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.
| PROMOTIONAL LINK | OFFER | REVIEW |
| Discover® Bank Online Savings terms apply | $150/$200 bonus + 3.70% APY | Review |
| Discover® Checking | $360 Cash Back | Review |
| Discover® Bank CD | Up to 4.00% APY | Review |
| Discover® Bank Money Market | Up to 3.65% APY | Review |
| Discover® Bank IRA CD | Up to 4.00% APY | Review |
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| 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 CheckingDiscover Money MarketDiscover CDDiscover IRA CD
 Open a Discover® Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code LOP325 by 9/11/2025 • Earn high interest rate of 3.70% 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 qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code LOP325 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers. 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 qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. |
Read more about Discover Bank Online Savings here. Our full list of Discover Bank bonuses here.
Read more about Discover Bank Checking 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 3.65%% APY balances $100,000 and over • Earn 3.60% APY balances under $100,000 • No hidden fees. No surprises. • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs |
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 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. |
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 2.00% APY up to 4.00% APY • 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. |
Read more about Discover Bank IRA CD here. Our full list of Discover Bank bonuses here.
Ally Bank Promotions
Learn more about Ally Bank Online Savings here. Our full list of Ally Bank Promotions here.
Learn more about Ally Invest here from Axos Bank. Our full list of Ally Invest Promotions here.
Compare to Other Banks
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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
- Ally Bank vs Discover Bank
- TD Bank vs Ally Bank
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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:
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
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