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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
Member FDIC
Bank of America
Member FDIC
 Visit SiteLearn More
 

Discover Bank

Bank of America

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

Read Discover Bank Review

OFFER
Bank of America Advantage Banking - $200 Bonus Offer

Read Bank of America Review

 

Benefits and Features

Savings
4.30% APY
Check
CD2.00% to 4.90% 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 Market4.15% APY under $100,000; 4.20% APY $100,000 or more. $2,500 minimum deposit. 
ATMs
Over 60,000 no-fee ATMs
Approximately 16,000+ ATMs
Customer Service
24/7
  • Mon-Fri: 8am - 9pm (ET)
  • Sat: 8am - 8pm (ET)
  • Sun: 8am - 5pm (ET)
IRA CD12-month CD APY of 4.90%. 18-month CD APY of 4.60%. 24-month CD APY of 4.20%. 5-year CD APY of 3.90%.
Check
Locations
Online Only
Approximately 3,900 retail financial centers
 

CreditDonkey® Reviews

 Discover BankBank of America
SavingsStarStarStarStarHalf StarStarStarEmpty StarEmpty StarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Money MarketStarStarStarStarHalf Star
Mobile AppStarStarStarStarStarStarStarStarStarHalf Star
Customer ServiceStarStarStarStarStarStarStarStarStarEmpty Star
CDStarStarStarHalf 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 service hours
  • Full service banking
Cons:
  • Monthly fees
  • 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
 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 02/07/2024.

    Bank of America: Pricing information from published website as of 02/07/2024 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 CY124 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 03/14/24, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

    Expires 3/14/2024
    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 CY124 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 03/14/24, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

    Expires 3/14/2024
    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 Advantage Banking - $200 Bonus Offer

    Expires 5/31/2024
    • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
    • The offer is for new checking customers only.
    • Offer expires 5/31/2024.
    • To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
    • Bank of America will attempt to pay bonus within 60 days.
    • Additional terms and conditions apply. See offer page for more details.
    • Bank of America, N.A. Member FDIC.
    Bank of America
    Member FDIC

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

    Expires 6/30/2024
    Earn a cash bonus in three steps:
    1. Open a new eligible business checking account by June 30, 2024
    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

    Bank of America Advantage SafeBalance Banking®

    • Banking that helps you stay within your balance.
    • No monthly maintenance fee each statement cycle when you meet one of the following: an owner of this account is under the age of 25 or maintain a minimum daily. balance of $500 in your account or are a member of Bank of America Preferred Rewards®.
    • Bank of America, N.A. Member FDIC.

    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 and customer service are worth mentioning. In particular, the customer service is outstanding.


    Articles on Discover Bank

    Discover Savings Review

    Discover® Bank 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® Bank 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 lucrative CD rates - no hidden fees. Read this detailed review.

    Discover Bank Locations

    Wondering if there is a Discover® Bank near you? Read this article to find out.

    Discover Checking Account Fees

    Does Discover® Cashback Debit have any fees? Find out if they are completely fee-free.

    Who Owns Discover

    You've probably heard of Discover credit cards, but what exactly is Discover® Bank? Is it a legitimate bank? Read on for all the details.

    Discover Checking Account Minimum Balance

    Discover® Cashback Debit doesn't have a minimum balance. But what's the catch? Read on for all the details.

    Discover Checking Account Requirements

    Discover® checking account offers no monthly fees and a rewarding cashback program. Here's what you need to open an account today.

    Discover Money Market vs Savings

    Discover® Bank 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.

    Bank of America Savings Account Interest Rate

    Bank of America's Advantage Savings has a standard APY way below the national average. Read on to find out more.

    Does Bank of America Have a High Yield Savings

    Bank of America offers various banking products and services. But does it have a high-yield savings account? Find out here.

    Bank of America Problems

    Bank of America may be one of the biggest banks, but many customers find a lot of issues with their banking services. What are they? Keep reading.

    Bank of America CD Rates

    Bank of America is one the biggest banks in the U.S. But are their CD rates worth it? Read on to find out.

    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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