Discover Bank


Overview / Commentary
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.

Related Posts

Discover Bank Rate Changes As Of 9-27-2022 - 9/27/2022

Discover Bank rate changes as of 9-27-2022 include: 10-year CD @ 3.30% (was 3.25%) 7-year CD @ 3.30% (was 3.25%) 5-year CD @ 3.30% (was 3.25%) 4-year CD @ 3.20% (was 3.15%) 3-year CD @ 3.15% (was 3.10%) 24-month CD @ 3.10% (was 3.00%) 18-month CD @ 3.00% (was 2.80%) 12-month CD @ 3.00% (was 2.70%) Online Savings Account @ 2.10% (was 2.00%) Money Market Account ($100k min.) @ 2.05% (was 1.95%) To view all Discover Bank rates see: https://www.discover.com/online-banking/ (Discover Bank also offers new issue, non-callable brokered CDs at substantially higher rates. Here are the Discover Bank rates currently available at TD Ameritrade: 5-year @ 4.35%, 4-year @ 4.30%, 3-year @ 4.30%, 18-month CD @ 4.10%, and 12-month CD @ 4.05%)

Discover Bank Savings Account Bonus - 9/9/2022

To get a $100 OR $150 Bonus you must deposit into your account (1) a total of $10,000 in new money (i.e., funds from another bank) to earn a $100 Bonus or (2) a total of $15,000 in new money to earn a $150 Bonus. Maximum Bonus eligibility is $150. You must maintain an average daily balance of at least $10,000 from 9/30/22 to 11/30/22 (“hold period”) to receive a $100 Bonus or at least $15,000 to receive a $150 Bonus. Deposit(s) must be posted to your account by 9/29/22, 11:59 PM ET.

Discover Bank Rates As Of 9-2-2022 - 9/2/2022

Discover Bank rates for 9-2-2022 include: 10-year CD @ 3.25% (no change) 7-year CD @ 3.25% (no change) 5-year CD @ 3.25% (no change) 4-year CD @ 3.15% (was 3.05%) 3-year CD @ 3.10% (was 3.00%) 24-month CD @ 3.00% (was 2.90%) 18-month CD @ 2.80% (was 2.60%) 12-month CD @ 2.70% (was 2.50%) Online Savings Account @ 1.80% (was 1.70%) Money Market Account ($100k min.) @ 1.75% (was 1.65%) To view all Discover Bank rates see: https://www.discover.com/online-banking/ (As an alternative, you may wish to consider treasuries. Their yields include: 1mo @ 2.53%, 6mo @ 3.34%, 1yr & 2yr @ 3.51%, and 3yr @ 3.54% as of 9-1-2022. In addition, interest on treasuries is exempt from state and local taxes.)

View all posts from:

11/24/19 - Discover Savings Now At 1.70% Was 1.75%.
10/9/19 - Updated, Slightly More Friendly, Terms From Discover
9/5/19 - Discover Bank Cuts Savings & Money Market Account Rates
8/18/19 - Discover Savings Bonus
8/2/19 - Discover Bank Again Cuts Savings And Money Market Rates.
7/18/19 - Savings Rate Going Down?
6/21/19 - Discover Bank Eliminates Fees on Deposit Products
6/14/19 - Received Email Today For 12 Mo 2.5 APY CD Available. $2500 Min.
5/15/19 - Discover Bank’s Latest Online Savings Account Bonuses
1/11/19 - Discover Bank Raises Savings And Money Market Account Rates
1/2/19 - Discover Bank .05% Increase For Savings Account For AAA Members Again
11/15/18 - Discover Bank Online Savings Account Has New APY
11/14/18 - Discover Raises Money Market Rates And Online Savongs Rate
10/14/18 - Discover Now At 1.90%
10/3/18 - Discover Bank Bumps Up Online Savings And Money Market Accounts.
8/31/18 - Small Increase At Discover Bank On Savings Rates.
7/6/18 - Discover Bank Ups Online Savings, Money Market and CD Rates
7/6/18 - Rate Hike At Discover
6/14/18 - Savings Rate Hike At Discover
5/31/18 - Discover Bank Ups Online Savings And Money Market Rates
5/25/18 - Savings Rate Hike At Discover
5/17/18 - Small Rate Increases At Discover Bank
2/23/18 - More Discover Bank Rate Hikes - Savings Account, Money Market and CDs
2/23/18 - Rate Increases On Deposit Accounts At Discover Bank
2/22/18 - Discover Changes and Expands Availability of Cashback Checking
1/17/18 - Discover Bank Increases Rates - Savings Account, Money Market and CDs
1/17/18 - Discover Banks Raises Online Savings And Money Market Account Rates
12/7/17 - Discover Bank Increases Savings Account and Money Market Rates
12/7/17 - Discover Bank Raises Online Savings & Money Market Account Rates
11/1/17 - Discover Bank Savings Account $150/$200 Bonus
10/13/17 - Rate Increases At Discover Bank
8/25/17 - Discover Bank Adds New $150 or $200 Savings Bonuses
8/2/17 - Online Savings Account Rate Increase
6/9/17 - Discover Bank Ups Savings and MM Rates: Second Increase in Two Months
6/9/17 - Discover Again Raises Online Savings Account Rate
6/1/17 - Discover Bank Increases CD Rates
4/26/17 - Discover Bank Increases Savings Account Rate To 5-Year High
4/20/17 - Discover Bank Has $100 Bonus On New Online Savings
3/30/17 - Discover Bank Raises Several CD Rates
3/13/17 - Discover Bank Removes Minimum Deposit On Savings Account
12/26/15 - Discover Bank Boosts Long-Term CD Rates
10/21/15 - Cashback Checking $300 Bonus - Ends November 15, 2015
6/25/15 - Rate Increase For Online Savings Accounts
1/16/15 - Discover Bank's Cashback Checking and Bonus Available to Existing Customers
11/25/14 - Discover Bank Raises Rate On Online Savings & Money Market Accounts.
4/22/14 - Discover Bank Cash Back Checking Getting Worse
4/9/14 - Discover Bank Raises Long-Term CD Rates But Beware of Larger Penalties
1/8/14 - Discover Bank - Savings - Deposit Slips/Envelopes No Longer Available?
12/26/13 - Rate Hike On Savings
12/26/13 - Discover Bank Increases Online Savings Account Rate
10/8/13 - Discover Has Increased CD Rates
4/5/13 - Discover Bank’s Bonus for BJ’s Members and Other Affinity Group Perks
2/27/13 - $25 Bonus For Opening New Discover Bank Online Savings
2/25/13 - Discover Bank Adds Mobile Check Deposit
2/20/13 - Discover Bank Will Increase CD Early Withdrawal Penalties
2/19/13 - Change To Discover Bank Deposit Agreement Terms For CD Early Withdrawal
1/22/13 - Discover Bank's Cashback Checking Account To Be Launched Soon
10/30/12 - Small New-Account Bonus for Discover Bank CDs & Savings Account
9/27/12 - Discover Bank's Competitive Long-Term CD Rates
7/26/12 - Discover Offering Some Credit Card Customers Its Premium Savings Account
3/28/12 - BJs Gift Card $75
3/25/12 - Discover Plans To Add Mortgages, Checking Accounts
2/28/12 - More Rate Drops At Discover Bank
1/11/12 - Discover Bank Rate Drop
9/23/11 - Discover Veers Away From M&A
9/20/11 - Disover Bank Rate Drop
8/2/11 - A Rate Drop At 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
2/1/11 - Discover Bank Savings Rate Drop (3672)
11/29/10 - Discover Bank Checking
10/26/10 - Discover Bank Savings Rate Drop
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
8/15/10 - 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
2/24/10 - 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
12/29/09 - Discover Bank's New Limited-Penalty-Free CD and its New Online Savings Account
12/19/09 - Discover Bank's CD Rates Up To 5.02%
7/29/09 - Discover Bank's CD Promotion for Discover Credit Card Customers
6/27/09 - 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
3/1/08 - New Account Bonus ($20-$100) at Discover Bank
2/25/08 - Discover Bank's AAA Affiliated Money Market Account and CDs

Reviews (257)

Discover Bank - Great Service

Overall, very pleased with Discover checking (1 % CASHBACK on debit card purchases) and very competitive savings and MMA rates. Customer service is top notch and U.S. based. The user interface on mobile app and website is good and clean. My only complaint is the website is buggy sometimes when I try to log in using Safari. But really like Discover service and their employees are super friendly and helpful.

Discover Has To Keep Up, Else….Money Flows

Posted by: |

Discover now became the lowest apy rate of all the hugh yield savings accounts I owned. From NYCB (2.2%) to AE national savings (1.75%), Discover got to seriously consider hike their savings at least to 1.9-2.1% to be competitive.
So far, their service has been satisfactory but if rates are well below, remember, money flows.

Locked My Account And It's Impossible To Unlock

Posted by: |

Locked my account two weeks ago and I've been trying to contact them these past two weeks. No matter when I call, there is this unreasonable 3 hour long line and my call never went through.
When it finally got answered, I was told I had to wait for another 10 business days to gain back access. Ridiculous policy and horrible customer service.

Bank HOLDS Your Money Perminately!!

Posted by: |

Okay I opened an account with Discover in 3/11/20 and my brother pay me a monthly mortgage. So he wires the money and I move some funds to another bank of mine. Two days later the account is frozen and closed! I have called security about 15 times over the last 2 years. They say that they cannot confirm my Identity right. Well i send them everything accept a semen sample and still will not release my funds. Its over $6,500 they are holding and I've been told I need to wait until it goes to unclaimed property and that there is absolutely nothing I can do to have the funds released. This bank has stolen over $6,500 of my funds to date with nothing I can do. Stay AWAY Stay far AWAY form this bank.

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Health

Health Grade Components

Overall
FDIC Certificate #5649
Year Established1911
Employees11702
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD4.3%
Return on Equity - YTD39.08%
Annual Interest Income$5.87B
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$113B$108.9B
LoansQ2 2022vs Q2 2021$92.54B$80.65B
DepositsQ2 2022vs Q2 2021$79.90B$77.32B
Equity CapitalQ2 2022vs Q2 2021$11.98B$11.71B
Loan Loss AllowanceQ2 2022vs Q2 2021$6.76B$7.03B
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$863.7MM$719.8MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Discover Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Discover Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.15%--Online Savings
2.15%$15k-Online Savings - Bonus
2.10%--IRA Savings

Discover Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.05%*$100k*-Money Market
OTHER TIERS: 2.00% Up to $100k

Discover Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.30%$2.5k-5 Year CD
3.30%$2.5k-7 Year CD
3.30%$2.5k-10 Year CD
3.20%$2.5k-4 Year CD
3.15%$2.5k-3 Year CD
3.10%$2.5k-24 Month CD
3.10%$2.5k-30 Month CD
3.00%$2.5k-12 Month CD
3.00%$2.5k-18 Month CD
1.25%$2.5k-9 Month CD
1.00%$2.5k-6 Month CD
0.75%$2.5k-3 Month CD

Discover Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.30%$2.5k-5 Year IRA
3.30%$2.5k-7 Year IRA
3.30%$2.5k-10 Year IRA
3.20%$2.5k-4 Year IRA
3.15%$2.5k-3 Year IRA
3.10%$2.5k-24 Month IRA
3.10%$2.5k-30 Month IRA
3.00%$2.5k-12 Month IRA
3.00%$2.5k-18 Month IRA
1.25%$2.5k-9 Month IRA
1.00%$2.5k-6 Month IRA
0.75%$2.5k-3 Month IRA
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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.