Bank Of America vs Discover Bank
High-Yield Savings Accounts Comparison

Last Updated: June 20, 2025

Summary of Bank of America vs. Discover Bank

As of June 20, 2025 Bank of America offers an APY of 0.01% for its Advantage Savings account, compared to Discover Bank's 3.60% APY for its Online Savings Account account.

Discover Bank yields $359 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while Discover Bank pays $360 - 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 a savings account with a low minimum deposit of $100.
  • Bank of America has a BBB rating of A.

Potential Drawbacks

  • The Advantage Savings account has a low APY of 0.01%.
  • Bank of America charges a maintenance fee of $8.
  • No branches are available for in-person banking.

Discover Bank

Strengths

  • Discover Bank offers a high APY of 3.60% on its savings account.
  • There are no maintenance fees for the Online Savings Account.
  • Discover Bank has a BBB rating of A+ and is BBB Accredited.

Potential Drawbacks

  • Discover Bank has no physical branches.
  • The Online Savings Account requires no minimum deposit or balance.
  • The App Store rating is slightly lower at 4.9 compared to Bank of America.
Summary: Discover Bank's Online Savings Account offers a significantly higher APY of 3.60% compared to Bank of America's 0.01%. Additionally, Discover Bank has no maintenance fees, while Bank of America charges $8. However, Bank of America has a higher App Store rating of 4.8 and a physical presence, which may appeal to some customers. Discover Bank boasts a superior BBB rating of A+ and is accredited.

Compare Bank of America's vs Discover Bank's Savings Accounts

Bank of AmericaDiscover Bank
ProductAdvantage SavingsvsOnline Savings Account
APY
0.01% (as of 6/20/2025)3.60% (as of 6/20/2025)
Bundled Account
NoNo
FDIC-insured
YesYes
Online OnlyNoYes
Compound Frequency
MonthlyDaily
Minimum Deposit$100$0
Minimum Balance for APYN/A$0
Maintenance Fee$8$0
Direct Deposit Required
NoNo
NoteAPY 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.N/A
Visit BankAdvantage SavingsOnline Savings Account
App Store Rating4.8/54.9/5
Google Play Rating4.6/54.3/5
BBB RatingAA+

Comparative Historical APY Insights (Last 5 Months)

Bank of AmericaDiscover Bank
ProductAdvantage SavingsvsOnline Savings Account
Latest APY0.01 %3.60 %
TrendSidewaysSideways
Slope (bps/mo)-0.0-4.2
Rate Changes / Mo0.000.42
Days Since Last Change14360
High (-5 m)0.01 %3.75 %
Low (-5 m)0.01 %3.60 %
Draw-down from High0.0 %-4.0 %
Volatility (CV)0.0000.017
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 5 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 (-5 m)
Highest APY in the last 144 days.
Low (-5 m)
Lowest APY in the last 144 days.
Draw-down from High
How far today sits below the 5-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: $0.1 (0.01%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (99.99%)

Your total balance

$1,000.10

Effective APY: 0.01% (based on your deposit and contributions)

Total balance: $1,000.1

Earnings: $0.1

Bank Details

Discover Bank

APY: 3.60%

Total savings breakdown:

  • Interest earned: $36 (3.47%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (96.53%)

Your total balance

$1,036.00

Effective APY: 3.60% (based on your deposit and contributions)

Total balance: $1,036

Earnings: $36

Bank Details

After 1 year Bank of America would earn you $35.9 less than Discover Bank.

More Comparisons

Compare Bank of America's APY of 0.01% with other banks
Compare Discover Bank's APY of 3.60% with other banks