Discover Bank vs Bank of America
Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to Bank of America? 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 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.
Compare Discover Bank with Bank of America, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
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Discover Bank | Bank of America | |
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Discover® Online Savings - $200 Cash Bonus - | Bank of America Advantage Banking - $200 Bonus Offer | |
Benefits and Features | ||
Savings | Bank of America Advantage Savings Standard Rate: 0.01% APY | |
CD | 2.00% to 5.10% 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. | |
ATMs | ||
Customer Service |
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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 | ||
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Checking | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Money Market | ![]() ![]() ![]() ![]() ![]() | |
Mobile App | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Customer Service | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
CD | ![]() ![]() ![]() ![]() ![]() | |
Pros & Cons | Pros:
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Bottom Line | Solid online bank with high APY rates and good customer service... | National bank with widespread accessibility and wide range of services... |
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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. Discover Bank: Pricing information and data points from published website as of 07/11/2024. Bank of America: Pricing information from published website as of 07/11/2024 based on 91107 zip code. |
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.
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.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
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 9/30/2024.
- To qualify, open a new eligible 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 eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, 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 Banking Checking Account - $200 Bonus Offer
- Open a new eligible Business Advantage checking account by December 31, 2024. This is an online only offer for new eligible business checking customers only
- Deposit $5,000 or more in New Money* directly into your new eligible Bank of America Business Advantage Banking account within thirty (30) calendar days of account opening
- Maintain an average balance of $5,000 or more in that new Business Advantage Banking account during the Maintenance Period**.
*New Money is new funds deposited into your business checking account that are not transfers from other Bank of America deposit accounts or Merrill investment accounts.
**The Maintenance Period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Bank of America, N.A. 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.
Which is Better: Discover Bank or Bank of America?
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 and customer service are worth mentioning. In particular, the customer service is outstanding.