally Interest Checking Account
Discover Cashback Debit Account
APY
Ally Interest Checking Account
Discover Cashback Debit Account
Minimum opening deposit
None
None
Monthly service fees
None
None
Perks
Earn interest on account
Reimburses up to $10 in out-of-network ATM fees
Earn up to 1% cash back on up to $3,000 in purchases per month
Caveats
No physical locations
Only 1 location, which is in Maryland
Debit cards only work in the US, Canada, Mexico, and the Caribbean
Next steps
Ally Interest Checking Account
Discover Cashback Debit Account
Savings account comparisons
Ally High Yield Savings Account
Discover Online Savings Account
APY
Ally High Yield Savings Account
Discover Online Savings Account
Minimum opening deposit
None
None
Monthly service fees
None
None
Perks
Savings buckets feature allows you to create specific goals
Surprise savings tools automatically transfer extra money from your checking account to help you save
No excess withdrawal fee
Caveats
No physical branches to deposit cash
Only 1 branch location, which makes it difficult to deposit cash if you don't live in DE
$10 excess transaction fee if you exceed the limit (6 transactions per month)
Must have at least $100,000 in your account to earn the highest interest rate
No reimbursements on out-of-network ATM fees
Debit cards can't be used outside of the US, Canada, Mexico, and the Caribbean
Next steps
Ally Money Market Account
Discover Money Market Account
Which bank is more trustworthy?
The Better Business Bureau rates businesses according to how they deal with customers' issues and complaints.
Discover Bank has received an A+ rating from the Better Business Bureau. Meanwhile, Ally has a C rating because it has a high volume of customer complaints and two unresolved complaints.
However, keep in mind that a good BBB rating doesn't necessarily mean your relationship with the bank will be smooth. Talk to current customers or read online customer reviews to see if one of these banks might be a good option for you.
Neither financial institution has been involved in any recent public scandals.
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