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 7th largest bank in North America by assets. Smart Advantage checking has no fee and no minimum balance if you opt for eStatements. Savings Builder needs just $25 to open and has $0 monthly fee. Standard and Special CDs require a minimum opening deposit of $1,000.

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

	Discover Bank	BMO
	Member FDIC	Member FDIC
	Visit Site	Visit Site
	SPECIAL OFFER Online Savings Account - Earn 3.40% APY - Learn More Read Discover Bank Review	SPECIAL OFFER BMO Smart Advantage Checking account - Earn $400 Cash Bonus* - Learn More Read BMO Review
	Benefits and Features
Savings	3.40% APY	0.01% APY. $5 reward every month you save $200 or more, for the first year.
CD	2.00% to 3.85% APY depending on terms	0.05% - 2.75% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit.
Checking		Smart Advantage, Smart Money, Relationship
Money Market		Up to 2.53% APY. $25 minimum opening deposit. $10 monthly fee, waived with a $5,000 minimum daily balance.
Mobile App	iOS & Android
ATMs	Over 60,000 no-fee ATMs	40,000+ BMO and Allpoint ATMs
Customer Service	24/7	Monday–Friday, 7 a.m.–11 p.m. (CT), and Saturday–Sunday, 8 a.m.–10 p.m. (CT)
IRA CD		0.05% - 1.00% 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	900+ branches
	CreditDonkey® Reviews

Savings
Checking
Money Market
Mobile App
Customer Service
CD
Pros & Cons	Pros: High yield No fees 24/7 customer service	Pros: Free checking with eStatements Large ATM network Good financial tools Cons: Limited branches Low savings APY
Bottom Line	Solid online bank with high APY rates and good customer service... Read full review	Midwest bank with options for low and high-balance customers... Read full review
	Visit Site	Visit Site
	Online Savings Account - Earn 3.40% APY Certificate of Deposit Discover® CD Rates	BMO Smart Advantage Checking account - Earn $400 Cash Bonus* BMO Smart Money Checking account - Earn $400 Cash Bonus* Savings Account - Up to $60 Bonus
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 10/23/2025. BMO: Pricing information from published website as of 10/27/2025 based on 60603 zip code.

Member FDIC

Online Savings Account - Earn 3.40% APY

Get Deal

No fees
No minimum opening deposit
No minimum balance required

Member FDIC

Certificate of Deposit

3.50% APY for 6-month term
3.85% APY for 12-month term
3.70% APY for 18-month term
3.50% APY for 24-month term
3.50% APY for 36-month term
3.50% APY for 5-year term

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Member FDIC

Discover® CD Rates

No minimum opening deposit required
No fees
FDIC insured

Term	CD Rates
3 Months	2.00% APY
6 Months	3.50% APY
9 Months	3.50% APY
1 Year	3.85% APY
1.5 Years	3.70% APY
2 Years	3.50% APY
2.5 Years	3.50% APY
3 Years	3.50% APY
4 Years	3.50% APY
5 Years	3.50% APY
7 Years	3.50% APY
10 Years	3.50% APY

Learn More

Member FDIC

BMO Smart Advantage Checking account - Earn $400 Cash Bonus*

$400 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 9/9/25 - 1/28/26. *Conditions apply. Accounts are subject to approval and provided in the U.S. by BMO Bank N.A. Member FDIC

Get Deal

Expires 1/28/2026

Member FDIC

BMO Smart Money Checking account - Earn $400 Cash Bonus*

Get Deal

Expires 1/28/2026

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 Wells Fargo.

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.