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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
 Visit SiteLearn More
 

Discover Bank

Bank of America

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

Read Discover Bank Review

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

Read Bank of America Review

 

Benefits and Features

Savings
3.60% APY
Check
CD2.00% to 4.75% 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 Market3.50% APY under $100,000; 3.55% 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 4.50%. 24-month CD APY of 4.30%. 5-year CD APY of 4.10%.
Check
Locations
Online Only
Approximately 3,800+ retail financial centers
 

CreditDonkey® Reviews

 Discover Bank
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 SiteLearn More

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.

Bank of America: Pricing information from published website as of 3/25/2022 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 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

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

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 a Good 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 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?





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