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.
Visit Site | Visit Site | |
Discover Bank | BMO Bank | |
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Online Savings Account - Earn 4.25% APY - | BMO Smart Advantage Checking - $250 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 4.70% APY depending on terms. $2,500 minimum | 0.05% - 4.90% 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 | 4.00% 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 | ||
Customer Service | Mon-Fri: 7am - 10pm (CT); Sat-Sun 8am - 8pm | |
IRA CD | 12-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 | ||
CreditDonkey® Reviews | ||
Savings | ||
Checking | ||
Money Market | ||
Mobile App | ||
Customer Service | ||
CD | ||
Pros & Cons | 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 04/09/2024. BMO Bank: Pricing information from published website as of 04/09/2024 based on 60603 zip code. |
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
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® 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 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.
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.
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.
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.