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Discover Bank vs BMO Bank

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to BMO Bank? 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 BMO Bank has over 600 branches and is the 8th largest bank in North America by assets. Smart Advantage checking has no fee and no minimum balance if you opt for eStatements. Savings need just $100 to open with easy ways to waive fees. Special Rate CDs require a $5,000 minimum opening deposit.

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

 Discover Bank
Member FDIC
BMO Bank
Member FDIC
 Visit SiteVisit Site
 

Discover Bank

BMO Bank

SPECIAL OFFER
Online Savings Account - Earn 4.25% APY - Learn More

Read Discover Bank Review

SPECIAL OFFER
BMO Smart Advantage Checking - $250 Cash Bonus - Learn More

Read BMO Bank Review

 

Benefits and Features

Savings
4.25% APY
0.01% APY. $5 reward every month you save $200 or more, for the first year.
CD2.00% to 4.70% APY depending on terms. $2,500 minimum0.05% - 4.90% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit.
CheckingCashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for detailsSmart Advantage, Smart Money, Relationship
Money Market4.00% APY under $100,000; 4.05% APY $100,000 or more. $2,500 minimum deposit.1.00% APY. $25 minimum opening deposit. $10 monthly fee, waived with a $5,000 minimum daily balance.
ATMs
Over 60,000 no-fee ATMs
40,000+ BMO and Allpoint ATMs
Customer Service
24/7
Mon-Fri: 7am - 10pm (CT); Sat-Sun 8am - 8pm
IRA CD12-month CD APY of 4.70%. 18-month CD APY of 4.40%. 24-month CD APY of 4.00%. 5-year CD APY of 3.75%.0.05% - 0.25% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit
IRA Money Market IRA Premium Savers: $100 minimum opening deposit. No monthly maintenance fee
Locations
Online Only
981 branches
 

CreditDonkey® Reviews

 Discover BankBMO Bank
SavingsStarStarStarStarHalf StarStarStarEmpty StarEmpty StarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Money MarketStarStarStarStarHalf StarStarStarStarEmpty StarEmpty Star
Mobile AppStarStarStarStarStarStarStarStarStarHalf Star
Customer ServiceStarStarStarStarStarStarStarStarHalf StarEmpty Star
CDStarStarStarStarEmpty Star
Pros & ConsPros:
  • High yield
  • No fees
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Pros:
  • Free checking with eStatements
  • Large ATM network
  • Good financial tools
Cons:
  • Limited branches
  • Low savings APY
Bottom LineSolid online bank with high APY rates and good customer service... Read full reviewMidwest bank with options for low and high-balance customers... 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 04/09/2024.

BMO Bank: Pricing information from published website as of 04/09/2024 based on 60603 zip code.

Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
Discover Bank
Member FDIC

Online Checking Account - Earn Cash Back

  • 1% cash back on up to $3,000 in debit card purchases each month. See website for details
  • No fees
  • Early Pay - Get your paycheck up to two days early with no charge
  • No credit impact - You can apply without affecting your credit score.
  • Access to over 60,000 no-fee ATMs in the U.S.
Discover Bank
Member FDIC

Discover® Cashback Checking – Up to $30/Month Cashback

Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.

BMO Bank
Member FDIC

BMO Smart Advantage Checking - $250 Cash Bonus

Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

Expires 5/3/2024
BMO Bank
Member FDIC

BMO Smart Money Checking - $250 Cash Bonus

Open a new BMO Smart Money Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

Expires 5/3/2024
BMO Bank
Member FDIC

BMO Relationship Checking - $400 Cash Bonus

Open a new BMO Relationship Checking account and get a $400 cash bonus when you have a cumulative total of $7,500 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

Expires 5/3/2024

Which is Better: Discover Bank or BMO Bank?

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


Articles on Discover Bank

Discover Bank

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 Online Savings Account 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 Real 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.

Articles on BMO Bank

BMO Bank Review

BMO offers low fees and a large ATM network. But savings rates are low. However, the strong features can still make it a good bank for you. Read on.

BMO Routing Number

If you have a BMO Bank account, you only need to be aware of one routing number. This number is 071025661. Read on and learn how to use it.

Is BMO an Ethical Bank

BMO has been recognized as one of the World's Most Ethical Companies for six consecutive years. How did they earn this award? Find out.

BMO Relationship Minimum Balance

Get more perks when you open a BMO Relationship Checking Account. Find out the balance you need to reach to unlock them.

Is BMO a Good Bank

Is BMO a good choice for your banking needs? Find out here.

Is BMO a Safe Bank

Wondering about the security of your funds with BMO Bank? They have a Financial Crimes Unit backing you up, for one. Read on for more details.

What is BMO Bank

BMO Harris is now BMO. But are they a legit bank? Find out if you should bank with them.

BMO Smart Advantage vs Smart Money

BMO's Smart Advantage has $0 monthly fees. Smart Money has no overdraft fees. Which one is a smarter choice? Read on to find out.

Is BMO a Real Bank

BMO, is a U.S bank, part of the Bank of Montreal. It offers solid basic checking options and a large ATM network. But, is it legit? Read on to find out.

Which Do You Think is Best?





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