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 BankDiscover Bank
ProductSavings AccountvsOnline Savings Account
APY
3.50% (as of 6/20/2025)3.60% (as of 6/20/2025)
Bundled Account
NoNo
FDIC-insured
YesYes
Online OnlyYesYes
Compound Frequency
DailyDaily
Minimum Deposit$0$0
Minimum Balance for APY$0$0
Maintenance Fee$0$0
Direct Deposit Required
NoNo
Visit BankSavings AccountOnline Savings Account
App Store Rating4.7/54.9/5
Google Play Rating4.4/54.3/5
BBB RatingA+A+

Comparative Historical APY Insights (Last 5 Months)

Ally BankDiscover Bank
ProductSavings AccountvsOnline Savings Account
Latest APY3.50 %3.60 %
TrendSidewaysSideways
Slope (bps/mo)-4.7-4.2
Rate Changes / Mo0.630.42
Days Since Last Change360
High (-5 m)3.80 %3.75 %
Low (-5 m)3.50 %3.60 %
Draw-down from High-7.9 %-4.0 %
Volatility (CV)0.0200.017
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 Details

Discover 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 Details

After 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
Compare Discover Bank's APY of 3.60% with other banks