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.
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.
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.
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.
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.
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 September 30, 2013 Discover Bank had $579.78 million in non-current loans and owned real-estate with $10.42 billion in equity and loan loss allowances on hand to cover it. This gives Discover Bank a Texas Ratio of 5.57% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Discover Bank decreased slightly from 6.66% as of September 30, 2012 to 5.57% as of September 30, 2013, resulting in a positive change of 16.40%.This indicates that the balance sheet and financial strength for Discover Bank has improved slightly in recent periods.
In the past year, Discover Bank has increased its total deposits by $1.07 billion, resulting in 2.53% 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 above average.
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 $74.03 billion in assets with $10.42 billion in equity, resulting in a capitalization level of 14.07%, which is excellent.
|FDIC Certificate #||5649|
|Assets and Liabilities|
|Equity Capital||$8.83 billion|
|Loan Loss Allowance||$1.58 billion|
|Unbacked Noncurrent Loans||$579.78 million|
|Real Estate Owned||$0|
|Historic Data - September 2012|
|Equity Capital||$7.58 billion|
|Loan Loss Allowance||$1.73 billion|
|Unbacked Noncurrent Loans||$579.78 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||8.81%|
|Return on Assets||3.34%|
|Return on Equity||28.69%|
|Interest Income||$5.40 billion|
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.
|0.80%||$500||-||Discover Bank Online Savings|
|0.80%||$100k||-||Discover Bank Money Market|
|1.90%||$2,500||-||10 Year CD|
|1.80%||$2,500||-||7 Year CD|
|1.65%||$2,500||-||5 Year CD|
|1.40%||$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|
|0.95%||$2,500||-||18 Month CD|
|0.85%||$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|
|1.90%||$2,500||-||10 Year IRA|
|1.90%||$2,500||-||10 Year Roth IRA|
|1.80%||$2,500||-||7 Year IRA|
|1.80%||$2,500||-||7 Year Roth IRA|
|1.65%||$2,500||-||5 Year IRA|
|1.65%||$2,500||-||5 Year Roth IRA|
|1.40%||$2,500||-||4 Year IRA|
|1.40%||$2,500||-||4 Year Roth IRA|
|1.25%||$2,500||-||3 Year IRA|
|1.25%||$2,500||-||3 Year Roth IRA|
|1.10%||$2,500||-||30 Month IRA|
|1.10%||$2,500||-||30 Month Roth IRA|
|1.05%||$2,500||-||24 Month IRA|
|1.05%||$2,500||-||24 Month Roth IRA|
|0.95%||$2,500||-||18 Month IRA|
|0.95%||$2,500||-||18 Month Roth IRA|
|0.85%||$2,500||-||12 Month IRA|
|0.85%||$2,500||-||12 Month Roth IRA|
|0.70%||$2,500||-||9 Month IRA|
|0.70%||$2,500||-||9 Month Roth IRA|
|0.65%||$2,500||-||6 Month IRA|
|0.65%||$2,500||-||6 Month Roth IRA|
|0.35%||$2,500||-||3 Month IRA|
|0.35%||$2,500||-||3 Month Roth IRA|
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