Ally Bank vs. Discover Bank
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
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Summary of Ally Bank vs. Discover Bank
Key Metrics at a Glance
| Feature | Ally Bank | Discover Bank |
|---|---|---|
| Top Savings APY | 3.40% Savings Account | 3.40% Online Savings Account |
| Minimum to Open | $0 | $0 |
| Minimum Balance for APY | $0 | $0 |
Ally Bank
Strengths
- Ally Bank offers a high-yield Savings Account with a current APY of 3.40%.
- Ally Bank has no maintenance fees on its Savings Account.
- Ally Bank's App Store rating is 4.7.
Potential Drawbacks
- Ally Bank's APY decreased from 3.50% to 3.40% in the last 30 days.
- Ally Bank has no physical branches.
Discover Bank
Strengths
- Discover Bank's Online Savings Account also offers a current APY of 3.40%.
- Discover Bank has an App Store rating of 4.9.
- Discover Bank is BBB Accredited.
Potential Drawbacks
- Discover Bank's APY decreased from 3.50% to 3.40% in the last 30 days.
- Discover Bank has no physical branches.
Summary: Both Ally Bank and Discover Bank offer high-yield savings accounts with a current APY of 3.40%, down from 3.50% over the past month. Ally Bank has a slightly lower App Store rating of 4.7 compared to Discover Bank's 4.9. Both banks have no maintenance fees and no physical branches, and both are rated A+ by the BBB, with Discover Bank being BBB Accredited.
→ As of 10/14/2025 both Ally Bank (Savings Account) and Discover Bank (Online Savings Account) offer an APY of 3.40% .
→ Both banks yield $340 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.
Calculate Savings Growth for Ally Bank vs Discover Bank
All calculations are based on APY.
Ally Bank
APY: 3.40%
Total savings breakdown:
- Interest earned: $2,050.5 (10.23%)
- Total contributions: $13,000 (64.84%)
- Initial deposit: $5,000 (24.94%)
Your total balance
$20,050.50
Effective APY: 3.40% (based on your deposit and contributions)
Total balance: $20,050.5
Earnings: $2,050.5
Bank OverviewDiscover Bank
APY: 3.40%
Total savings breakdown:
- Interest earned: $2,050.5 (10.23%)
- Total contributions: $13,000 (64.84%)
- Initial deposit: $5,000 (24.94%)
Your total balance
$20,050.50
Effective APY: 3.40% (based on your deposit and contributions)
Total balance: $20,050.5
Earnings: $2,050.5
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Ally Bank's total earnings would be the same as Discover Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Ally Bank's vs Discover Bank's Savings Accounts
| Ally Bank | Discover Bank | ||
|---|---|---|---|
| Product | Savings Account | vs | Online Savings Account |
| APY | 3.40% (as of 10/14/2025) | 3.40% (as of 10/14/2025) | |
| 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 | |
| App Store Rating | 4.7/5 | 4.9/5 | |
| Google Play Rating | 4.3/5 | 4.3/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 8 Months)
| Ally Bank | Discover Bank | ||
|---|---|---|---|
| Product | Savings Account | vs | Online Savings Account |
| Latest APY | 3.40 % | 3.40 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -3.8 | -4.0 | |
| Rate Changes / Mo | 0.46 | 0.46 | |
| Days Since Last Change | 18 | 14 | |
| High (-8 m) | 3.80 % | 3.75 % | |
| Low (-8 m) | 3.40 % | 3.40 % | |
| Draw-down from High | -10.5 % | -9.3 % | |
| Volatility (CV) | 0.028 | 0.029 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 8 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 (-8 m)
- Highest APY in the last 259 days.
- Low (-8 m)
- Lowest APY in the last 259 days.
- Draw-down from High
- How far today sits below the 8-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.
More Comparisons
Compare Ally Bank's APY of 3.40% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Ally Bank vs American Express | 3.50% | $0 |
| Ally Bank vs Axos Bank | 4.51% | $0 |
| Ally Bank vs Bank of America | 0.01% | $100 |
| Ally Bank vs Barclays | 4.10% | $0 |
| Ally Bank vs BrioDirect | 4.20% | $5,000 |
| Ally Bank vs Capital One | 3.40% | $0 |
| Ally Bank vs Chase Bank | 0.01% | $0 |
| Ally Bank vs Chime | 3.75% | $0 |
| Ally Bank vs CIT Bank | 3.85% | $100 |
| Ally Bank vs Elevault | 4.34% | $0 |
| Ally Bank vs EverBank | 4.05% | $0 |
| Ally Bank vs Fitness Bank | 4.75% | $100 |
| Ally Bank vs FVCbank | 4.10% | $500 |
| Ally Bank vs GO2bank | 4.50% | $0 |
| Ally Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Ally Bank vs Neighbors Bank | 4.50% | $0 |
| Ally Bank vs Newtek Bank | 4.35% | $0 |
| Ally Bank vs Peak Bank | 4.20% | $100 |
| Ally Bank vs Pibank | 4.60% | $0 |
| Ally Bank vs Presidential Bank | 4.50% | $5,000 |
| Ally Bank vs Santander Bank | 0.01% | $25 |
| Ally Bank vs SoFi Bank | 4.50% | $0 |
| Ally Bank vs Synchrony Bank | 3.80% | $0 |
| Ally Bank vs TIMBR | 4.40% | $1,000 |
| Ally Bank vs UFB Direct | 3.96% | $5000 |
| Ally Bank vs Varo Bank | 5.00% | $0 |
| Ally Bank vs Wells Fargo | 0.05% | $25 |
| Ally Bank vs Zynlo Bank | 4.20% | $10 |