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TD Bank vs Discover Bank

TD Bank is an east Coast bank with relatively low minimum balance requirements. How does it compare to Discover Bank? Read our comparison chart below.

TD Bank has 1,300 locations on the East Coast. Known as "America's most convenient bank," it offers extended banking hours and 24/7 customer service by phone. Monthly service fees can be waived with somewhat low minimum balance requirements.

While 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. In addition, Discover offers checkback checking. There are no service fees.

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

 TD BankDiscover Bank
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TD Bank

Discover Bank

SPECIAL OFFER
TD Beyond Checking - $300 Cash Bonus - Learn More

Read TD Bank Review

SPECIAL OFFER
Online Savings Account - Earn 0.60% APY - Learn More

Read Discover Bank Review

 

Benefits and Features

Savings0.05% APY. No minimum deposit. $5.00 monthly fee waived if 1) minimum $300 balance or 2) waived for the first 12 months if with recurring transfer of $25 or more from a TD Bank account or if you're under 18 or 62 and older.
0.60% APY
CD0.05% APY (up to 0.20% for Rate Bump APY). Terms of 3 months to 5 years. Minimum deposit of $250. Allows one penalty-free withdrawal (depending on account).0.25% to 0.80% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.60%. Minimum deposit of $2,500 to open.
Checking Earn 1% cashback on up to $3,000 in debit card purchases each month
Money Market0.01% - 0.10% APY (up to 0.15% for Rate Bump APY) for amounts up to $250,000. No minimum deposit. $11 or $12 monthly maintenance fee waived if 1) minimum $2000 balance or 2) over 62 years old.0.45% APY under $100,000; 0.50% APY $100,000 or more. $2,500 minimum deposit.
Customer Service24/7 Live Customer Service (Telephone)
24/7
ATMsApproximately 1,300 ATMs throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida
Over 60,000 no-fee ATMs
IRA CD0.05% APY (up to 0.20% for Rate Bump APY). Terms of 3 months to 5 years. Minimum deposit of $250. Additional contributions and penalty-free withdrawal available (depending on account).12-month CD APY of 0.60%. 24-month CD APY of 0.65%. 5-year CD APY of 0.80%.
Locations1300 locations along the east coast.
Online Only
 

CreditDonkey® Reviews

 TD BankDiscover Bank
Savings
CD
Checking
Money Market
Customer Service
Mobile App
Pros & ConsPros:
  • Extended banking hours
  • Low requirements to waive monthly fees
  • No foreign transaction fees
Cons:
  • No free checking
  • Low APY
  • Only on East Coast
Pros:
  • High yield
  • Cashback checking
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Bottom LineEast Coast bank with relatively low minimum balance requirements... Read full reviewSolid online bank with high APY rates and good customer service... Read full review
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Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

TD Bank: Pricing information from published website as of 01/08/2020 based on 08034 zip code.

Discover Bank: Pricing information from published website as of 9/18/2020

Which is Better: TD Bank or Discover Bank?

Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing TD Bank or Chase.

In short: Discover Bank's savings and money market are worth mentioning. In particular, the money market is outstanding.


Articles on TD Bank


Articles on Discover Bank


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