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Discover Bank vs M&T Bank

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to M&T 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 M&T Bank has 690 branches serving the Upper East Coast and Florida. Offers a no-fee checking, as well as interest checking but with heavier requirements to waive service fees. Select Promo CD offers high rates for terms up to 36 months with a $1,000 minimum opening deposit.

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

 Discover Bank
 Visit SiteLearn More
 

Discover Bank

M&T Bank

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

Read Discover Bank Review

SPECIAL OFFER
Personal Checking Account - Up to $200 Bonus - Learn More

Read M&T Bank Review

 

Benefits and Features

Savings
3.00% APY
0.01% APY. Monthly service fee of $7.50 unless you 1) maintain a minimum daily balance of $500 or more or, 2) have a personal checking account with M&T Bank or, 3) make at least one deposit in your Relationship Savings account
CD1.50% to 4.25% APY. Terms of 3 months to 10 years. $2,500 minimum2.50% - 3.25% APY. Terms of 12 - 18 months. Minimum opening deposit $1,000.
CheckingCashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details 
Money Market2.90% APY under $100,000; 2.95% APY $100,000 or more. $2,500 minimum deposit.M&T MyChoice Money Market account Regular rate of 0.02% - 0.32% APY for qualifying customers.
Customer Service
24/7
Mon - Fri 8:00 am - 9:00 pm (ET); Sat - Sun 9:00 am - 5:00 pm (ET).
ATMs
Over 60,000 no-fee ATMs
More than 1,800 M&T Bank ATMs in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia.
IRA CD12-month CD APY of 4.00%. 24-month CD APY of 4.10%. 5-year CD APY of 4.25%. 
Locations
Online Only
690 bank branches located throughout New York, New Jersey, Pennsylvania, Maryland, Washington, D.C., Virginia, West Virginia and Florida
 

CreditDonkey® Reviews

 Discover Bank
SavingsStarStarStarStarHalf StarStarStarStarEmpty StarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Money MarketStarStarStarStarHalf StarStarStarStarEmpty StarEmpty Star
Customer ServiceStarStarStarStarStarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarStarStarStarStarHalf StarEmpty Star
CDStarStarStarEmpty StarEmpty Star
Pros & ConsPros:
  • High yield
  • No fees
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Pros:
  • Free checking option
  • High APY for Promo CD
  • Free savings with checking
Cons:
  • Fee heavy
  • Subpar savings APY
  • Limited branches
Bottom LineSolid online bank with high APY rates and good customer service... Read full reviewUpper East Coast bank with free checking option and good promo CD rates... 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 11/10/2022

M&T Bank: Pricing information from published website as of 10/01/2022 based on 14203 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 CY922 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 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2022
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 CY922 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 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2022
Discover Bank
Member FDIC

Online Savings Account - Earn 3.00% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required

Which is Better: Discover Bank or M&T 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, customer service, and mobile app are worth mentioning. In particular, the customer service and mobile app are outstanding.


Articles on Discover Bank

Discover Savings Review

Discover 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 Account Review

Discover Bank online savings account offers a high interest rates and no monthly fees. But is it the right place for your money? Read on to find out, plus the best way to open an account.

Discover CD

Discover Bank's CD account offers high rates and no hidden fees. But is the term worth it? Read this review before you open a CD.

Is Discover Bank a Good and Real Bank

Discover Bank promises great rates and no fees. But is it actually a good and safe bank? Find out if it is a real and legit bank.

Is Discover Savings Worth It

Looking for a better place to keep your money safe? Find out if a Discover Online Savings Account is worth it for you.

Discover Savings Bonus

You could earn $150 or $200 when you open a Discover Online Savings Account. Find out how to qualify for this Discover Bank promotion.

Articles on M&T Bank

M&T Bank Review

If you are on the upper East Coast, you probably see M&T Bank frequently. With a free checking option and a range of deposit accounts, does it meet your needs?

Which Do You Think is Best?





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