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Bank of America vs Discover Bank

Bank of America is a national bank with widespread accessibility and wide range of services. How does it compare to Discover Bank? Read our comparison chart below.

Bank of America is one of the largest banks in the U.S. with over 5,000 locations and 16,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

While Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms and have a minimum deposit of $2,500. In addition, Discover offers checkback checking. There are no service fees.

Compare Bank of America with Discover Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 Discover Bank
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Bank of America

Discover Bank

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SPECIAL OFFER
Discover Online Savings - $200 Cash Bonus - Learn More

Read Discover Bank Review

 

Benefits and Features

Savings0.03% APY (up to 0.06% if enrolled in Preferred Rewards). $8 monthly maintenance fee, unless you have 1) daily balance of $500, 2) are a Bank of America Preferred Rewards Client, or 3) link your Rewards Savings Account to your Interest Checking Account. Minimum deposit of $100.
1.60% APY
CDStandard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 1.00% - 1.45% APY. Terms of 12,13, 25, and 37 months. Minimum deposit of $10,000.0.35% to 2.20% APY. Terms of 3 months to 10 years. 12-month CD APY of 2.00%. Minimum deposit of $2,500 to open.
Checking Earn 1% cashback on up to $3,000 in debit card purchases each month
Money Market 1.45% APY under $100,000; 1.50% APY $100,000 or more. $2,500 minimum deposit.
Customer ServiceMon-Fri: 8am - 9pm(ET)
Sat: 8am - 8pm (ET)
Sun: 8am-5pm (ET)
24/7
ATMsApproximately 15,900 ATMs around the country.
Over 60,000 no-fee ATMs
IRA CDStandard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.45% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $2,000.12-month CD APY of 2.00%. 24-month CD APY of 2.05%. 5-year CD APY of 2.10%.
Locations4600 retail financial centres around the country and brances in more than 40 other countries.
Online Only
 

CreditDonkey® Reviews

 Discover Bank
Savings
CD
Checking
Customer Service
Mobile App
Money Market
Pros & ConsPros:
  • National availability
  • Extended customer service hours
  • Full service bank
Cons:
  • No free checking option
  • Low interest rates
  • Many misc. banking fees
Pros:
  • High yield
  • Cashback checking
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Bottom LineNational bank with widespread accessibility and wide range of services... Read full reviewSolid online bank with high APY rates and good customer service... Read full review
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What Others View

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    Bank of America: Pricing information from published website as of 2/28/2020 based on 91107 zip code.

    Discover Bank: Pricing information from published website as of 1/30/2020

    Which is Better: Bank of America or Discover Bank?

    Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing Bank of America or Chase.

    In short: Discover Bank's savings, checking, and customer service are worth mentioning. In particular, the customer service is outstanding.


    Articles on Bank of America


    Articles on Discover Bank


    Which Do You Think is Best?


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