Discover Bank vs Ponce Bank

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to Ponce 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 Ponce Bank was founded in the Bronx in 1960 by Puerto Rican migrants, at a time when traditional banks had abandoned the neighborhood. Today, they are a proud certified Minority Depository Institution and Community Development Financial Institution (CDFI), and remain dedicated to serving financially-vulnerable communities.

Their not-for-profit, The Ponce de Leon Foundation, supports local initiatives in affordable housing, education, healthcare, and more.

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

	Discover Bank	Ponce Bank
	Member FDIC
	Visit Site	Visit Site
	SPECIAL OFFER Discover® Online Savings - $200 Cash Bonus - Learn More Read Discover Bank Review	SPECIAL OFFER Money Market Deposit Account - 4.52% APY - Learn More Read Ponce Bank Review
	Benefits and Features
Savings	3.75% APY
CD	2.00% to 4.00% APY depending on terms	3-Month High-Yield CD - 4.52% APY 4 Month No-Penalty CD - 4.20% APY 6-Month High-Yield CD - 4.00% APY 1-Month High-Yield CD - 3.00% APY 9-Month High-Yield CD - 3.00% APY 48-Month High-Yield CD - 1.61% APY 13-Month High-Yield CD - 1.31% APY 11-Month High-Yield CD - 1.21% APY
Checking	Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details
Money Market	3.60% APY under $100,000; 3.65% APY $100,000 or more.
ATMs	Over 60,000 no-fee ATMs
Customer Service	24/7
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%.
Locations	Online Only	14 branch locations
	CreditDonkey® Reviews

Savings
Checking
Money Market
Mobile App
Customer Service
CD
Fees
Pros & Cons	Pros: High yield No fees 24/7 customer service Cons: No interest checking	Pros: Various savings options Low monthly fees Wide ATM network Cons: Limited physical location
Bottom Line	Solid online bank with high APY rates and good customer service... Read full review	Community bank that offers several high-yield savings options through Raisin... 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	Money Market Deposit Account - 4.52% APY 6-Month High-Yield CD - 4.00% APY 48-Month High-Yield CD - 1.61% 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. Ponce Bank: Pricing information from published website as of 12/20/2024.

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

Which is Better: Discover Bank or Ponce 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 is worth mentioning.

Articles on Discover Bank

Discover Savings Review

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 Savings 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.