Ally Bank vs Discover Bank
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of Ally Bank vs. Discover Bank
As of June 20, 2025 Ally Bank offers an APY of 3.50% for its Savings Account account, compared to Discover Bank's 3.60% APY for its Online Savings Account account.
Discover Bank yields $10 more than Ally Bank on a $10,000 balance after one year. Ally Bank pays $350, while Discover Bank pays $360 - an APY advantage for Discover Bank.
Ally Bank
Strengths
- Ally Bank's current APY is 3.50%, down from 3.60% last month.
- 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 is lower than Discover Bank's 3.60%.
- Ally Bank has no physical branches.
Discover Bank
Strengths
- Discover Bank offers a higher APY of 3.60%, unchanged from last month.
- Discover Bank is BBB Accredited, enhancing its trustworthiness.
- Discover Bank has a higher App Store rating of 4.9.
Potential Drawbacks
- Discover Bank has no physical branches.
- Discover Bank also has no direct deposit requirement.
Summary: Both Ally Bank and Discover Bank offer online savings accounts with no minimum deposits or maintenance fees. Discover Bank has a higher APY at 3.60% and is BBB Accredited, while Ally Bank's APY is 3.50% and has decreased recently. Both banks lack physical branches and do not require direct deposits, but Discover Bank excels with a higher App Store rating of 4.9 compared to Ally's 4.7.
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 6/20/2025) | 3.60% (as of 6/20/2025) | |
| 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 5 Months)
| Ally Bank | Discover Bank | ||
|---|---|---|---|
| Product | Savings Account | vs | Online Savings Account |
| Latest APY | 3.50 % | 3.60 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.7 | -4.2 | |
| Rate Changes / Mo | 0.63 | 0.42 | |
| Days Since Last Change | 3 | 60 | |
| High (-5 m) | 3.80 % | 3.75 % | |
| Low (-5 m) | 3.50 % | 3.60 % | |
| Draw-down from High | -7.9 % | -4.0 % | |
| Volatility (CV) | 0.020 | 0.017 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 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 (-5 m)
- Highest APY in the last 144 days.
- Low (-5 m)
- Lowest APY in the last 144 days.
- Draw-down from High
- How far today sits below the 5-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: 3.60%
Total savings breakdown:
- Interest earned: $36 (3.47%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.53%)
Your total balance
$1,036.00
Effective APY: 3.60% (based on your deposit and contributions)
Total balance: $1,036
Earnings: $36
Bank DetailsAfter 1 year Ally Bank would earn you $1 less than 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 | 3.60% | $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 SoFi Bank | 3.80% | $0 |
| Ally Bank vs Synchrony Bank | 3.80% | $0 |
| Ally Bank vs Varo Bank | 5.00% | $0 |
Compare Discover Bank's APY of 3.60% 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 | 3.60% | $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 SoFi Bank | 3.80% | $0 |
| Discover Bank vs Synchrony Bank | 3.80% | $0 |
| Discover Bank vs Varo Bank | 5.00% | $0 |