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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. In addition, Discover offers checkback checking. There are no service fees.

While Bank of America is one of the largest banks in the U.S. with over 5,000 locations and 16,000 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
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Discover Bank

Bank of America

SPECIAL OFFER
Online Savings Account - Earn 2.10% APY - Learn More

Read Discover Bank Review

SPECIAL OFFER
Business Advantage - $450 Bonus - Learn More

Read Bank of America Review

 

Benefits and Features

Savings2.10% APY. No fees and no minimum deposit.0.03% APY (up to 0.06% if enrolled in Preferred Rewards). $8 monthly maintenance fee, unless you have 1) daily balance of $500, 2) are a Bank of America Preferred Rewards Client, or 3) link your Rewards Savings Account to your Interest Checking Account. Minimum deposit of $100.
CD0.35% to 3.05% APY. Terms of 3 months to 10 years. 12-month CD APY of 2.50%. 5-year CD APY of 2.85%. Minimum deposit of $2,500 to open.Standard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.80% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $10,000.
CheckingEarn 1% cashback on up to $3,000 in debit card purchases each month. No fees and no minimum deposit. 
Money Market1.95% APY under $100,000; 2.00% APY $100,000 or more. No fees. $2,500 minimum deposit. 
Customer Service
24/7
Mon-Fri: 8am - 11pm(ET)
Sat-Sun: 8am - 8pm (ET)
ATMs
Over 60,000 no-fee ATMs
Approximately 15,900 ATMs around the country.
IRA CD12-month CD APY of 2.50%. 24-month CD APY of 2.60%. 5-year CD APY of 2.85%.Standard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.80% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $2,000.
Locations
Online Only
4600 retail financial centres around the country and brances in more than 40 other countries.
 

CreditDonkey® Reviews

 Discover Bank
Savings
Checking
Money Market
Customer Service
Mobile App
CD
Pros & ConsPros:
  • High yield
  • Cashback checking
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Pros:
  • National availability
  • Extended customer service hours
  • Full service bank
Cons:
  • No free checking option
  • Low interest rates
  • Many misc. 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
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What Others View

    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 from published website as of 07/11/2019

    Bank of America: Pricing information from published website as of 7/11/2019 based on 91107 zip code.

    Which is Better: Discover Bank or Bank of America?

    Still need help deciding which bank 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


    Articles on Bank of America


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