Discover Bank vs BMO
Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to BMO? Read our comparison chart below.
Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms. There are no service fees.
While BMO has over 900 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, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
 |  | |
| Visit Site | Visit Site | |
Discover Bank | BMO | |
|---|---|---|
Discover® Online Savings - $200 Cash Bonus - | BMO Smart Advantage Checking Account - Earn $350 Cash Bonus* - | |
Benefits and Features | ||
| Savings | 0.01% APY. $5 reward every month you save $200 or more, for the first year. | |
| CD | 2.00% to 4.00% APY depending on terms | 0.05% - 3.00% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit. |
| Checking | Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details | Smart Advantage, Smart Money, Relationship |
| Money Market | 3.50% APY under $100,000; 3.55% APY $100,000 or more. | 0.80% APY. $25 minimum opening deposit. $10 monthly fee, waived with a $5,000 minimum daily balance. |
| ATMs | ||
| Customer Service | Mon-Fri: 7am - 10pm (CT); Sat-Sun 8am - 8pm | |
| IRA CD | 9-month CD APY of 4.00%. 12-month CD APY of 4.00%. 18-month CD APY of 3.80%. 24-month CD APY of 3.80%. 5-year CD APY of 3.50%. | 0.05% - 1.25% 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 | ||
CreditDonkey® Reviews | ||
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| Savings |   |  |
| Checking | | |
| Money Market | | |
| Mobile App | | |
| Customer Service | | |
| CD | | |
| Pros & Cons | Pros:
| Pros:
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| Bottom Line | Solid online bank with high APY rates and good customer service... | Midwest bank with options for low and high-balance customers... |
| Visit Site | Visit 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 04/22/2025. BMO: Pricing information from published website as of 04/16/2025 based on 60603 zip code. | ||
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. 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 qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
Discover® Online Savings - $150 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. 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 qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
Online Savings Account - Earn 3.60% APY
- No fees
- No minimum opening deposit
- No minimum balance required
BMO Smart Advantage Checking Account - Earn $350 Cash Bonus*
$350 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 2/4/25 - 5/2/25. *Conditions Apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDIC
BMO Smart Money Checking Account - Earn $350 Cash Bonus*
$350 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 2/4/25 - 5/2/25. *Conditions Apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDIC
Which is Better: Discover Bank or BMO?
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
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Discover CD Rates
Discover Checking Account Bonus
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Discover Checking Account Fees
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Discover Checking Account Minimum Balance
Discover Checking Account Requirements
Discover Money Market vs Savings
Is Discover a Real Bank
Is Discover Savings Worth It
Articles on BMO
BMO Review
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BMO Checking Account Bonus & Promotions
Who Owns BMO
Is BMO an Ethical Bank
BMO Relationship Minimum Balance
Is BMO a Good Bank
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What is BMO
BMO Smart Advantage vs Smart Money
Is BMO a Real Bank
Which Do You Think is Best?
Which Bank Account is Right for You?
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