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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 approximately 4,300 locations and 17,000 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. 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
 Learn MoreVisit Site
 

Bank of America

Discover Bank

SPECIAL OFFER
Bank of America Advantage Plus Banking® - $100 Bonus Offer - Learn More

Read Bank of America Review

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

Read Discover Bank Review

 

Benefits and Features

Savings
Check
1.10% APY
CD
Check
0.50% to 2.90% APY. Terms of 3 months to 10 years. $2,500 minimum
Checking
Check
Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details
Money Market 1.00% APY under $100,000; 1.05% APY $100,000 or more. $2,500 minimum deposit.
Customer Service
  • Mon-Fri: 8am - 9pm (ET)
  • Sat: 8am - 8pm (ET)
  • Sun: 8am - 5pm (ET)
24/7
ATMs
Approximately 17,000 ATMs
Over 60,000 no-fee ATMs
IRA CD
Check
12-month CD APY of 1.90%. 24-month CD APY of 2.25%. 5-year CD APY of 2.90%.
LocationsApproximately 4,300 retail financial centers
Online Only
 

CreditDonkey® Reviews

 Discover Bank
SavingsStarStarStarEmpty StarEmpty StarStarStarStarStarHalf Star
CDStarStarEmpty StarEmpty StarEmpty Star
CheckingStarStarHalf StarEmpty StarEmpty StarStarStarStarStarEmpty Star
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarStar
Mobile AppStarStarStarStarHalf StarStarStarStarStarStar
Money MarketStarStarStarStarHalf Star
Pros & ConsPros:
  • Large branch network
  • Extended customer service hours
  • Full service banking
Cons:
  • No free checking option
  • Low interest rates
  • Many miscellaneous banking fees
Pros:
  • High yield
  • No fees
  • 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
 Learn MoreVisit Site

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Bank of America: Pricing information from published website as of 3/25/2022 based on 91107 zip code.

Discover Bank: Pricing information and data points from published website as of 06/30/2022

Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account (online, by phone or Discover App). Enter Offer Code CY622 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 09/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 9/15/2022
Discover Bank
Member FDIC

Discover Online Savings - $150 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account (online, by phone or Discover App). Enter Offer Code CY622 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 09/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 9/15/2022
Discover Bank
Member FDIC

Online Savings Account - Earn 1.10% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required

Which is Better: Bank of America or Discover Bank?

Still need help deciding which bank reviews & deals 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

Bank of America Review

Bank of America is a national bank with many account options and user-friendly online banking. But does this convenience come at a cost? Read on.

How to Close a Bank of America Account

Want to close your Bank of America account? Learn how and what you need to do before you close your account.

Bank of America Hours

Bank of America is open 5-6 days a week, depending on the location. Take a look at their business hours below.

Bank of America Routing Number

Find your Bank of America routing number and learn about money transfers in our guide.

Articles on Discover Bank

Discover Savings Review

Discover offers high interest rates on its online savings and CD accounts. But there are downsides. Here's what you need to know before you open an account.

Discover Savings Review

Discover Bank online savings account offers a high interest rates and no monthly fees. But is it the right place for your money? Read on to find out, plus the best way to open an account.

Discover CD Rates

Discover Bank's CD account offers high rates and no hidden fees. But is the term worth it? Read this review before you open a CD.

Is Discover Savings Worth It

Looking for a better place to keep your money safe? Find out if a Discover Online Savings Account is worth it for you.

Discover Savings Bonus

You could earn $150 or $200 when you open a Discover Online Savings Account. Find out how to qualify for this Discover Bank promotion.

Which Do You Think is Best?





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