Discover Bank is a solid online bank with high APY rates and good customer service. The Discover checking account is a bland account. I really like Discover. Nice, thank you! I moved my checking and savings to Alliant instead of Ally because the Alliant checking account gives 0.65%, while matching Ally's 1% savings account rate. Discover Bank is a solid online bank with high APY rates and good customer service. However, in terms are raw numbers, .1% is still money left on the table. Edit to add that you don't have to be a Michigan resident. Here’s what else you should consider when comparing the two cards: Discover it Cash Back vs. Discover Bank offers some of the highest interest rates on the market. Ally is constantly improving their app and it's becoming better by the update. I am looking for any insight from Ally users and Discover users. but it does come with conditions.Edit: some of my original post was crap. At Discover Personal Loans, repayment plans range from 36 to 84 months. Discover Bank vs Ally Bank. I would just like to add that Discover has the best customer service I have ever dealt with. Discover Bank vs Ally Bank. You have to meet three criteria each month: Direct deposit into any LMCU account (I set up recurring auto-transfers of $10 each month from a non-LMCU account), Minimum of 10 posted debit card purchases per month (I make 10 Amazon eGift card purchases in amounts of $1-2), Minimum of 4 logins to home banking per month (Easy), Sign up to receive eStatements/eNotices (Set and forget). Explore our Secured credit card to help build your credit history. Hello. Press question mark to learn the rest of the keyboard shortcuts. It does have two main perks: no foreign transaction fees and cash back. Yes. Just curious, don't want to split my savings, would prefer to close my BOA and then open a Ally or Discover. You'll want to go with Connexus Credit Union for a money market account, because Alliant … Alliant Credit Union review vs. Connexus Credit Union review. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Students new to credit are also unlikely to qualify for the Discover it Cash Back card. So … Alliant Credit Union does not manage the operation or content of the website you are about to enter. :-0. Their site is good and transactions run smoothly, they connect to Mint.com, but I like Discover's site/ease of use better. discover it cash back vs discover it chrome: rewards Discover it Cash Back gives 5% cash back up to a quarterly maximum spent in bonus categories that change each quarter and require activation. Let’s say you already spend $2,000 a month on a 2% credit card (vs. this 2.5% credit card); switch that spending to the Alliant card, and you would earn an additional $10 cash back each month. You can't do that with Ally, Discover or Schwab. This is my emergency fund savings account. I have used Ally for a few years... no complaints. Alliant Credit Union is an online credit union that anyone can join. Discover gave me a higher credit limit than damned near anyone when I was still building credit and my score wasn't fantastic quite yet. This is the first time ive used reddit for something like this and its been very nice being able to see different viewpoints and support. Join our community, read the PF Wiki, and get on top of your finances! Join our community, read the PF Wiki, and get on top of your finances! Ally Bank: Fees. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. CDs go up to 10-year terms and have a minimum deposit of $2,500. I've had the Discover It credit card for 5 years now, and last year opened a savings account with them. How the Alliant Cashback Visa ® Signature Card. The foreign transaction fees are irrelevant. More and more banks have been turning to new and innovative ways of banking. https://www.ally.com/do-it-right/trends/how-ally-bank-can-help-you-avoid-overdraft-fees/. The credit union does not offer USDA, VA or FHA loans. Pretty sure 1% isn't even keeping up with inflation haha. I wouldn’t even attempt to use Discover when traveling internationally, I stick to a Visa card. The banks I'm considering are:-Alliant-Ally-Simple-Discover-Capital One 360-Charles Schwab. I'm leaning toward Alliant right now, maybe, because frankly they come across as having the most ethical background? Discover had 260 more reviews than Alliant Credit Union that mentioned "Great benefits" as a Pro. More ATMs. Press question mark to learn the rest of the keyboard shortcuts. You always know what the wait time is before you call. The first time I had to call Discover I got someone with the same name as me (which is an uncommon name) in the same city as me. I know the interest rates for Ally are higher than Discover. Customer service is a pretty big deal for me, because I seem to attract the worst luck with crazy banking situations that aren't my fault, (haha), so I'll keep this in mind! Chase Discover Bank; SPECIAL OFFER Chase Bank $200 Bonus - Learn More Read Chase Review. If you like online banking and can avoid overdrafts, consider Alliant. Online banking in 2018 Charles Schwan vs Capital one 360 vs Discover and others (Ally Alliant etc) Saving. I felt like I was on one of their ads and I was actually talking to myself. Discover it Student Cash Back The privacy and security policies of the site may differ from those of Alliant Credit Union. For Ally, I only have savings and have no need to login frequently, much less use the app. More ATMs. I don't use it for anything but emergency fund, so I rarely interact with it, other than the gift cards (only to double-check that I've hit 10 cards). Here’s what else you should consider when comparing the two cards: Discover it Cash Back vs. The rebate does not apply to cash advances from Alliant Visa credit cards through ATMs nor to the Alliant Savings ATM Card and Visa International Service Assessment (ISA) fees. If you don’t meet the standard credit union qualifying criteria (being a relative of a member or working for a select organization), you can join by making a $10 donation to Foster Care to Success.. Discover it® Cash Back: Discover More Card : This card came with a 5% Cashback Bonus Get More program, which allows cardmembers to earn more rewards in popular categories that change four times a year, like grocery stores, gas stations, Uber and Lyft, restaurants, and Amazon.com. Alliant Credit Union is not responsible for the content and does not provide any products or services at this third-party website. There’s nothing bad about it, but there’s nothing good about it either. I have a Discover card and an Ally savings. I have about $1,200 sitting (just sitting, doing nothing) in a Wells Fargo savings account right now, if that helps. I love having it. Discover doesn’t allow co-signers, and so a student would need to have a significant credit history and income to qualify. Unlike Ally, Alliant has a couple branch locations so you can bank in person.. More interest on checking accounts. Savings accounts include debit cards. Comparison based on Alliant Credit Union 0.55% APY as of 04/01/2021 vs. the bank national average savings rate of .04% APY as of 04/01/2021 sourced from National Association of Federal Credit Unions in cooperation with SNL Financial and Datatrac Corp. However, the Alliant Advantage Mortgage program has a 0% down payment option for first-time homebuyers and a 5% down payment option without private mortgage insurance. Now, there are a few things with Alliant I don't like such as they don't have a cap on overdraft fees like Ally or Discover. You are leaving Alliant’s website to enter a website hosted by an organization separate from Alliant Credit Union. I really like Discover. Build a Credit History. Looking to transfer my savings from BOA to an online savings, estimated around 10k, and I start a new job Monday as well. The privacy and security policies of the site may differ from those of Alliant … You’ll earn more interest with Alliant checking accounts. Pros and cons? The best five national banks are Ally Bank, Alliant Credit Union, Bank of America, Chase and Discover Bank. I've never heard of it, but I do like having our emergency fund in a totally separate bank, and this also sounds like a good option. A revolving line of credit may have a variable interest rate, meaning the interest rate and payment amount can change from month to month. Discover More Card vs. Think of upwards of 2 lattes you could have purchased with that! Best For ATM Access: Discover Bank: 0.45% APY. I wouldn’t even attempt to use Discover when traveling internationally, I stick to a Visa card. They've definitely earned my trust and business. I've had zero issues with them. Although Discover Bank’s savings rates aren’t quite as high as some others we review here, it could be your best option if you want to tie your high-yield online savings account to a rewards checking account with access to a large national ATM network. I really like Ally's app and their 24/7 customer service is great. You make a $5 deposit to set up an initial account (Member Savings, I believe - I may have done it over the phone), and that's it. What if you need cash? A lot of people will suggest Ally, but I have used it in the past and switched to Alliant a few months back. At a glance, Ally Bank obviously offers a higher interest rate for its online savings account. Read our comparison chart below. Discover Bank offers some of the highest interest rates on the market. I have paid every month in full. new job has me focused on increasing my savings, and everything counts, and leaving BOA is a start. Alliant offers a checking account with no monthly service fee and no minimum balance requirement. I have a discover card, app is decently made, enjoy the customer service. A 5 year cd yields 2% at ally, or 2.25% at a few other online banks. The products and services on this website are being offered through LPL Financial or its affiliates, which are separate entities from, and not affiliates of, Alliant Credit Union.The privacy and security policies of the site may differ from those of Alliant Credit Union. They have really good service. Find 4100 Voltaire St Apt 216 at Alliant International University-San Diego (Alliant International University-San Diego), along with other Apartments in San Diego, California. Discover bank had the same issue. Alliant Credit Union does not manage the operation or content of the website you are about to enter. Overdraft protection lets me keep more money in savings instead of checking. Alliant Credit Union is not responsible for the content and does not provide any products or services at this third-party website. Then, I do .50 cent reloads on Amazon (did that for the first time this month, previously I would go to Walmart and buy 10 bananas, ~.20 each, lol). There aren’t many full-service online banks that give you such perks. Thoughts on these options? Savings accounts include debit cards. However, the ease of use, touch ID login are starting to swing me towards discover. Alliant has over 80,000 ATMs compared to Ally‘s 43,000. Discover More Card vs. I forgot to add sometimes I do need to deposit cash into my checking, usually through atm. The Alliant Cashback Visa® Signature Credit Card pays 2.5% cash back on up to $10,000 in spending per billing cycle, meaning you can earn up to $250 cash back per month and $3,000 in a year. 61. I use both, I have a discover card, and Ally is my primary bank. I'm hoping to increase the amount I have in savings as I go along with my life—this question is, "For a person who plans to keep increasing their savings over time [like me], which savings account do you think has the best features?" I also have both and I've had zero problems with either. Discover, on the other hand, requires an opening deposit of at least $2,500 to open a CD account or a money market account. Should I just stay with Discover, or should I opt for maximum level of savings with Ally and just deal with the app. Alliant Credit Union is not responsible for the content and does not provide any products or services at this third-party website. I have had Discover for 2 years and they my preference. Currently, Discover high-yield savings accounts offer exactly what they claim, high savings yields and high APY rates. And both work with amazon reloads for the debits. Alliant has over 80,000 ATMs compared to Ally‘s 43,000. Solid track record established dividend payer. works. And they only offer the first 100 checks free whereas you can get unlimited free paper checks from Ally and Discover. I have a credit score of 769. I have been with ally for just around 6 years now - basically since the beginning. Their rates are always on the high end, but no longer the highest - I am starting to move some money over to barklays. They have no cap on daily overdrafts. The foreign transaction fees are irrelevant. It does have two main perks: no foreign transaction fees and cash back. They also increased their interest rate to 1.01% now from 0.95%. I have had a Discover Cash Back and a Amazon Prime Rewards credit card for over 2 years. Just a thought to consider. Which would you choose? Lower daily ACH transfer limits. I take my finance decisions very seriously and I want to make the most optimal and efficient decision possible. I basically want to avoid fees, I don't really go in to the branch so that won't be an issue. Comparison based on Alliant Credit Union 0.55% APY as of 04/01/2021 vs. the bank national average savings rate of .04% APY as of 04/01/2021 sourced from National Association of Federal Credit Unions in cooperation with SNL Financial and Datatrac Corp. Looking to transfer my savings from BOA to an online savings, estimated around 10k, and I start a new job Monday as well. Alliant offers a checking account with no monthly service fee and no minimum balance requirement. It's really nice seeing everything in the same app using the same login, simplifies everything (at least for me). I've had the Discover It credit card for 5 years now, and last year opened a savings account with them. So for example, Ally and Discover charge either $25 or $30 and cap it at one charge per day. I know the interest rates for Ally are higher than Discover. Anyway, I'm really open to suggestions and y'all's personal experiences. Discover Bank vs. The 04/01/2021 High Rate Checking dividend provides an Annual Percentage Yield (APY) of 0.25% APY. Press J to jump to the feed. After reading through several articles and multiple comments, these are the 3 that keep coming up the most. I just direct deposit from my work whatever percentage I save every month anyways. By Simon Zhen. Both credit unions I've been a part of have had similar deals to the one offered above(except the logins part, thats one I haven't dealt with) and have been easy to work with in general. Press J to jump to the feed. With Alliant, if the merchant tries to withdraw multiple times that day, Alliant will charge you $25 each time. Genuine question because if I can get away from TD that'd be cool. However, the ease of use, touch ID login are starting to swing me towards discover. To piggyback on this one, I highly suggest researching local credit unions in general. That being said, 1% is better than most savings accounts. You’ll earn more interest with Alliant checking accounts. Both have 1% everything else. Ally Bank doesn’t charge monthly service fees on any of its accounts. CDs go up to 10-year terms and have a minimum deposit of $2,500. Probably my favorite feature on their app/website is the wait time notification. Alliant Credit Union does not manage the operation or content of the website you are about to enter. Look into early termination fees if you might need them - they are usually not that high. Let’s say you already spend $2,000 a month on a 2% credit card (vs. this 2.5% credit card); switch that spending to the Alliant card, and you would earn an additional $10 cash back each month. Calling Discover to ask questions about my account or inquire about services really is a treat. Get the same medication for a fraction of the cost with generic Viagra, or sildenafil. I love the fact that I chat with someone at midnight. There’s nothing bad about it, but there’s nothing good about it either. http://www.mymoneyblog.com/ally-bank-1-day-ach-transfer-review.html. There aren’t many full-service online banks that give you such perks. Discover it chrome always gives 2% cash back on your first $1,000 spent on gas and restaurant purchases per quarter. There’s nothing bad about it, but there’s nothing good about it either. I've called a couple of times and their customer service is fantastic. Sorry, maybe that wasn't obvious... Not on the list that you asked about, but I've been using Lake Michigan Credit Union for my emergency fund. With Discover's current 0.90% you'd be looking at 10090.37, A devastating loss of $9.08. Not all ATMs accept deposits. Read our comparison chart below. Ally’s checking account earns interest at competitive rates, while Discover’s checking account is pretty unique in that it earns cashback rewards. LMCU is solid, but CCU (myconsumers.org) has a better rate at 4.59%, and Northpointe has an even better rate at 5%. Only reason I use Ally for my E-fund is that I prefer to have my E-fund in a separate institution from my primary checking, so it's a little harder to get into. They are basically an online credit union. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Students new to credit are also unlikely to qualify for the Discover it Cash Back card. I have never seen it over 5 minutes. Trying to figure out that side in a separate thread, too.]). On 10K at ally's current 0.99% you'd have 10099.45 in 12 months. I like Ally. Visit Website. Discover Bank vs. I have a discover card, app is decently made, enjoy the customer service. 1,200 in a savings account earning slightly over 1%...not really going to be racking in the dough regardless of what you do, I haven't had any bad experiences with storing my Emergency fund in Ally. (Sounds silly, but mind you, I'm coming from banking with Wells Fargo for 10 years [they're evil, I know, I know. They offer 3% interest with their Max Checking Account, on balances up to $15k. The Discover checking account is a bland account. Both Discover and Ally are customer-friendly when it comes to fees. Compare credit cards to find which offer is right for you.. Discover it Student Cash Back It's really nice seeing everything in the same app using the same login, simplifies everything (at least for me). What should be occupying much much more of your mental energy is increasing your savings rate. Key differences between a line of credit and a personal loan to consolidate debt Interest rates. Available: Standard Primers – These proven primers deliver trustworthy performance for home reloaders. While Ally Bank's rate is a bit higher, it promises its customers straightforward banking from the get-go. APY=Annual Percentage Yield. The discover app 4 digit pin entry is awesome as I have their CC as well and login frequently to check things. discover it cash back vs discover it chrome: rewards Discover it Cash Back gives 5% cash back up to a quarterly maximum spent in bonus categories that change each quarter and require activation. Discover Bank vs Ally Bank. I recently switched to MySavingsDirect for their 1.05% interest though. Big fan of them. Discover Vs. Actually, this is probably of benefit if you have a balance high enough to absorb the $10-15 you'd spend meeting the 10 monthly purchases... Edit: I just finished purchasing my 10 Amazon gift cards - the site wouldn't allow me to purchase anything below $1. I have both checking and savings accounts with them. Ally's customer service has gone over and above to solve some issues I had a while back stemming from transferring money from a Chase account I was closing. The Discover has a rotating category 5% while the Amazon has 5% on Amazon, 2% on restaurants, gas, and drug stores. Alliant Credit Union is a not-for-profit, member-owned financial institution that has been around for more than 80 years. Alliant is easy to join, good interest rates on both checking and savings (.65% on checking, 1.05% on savings), and refunds up to $20/mo in ATM fees. Simple, no worries at all. In addition to the above benefits: 1 Day ACH http://www.mymoneyblog.com/ally-bank-1-day-ach-transfer-review.html. They offer excellent accounts and services. Discover credit cards are built to give you great rewards and the service you deserve, from our flagship cashback credit card to our flexible travel credit card. Honestly, the difference between the apps is so negligible that I'd take the extra savings (and do) every time. Visit Website. New job is about 10k more a year +healthcare and 401k so I am finally in a big boy job with benefits, so it has gotten me thinking about how to maximize everything and make my money work for me. If you really want good interest it's with prepaid cards like Mango, NetSpend, etc. A CD is always possible, would have to use excel and figure out how much I could do, but I don't want to put a lot into a locked up CD until I pass my probationary period at my job, which is 60 days. How does it compare to Ally Bank? 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. Greater improvements in erectile dysfunction, there is nothing wrong … Though technically located in Illinois, Alliant Credit Union is open to members nationwide. 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… Credit Card. And they have a lower ACH transfer limit than Ally. if you had to recommend one, which? Everything else is simple, 4 logins plus eStatements. Any reason not to use a CD for at least some of your 10k that you are saving? Best For ATM Access: Discover Bank: 0.45% APY. Discover it chrome always gives 2% cash back on your first $1,000 spent on gas and restaurant purchases per quarter. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. Nerdy tip: Alliant Credit Union also offers the Alliant Cashback Visa® Signature Credit Card, for an annual fee of $0 intro for the first year, then $99. Although Discover Bank’s savings rates aren’t quite as high as some others we review here, it could be your best option if you want to tie your high-yield online savings account to a rewards checking account with access to a large national ATM network. Discover Savings Account Review: Limitations. The privacy and security policies of the site may differ from those of Alliant … How does it compare to Ally Bank? Discover it® Cash Back: Discover More Card : This card came with a 5% Cashback Bonus Get More program, which allows cardmembers to earn more rewards in popular categories that change four times a year, like grocery stores, gas stations, Uber and Lyft, restaurants, and Amazon.com. Unlike Ally, Alliant has a couple branch locations so you can bank in person.. More interest on checking accounts. Alliant offers better rates than traditional banks, and broad membership criteria. Even though Discover online savings accounts have many advantages, they do have some limitations. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Ally Bank Savings Accounts Review. I just recently opened an ally savings but kept my td checking so I could use ATMs. Alliant Credit Union provides conventional mortgages, including fixed- and adjustable-rate loans. Updated: Dec 07, 2020. Discover charges only one service fee: A $10 fee on its Money Market Account, charged only if your account balance falls below $2,500 after the third statement cycle. EDIT: Lol, guys, I know $1,200 at 1% interest isn't going to be raking in a ton of extra cash for me. They also increased their interest rate to 1.01% now from 0.95%. However, there is absolutely no guarantee that these rates will remain the same. I have both and am pleased with both. Discover had 35 more reviews than Alliant Credit Union that mentioned "Upper management" as a Con . Discover doesn’t allow co-signers, and so a student would need to have a significant credit history and income to qualify. There are companies I dread calling because of roboAnswering, terrible hold times, or just plain not caring.