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Discover vs. Bank of America HELOCs

How do HELOCs differ between Bank of America and Discover?

How do Discover and Bank of America compare?

Discover logo
Bank of America logo
  • Choose this lender for low interest rates
  • Choose another lender if you need to borrow more than $200,000
  • A good option for borrowers who need a lump sum between $35,000 and $200,000
  • Choose this lender for HELOCs up to $1 million
  • Watch out for high APRs
  • A good option for borrowers who need high limits

Loans offered

  • Conventional
  • Refinance
  • Jumbo
  • FHA
  • VA
  • USDA
  • Conventional
  • Refinance
  • Jumbo
  • FHA
  • VA
  • USDA

Minimum credit score

Conventional: 620

Conventional: 620

States available

Not available in: IA, MD, TX

Available in all states


  • Loans from $35,000 to $150,000
  • 10, 12, 15, 20 or 30 year plans
  • Fixed rates starting at 4.99% APR
  • Low fees
  • Speedy online application
  • Large physical presence
  • HELOCs for secondary residences available


  • Mixed application process
  • Not nationwide
  • Limited to fixed-rate loans
  • Application can be confusing
  • High maximum APR
  • Early closure fee

Customer reviews

Discover has been accredited with the Better Business Bureau since 1989, and holds an A+ rating for its services and operation. The BBB has recorded 877 complaints in the last three years, most of which were related to billing, collections and problems with the product or service. Customers gave Discover a 1.5-star rating based on 70 reviews. However, it’s worth pointing out that these reviews and complaints are about Discover Bank as a whole — and they’re about more than its home equity loans division. Across other consumer forums, customers praise the personalized process, competitive interest rates, and lack of closing costs. Some said the path from application to closing can be as quick as 30 to 45 days, but Discover promises nothing on its website.
Bank of America is accredited with the Better Business Bureau and holds an A+ rating for its customer interaction. The BBB has recorded 5,739 complaints in the last three years, all of which were addressed by the banking giant. Customers awarded the bank a 1-star rating based on 250 reviews — standard for a traditional bank with several arms. That said, these reviews aren’t specific to the home loans division. On TrustPilot, Bank of America has a 2-star rating based on 51 reviews. Customers praised the bank’s wide physical presence and personalized service, while many others complained about their experience.

Compare HELOC interest rates

Use our handy tool to compare estimated rates you might qualify for among top partners in your quest for the strongest HELOC. Select between the Purchase or Refinance options, then enter your ZIP, financial details, property type and other specifics to get personalized rates.

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