Discover Bank vs M&T Bank
Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to M&T Bank? 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 M&T Bank has 690 branches serving the Upper East Coast and Florida. Offers a no-fee checking, as well as interest checking but with heavier requirements to waive service fees. Select Promo CD offers high rates for terms up to 36 months with a $1,000 minimum opening deposit.
Compare Discover Bank with M&T Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
 | ||
| Visit Site | Learn More | |
Discover Bank | M&T Bank | |
|---|---|---|
Discover® Online Savings - $200 Cash Bonus - | Referral Program - Up to $500 Bonus - | |
Benefits and Features | ||
| Savings | 0.01% APY. Monthly service fee of $7.50 unless you 1) maintain a minimum daily balance of $500 or more or, 2) have a personal checking account with M&T Bank or, 3) make at least one deposit in your Relationship Savings account | |
| CD | 2.00% to 4.10% APY depending on terms | Terms from 32 days to 120 months. Minimum opening deposit $1,000. |
| Checking | Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details | |
| Money Market | 3.70% APY under $100,000; 3.75% APY $100,000 or more. | |
| ATMs | More than 1,800 M&T Bank ATMs in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. | |
| Customer Service | Mon - Fri 8:00 am - 9:00 pm (ET); Sat - Sun 9:00 am - 5:00 pm (ET). | |
| IRA CD | 9-month CD APY of 3.80%. 12-month CD APY of 4.10%. 18-month CD APY of 3.80%. 24-month CD APY of 3.60%. 5-year CD APY of 3.40%. | |
| Locations | 700 bank branches located throughout New York, New Jersey, Pennsylvania, Maryland, Washington, D.C., Virginia, West Virginia and Florida | |
CreditDonkey® Reviews | ||
| ||
| Savings |   |  |
| Checking | | |
| Money Market | | |
| Mobile App | | |
| Customer Service | | |
| CD | | |
| Pros & Cons | Pros:
| Pros:
|
| Bottom Line | Solid online bank with high APY rates and good customer service... | Upper East Coast bank with free checking option and good promo CD rates... |
| Visit Site | Learn More | |
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. M&T Bank: Pricing information from published website as of 11/21/2024 based on 14203 zip code | ||
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.
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.
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.
Online Savings Account - Earn 3.90% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Which is Better: Discover Bank or M&T Bank?
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, mobile app, and customer service are worth mentioning. In particular, the mobile app and customer service are outstanding.
Articles on Discover Bank
Discover Savings Review
Discover Savings Account Review
Discover CD Review
Discover Savings Account Bonus
Discover Bank Locations
Discover Checking Account Fees
Who Owns Discover
Discover Checking Account Minimum Balance
Discover Checking Account Requirements
Discover Savings vs Money Market
Is Discover Bank a Good and Real Bank
Is Discover Savings Worth It
Articles on M&T Bank
