What are the key differences between Ally Bank and Discover Bank?

Ally Bank vs Discover Bank: Which is the Right Choice for You?

Ally Bank and Discover Bank are two of the most popular online banks available in the United States. While they share some similarities, there are also some key differences that you should consider before choosing one over the other.

Interest Rates

One of the biggest differences between Ally Bank and Discover Bank is their interest rates. Ally Bank typically offers higher rates for their savings and checking accounts, while Discover Bank offers more competitive rates for their money market accounts.

Fees

Another important consideration is the fees charged by each bank. Both Ally Bank and Discover Bank offer fee-free online checking and savings accounts, but Discover Bank charges fees for things like insufficient funds, stop payments, and excessive transactions.

Customer Service

Both Ally Bank and Discover Bank are known for their excellent customer service. However, Ally Bank offers 24/7 customer support, while Discover Bank's customer service hours are more limited.

Mobile Apps

Finally, both Ally Bank and Discover Bank offer robust mobile apps that allow you to manage your accounts, deposit checks, and more. However, Ally Bank's app has received higher ratings from users.

Ultimately, the right bank for you will depend on your individual needs and preferences. If you're looking for higher interest rates and 24/7 customer support, Ally Bank may be the right choice. However, if you're interested in money market accounts and don't mind limited customer service hours, Discover Bank may be a better fit.