Bank Of America vs Discover Bank
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
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Summary of Bank of America vs. Discover Bank
As of August 29, 2025 Bank of America offers an APY of 0.01% for its Advantage Savings account, compared to Discover Bank's 3.50% APY for its Online Savings Account account.
Discover Bank yields $349 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Discover Bank pays $350 - an APY advantage for Discover Bank.
Bank of America
Strengths
- Bank of America has a high App Store rating of 4.8.
- Bank of America offers an Advantage Savings account with a low minimum deposit of $100.
Potential Drawbacks
- The Advantage Savings account has a low APY of 0.01%.
- Bank of America charges an $8 monthly maintenance fee.
Discover Bank
Strengths
- Discover Bank offers a competitive APY of 3.50% on its Online Savings Account.
- There are no maintenance fees for the Online Savings Account.
Potential Drawbacks
- Discover Bank has no physical branches.
- The minimum deposit for the Online Savings Account is $0, but it may lack personal service.
Summary: Discover Bank's Online Savings Account offers a significantly higher APY of 3.50% compared to Bank of America's 0.01%. Additionally, Discover Bank has no maintenance fees, while Bank of America charges $8 monthly. However, Bank of America has a higher App Store rating of 4.8 versus Discover's 4.9, and it requires a minimum deposit of $100 for its Advantage Savings account, unlike Discover's $0 requirement.
Compare Bank of America's vs Discover Bank's Savings Accounts
| Bank of America | Discover Bank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | Online Savings Account |
| APY | 0.01% (as of 8/29/2025) | 3.50% (as of 8/29/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | Yes | |
| Compound Frequency | Monthly | Daily | |
| Minimum Deposit | $100 | $0 | |
| Minimum Balance for APY | N/A | $0 | |
| Maintenance Fee | $8 | $0 | |
| Direct Deposit Required | No | No | |
| Note | 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. | ||
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.6/5 | 4.3/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 7 Months)
| Bank of America | Discover Bank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | Online Savings Account |
| Latest APY | 0.01 % | 3.50 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | -4.3 | |
| Rate Changes / Mo | 0.00 | 0.42 | |
| Days Since Last Change | 213 | 65 | |
| High (-7 m) | 0.01 % | 3.75 % | |
| Low (-7 m) | 0.01 % | 3.50 % | |
| Draw-down from High | 0.0 % | -6.7 % | |
| Volatility (CV) | 0.000 | 0.026 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-7 m)
- Highest APY in the last 214 days.
- Low (-7 m)
- Lowest APY in the last 214 days.
- Draw-down from High
- How far today sits below the 7-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Calculate Savings Growth for Bank of America vs Discover Bank
All calculations are based on APY.
Bank of America
APY: 0.01%
Total savings breakdown:
- Interest earned: $5.7 (0.03%)
- Total contributions: $13,000 (72.20%)
- Initial deposit: $5,000 (27.77%)
Your total balance
$18,005.70
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewDiscover Bank
APY: 3.50%
Total savings breakdown:
- Interest earned: $2,114.1 (10.51%)
- Total contributions: $13,000 (64.63%)
- Initial deposit: $5,000 (24.86%)
Your total balance
$20,114.10
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $20,114.1
Earnings: $2,114.1
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Bank of America's total earnings would be $2,108.4 lower than Discover Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare Bank of America's APY of 0.01% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.50% | $0 |
| Bank of America vs American Express | 3.50% | $0 |
| Bank of America vs Axos Bank | 4.46% | $0 |
| Bank of America vs Barclays | 4.10% | $0 |
| Bank of America vs Capital One | 3.50% | $0 |
| Bank of America vs Chase Bank | 0.01% | $0 |
| Bank of America vs Chime | 3.75% | $0 |
| Bank of America vs CIT Bank | 4.00% | $100 |
| Bank of America vs Fitness Bank | 4.85% | $100 |
| Bank of America vs Marcus by Goldman Sachs | 3.65% | $0 |
| Bank of America vs Presidential Bank | 4.50% | $5,000 |
| Bank of America vs SoFi Bank | 3.80% | $0 |
| Bank of America vs Synchrony Bank | 3.80% | $0 |
| Bank of America vs UFB Direct | 4.21% | $5000 |
| Bank of America vs Varo Bank | 5.00% | $0 |
| Bank of America vs Wells Fargo | 2.51% | $25 |
Compare Discover Bank's APY of 3.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Discover Bank vs Ally Bank | 3.50% | $0 |
| Discover Bank vs American Express | 3.50% | $0 |
| Discover Bank vs Axos Bank | 4.46% | $0 |
| Discover Bank vs Barclays | 4.10% | $0 |
| Discover Bank vs Capital One | 3.50% | $0 |
| Discover Bank vs Chase Bank | 0.01% | $0 |
| Discover Bank vs Chime | 3.75% | $0 |
| Discover Bank vs CIT Bank | 4.00% | $100 |
| Discover Bank vs Fitness Bank | 4.85% | $100 |
| Discover Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Discover Bank vs Presidential Bank | 4.50% | $5,000 |
| Discover Bank vs SoFi Bank | 3.80% | $0 |
| Discover Bank vs Synchrony Bank | 3.80% | $0 |
| Discover Bank vs UFB Direct | 4.21% | $5000 |
| Discover Bank vs Varo Bank | 5.00% | $0 |
| Discover Bank vs Wells Fargo | 2.51% | $25 |