Bank of America vs Discover Bank
Bank of America is a national bank with widespread accessibility and wide range of services. How does it compare to Discover Bank? Read our comparison chart below.
Bank of America is one of the largest banks in the U.S. with approximately 4,300 locations and 17,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.
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 Bank of America with Discover Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
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| Learn More | Visit Site | |
Bank of America | Discover Bank | |
|---|---|---|
Bank of America Advantage Banking - $200 Bonus Offer | Online Savings Account - Earn 4.25% APY - | |
Benefits and Features | ||
| Savings |  | |
| CD | | 2.00% to 4.70% APY depending on terms. $2,500 minimum |
| Checking | | Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details |
| Money Market | 4.00% APY under $100,000; 4.05% APY $100,000 or more. $2,500 minimum deposit. | |
| ATMs | ||
| Customer Service |
| |
| 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 | ||
CreditDonkey® Reviews | ||
| | |
| Savings |   |  |
| CD | | |
| Checking | | |
| Mobile App | | |
| Customer Service | | |
| Money Market | | |
| Pros & Cons | Pros:
| Pros:
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| Bottom Line | National bank with widespread accessibility and wide range of services... | Solid online bank with high APY rates and good customer service... |
| Learn More | 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. Bank of America: Pricing information from published website as of 04/09/2024 based on 91107 zip code. Discover Bank: Pricing information and data points from published website as of 04/09/2024. | ||
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
Bank of America Business Advantage Checking Account - $200 Bonus Offer
Earn a cash bonus in three steps:
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
- Open a new eligible business checking account by June 30, 2024
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
Bank of America Advantage SafeBalance Banking®
- Banking that helps you stay within your balance.
- No monthly maintenance fee each statement cycle when you meet one of the following: an owner of this account is under the age of 25 or maintain a minimum daily. balance of $500 in your account or are a member of Bank of America Preferred Rewards®.
- Bank of America, N.A. Member FDIC.
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.
Which is Better: Bank of America 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 Bank of America or Chase.
In short: Discover Bank's savings and customer service are worth mentioning. In particular, the customer service is outstanding.
Articles on Bank of America
Bank of America Review
Bank of America is a national bank with many account options and user-friendly online banking. But does this convenience come at a cost? Read on.
Bank of America Savings Account Interest Rate
Bank of America's Advantage Savings has a standard APY way below the national average. Read on to find out more.
Does Bank of America Have a High Yield Savings
Bank of America offers various banking products and services. But does it have a high-yield savings account? Find out here.
Bank of America Problems
Bank of America may be one of the biggest banks, but many customers find a lot of issues with their banking services. What are they? Keep reading.
Bank of America CD Rates
Bank of America is one the biggest banks in the U.S. But are their CD rates worth it? Read on to find out.
How to Close a Bank of America Account
Want to close your Bank of America account? Learn how and what you need to do before you close your account.
Bank of America Hours
Bank of America is open 5-6 days a week, depending on the location. Take a look at their business hours below.
Bank of America Routing Number
Find your Bank of America routing number and learn about money transfers in our guide.
Articles on Discover Bank
Discover Savings 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 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 Rates
Maximize returns with Discover® Bank lucrative CD rates - no hidden fees. Read this detailed review.
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 Good 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?
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