Both Ally Bank Interest Checking and Discover Cashback Debit are attractive options with no monthly fees and useful features. Ally Bank is better for those seeking to earn interest on their checking balance, while Discover Cashback Debit is ideal for those who want to earn cashback rewards on debit card purchases. Consider your spending habits and interest-earning priorities when choosing between the two.
| Attribute | Ally Bank Interest Checking | Discover Cashback Debit |
|---|---|---|
| Interest Rate (APY) | 0.10% APY for balances less than $15,000; 0.25% APY for balances of $15,000 or more. Rate determined daily and may vary by region. | Not Applicable |
| Minimum Balance to Earn Interest | No minimum balance required to earn interest. | Not Applicable |
| Monthly Maintenance Fee | $0 | $0 |
| Overdraft Fee | $0. Ally Bank does not charge overdraft fees. | $0 |
| ATM Access/Fees | Free access to over 75,000 Allpoint or MoneyPass ATMs in the U.S. Ally will reimburse up to $10 per statement cycle for fees charged at other ATMs nationwide. | Access to over 60,000 no-fee ATMs in the U.S. through the Allpoint and MoneyPass networks. Discover won't charge a fee for using ATMs outside their network, but the ATM owner might. |
| Mobile Banking Features | User-friendly mobile app, Mobile check deposit, Send and receive money with Zelle, Debit card controls (lock card if lost or stolen) | Mobile app for Android, iPhone, and tablet. Mobile check deposit. View account balances and transaction history. Bill payment service. Set up transfers (one-time or recurring). Contact customer service. Redeem rewards. Find ATMs. Manage alerts. |
| Cashback Rewards on Debit Card Purchases | No cashback rewards program. | 1% cash back on up to $3,000 in debit card purchases each month. Maximum of $30 cash back per month or $360 per year. Rewards can be deposited into a Discover checking, savings, or money market account, or transferred to a Discover credit card. ATM transactions, money orders, cash over portions of point-of-sale transactions, peer-to-peer payments (like Apple Pay Cash), online sports betting, and loan payments made with your debit card are not eligible for cash back. |
| Early Direct Deposit | Get paid up to 2 days early with early direct deposit. | Early Pay allows access to funds from qualifying ACH direct deposits up to 2 days early. Availability depends on when Discover receives the deposit instructions. |
| Bill Pay Features | Free online bill pay. | Online bill pay is available. |
| FDIC Insurance | FDIC insured up to the maximum amount allowed by law ($250,000 per depositor, per insured bank). | Yes, Discover Cashback Debit accounts are FDIC-insured up to the maximum allowed by law ($250,000 per depositor, per ownership category). |
| Customer Service Availability | 24/7 customer service via phone (1-877-247-2559), live chat, or email. | 24/7 U.S.-based customer service is available at 1-800-347-7000. |
| Minimum Deposit to Open | $0 | $0. There is no minimum opening deposit required. However, an initial deposit in any amount must be received within 45 days of account opening, or the account will be closed. |