Bank Of America vs Discover Bank
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of Bank of America vs. Discover Bank
As of July 15, 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.
- No minimum balance is required for the Advantage Savings account.
Potential Drawbacks
- The Advantage Savings account offers a low APY of 0.01%.
- Bank of America charges an $8 monthly maintenance fee.
Discover Bank
Strengths
- Discover Bank's Online Savings Account has a competitive APY of 3.50%.
- No maintenance fees for the Online Savings Account.
Potential Drawbacks
- Discover Bank has no physical branches.
- The APY decreased from 3.60% to 3.50% in the last 30 days.
Summary: Discover Bank offers a significantly higher APY of 3.50% for its Online Savings Account, 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 and offers physical branches, which may appeal to some customers.
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 7/15/2025) | 3.50% (as of 7/15/2025) | |
| 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. | N/A | |
| Visit Bank | Advantage Savings | Online Savings Account | |
| 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 6 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 | -4.6 | |
| Rate Changes / Mo | 0.00 | 0.54 | |
| Days Since Last Change | 167 | 19 | |
| High (-6 m) | 0.01 % | 3.75 % | |
| Low (-6 m) | 0.01 % | 3.50 % | |
| Draw-down from High | 0.0 % | -6.7 % | |
| Volatility (CV) | 0.000 | 0.022 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 168 days.
- Low (-6 m)
- Lowest APY in the last 168 days.
- Draw-down from High
- How far today sits below the 6-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 DetailsDiscover Bank
APY: 3.50%
Total savings breakdown:
- Interest earned: $35 (3.38%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.62%)
Your total balance
$1,035.00
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $1,035
Earnings: $35
Bank DetailsAfter 1 year Bank of America would earn you $34.9 less than Discover Bank.
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 | 3.60% | $0 |
| Bank of America vs Axos Bank | 4.66% | $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 | 5.00% | $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 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 | 3.60% | $0 |
| Discover Bank vs Axos Bank | 4.66% | $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 | 5.00% | $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 Varo Bank | 5.00% | $0 |
| Discover Bank vs Wells Fargo | 2.51% | $25 |