Discover Bank vs BMO

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to BMO? Read our comparison chart below.

Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms. There are no service fees.

While BMO has over 900 branches and is the 8th largest bank in North America by assets. Smart Advantage checking has no fee and no minimum balance if you opt for eStatements. Savings need just $100 to open with easy ways to waive fees. Special Rate CDs require a $5,000 minimum opening deposit.

Compare Discover Bank with BMO, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

	Discover Bank	BMO
	Member FDIC	Member FDIC
	Visit Site	Visit Site
	SPECIAL OFFER Discover® Online Savings - $200 Cash Bonus - Learn More Read Discover Bank Review	SPECIAL OFFER BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus* - Learn More Read BMO Review
	Benefits and Features
Savings	3.75% APY	0.01% APY. $5 reward every month you save $200 or more, for the first year.
CD	2.00% to 4.00% APY depending on terms	0.05% - 3.50% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit.
Checking	Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details	Smart Advantage, Smart Money, Relationship
Money Market	3.60% APY under $100,000; 3.65% APY $100,000 or more.	0.80% APY. $25 minimum opening deposit. $10 monthly fee, waived with a $5,000 minimum daily balance.
ATMs	Over 60,000 no-fee ATMs	40,000+ BMO and Allpoint ATMs
Customer Service	24/7	Mon-Fri: 7am - 10pm (CT); Sat-Sun 8am - 8pm
IRA CD	9-month CD APY of 3.80%. 12-month CD APY of 4.00%. 18-month CD APY of 3.80%. 24-month CD APY of 3.50%. 5-year CD APY of 3.40%.	0.05% - 1.50% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit
IRA Money Market		IRA Premium Savers: $100 minimum opening deposit. No monthly maintenance fee
Locations	Online Only	981 branches
	CreditDonkey® Reviews

Savings
Checking
Money Market
Mobile App
Customer Service
CD
Pros & Cons	Pros: High yield No fees 24/7 customer service Cons: No interest checking	Pros: Free checking with eStatements Large ATM network Good financial tools Cons: Limited branches Low savings APY
Bottom Line	Solid online bank with high APY rates and good customer service... Read full review	Midwest bank with options for low and high-balance customers... Read full review
	Visit Site	Visit Site
	Discover® Online Savings - $200 Cash Bonus Discover® Online Savings - $150 Cash Bonus Online Savings Account - Earn 3.75% APY	BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus* Savings Account - Up to $60 Bonus BMO Alto Online Savings Account - 4.30% APY
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Discover Bank: Pricing information and data points from published website as of 11/20/2024. BMO: Pricing information from published website as of 12/20/2024 based on 60603 zip code.

Member FDIC

Discover® Online Savings - $200 Cash Bonus

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.

Get Deal

Expires 3/13/2025

Member FDIC

Discover® Online Savings - $150 Cash Bonus

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

Get Deal

Expires 3/13/2025

Member FDIC

Online Savings Account - Earn 3.75% APY

Get Deal

No fees
No minimum opening deposit
No minimum balance required

Member FDIC

BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus*

$300 Cash Bonus* when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. *Conditions Apply. Available in the U.S. BMO Bank N.A. Member FDIC

Get Deal

Expires 2/3/2025

Which is Better: Discover Bank or BMO?

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Discover Bank or Chase.

In short: Discover Bank's savings, money market, and customer service are worth mentioning. In particular, the customer service is outstanding.

Articles on Discover Bank

Discover Bank

Discover® Bank offers high interest rates on its online savings and CD accounts. But there are downsides. Here's what you need to know before you open an account.

Discover Online Savings Account Review

Make your money work with Discover® Bank high yield savings: high interest, no fees. Find out its benefits, drawbacks, and the easy way to open an account.