Bank Of America vs. Discover Bank
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
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Summary of Bank of America vs. Discover Bank
Key Metrics at a Glance
| Feature | Bank of America | Discover Bank |
|---|---|---|
| Top Savings APY | 0.01% Advantage Savings | 3.40% Online Savings Account |
| Minimum to Open | $100 | $0 |
| Minimum Balance for APY | $0 |
Bank of America
Strengths
- Bank of America has a high App Store rating of 4.8.
- The Advantage Savings account allows a minimum deposit of $100.
Potential Drawbacks
- The current APY for Bank of America's Advantage Savings is only 0.01%.
- Bank of America charges an $8 monthly maintenance fee.
Discover Bank
Strengths
- Discover Bank offers a competitive APY of 3.40%.
- There are no maintenance fees for the Online Savings Account.
Potential Drawbacks
- Discover Bank has a lower APY compared to 30 days ago, which was 3.50%.
- Discover Bank has no physical branches.
→ As of October 14, 2025 Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Discover Bank's 3.40% APY for its Online Savings Account, with a minimum balance of $0.
→ Discover Bank yields $339 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Discover Bank pays $340 - an APY advantage for Discover Bank.
Calculate Savings Growth for Bank of America vs Discover Bank
Bank of America
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
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewDiscover Bank
Total savings breakdown:
- Interest earned: $2,050.5 (10.23%)
- Total contributions: $13,000 (64.84%)
- Initial deposit: $5,000 (24.94%)
Your total balance
$20,050.50
Total balance: $20,050.5
Earnings: $2,050.5
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Bank of America's total earnings would be $2,044.8 lower than Discover Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
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 10/14/2025) | 3.40% (as of 10/14/2025) | |
| 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 8 Months)
| Bank of America | Discover Bank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | Online Savings Account |
| Latest APY | 0.01 % | 3.40 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -0.0 | -4.0 | |
| Rate Changes / Mo | 0.00 | 0.46 | |
| Days Since Last Change | 258 | 14 | |
| High (-8 m) | 0.01 % | 3.75 % | |
| Low (-8 m) | 0.01 % | 3.40 % | |
| Draw-down from High | 0.0 % | -9.3 % | |
| Volatility (CV) | 0.000 | 0.029 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 8 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 (-8 m)
- Highest APY in the last 259 days.
- Low (-8 m)
- Lowest APY in the last 259 days.
- Draw-down from High
- How far today sits below the 8-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.