Bank of America vs. Discover Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Bank of America
Advantage Savings
0.01%APYDec 6, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
Discover Bank
Online Savings Account
3.40%APYDec 6, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Discover Bank
Online Savings Account
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.25% APY.
Comparison Analysis
Comparing Bank of America vs. Discover Bank
Why Bank of America?
No distinct advantages found vs Discover Bank.
Why Discover Bank?
- ✓Higher potential APY (3.40% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
Discover BankDiscover Bank's Online Savings Account earns more on smaller deposits (approx. $340 vs $1/yr).
Better Returns at $25,000
Discover BankDiscover Bank's Online Savings Account pulls ahead with larger amounts (approx. $850 vs $3/yr).
Best for Simplicity
Discover BankDiscover Bank's Online Savings Account offers 3.40% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Discover Bank's Online Savings Account pays $339 more interest on a $10,000 balance than Bank of America's Advantage Savings.
Executive Summary
Discover Bank stands out with its Online Savings Account offering a competitive APY of 3.40%, significantly higher than Bank of America's Advantage Savings account, which only provides 0.01% APY. Discover's account requires no minimum deposit or balance, and it has no maintenance fees, making it an attractive option for savers. In contrast, Bank of America charges an $8 monthly fee unless certain conditions are met. While both banks do not require direct deposit, Discover's account is online-only, providing simplicity without the need for physical branch access. Overall, Discover Bank's superior APY makes it the clear winner.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
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See who beats both Bank of America and Discover Bank.
| Feature | Bank of America | Discover Bank |
|---|---|---|
| APY | 0.01% Verified: 12/6/2025 Stable (90d) | 3.40% Verified: 12/6/2025 ↘︎ 0.10%90d Change |
| Product Name | Advantage Savings | Online Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $0 |
| Monthly Fee | $8 | $0 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.8 Android4.6 | iOS4.9 Android4.8 |
| BBB Rating | A+ | A+ |
| Important Notes | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | - |
| Next Steps |
Savings Comparison
Discover Bank earns $2,044.8 more than Bank of America.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$5.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,005.70
Discover Bank
Online Savings Account
Savings Breakdown
- Interest Earned+$2,050.50(10.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,050.50
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Discover Bank |
|---|---|---|
| Advantage Savings | Online Savings Account | |
Current APY | 0.01% | 3.40% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | -3.8 |
Days Since Change | 311 | 67 |
10-Month High | 0.01% | 3.75% |
10-Month Low | 0.01% | 3.40% |
Adjustments / Mo | 0.00 | 0.38 |
Volatility Score | 0.000 | 0.034 |
How to read these metrics(Click to expand)
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