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 Bank	Bank of America

	Visit Site	Visit Site
	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
CD	2.00% to 5.00% APY depending on terms. $2,500 minimum
Checking	Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details
Money Market	4.20% 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 CD	12-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%.
Locations	Online Only	Approximately 3,800+ retail financial centers
	CreditDonkey® Reviews

Savings
Checking
Money Market
Customer Service
Mobile App
CD
Pros & Cons	Pros: 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 Line	Solid online bank with high APY rates and good customer service... Read full review	National bank with widespread accessibility and wide range of services... Read full review
	Visit Site	Visit Site
	Discover Online Savings - $200 Cash Bonus Discover Online Savings - $150 Cash Bonus Online Savings Account - Earn 4.30% APY	Bank of America Business Advantage Checking Account - $200 Bonus Offer Bank of America Advantage Banking - $200 Bonus Offer Bank of America Advantage SafeBalance Banking®
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.

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.

Get Deal

Expires 12/14/2023

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.

Get Deal

Expires 12/14/2023

Member FDIC

Online Savings Account - Earn 4.30% APY

Get Deal

No fees
No minimum opening deposit
No minimum balance required

Member FDIC

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

Learn More

Expires 12/31/2023

Earn a cash bonus in three steps:

Open a new eligible business checking account by December 31, 2023
Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
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

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

Learn More

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

Learn More

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.