Save money and be informed. CreditDonkey is a bank comparison and reviews website. This website is made possible through financial relationships with card issuers and some of the products and services mentioned on this site. Advertiser Disclosure†

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.

 Bank of America
Member FDIC
Discover Bank
Member FDIC
 Learn MoreVisit Site
 

Bank of America

Discover Bank

OFFER
Bank of America Advantage Banking - $200 Bonus Offer

Read Bank of America Review

SPECIAL OFFER
Online Savings Account - Earn 4.25% APY - Learn More

Read Discover Bank Review

 

Benefits and Features

Savings
Check
4.25% APY
CD
Check
2.00% to 4.70% APY depending on terms. $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 4.00% APY under $100,000; 4.05% APY $100,000 or more. $2,500 minimum deposit.
ATMs
Approximately 16,000+ ATMs
Over 60,000 no-fee ATMs
Customer Service
  • Mon-Fri: 8am - 9pm (ET)
  • Sat: 8am - 8pm (ET)
  • Sun: 8am - 5pm (ET)
24/7
IRA CD
Check
12-month CD APY of 4.70%. 18-month CD APY of 4.40%. 24-month CD APY of 4.00%. 5-year CD APY of 3.75%.
Locations
3,922 financial centers
Online Only
 

CreditDonkey® Reviews

 Bank of AmericaDiscover Bank
SavingsStarStarEmpty StarEmpty StarEmpty StarStarStarStarStarHalf Star
CDStarStarStarHalf StarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarHalf StarStarStarStarStarStar
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarStar
Money MarketStarStarStarStarHalf Star
Pros & ConsPros:
  • Large branch network
  • Extended service hours
  • Full service banking
Cons:
  • Monthly fees
  • Low interest rates
  • Many misc. 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 05/13/2024 based on 91107 zip code.

    Discover Bank: Pricing information and data points from published website as of 05/13/2024.

    Bank of America
    Member FDIC

    Bank of America Advantage Banking - $200 Bonus Offer

    Expires 9/30/2024
    • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
    • The offer is for new checking customers only.
    • Offer expires 9/30/2024.
    • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
    • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
    • Additional terms and conditions apply. See offer page for more details.
    • Bank of America, N.A. Member FDIC.
    Bank of America
    Member FDIC

    Bank of America Business Advantage Checking Account - $200 Bonus Offer

    Expires 6/30/2024
    Earn a cash bonus in three steps:
    1. Open a new eligible business checking account by June 30, 2024
    2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
    3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
    *Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
    **The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
    Member FDIC
    Bank of America
    Member FDIC

    Bank of America Advantage SafeBalance Banking®

    • Banking that helps you stay within your balance.
    • No monthly maintenance fee each statement cycle when you meet one of the following: an owner of this account is under the age of 25 or maintain a minimum daily. balance of $500 in your account or are a member of Bank of America Preferred Rewards®.
    • Bank of America, N.A. Member FDIC.
    Discover Bank
    Member FDIC

    Online Savings Account - Earn 4.25% APY

    • No fees
    • No minimum opening deposit
    • No minimum balance required
    Discover Bank
    Member FDIC

    Online Checking Account - Earn Cash Back

    • 1% cash back on up to $3,000 in debit card purchases each month. See website for details
    • No fees
    • Early Pay - Get your paycheck up to two days early with no charge
    • No credit impact - You can apply without affecting your credit score.
    • Access to over 60,000 no-fee ATMs in the U.S.
    Discover Bank
    Member FDIC

    Discover® Cashback Checking – Up to $30/Month Cashback

    Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.

    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 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.

    Bank of America Savings Account Interest Rate

    Bank of America's Advantage Savings has a standard APY way below the national average. Read on to find out more.

    Does Bank of America Have a High Yield Savings

    Bank of America offers various banking products and services. But does it have a high-yield savings account? Find out here.

    Bank of America Problems

    Bank of America may be one of the biggest banks, but many customers find a lot of issues with their banking services. What are they? Keep reading.

    Bank of America CD Rates

    Bank of America is one the biggest banks in the U.S. But are their CD rates worth it? Read on to find out.

    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® Bank 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

    Make your money work with Discover® Bank high yield savings: high interest, no fees. Find out its benefits, drawbacks, and the easy way to open an account.

    Discover CD Rates

    Maximize returns with Discover® Bank lucrative CD rates - no hidden fees. Read this detailed review.

    Discover Bank Locations

    Wondering if there is a Discover® Bank near you? Read this article to find out.

    Discover Checking Account Fees

    Does Discover® Cashback Debit have any fees? Find out if they are completely fee-free.

    Who Owns Discover

    You've probably heard of Discover credit cards, but what exactly is Discover® Bank? Is it a legitimate bank? Read on for all the details.

    Discover Checking Account Minimum Balance

    Discover® Cashback Debit doesn't have a minimum balance. But what's the catch? Read on for all the details.

    Discover Checking Account Requirements

    Discover® checking account offers no monthly fees and a rewarding cashback program. Here's what you need to open an account today.

    Discover Money Market vs Savings

    Discover® Bank boasts solid rates for both their money market and savings accounts. Find out which one is more suited for you.

    Is Discover a Good Bank

    Looking for a safe bank with great rates? This analysis of Discover® Bank reveals all - is it legit? Find out now.

    Is Discover Savings Worth It

    Is your money secure in a high-yield Discover® savings account? Get your answers now.

    Which Do You Think is Best?





    You Might Also Like

    How Much Are ATM Fees

    How Much Are ATM Fees

    Felt robbed by ATM fees? Find out just how much cash they're taking from you.
    How Long Does It Take to Open a Bank Account

    How Long Does It Take to Open a Bank Account

    Opening an account can be done in minutes at most banks. So, make sure your requirements are ready to avoid delays. Read on for more details.
    Best Bank for 18 Year Olds

    Best Bank for 18 Year Olds

    Opening a bank as an 18-year-old is one of the best ways to start learning about money early. But with all your options, where do you even start?
    Best Banks in Florida

    Best Banks in Florida

    Are you a Floridian trying to find a new bank? It's easy with this helpful guide to the best banks in Florida. Read on to learn more.
    Best National Bank

    Best National Bank

    There are over 5,000 FDIC-insured banks in America. How do you choose a good national bank to keep your money safe?
    3 Types of Savings Accounts

    3 Types of Savings Accounts

    Grow your money with a savings account. There are several account types depending on your needs. Learn about the different savings options.
    Best Student Checking Accounts

    Best Student Checking Accounts

    A student checking account allows you to manage your money with fewer fees and requirements. Find the best student checking accounts offered by the top banks.
    Best Free Checking Accounts

    Best Free Checking Accounts

    Want to dodge hefty banking fees? Learn about the best free checking accounts in this detailed guide. No hidden charges or high balances needed.
    Wells Fargo Bank Review

    Wells Fargo Bank Review

    Wells Fargo offers nationwide access with thousands of ATMs and branch locations. But are their checkings and savings accounts right for you? Read on to see the best options.
    Citibank Review: Account Good for You?

    Citibank Review: Account Good for You?

    Citibank offers banking services and credit cards. But service fees and balance requirements are on the high side. Is it the right bank for you?

    About CreditDonkey
    CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

    Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

    †Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

    *See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

    CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

    About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
    (888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
    © 2024 CreditDonkey Inc. All Rights Reserved.