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800-347-7000
502 East Market Street
Greenwood, DE 19950

Discover Bank functions as an Internet bank with no retail branches. In addition to its trademark credit card offerings, it features a range of depository banking and loan products. Discover’s deposit rates are usually competitive with other Internet banks on Savings, Checking, Money Market, CD, and IRA CD accounts because of the lack of infrastructure costs associated with physical locations and branches.

Discover Bank offers checking, savings, CD, and Money Market accounts on its depository banking side. It offers three different types of personal checking accounts and one business checking account. Its personal checking accounts feature an interest-bearing account, a standard checking account, and a 55+ account. It offers a competitive online savings account that usually offers one of the top interest rates in the depository banking market. It offers Certificates of Deposit for terms ranging from 3 months to 10 years, which can be funded online from any existing bank account. It also offers a Money Market account that pays interest at rates similar to its savings account offerings.

Discover offers multiple web-based platforms to its customers that facilitate easy account management. Through the Discover smartphone app, customers can transfer funds, pay bills, deposit checks, and monitor account balances. Discover online banking offers a sophisticated platform through which customers can manage their accounts and get help from online banking specialists.

Discover Bank’s headquarters are located in Greenwood, Delaware, just blocks away from where it originally began as the Greenwood Trust Company. Since acquiring the Greenwood Trust Company in 1985, Discover has grown to be one of the largest financial services firms in the country. It provides its customers access to cash at over 750,000 ATMs worldwide through its Discover and PULSE ATM networks, including over 415,000 ATMs across the United States. The firm receives awards yearly for different aspects of its business from customer loyalty to workplace environment.

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Discover Bank Raises Long-Term CD Rates But Beware of Larger Penalties - 4/9/2014

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Discover Bank Increases Online Savings Account Rate - 12/26/2013

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12/21/11 - Long-Term CD Rates Continue to Decline
12/6/11 - Comparing the Best CD Rates After Early Withdrawal Penalties
9/23/11 - Discover Veers Away From M&A
9/20/11 - Disover Bank Rate Drop
9/15/11 - Best Long-Term CD Rates After Early Withdrawal Penalties
9/8/11 - Comparing Rates of Long-Term CDs After Early Withdrawal Penalties
8/23/11 - Long-Term CD Strategy Review with an Updated Comparison of Ally & Discover Bank
8/2/11 - A Rate Drop At Discover Bank
6/27/11 - Comparing CDs from Ally and Discover Bank
5/31/11 - Tips and Warnings When Closing a Discover Bank CD
4/21/11 - Bjs Member Bonus
4/13/11 - 1.20% AAA Online Savings
4/12/11 - Another Rate Drop At Discover
3/21/11 - The Best CD Rates and the Smallest Early Withdrawal Penalties
3/2/11 - Higher Rates for AAA Members at Discover Bank
2/7/11 - How Rates Have Held up at the Largest Internet Banks
2/1/11 - Discover Bank Savings Rate Drop (3672)
11/29/10 - Discover Bank Checking
10/29/10 - Comparing the Online Savings Accounts from the Major Credit Card Companies
10/26/10 - Discover Bank Savings Rate Drop
10/15/10 - Update on My Short List of Top Online Savings Accounts
9/29/10 - Ally Bank to Offer IRA CDs - How It Might Compare to Discover Bank and PenFed
9/22/10 - Discover Bank Cuts CD Rates
9/6/10 - One Downside With Discover Bank - No CD Disclosure Available Online
8/29/10 - Comparing Long-Term CD Rates at Discover, Ally and PenFed
8/26/10 - Rate Leaders Cutting Long-Term CD Rates
8/15/10 - The Advantages of Discover Bank's Long-Term CDs
8/10/10 - Discover Bank's Premium Savings Account
7/30/10 - Discover Bank Savings Account and CD Review - Available Nationwide
3/14/10 - Discover More Card $75 Cashback Bonus
2/25/10 - The Best Savings Account with a History of Top Rates
2/24/10 - Update on ETrade Bank and the Transfer of Customers' Savings Accounts
2/12/10 - Discover Bank's New Account Center with Improved Transfers
2/9/10 - ETrade Complete Savings Accounts to Become Discover Bank Online Savings Accounts
2/1/10 - Discover Bank's Savings Account Rate Cut and Other News
12/22/09 - Update on My Short List of Top Savings Accounts
11/5/09 - $25 Bonus On Discover Bank's CDs - Nationally Available
8/16/09 - $25 Bonus On Discover Bank's 2% 12-Month CD - Nationally Available
8/2/09 - Short List of the Top Online Savings Accounts
7/29/09 - Discover Bank's CD Promotion for Discover Credit Card Customers
7/1/09 - Discover Bank's New Limited-Penalty-Free CD and its New Online Savings Account
2/12/09 - Competitive CD Rates and a $50 Bonus at Discover Bank - Nationally Available
8/14/08 - Discover Bank Increases CD Rates - 5.28% 60-Month / 5.02% 48-Month
7/2/08 - Discover Bank Raises CD Rates, 5.17% 60-Month / 4.02% 12-Month CD
6/18/08 - Discover Bank's CD Rates Up To 5.02%
5/29/08 - 4.86% 60-Month / 4.08% 24-Month CD at Discover Bank
2/25/08 - Discover Bank's AAA Affiliated Money Market Account and CDs
2/10/08 - New Account Bonus ($20-$100) at Discover Bank

An Honest Review Of Discover Bank

Discover is a giant. They have been around for a long time (since 1911). Discover Bank recently joined the family of Discover in 2000. So, their banking sector is new. Some people have really ripped Discover apart for errors and customer service. But, considering their newness, they are putting forth a lot of effort and seeking to be competitive and helpful. Just look at thtier website. It has a ton of information and very useful calculators.

Discover's rates are one of the nations best. If you have a discover credit card, then it would make sense to bank and with them and correlate the accounts via bill pay.

Before you jump on the "I hate Discover bank" band wagon.The following site has an honest overview of Discover's accounts and evenmore indepth reviews for each account.

Check out the Discover Bank Review at BankTruth.

Will Never Open Another Account With Them.

The rates are great, but that's the only thing that is good.  Their customer service is not well trained and can give multiple wrong answers.   They say they will respond to e-mails within 24 hours, but it can be up to a week.  I have called several times and been given incorrect answers or they said that they would check on the problem and call me back.  They have never called back. 

I did receive a letter requesting that I call them on one of my accounts, but had to read the letter to customer service and they still didn't know how to get me to anyone that could answer my question.  Just promised to call me back and then did not.

They definitely make their money on fund transfers, since they can take up to a week to transfer the $ from an external account into the Discover account or from the Discover account into an external account.

Would not recommend them to anyone. 

 

 

Discover Made My Problem Worse With Prejudgment And Lie.

When I was moving to another city, I used IP relay service to call Discover (as a hard hearing person, IP relay was the only communication method for me with Discover) and required a change to my address. Suddenly Discover representative hanged up and then locked my account. As a consequence, I could not make a payment to my Discover More card online.
 
I immediately contacted their security department to verify my identity. They wanted to call back and continue the verification process. I explained to them that I couldn’t hear sound so for our communication to work, I have to proactively call them through IP Relay. The representative insisted that their record showed they had spoken to the cardholder so they would still go ahead and call back. That was an obvious lie on a deaf person who couldn’t talk verbally through phone.
 
The second time I called and informed them about my deaf situation, instead of offering an alternative solution, Discover just hanged up disrespectfully. During that time my schedule was very stressful, so I had to sacrifice some goal and time to find out other methods to pay the card.
 
Compared to Amex who handled my request respectfully and smoothly, Discover customer service is unprofessional. To make the matter worse, they are absolutely rude and lack the heart to help customers.

Discover Bank Is Starting To Make Me Nervous (Savings)

My Etrade Financial savings account was sold to Discover Bank a while ago.  I'm starting to have problems with the amount of time when I simply cannot get access to my money...  Discover's excuse is that the website is down for maintainance.

 

When the website is down, not only do customers have NO access to their accounts, but NEITHER DO THE CUSTOMER SERVICE REPS!!! So even if you call, there's no way to set up a transaction until their website goes back up again.

 

Their website goes down EVERY DAY for about an hour.  Additionally, there are special weekend outages when the website goes down overnight.

 

I wonder if banks could use 'website maintanance' as an excuse to steal people's savings or to prevent a bank run or something.  Discover bank shuts down completely for about 7 hours every week.  Could it gradually decrease its opening hours to 1 hour per day?  Per week? Per month? Then it would be very difficult for us customers to get our money out.

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Health

Data for Q4 2013

Institution Health

A+

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Discover Bank had $626.9 million in non-current loans and owned real-estate with $10.61 billion in equity and loan loss allowances on hand to cover it. This gives Discover Bank a Texas Ratio of 5.91% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B

The Texas Ratio for Discover Bank decreased slightly from 6.58% as of December 31, 2012 to 5.91% as of December 31, 2013, resulting in a positive change of 10.16%.This indicates that the balance sheet and financial strength for Discover Bank has improved slightly in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Discover Bank has increased its total deposits by $2.75 billion, resulting in 6.51% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Discover Bank has shown is excellent.

Capitalization

GRADE:
A+

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Discover Bank has $77.9 billion in assets with $10.61 billion in equity, resulting in a capitalization level of 13.62%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #5649
Year Established1911
Employees9730
Primary RegulatorFDIC
Assets and Liabilities
Assets$77.90 billion
Loans$63.92 billion
Deposits$44.96 billion
Equity Capital$8.98 billion
Loan Loss Allowance$1.63 billion
Unbacked Noncurrent Loans$626.91 million
Real Estate Owned$0
Historic Data - December 2012
Assets$71.84 billion
Equity Capital$8.18 billion
Loan Loss Allowance$1.79 billion
Unbacked Noncurrent Loans$626.91 million
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin8.87%
Return on Assets3.29%
Return on Equity28.26%
Interest Income$7.31 billion
Rates
Skip to rates for:

Always verify rates and promotions with the bank or credit union. We are not Discover Bank, we are a rate comparison website and can not provide official rates or promotions.

Discover Bank Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.85%$500-Discover Bank Online Savings

Discover Bank Money Market Rates

DetailsAPYMINMAXPRODUCT
0.80%$100k-Discover Bank Money Market

Discover Bank CD Rates

DetailsAPYMINMAXPRODUCT
2.25%$2,500-10 Year CD
2.05%$2,500-7 Year CD
1.95%$2,500-5 Year CD
1.60%$2,500-4 Year CD
1.25%$2,500-3 Year CD
1.10%$2,500-30 Month CD
1.05%$2,500-24 Month CD
1.00%$2,500-18 Month CD
0.95%$2,500-12 Month CD
0.70%$2,500-9 Month CD
0.65%$2,500-6 Month CD
0.35%$2,500-3 Month CD

Discover Bank IRA Rates

DetailsAPYMINMAXPRODUCT
2.25%$2,500-10 Year IRA (Traditional,Roth)
2.05%$2,500-7 Year IRA (Traditional,Roth)
1.95%$2,500-5 Year IRA (Traditional,Roth)
1.60%$2,500-4 Year IRA (Traditional,Roth)
1.25%$2,500-3 Year IRA (Traditional,Roth)
1.10%$2,500-30 Month IRA (Traditional,Roth)
1.05%$2,500-24 Month IRA (Traditional,Roth)
1.00%$2,500-18 Month IRA (Traditional,Roth)
0.95%$2,500-12 Month IRA (Traditional,Roth)
0.70%$2,500-9 Month IRA (Traditional,Roth)
0.65%$2,500-6 Month IRA (Traditional,Roth)
0.35%$2,500-3 Month IRA (Traditional,Roth)
Locations

Discover Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 502 East Market Street - Greenwood, DE 19950