Which would you choose? I wouldn’t even attempt to use Discover when traveling internationally, I stick to a Visa card. Look into early termination fees if you might need them - they are usually not that high. I also have both and I've had zero problems with either. There’s nothing bad about it, but there’s nothing good about it either. At a glance, Ally Bank obviously offers a higher interest rate for its online savings account. Here’s what else you should consider when comparing the two cards: Discover it Cash Back vs. I really like Discover. I have both and am pleased with both. With Discover's current 0.90% you'd be looking at 10090.37, A devastating loss of $9.08. 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. The Discover checking account is a bland account. works. They also increased their interest rate to 1.01% now from 0.95%. Discover More Card vs. Simple, no worries at all. 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… Big fan of them. 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.. I use both, I have a discover card, and Ally is my primary bank. Ally is constantly improving their app and it's becoming better by the update. It does have two main perks: no foreign transaction fees and cash back. 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. Discover Bank vs Ally Bank. They have no cap on daily overdrafts. 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. 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. APY=Annual Percentage Yield. Their rates are always on the high end, but no longer the highest - I am starting to move some money over to barklays. Get the same medication for a fraction of the cost with generic Viagra, or sildenafil. new job has me focused on increasing my savings, and everything counts, and leaving BOA is a start. Pros and cons? 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. More ATMs. Discover bank had the same issue. Discover Bank vs Ally Bank. Best For ATM Access: Discover Bank: 0.45% APY. Discover Bank is a solid online bank with high APY rates and good customer service. Discover Savings Account Review: Limitations. I love having it. Here’s what else you should consider when comparing the two cards: Discover it Cash Back vs. Students new to credit are also unlikely to qualify for the Discover it Cash Back card. 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. Chase Discover Bank; SPECIAL OFFER Chase Bank $200 Bonus - Learn More Read Chase Review. So … 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. More and more banks have been turning to new and innovative ways of banking. :-0. I love the fact that I chat with someone at midnight. And they only offer the first 100 checks free whereas you can get unlimited free paper checks from Ally and Discover. Alliant offers better rates than traditional banks, and broad membership criteria. You always know what the wait time is before you call. Currently, Discover high-yield savings accounts offer exactly what they claim, high savings yields and high APY rates. 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. Discover Bank vs. 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. I have both checking and savings accounts with them. Looking to transfer my savings from BOA to an online savings, estimated around 10k, and I start a new job Monday as well. Alliant Credit Union does not manage the operation or content of the website you are about to enter. I really like Ally's app and their 24/7 customer service is great. The banks I'm considering are:-Alliant-Ally-Simple-Discover-Capital One 360-Charles Schwab. It's really nice seeing everything in the same app using the same login, simplifies everything (at least for me). Discover Bank vs Ally Bank. The Discover has a rotating category 5% while the Amazon has 5% on Amazon, 2% on restaurants, gas, and drug stores. The foreign transaction fees are irrelevant. So for example, Ally and Discover charge either $25 or $30 and cap it at one charge per day. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Discover Bank is a solid online bank with high APY rates and good customer service. 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). Discover Vs. 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. 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). Press question mark to learn the rest of the keyboard shortcuts. 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. They have really good service. Discover Bank vs. EDIT: Lol, guys, I know $1,200 at 1% interest isn't going to be raking in a ton of extra cash for me. Join our community, read the PF Wiki, and get on top of your finances! Read our comparison chart below. 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. I have a discover card, app is decently made, enjoy the customer service. (Sounds silly, but mind you, I'm coming from banking with Wells Fargo for 10 years [they're evil, I know, I know. Compare credit cards to find which offer is right for you.. For Ally, I only have savings and have no need to login frequently, much less use the app. Alliant Credit Union does not manage the operation or content of the website you are about to enter. By Simon Zhen. I have about $1,200 sitting (just sitting, doing nothing) in a Wells Fargo savings account right now, if that helps. 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. Discover Bank offers some of the highest interest rates on the market. Honestly, the difference between the apps is so negligible that I'd take the extra savings (and do) every time. I've had the Discover It credit card for 5 years now, and last year opened a savings account with them. 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. That being said, 1% is better than most savings accounts. What should be occupying much much more of your mental energy is increasing your savings rate. Alliant Credit Union is an online credit union that anyone can join. Calling Discover to ask questions about my account or inquire about services really is a treat. Discover More Card vs. I have had a Discover Cash Back and a Amazon Prime Rewards credit card for over 2 years. However, the ease of use, touch ID login are starting to swing me towards discover. if you had to recommend one, which? The foreign transaction fees are irrelevant. Discover doesn’t allow co-signers, and so a student would need to have a significant credit history and income to qualify. 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. I forgot to add sometimes I do need to deposit cash into my checking, usually through atm. 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. Alliant offers a checking account with no monthly service fee and no minimum balance requirement. Savings accounts include debit cards. I know the interest rates for Ally are higher than Discover. Explore our Secured credit card to help build your credit history. You’ll earn more interest with Alliant checking accounts. Build a Credit History. 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. Discover had 35 more reviews than Alliant Credit Union that mentioned "Upper management" as a Con . With Alliant, if the merchant tries to withdraw multiple times that day, Alliant will charge you $25 each time. Both Discover and Ally are customer-friendly when it comes to fees. 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). Visit Website. There aren’t many full-service online banks that give you such perks. They offer excellent accounts and services. Just a thought to consider. A revolving line of credit may have a variable interest rate, meaning the interest rate and payment amount can change from month to month. I am looking for any insight from Ally users and Discover users. Thoughts on these options? Their site is good and transactions run smoothly, they connect to Mint.com, but I like Discover's site/ease of use better. The discover app 4 digit pin entry is awesome as I have their CC as well and login frequently to check things. There’s nothing bad about it, but there’s nothing good about it either. I have been with ally for just around 6 years now - basically since the beginning. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. It does have two main perks: no foreign transaction fees and cash back. However, there is absolutely no guarantee that these rates will remain the same. Not all ATMs accept deposits. Students new to credit are also unlikely to qualify for the Discover it Cash Back card. You'll want to go with Connexus Credit Union for a money market account, because Alliant … Discover doesn’t allow co-signers, and so a student would need to have a significant credit history and income to qualify. Alliant Credit Union does not manage the operation or content of the website you are about to enter. Discover Bank offers some of the highest interest rates on the market. Unlike Ally, Alliant has a couple branch locations so you can bank in person.. More interest on checking accounts. I've had the Discover It credit card for 5 years now, and last year opened a savings account with them. Lower daily ACH transfer limits. 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. 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! Just curious, don't want to split my savings, would prefer to close my BOA and then open a Ally or Discover. The privacy and security policies of the site may differ from those of Alliant Credit Union. Both have 1% everything else. At Discover Personal Loans, repayment plans range from 36 to 84 months. I have used Ally for a few years... no complaints. https://www.ally.com/do-it-right/trends/how-ally-bank-can-help-you-avoid-overdraft-fees/. Press question mark to learn the rest of the keyboard shortcuts. Ally’s checking account earns interest at competitive rates, while Discover’s checking account is pretty unique in that it earns cashback rewards. Trying to figure out that side in a separate thread, too.]). I just recently opened an ally savings but kept my td checking so I could use ATMs. What if you need cash? Everything else is simple, 4 logins plus eStatements. Anyway, I'm really open to suggestions and y'all's personal experiences. I've had zero issues with them. Though technically located in Illinois, Alliant Credit Union is open to members nationwide. Press J to jump to the feed. 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. If you really want good interest it's with prepaid cards like Mango, NetSpend, etc. CDs go up to 10-year terms and have a minimum deposit of $2,500. Unlike Ally, Alliant has a couple branch locations so you can bank in person.. More interest on checking accounts. A lot of people will suggest Ally, but I have used it in the past and switched to Alliant a few months back. Greater improvements in erectile dysfunction, there is nothing wrong … Key differences between a line of credit and a personal loan to consolidate debt Interest rates. How does it compare to Ally Bank? I have a Discover card and an Ally savings. This is my emergency fund savings account. And both work with amazon reloads for the debits. The privacy and security policies of the site may differ from those of Alliant … Discover had 260 more reviews than Alliant Credit Union that mentioned "Great benefits" as a Pro. 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. After reading through several articles and multiple comments, these are the 3 that keep coming up the most. Any reason not to use a CD for at least some of your 10k that you are saving? I recently switched to MySavingsDirect for their 1.05% interest though. They've definitely earned my trust and business. You are leaving Alliant’s website to enter a website hosted by an organization separate from Alliant Credit Union. I'm leaning toward Alliant right now, maybe, because frankly they come across as having the most ethical background? http://www.mymoneyblog.com/ally-bank-1-day-ach-transfer-review.html. 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. Discover it Student Cash Back How does it compare to Ally Bank? I have had Discover for 2 years and they my preference. 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. Ally Bank Savings Accounts Review. Pretty sure 1% isn't even keeping up with inflation haha. In addition to the above benefits: 1 Day ACH http://www.mymoneyblog.com/ally-bank-1-day-ach-transfer-review.html. They are basically an online credit union. Alliant Credit Union is not responsible for the content and does not provide any products or services at this third-party website. Alliant offers a checking account with no monthly service fee and no minimum balance requirement. And they have a lower ACH transfer limit than Ally. You’ll earn more interest with Alliant checking accounts. Ally Bank doesn’t charge monthly service fees on any of its accounts. How the Alliant Cashback Visa ® Signature Card. Ally Bank: Fees. Edit to add that you don't have to be a Michigan resident. I know the interest rates for Ally are higher than Discover. 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, in terms are raw numbers, .1% is still money left on the table. Online banking in 2018 Charles Schwan vs Capital one 360 vs Discover and others (Ally Alliant etc) Saving. I would just like to add that Discover has the best customer service I have ever dealt with. I just direct deposit from my work whatever percentage I save every month anyways. Updated: Dec 07, 2020. Should I just stay with Discover, or should I opt for maximum level of savings with Ally and just deal with the app. 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?" They offer 3% interest with their Max Checking Account, on balances up to $15k. More ATMs. I have never seen it over 5 minutes. 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. Alliant has over 80,000 ATMs compared to Ally‘s 43,000. 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. I have paid every month in full. There aren’t many full-service online banks that give you such perks. Join our community, read the PF Wiki, and get on top of your finances! 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. Alliant Credit Union is not responsible for the content and does not provide any products or services at this third-party website. I've called a couple of times and their customer service is fantastic. While Ally Bank's rate is a bit higher, it promises its customers straightforward banking from the get-go. I have a discover card, app is decently made, enjoy the customer service. 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. Alliant has over 80,000 ATMs compared to Ally‘s 43,000. 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. Available: Standard Primers – These proven primers deliver trustworthy performance for home reloaders. Savings accounts include debit cards. 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. Best For ATM Access: Discover Bank: 0.45% APY. Looking to transfer my savings from BOA to an online savings, estimated around 10k, and I start a new job Monday as well. Hello. Nice, thank you! We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. I have a credit score of 769. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. If you like online banking and can avoid overdrafts, consider Alliant. but it does come with conditions.Edit: some of my original post was crap. Genuine question because if I can get away from TD that'd be cool. I take my finance decisions very seriously and I want to make the most optimal and efficient decision possible. Alliant Credit Union provides conventional mortgages, including fixed- and adjustable-rate loans. The 04/01/2021 High Rate Checking dividend provides an Annual Percentage Yield (APY) of 0.25% APY. Even though Discover online savings accounts have many advantages, they do have some limitations. Think of upwards of 2 lattes you could have purchased with that! The best five national banks are Ally Bank, Alliant Credit Union, Bank of America, Chase and Discover Bank. Probably my favorite feature on their app/website is the wait time notification. The Discover checking account is a bland account. There are companies I dread calling because of roboAnswering, terrible hold times, or just plain not caring. 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. Credit Card. However, the ease of use, touch ID login are starting to swing me towards discover. I like Ally. The privacy and security policies of the site may differ from those of Alliant … The credit union does not offer USDA, VA or FHA loans. 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. I wouldn’t even attempt to use Discover when traveling internationally, I stick to a Visa card. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. To piggyback on this one, I highly suggest researching local credit unions in general. Discover it chrome always gives 2% cash back on your first $1,000 spent on gas and restaurant purchases per quarter. CDs go up to 10-year terms and have a minimum deposit of $2,500. Overdraft protection lets me keep more money in savings instead of checking. 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. On 10K at ally's current 0.99% you'd have 10099.45 in 12 months. It's really nice seeing everything in the same app using the same login, simplifies everything (at least for me). 61. Discover, on the other hand, requires an opening deposit of at least $2,500 to open a CD account or a money market account. Discover it Student Cash Back Read our comparison chart below. You can't do that with Ally, Discover or Schwab. 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. Alliant Credit Union is not responsible for the content and does not provide any products or services at this third-party website. 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. LMCU is solid, but CCU (myconsumers.org) has a better rate at 4.59%, and Northpointe has an even better rate at 5%. Yes. I felt like I was on one of their ads and I was actually talking to myself. I really like Discover. A 5 year cd yields 2% at ally, or 2.25% at a few other online banks. Alliant Credit Union is a not-for-profit, member-owned financial institution that has been around for more than 80 years. I basically want to avoid fees, I don't really go in to the branch so that won't be an issue. Solid track record established dividend payer. 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. Press J to jump to the feed. Alliant Credit Union review vs. Connexus Credit Union review. They also increased their interest rate to 1.01% now from 0.95%. Visit Website.