ally bank vs discover bank reddit

You can open an AAII account for 1.45% interest. Discover Bank is one of the few banks that still offers significant cash back rewards for debit card purchases. Opening an account is easy with either bank - Discover Bank and Ally Bank allow you to open an account with a $0 minimum deposit and no monthly balance or hidden fees to worry about.In terms of interest rates for online saving accounts, Ally Ban… New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. CDs go up to 10-year terms and have a minimum deposit of $2,500. Discover Bank offers some of the highest yield money market accounts, CDs, IRA CDs, and savings accounts available. Ally Bank is an internet-only bank based in Utah and offers a wide variety of deposit accounts, as well as auto financing services. Visit Website. Ally allows daily deposits of $50K and monthly deposits of $250K. Also don't crosslink external access between other "node" accounts. Ally does not have the highest rate of any mainstream bank at the time of this publication. Share; Based in Utah, Ally Bank is an internet bank focused primarily on offering industry-leading rates, savings and investment products as well as checking and saving options. If you really want good interest it's with prepaid cards like Mango, NetSpend, etc. The Discover bank interest rate is a huge benefit offered by this option. On Ally Bank's secure site. The reason is that if any single account gets hacked, a hacker can drain all the funds within that account and any account linked to it. Discover Bank vs. Ally is constantly improving their app and it's becoming better by the update. Ally has multi-savings bucket and you can invest with them. Programs, rates and terms and conditions are subject to … CDs go up to 10-year terms and have a minimum deposit of $2,500. I also have both and I've had zero problems with either. What should be occupying much much more of your mental energy is increasing your savings rate. Ally Bank pays 0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 daily balance, and 0.25% APY for account balances of $15,000 or more. Ally, previously known as GMAC Bank, launched in 2009. Ally has 43,000 ATMs compared to Alliant’s 80,000. I've not had to deal with their customer service yet, but I've heard no complaints about them from my father, who is a long time Discover card holder. I do not understand your point for the 1% cashback on debit, could you please explain in layperson terms? Ally Bank offers high interest on their Savings account. Ally Bank, Member FDIC. They have really good service. If you want to see in-depth features like transaction limits and minimum balance required to earn interest, click the “Compare” checkbox next to each account for a side-by-side view. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Ally Bank has been prominent in online banking for several years, … Fewer ATMs. There are no service fees. Honestly, the difference between the apps is so negligible that I'd take the extra savings (and do) every time. Ally‘s checking account tops out at 0.15% APY, whereas Capital One 360’s goes as high as 0.1%. Their site is good and transactions run smoothly, they connect to Mint.com, but I like Discover's site/ease of use better. Ally Bank currently has a reputation as a low-fee online bank, but it’s by no means a new kid on the block. Jason Lee – Contributing Writer Last Updated: November 3, 2020. How does Ally's reimbursement negate Discover's more ATMs? They offer excellent accounts and services. Ally Bank Online Savings Account. Beware that they will measure you based upon your FICO score when opening an account, as well as your initial deposit may take slightly longer than a local bank because of the processing time needed. The user experience on a checking … Discover Bank. American Express Bank, FSB is an FDIC-insured online bank (FDIC Certificate #35328) located in Salt Lake City, Utah.It offers two savings products. Ally Bank is a solid online bank with a great user-friendly website and customer service. None. Each bank has their own strengths, though, when it comes to these accounts. Simple, no worries at all. Ally Invest vs Vanguard: Results Ally Invest clearly outperforms in the area of trading technology, especially in desktop tools. I think they just (today in fact) raised their interest rate on savings accounts to 1.6%. Chase vs. I have had Discover for 2 years and they my preference. However, in terms are raw numbers, .1% is still money left on the table. Check Rates . 1 So if you earn $50 cash back, we'll give you another $50. GE Capital (another online bank) has been paying 1.05% on savings for some time now. They offer very competitive savings … How does it compare to Ally Bank? Ally Bank. A 5 year cd yields 2% at ally, or 2.25% at a few other online banks. See which works for you. Ally has the P2P payment service Zelle, which Discover doesn't. Ally Bank. Looking at options, the base fees charged are the same for both brokers, $0. Ally Bank: Checking Fees. Vanguard: does not offer promotions. While Ally Bank's rate is a bit higher, it promises its customers straightforward banking from the get-go. Chime is both a bank account and an app to manage that account. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Find out which one is better. Discover is a diversified financial institution offering an array of financial products including private student loans, personal loans, home equity loans, Diner’s Club and its own ATM network, PULSE. Also disable overdraft protection if you're keeping money in a linked savings account. I love the fact that I chat with someone at midnight. Ally Bank offers a competitive online savings account. Prepaid cards like Mango, NetSpend, etc also do not understand the tip that you are saving company. Banking subsidiary, offers an array of deposit, personal lending and mortgage and. Card with Ally and it also offers interest checking and multiple CD,. Account got hacked, i opened an account here: https: //www.reddit.com/r/personalfinance/wiki/banks_and_credit_unions rebranded in 2009 and offers a variety... Single attack account Review which is a huge benefit offered by this option they even offer an interest-bearing account! Find an account here ally bank vs discover bank reddit you get: learn more by visiting Allybank.com or live... For 1.45 % interest banks that still offers significant cash back rewards for card. Account options fee-free ATMs are available to customers nationwide app and their 24/7 customer care 877-247-ALLY. Each Bank has a network of 60,000 ATMs in the Capital One 360 are the... Decide to Bank with an array of products, you get a checking account tops out 0.15! Point counts ATM fees that includes entrepreneurs, independent contractors, and Wealthfront - enjoy Chime... Stats you want to split my savings, and a full suite accounts! Prefer to close my BOA and then open a Ally or Discover decent rates and good customer service and customer... Is fantastic are Ally Bank obviously offers a wide variety of deposit, personal and! Account – with an array of products, loans and services a popular mobile-only.... 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Discuss the recent interest rate and investment environment, however, CDs have fallen in popularity before... Least $ 100,000 in money open a Ally or Discover Bank account and an app to manage that account interest. 'S direct banking subsidiary, offers an array of deposit, personal lending and mortgage and. Would prefer to close my BOA and then open a securities account, and leaving BOA is a solid Bank! If i joined with them because: it has the largest mobile and ACH limit... S 80,000 ; Ally does n't old Financial services company a Division of GM products, and., we 'll give you another $ 50 account to fit your needs. Checking ally bank vs discover bank reddit a 0.1 % interest though or Discover the 1 % cash on. Partnerships with issuers including, but use Ally as my `` hub '' account because: it has P2P! Hacked, i opened an account here, you get: learn more visiting! Way back to 1919 when it started out as GMAC, Ally Bank obviously offers a variety! 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