Average User Rating:Based on 12 user reviews.
Discover Bank
| 502 East Market Street Greenwood, DE 19950 1-800-347-7000 Open an Account: MMA, CD, Savings, IRA  |
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Discover Bank is headquartered in Greenwood and is the 7th largest bank in the state of Delaware. It is also the 30th largest bank in the nation. It was established in 1911 and as of September of 2011, it had grown to 7,927 employees at 2 locations. Discover Bank's money market rates are 93% higher than the national average, and it boasts a 5-star health rating.
Related Posts
What to Do with Maturing CDs? Choosing the Best New Long-Term CD - 1/16/2012
Many 5-year CDs with interest rates over 5.00% will be maturing this year, and several readers with these CDs have been trying to decide what to do with that money. Unfortunately, there isn't any grea ...
Discover Bank Rate Drop (Forum) - 1/11/2012
Online Savings down to 0.90%; Money Market down to 0.85%...
Long-Term CD Rates Continue to Decline - 12/21/2011
There have been several times in the last couple of years that I thought we may be nearing a bottom of CD rates, but unfortunately, rate cuts continue. Two popular internet banks just did rate cuts to ...
Comparing the Best CD Rates After Early Withdrawal Penalties - 12/6/2011
This is another comparison of four top long-term CDs if the CDs are closed early. This only compares CDs that are nationally available. As usual I included Ally Bank's 5-year CD due to its small early ...
2011
- 9/23 - Discover Veers Away From M&A (Forum)
- 9/20 - Disover Bank Rate Drop (Forum)
- 9/15 - Best Long-Term CD Rates After Early Withdrawal Penalties
- 9/8 - Comparing Rates of Long-Term CDs After Early Withdrawal Penalties
- 8/23 - Long-Term CD Strategy Review with an Updated Comparison of Ally & Discover Bank
- 8/2 - A Rate Drop At Discover Bank (Forum)
- 6/27 - Comparing CDs from Ally and Discover Bank
- 5/31 - Tips and Warnings When Closing a Discover Bank CD
- 4/21 - Bjs Member Bonus (Forum)
- 4/13 - 1.20% AAA Online Savings (Forum)
- 4/12 - Another Rate Drop At Discover (Forum)
- 3/21 - The Best CD Rates and the Smallest Early Withdrawal Penalties
- 3/2 - Higher Rates for AAA Members at Discover Bank
- 2/7 - How Rates Have Held up at the Largest Internet Banks
- 2/1 - Discover Bank Savings Rate Drop (3672) (Forum)
2010
- 11/29 - Discover Bank Checking (Forum)
- 10/29 - Comparing the Online Savings Accounts from the Major Credit Card Companies
- 10/26 - Discover Bank Savings Rate Drop (Forum)
- 10/15 - Update on My Short List of Top Online Savings Accounts
- 9/29 - Ally Bank to Offer IRA CDs - How It Might Compare to Discover Bank and PenFed
- 9/22 - Discover Bank Cuts CD Rates (Forum)
- 9/6 - One Downside With Discover Bank - No CD Disclosure Available Online (Forum)
- 8/29 - Comparing Long-Term CD Rates at Discover, Ally and PenFed
- 8/26 - Rate Leaders Cutting Long-Term CD Rates
- 8/15 - The Advantages of Discover Bank's Long-Term CDs
- 8/10 - Discover Bank's Premium Savings Account (Forum)
- 7/30 - Discover Bank Savings Account and CD Review - Available Nationwide
- 3/14 - Discover More Card $75 Cashback Bonus (Forum)
- 2/25 - The Best Savings Account with a History of Top Rates
- 2/24 - Update on ETrade Bank and the Transfer of Customers' Savings Accounts
- 2/12 - Discover Bank's New Account Center with Improved Transfers
- 2/9 - ETrade Complete Savings Accounts to Become Discover Bank Online Savings Accounts
- 2/1 - Discover Bank's Savings Account Rate Cut and Other News (Forum)
2009
- 12/22 - Update on My Short List of Top Savings Accounts
- 11/5 - $25 Bonus On Discover Bank's CDs - Nationally Available
- 8/16 - $25 Bonus On Discover Bank's 2% 12-Month CD - Nationally Available
- 8/2 - Short List of the Top Online Savings Accounts
- 7/29 - Discover Bank's CD Promotion for Discover Credit Card Customers
- 7/1 - Discover Bank's New Limited-Penalty-Free CD and its New Online Savings Account
- 2/12 - Competitive CD Rates and a $50 Bonus at Discover Bank - Nationally Available
2008
- 8/14 - Discover Bank Increases CD Rates - 5.28% 60-Month / 5.02% 48-Month
- 7/2 - Discover Bank Raises CD Rates, 5.17% 60-Month / 4.02% 12-Month CD
- 6/18 - Discover Bank's CD Rates Up To 5.02%
- 5/29 - 4.86% 60-Month / 4.08% 24-Month CD at Discover Bank
- 2/25 - Discover Bank's AAA Affiliated Money Market Account and CDs
- 2/10 - New Account Bonus ($20-$100) at Discover Bank
See Rates for: Savings | Money Market | CD | IRA
Discover Bank Savings Account Rates
Discover Bank Money Market Rates
Discover Bank CD Rates
| Apy | Min | Max | Product | |
| 2.45% | $2,500 | - | 10 Year CD | |
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| 2.00% | $2,500 | - | 7 Year CD | |
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| 1.75% | $2,500 | - | 5 Year CD | |
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| 1.55% | $2,500 | - | 4 Year CD | |
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| 1.35% | $2,500 | - | 3 Year CD | |
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| 1.20% | $2,500 | - | 30 Month CD | |
| 1.15% | $2,500 | - | 24 Month CD | |
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| 1.05% | $2,500 | - | 18 Month CD | |
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| 1.00% | $2,500 | - | 12 Month CD | |
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| 0.80% | $2,500 | - | 9 Month CD | |
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| 0.75% | $2,500 | - | 6 Month CD | |
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| 0.40% | $2,500 | - | 3 Month CD | |
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Discover Bank IRA Rates
| Apy | Min | Max | Product | |
| 2.45% | $2,500 | - | 10 Year IRA | |
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| 2.45% | $2,500 | - | 10 Year Roth IRA | |
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| 2.00% | $2,500 | - | 7 Year IRA | |
| 2.00% | $2,500 | - | 7 Year Roth IRA | |
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| 1.75% | $2,500 | - | 5 Year IRA | |
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| 1.75% | $2,500 | - | 5 Year Roth IRA | |
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| 1.55% | $2,500 | - | 4 Year IRA | |
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| 1.55% | $2,500 | - | 4 Year Roth IRA | |
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| 1.35% | $2,500 | - | 3 Year IRA | |
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| 1.35% | $2,500 | - | 3 Year Roth IRA | |
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| 1.20% | $2,500 | - | 30 Month IRA | |
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| 1.20% | $2,500 | - | 30 Month Roth IRA | |
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| 1.15% | $2,500 | - | 24 Month IRA | |
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| 1.15% | $2,500 | - | 24 Month Roth IRA | |
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| 1.05% | $2,500 | - | 18 Month IRA | |
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| 1.05% | $2,500 | - | 18 Month Roth IRA | |
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| 1.00% | $2,500 | - | 12 Month IRA | |
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| 1.00% | $2,500 | - | 12 Month Roth IRA | |
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| 0.80% | $2,500 | - | 9 Month IRA | |
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| 0.80% | $2,500 | - | 9 Month Roth IRA | |
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| 0.75% | $2,500 | - | 6 Month IRA | |
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| 0.75% | $2,500 | - | 6 Month Roth IRA | |
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| 0.40% | $2,500 | - | 3 Month IRA | |
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| 0.40% | $2,500 | - | 3 Month Roth IRA | |
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Rates updated: 2/3/2012
Data for Q3 2011
Institution Statistics
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Institution Health
Overall Score:
5 out of 5 
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Will Never Open Another Account With Them.
- cdratesearch - Tuesday, April 12, 2011 - 6:35 PMThe 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.
8
High Yield Savings
- garion - Thursday, February 3, 2011 - 1:57 PMWas about to open a savings account online but then read on the web how they have a minimum withdrawal restriction. I confirmed it by calling them. It's a $50k/month withdrawal. You can ask them to cut you a check or wire more than the 50k for a fee, tho. I think that's ridiculous.]
I gave it 3 stars, because maybe the account is fine and for those who withdraw less than 50k it might be fine. I just don't like the principle of how we are giving them money to loan out and yet when we need it, we are stuck with a withdrawal limit or fee.
6
Discover Bank Is Starting To Make Me Nervous (Savings)
- livresrares - Saturday, December 11, 2010 - 11:11 PMMy 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.
6
Better Check On Your Signature Card
- larkin - Monday, November 7, 2011 - 6:03 PMI have opened 12 CD accounts with Discover over the past 2 years. Each one requires a signature be mailed back. The first 11--no problem. Today I noticed a debit on my most recent CD. I called and was told they never received the signature card so I am subject to backup withholding. I explained that I mailed the signature card back the same day I received it and reminded the CSR that I have had multiple accounts showing that I am not subject to backup withholding. It was like talking to a brick.
Bottom line--they may have decent rates but if you open a new account make sure to double-check that the signature card got back to them.
Very disappointing...
5
Very Pleased With Discover Bank
- sluigij - Sunday, November 13, 2011 - 10:04 PMI have a few accounts with Discover Bank and have been banking with them on-line for a few years. The on-line services are very easy to use and I have had no glitches whatsoever. Rates are usually better than my local banks.
4
Good And Fast Service!
- Jojo - Thursday, December 9, 2010 - 11:19 AMI have had a money market account at Discover Bank for over ten years. The rate has always been higher than any of my local banks. Of course, today, that does not mean a whole lot.
As far as fast service, this is something that I discovered (no pun intended) several years ago. Say I wanted to deposit $250 in my money market account. If I did online banking at my local institution and transfered the money, it took almost ten calendar days for the deposit to show up in my Discover account. If I MAILED a check, I have seen it posted to my account in a few as THREE days. Discover obviously posts a deposit the day it is received. Electronic = 10 days, snail-mail = 3 days...Hmmm...probably something with my local bank. That is why they are used for paying bills and nothing else.
Because of this I called Discover and asked if it was possible to get more deposit slips and postage paid envelopes so that I could keep a regular savings schedule. In a couple weeks I received an entire book of deposit slips (not blank, but with my name and account number) along with a stack of postage paid envelopes.
4
Caught With Fees
- johndoe - Tuesday, September 21, 2010 - 8:11 AMThere was some confusion with some transfers between Discover and Chase where I believe I was incorrectly charged fees.
Chase quickly refunded their fee without admitting any fault, making this customer happy with Chase.
Discover didn't do the same.
4
Slow Transfers + 100K Limit A Month To Get Money Out
- yoman121212 - Monday, October 24, 2011 - 10:48 AMAmerican Express Bank (similar rates as Discover Bank) - you initiate an external transfer and the money is in your account the next day.
Discover Bank - you initiate an external transfer and it takes a week to get the money out.
Discover also limits your withdrawals to 100K PER MONTH. Usually you have limitations like this per day...but per month? Useless! If you reach the 100K limit when transferring money TO Discover, then a phone call to them can have them override the restriction. But to get $ out, they say they have to follow the rules. The only exception to that is if you close your account - which is kind of odd since that lets you transfer 100K out without any problems.
Although this started out as a great experience turned into a bad one given the two issues recently faced...American Express Bank is the way to go when compared to Discover.
3
Great Comfort
- faizan - Sunday, February 20, 2011 - 8:18 AMI am a regular customer of this bank it provides allot of services and very comfortable lone conditions. I Have a current saving account in this bank and I am very happy with it as it gives a very attractive profit package. I have a credit card also with very easy return conditions. I will recommend others to have an account in this bank. I love it.
3
Online Opening Long Term Cds With Discover Bank
- Mike - Sunday, June 20, 2010 - 9:36 AMOctober 2008. I opened more than one. It was straight forward and efficient. I think I had to sign some forms via snail mail, but it did not hold up the process at all. The start date for the CDs was the moment I was online. I believe I had the money PULLED from one of the, then, high interest savings accounts.
I have had a few questions over time, that I handled via the logged in messaging method. That has been problem free.
My only drawback: I am a Discover customer in four ways...
-(2 logins) separate credit card accounts
-(1 login)multiple CDs
-(1 login)Savings customer (thanks to E-trade)
...and I have to have completely separate logins for these. They are not connected. Cannot be connected. I've asked. Not available.
I've still got a long wait before the CDs mature (unless DISCOVER is taken over/bought/bailed out, etc), so I am unable to comment on how easy it is to handle the money at maturity. I hope it is problem free.
So far, so good.
2
3.00% APY for 5 Year CD
- Jeanne - Thursday, July 8, 2010 - 12:15 PMThe early withdrawal penalty is 6 months (see http://www.discoverbank.com/cd-faq.html), so for example, if you need to withdraw at 18 months, you would still earn close to 2%.
0
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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.