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Discover Bank vs Axos Bank

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to Axos Bank? Read our comparison chart below.

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.

While Axos Bank offers a range of checking and savings products. Checking options includes a up-to 1% cashback account and rewards checking account with a higher interest rate. Savings options include savings accounts and CDs with higher-than-average rates. All accounts have no monthly service fees.

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

 Discover BankAxos Bank
 Visit SiteVisit Site
 

Discover Bank

Axos Bank

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

Read Discover Bank Review

SPECIAL OFFER
Rewards Checking - Up to 3.30% APY - Learn More

Read Axos Bank Review

 

Benefits and Features

Savings
3.60% APY
0.61% APY (balances under $25k); 0.25% APY ($25K-$100K); 0.15% APY ($100k and over)
CD2.00% to 4.75% APY depending on terms. $2,500 minimum0.20% APY. Terms of 3 months to 5 years. $1,000 minimum
CheckingCashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for detailsRewards Checking: Up to 3.30% APY
Cashback Checking: Up to 1% cashback
Money Market3.50% APY under $100,000; 3.55% APY $100,000 or more. $2,500 minimum deposit.
0.25% APY
Customer Service
24/7
 
ATMs
Over 60,000 no-fee ATMs
 
IRA CD12-month CD APY of 4.50%. 24-month CD APY of 4.30%. 5-year CD APY of 4.10%. 
Locations
Online Only
 
 

CreditDonkey® Reviews

 Discover BankAxos Bank
SavingsStarStarStarStarHalf StarStarStarStarStarHalf Star
CheckingStarStarStarStarEmpty StarStarStarStarStarStar
Money MarketStarStarStarStarHalf StarStarStarStarStarHalf Star
Customer ServiceStarStarStarStarStar
Mobile AppStarStarStarStarStarStarStarStarStarHalf Star
CDStarStarStarEmpty StarEmpty Star
ATMsStarStarStarStarHalf Star
LocationsStarStarEmpty StarEmpty StarEmpty Star
Pros & ConsPros:
  • High yield
  • No fees
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Pros:
  • Checking with rewards
  • No monthly fee
  • Domestic ATM rebates
Cons:
  • Low CD rates
  • No physical branches
Bottom LineSolid online bank with high APY rates and good customer service... Read full reviewFull-service online bank with excellent cashback and interest checking... Read full review
 Visit SiteVisit Site

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

Discover Bank: Pricing information and data points from published website as of 03/17/2023.

Axos Bank: Pricing information from published website as of 02/21/2023.

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, in the Discover App or by phone. Enter Offer Code CY223 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 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 6/15/2023
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, in the Discover App or by phone. Enter Offer Code CY223 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 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 6/15/2023
Discover Bank
Member FDIC

Online Savings Account - Earn 3.60% APY

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

Rewards Checking - Up to 3.30% APY

  • Use the promo code RC100 when you apply for a Rewards Checking account by 4/12/2023. Then have qualifying direct deposit(s) to earn a $100 welcome bonus!
  • Up to 3.30% APY
  • Zero monthly maintenance fees
  • Zero overdraft or NSF fees
  • Zero minimum monthly balance reqs
  • Unlimited domestic ATM fee reimbursements
  • Online debit card management
  • Simple, 3-step process for direct deposit
  • Only $50 to open an account
Axos Bank
Member FDIC

Basic Business Checking - $200 Bonus

  • New business owners get a $200 welcome bonus!
  • Zero monthly maintenance fees
  • Unlimited Transactions
  • Unlimited domestic ATM fee reimbursements
  • $0 Minimum Opening Deposit requirement
  • 2 Free Domestic Wires, monthly
  • Cash Deposit capability via MoneyPass and AllPoint networks
Axos Bank
Member FDIC

Essential Checking

  • Unlimited domestic ATM reimbursements
  • No monthly maintenance fees
  • No annual fee
  • No overdraft or non-sufficient funds fee

Which is Better: Discover Bank or Axos Bank?

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

In short: Axos Bank's checking is excellent.


Articles on Discover Bank

Discover Bank 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 Account 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

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 a Real Bank

Discover Bank promises great rates and no fees. But is it actually a good and safe bank? Find out if it is a real and legit bank.

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.

Articles on Axos Bank

Axos Bank Review

Axos Bank offers full-service banking completely online with no fees. Find out below whether they can replace your traditional bank account.

Is Axos Bank Safe

Is Axos Bank safe and legit? Find out if Axos is a good bank and learn more about its pros, cons, and common complaints.

Which Do You Think is Best?





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