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†

Discover Bank vs Bank of America

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to Bank of America? 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 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.

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

 Discover BankBank of America
 Visit SiteVisit Site
 

Discover Bank

Bank of America

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

Read Discover Bank Review

SPECIAL OFFER
Bank of America Business Advantage Checking Account - $200 Bonus Offer - Learn More

Read Bank of America Review

 

Benefits and Features

Savings
4.30% APY
Check
CD2.00% to 5.00% APY depending on terms. $2,500 minimum
Check
CheckingCashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details
Check
Money Market4.20% APY under $100,000; 4.25% APY $100,000 or more. $2,500 minimum deposit. 
Customer Service
24/7
  • Mon-Fri: 8am - 9pm (ET)
  • Sat: 8am - 8pm (ET)
  • Sun: 8am - 5pm (ET)
ATMs
Over 60,000 no-fee ATMs
Approximately 16,000+ ATMs
IRA CD12-month CD APY of 5.00%. 18-month CD APY of 5.00%. 24-month CD APY of 4.30%. 5-year CD APY of 4.00%.
Check
Locations
Online Only
Approximately 3,800+ retail financial centers
 

CreditDonkey® Reviews

 Discover BankBank of America
SavingsStarStarStarStarHalf StarStarStarStarEmpty StarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarHalf StarEmpty StarEmpty Star
Money MarketStarStarStarStarHalf Star
Customer ServiceStarStarStarStarStarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarStarStarStarStarStarHalf Star
CDStarStarEmpty StarEmpty StarEmpty Star
Pros & ConsPros:
  • High yield
  • No fees
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Pros:
  • Large branch network
  • Extended customer service hours
  • Full service banking
Cons:
  • Monthly service fee
  • Low interest rates
  • Many miscellaneous banking fees
Bottom LineSolid online bank with high APY rates and good customer service... Read full reviewNational bank with widespread accessibility and wide range of services... 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 09/09/2023.

Bank of America: Pricing information from published website as of 09/20/2023 based on 91107 zip code.

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 CY923 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 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/14/2023
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 CY923 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 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/14/2023
Discover Bank
Member FDIC

Online Savings Account - Earn 4.30% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
Bank of America
Member FDIC

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

Expires 12/31/2023
Earn a cash bonus in three steps:
  1. Open a new eligible business checking account by December 31, 2023
  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

Business Advantage Fundamentals™ Banking

  • No fee for first 200 transactions per statement cycle
  • No fee for first $7,500 in cash deposited per statement cycle
  • Waive the $16 monthly fee in a variety of ways
Bank of America
Member FDIC

Business Advantage Relationship Banking

  • No fee for first 500 transactions per statement cycle
  • No fee for first $20,000 in cash deposited per statement cycle
  • Waive the $29.95 monthly fee by maintaining a $15,000 combined average monthly balance

Which is Better: Discover Bank or Bank of America?

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


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

Make your money work with Discover 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's lucrative CD rates - no hidden fees. Read this detailed review.

Discover Money Market vs Savings

Discover 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.

Discover Savings Account Bonus

Earn up to $200 bonus by opening a Discover Online Savings Account. Find out how to qualify with the correct bonus.

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.

Which Do You Think is Best?





You Might Also Like

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.

Capital One Bank Hours

Capital One Bank is open 6 days a week. Take a look at their operating hours.
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:  Account Good for You?

Wells Fargo Bank Review: Account Good for You?

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

Citibank Review: Account Good for You?

Citibank, a CreditDonkey partner, offers banking services and credit cards. But service fees and balance requirements are on the high side. Is it the right bank for you?
HSBC Bank Review: Is It Good?

HSBC Bank Review: Is It Good?

HSBC Bank offers a global banking account ideal for those who live and work overseas. Is it right for your needs? Read on for the pros and cons.

Next Page:

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
© 2023 CreditDonkey Inc. All Rights Reserved.