Ally Bank vs Discover Bank
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of Ally Bank vs. Discover Bank
As of 7/15/2025 both Ally Bank (Savings Account) and Discover Bank (Online Savings Account) offer an APY of 3.50% .
Both banks yield $350 in interest on a $10,000 balance after one year. Neither has an APY advantage, so consider other features (fees, access, app ratings, etc.) when choosing.
Ally Bank
Strengths
- Ally Bank offers a competitive APY of 3.50%, consistent with last month's rate.
- Ally Bank has no direct deposit requirement for its savings account.
- Ally Bank has a solid App Store rating of 4.7.
Potential Drawbacks
- Ally Bank's APY has decreased from 3.60% over the past month.
- Ally Bank has no physical branches.
Discover Bank
Strengths
- Discover Bank also offers a 3.50% APY, unchanged from last month.
- Discover Bank has a higher App Store rating of 4.9.
Potential Drawbacks
- Discover Bank has no physical branches.
- Discover Bank's Google Play rating is lower at 4.3.
Summary: Both Ally Bank and Discover Bank offer a competitive APY of 3.50% for their savings accounts, unchanged from last month. Ally Bank has a slightly lower App Store rating of 4.7 compared to Discover Bank's 4.9. Neither bank has physical branches, and both have no direct deposit requirements. However, Ally Bank's Google Play rating is higher than Discover Bank's, which may appeal to some users.
Compare Ally Bank's vs Discover Bank's Savings Accounts
| Ally Bank | Discover Bank | ||
|---|---|---|---|
| Product | Savings Account | vs | Online Savings Account |
| APY | 3.50% (as of 7/15/2025) | 3.50% (as of 7/15/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | No | |
| Visit Bank | Savings Account | Online Savings Account | |
| App Store Rating | 4.7/5 | 4.9/5 | |
| Google Play Rating | 4.4/5 | 4.3/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 6 Months)
| Ally Bank | Discover Bank | ||
|---|---|---|---|
| Product | Savings Account | vs | Online Savings Account |
| Latest APY | 3.50 % | 3.50 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.9 | -4.6 | |
| Rate Changes / Mo | 0.53 | 0.53 | |
| Days Since Last Change | 27 | 19 | |
| High (-6 m) | 3.80 % | 3.75 % | |
| Low (-6 m) | 3.50 % | 3.50 % | |
| Draw-down from High | -7.9 % | -6.7 % | |
| Volatility (CV) | 0.024 | 0.022 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-6 m)
- Highest APY in the last 169 days.
- Low (-6 m)
- Lowest APY in the last 169 days.
- Draw-down from High
- How far today sits below the 6-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Calculate Savings Growth for Ally Bank vs Discover Bank
All calculations are based on APY.
Ally Bank
APY: 3.50%
Total savings breakdown:
- Interest earned: $35 (3.38%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.62%)
Your total balance
$1,035.00
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $1,035
Earnings: $35
Bank DetailsDiscover Bank
APY: 3.50%
Total savings breakdown:
- Interest earned: $35 (3.38%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.62%)
Your total balance
$1,035.00
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $1,035
Earnings: $35
Bank DetailsAfter 1 year Ally Bank would earn you the same as Discover Bank.
More Comparisons
Compare Ally Bank's APY of 3.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Ally Bank vs American Express | 3.60% | $0 |
| Ally Bank vs Axos Bank | 4.66% | $0 |
| Ally Bank vs Bank of America | 0.01% | $100 |
| Ally Bank vs Barclays | 4.10% | $0 |
| Ally Bank vs Capital One | 3.50% | $0 |
| Ally Bank vs Chase Bank | 0.01% | $0 |
| Ally Bank vs Chime | 3.75% | $0 |
| Ally Bank vs CIT Bank | 4.00% | $100 |
| Ally Bank vs Fitness Bank | 5.00% | $100 |
| Ally Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Ally Bank vs Presidential Bank | 4.50% | $5,000 |
| Ally Bank vs SoFi Bank | 3.80% | $0 |
| Ally Bank vs Synchrony Bank | 3.80% | $0 |
| Ally Bank vs Varo Bank | 5.00% | $0 |
| Ally Bank vs Wells Fargo | 2.51% | $25 |
Compare Discover Bank's APY of 3.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Discover Bank vs American Express | 3.60% | $0 |
| Discover Bank vs Axos Bank | 4.66% | $0 |
| Discover Bank vs Bank of America | 0.01% | $100 |
| Discover Bank vs Barclays | 4.10% | $0 |
| Discover Bank vs Capital One | 3.50% | $0 |
| Discover Bank vs Chase Bank | 0.01% | $0 |
| Discover Bank vs Chime | 3.75% | $0 |
| Discover Bank vs CIT Bank | 4.00% | $100 |
| Discover Bank vs Fitness Bank | 5.00% | $100 |
| Discover Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Discover Bank vs Presidential Bank | 4.50% | $5,000 |
| Discover Bank vs SoFi Bank | 3.80% | $0 |
| Discover Bank vs Synchrony Bank | 3.80% | $0 |
| Discover Bank vs Varo Bank | 5.00% | $0 |
| Discover Bank vs Wells Fargo | 2.51% | $25 |