Bank of America vs. Discover Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 21, 2026 | Discover BankOnline Savings Account Jan 16, 2026 |
|---|---|---|
| APY | 0.01% | 3.30% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$165 $10,000+$330 $25,000+$825 |
Min Deposit | $100 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | 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. | Discover Bank is part of Capital One and this account is not open to new customers. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® Supported | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® Supported |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing Bank of America vs. Discover Bank
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to Discover Bank's 3.30% APY for its Online Savings Account, with a minimum balance of $0.
Discover Bank pays $329 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Discover Bank pays $330 - an APY advantage for Discover Bank.
Why Bank of America?
No distinct advantages found vs Discover Bank.
Why Discover Bank?
- ✓Higher potential APY (3.30% 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. $330 vs $1/yr).
Better Returns at $25,000
Discover BankDiscover Bank's Online Savings Account pulls ahead with larger amounts (approx. $825 vs $3/yr).
Best for Simplicity
Discover BankDiscover Bank's Online Savings Account offers 3.30% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Discover Bank's Online Savings Account pays $329 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Discover Bank offers a significant advantage with its Online Savings Account, providing a competitive APY of 3.30%, which greatly outpaces Bank of America's Advantage Savings account at 0.01%. The Discover account has no minimum deposit or balance requirements and charges no maintenance fees, making it a straightforward choice for savers. However, it is important to note that this account is not open to new customers. In contrast, Bank of America's savings account requires a minimum deposit of $100 and has a monthly maintenance fee of $8, which may be waived under certain conditions. Overall, Discover Bank is the clear winner for those eligible.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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Top Market Contenders
Bank of America vs. Discover Bank Savings Calculator
You earn $329 more with Discover Bank than Bank of America on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
Discover Bank
Online Savings Account
Savings Breakdown
- Interest Earned+$330.00(3.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,330.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | Discover Bank |
|---|---|---|
| APY | 0.01% Verified: 1/21/2026 Stable (90d) | 3.30% Verified: 1/16/2026 ↘︎ 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 |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Available Limit: $600/dayStrict 90-day seasoning period for new accounts. |
| 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. | Discover Bank is part of Capital One and this account is not open to new customers. |
| Next Steps | Visit SiteVerify at Bank of America Non-sponsored link to official site | Visit SiteVerify at Discover Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | Discover Bank |
|---|---|---|
| Advantage Savings | Online Savings Account | |
Current APY | 0.01% | 3.30% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -3.5 |
Days Since Change | 36 | 13 |
12-Month High | 0.03% | 3.75% |
12-Month Low | 0.01% | 3.30% |
Adjustments / Mo | 0.17 | 0.42 |
Volatility Score | 0.120 | 0.036 |
How to read these metrics(Click to expand)
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