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Axos Bank vs Discover Bank

Axos Bank is a full-service online bank with excellent cashback and interest checking. How does it compare to Discover Bank? Read our comparison chart below.

Axos Bank offers a range of checking and savings products. Checking options includes a up-to 1% cashback account and rewards checking account with a higher interest rate. Savings options include savings accounts and CDs with higher-than-average rates. All accounts have no monthly service fees.

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. There are no service fees.

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

 Axos Bank
Member FDIC
Discover Bank
Member FDIC
 Visit SiteVisit Site
 

Axos Bank

Discover Bank

SPECIAL OFFER
Rewards Checking - Up to 3.30% APY - Learn More

Read Axos Bank Review

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

Read Discover Bank Review

 

Benefits and Features

Savings0.61% APY (balances under $25k); 0.25% APY ($25K-$100K); 0.15% APY ($100k and over)
4.25% APY
CD0.20% APY. Terms of 3 months to 5 years. $1,000 minimum2.00% to 5.10% APY depending on terms. $2,500 minimum
CheckingRewards Checking: Up to 3.30% APY
Cashback Checking: Up to 1% cashback
Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details
Money Market
0.25% APY
4.00% APY under $100,000; 4.05% APY $100,000 or more.
Mobile App
iOS & Android
 
ATMsApproximately 91,000 partner ATMs
Over 60,000 no-fee ATMs
Customer Service
24/7
24/7
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%.
Locations
Online only
Online Only
 

CreditDonkey® Reviews

 Axos BankDiscover Bank
SavingsStarStarStarStarHalf StarStarStarStarStarHalf Star
CDStarStarStarEmpty StarEmpty Star
CheckingStarStarStarStarStarStarStarStarStarEmpty Star
Money MarketStarStarStarStarHalf StarStarStarStarStarHalf Star
Mobile AppStarStarStarStarHalf StarStarStarStarStarStar
ATMsStarStarStarStarHalf Star
LocationsStarStarEmpty StarEmpty StarEmpty Star
Customer ServiceStarStarStarStarStar
Pros & ConsPros:
  • Checking with rewards
  • No monthly fee
  • Domestic ATM rebates
Cons:
  • Low CD rates
  • No physical branches
Pros:
  • High yield
  • No fees
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Bottom LineFull-service online bank with excellent cashback and interest checking... Read full reviewSolid online bank with high APY rates and good customer service... Read full review
 Visit SiteVisit Site

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Axos Bank: Pricing information from published website as of 06/14/2024.

Discover Bank: Pricing information and data points from published website as of 07/11/2024.

Axos Bank
Member FDIC

Rewards Checking - Up to 3.30% APY

Expires 7/31/2024
  • Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.
  • Build your own APY with up to 3.30% APY*
  • Zero monthly maintenance fees
  • Zero overdraft or NSF fees
  • Zero minimum monthly balance reqs
  • No initial deposit requirement
  • Unlimited domestic ATM fee reimbursements
  • Online debit card management
  • Simple, 3-step process for direct deposit
Axos Bank
Member FDIC

Basic Business Checking - Up to $400 Bonus

Expires 8/1/2024
  • Business owners get up to $400 welcome bonus!*
  • Open a business checking account by August 1 and get up to $400 when you use promo code NEW400 on your application.*
  • No initial deposit requirement
  • No minimum balance requirement
  • No monthly maintenance fees
  • Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month.
  • Unlimited domestic ATM fee reimbursements
  • Unlimited item processing (debits, credits, and deposited items)
  • Cash deposits via MoneyPass and AllPoint networks
Axos Bank
Member FDIC

CashBack Checking - Earn up to 1.00% Cash Back

  • Earn up to 1.00% cash back on signature-based purchases
  • Unlimited domestic ATM fee reimbursement
  • No monthly maintenance fee
  • $50 minimum balance required to open account
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 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, including co-branded, or affinity accounts. 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 the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 9/12/2024
Discover Bank
Member FDIC

Discover® Online Savings - $150 Cash Bonus

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 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, including co-branded, or affinity accounts. 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 the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 9/12/2024
Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

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

Which is Better: Axos Bank or Discover Bank?

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

In short: Axos Bank's checking is excellent.


Articles on Axos Bank

Axos Bank Review

Axos Bank offers full-service banking completely online with no fees. Find out below whether they can replace your traditional bank account.

Axos Business Checking

Looking for affordable banking for your small business? Axos Bank offers a free business checking account or an interest-bearing account. Read on.

Is Axos Bank Safe

Is Axos Bank safe and legit? Find out if Axos is a good bank and learn more about its pros, cons, and common complaints.

Articles on Discover Bank

Discover Bank Review

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 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.

Discover CD Review

Maximize returns with Discover® Bank lucrative CD rates - no hidden fees. Read this detailed review.

Discover High Yield Savings Bonus

Earn up to $200 bonus by opening a Discover® Online Savings Account. Find out how to qualify with the correct bonus.

Discover Bank Locations

Wondering if there is a Discover® Bank near you? Read this article to find out.

Discover Checking Account Fees

Does Discover® Cashback Debit have any fees? Find out if they are completely fee-free.

Who Owns Discover

You've probably heard of Discover credit cards, but what exactly is Discover® Bank? Is it a legitimate bank? Read on for all the details.

Discover Checking Account Minimum Balance

Discover® Cashback Debit doesn't have a minimum balance. But what's the catch? Read on for all the details.

Discover Checking Account Requirements

Discover® checking account offers no monthly fees and a rewarding cashback program. Here's what you need to open an account today.

Discover Money Market vs Savings

Discover® Bank boasts solid rates for both their money market and savings accounts. Find out which one is more suited for you.

Is Discover a Real Bank

Looking for a safe bank with great rates? This analysis of Discover® Bank reveals all - is it legit? Find out now.

Is Discover Savings Worth It

Is your money secure in a high-yield Discover® savings account? Get your answers now.

Which Do You Think is Best?


Which Bank Account is Right for You?


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CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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