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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 Has $100 Bonus On New Online Savings - 1/9/2017

Discover Bank is offering Online Savings $100 bonus. Only available to those who have never had a Discover Bank Online Savings or Money Market account.

Rate Increase For Online Savings Accounts - 7/4/2016

Online Savings: Was 0.90% Now 0.95%

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12/26/15 - Discover Bank Boosts Long-Term CD Rates
10/21/15 - Cashback Checking $300 Bonus - Ends November 15, 2015
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.
4/28/14 - Discover Bank Cash Back Checking Getting Worse
4/9/14 - Discover Bank Raises Long-Term CD Rates But Beware of Larger Penalties
1/10/14 - 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
3/8/13 - $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
1/23/13 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties - January 2013
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
9/18/12 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties - September 2012
8/7/12 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties - August 2012
7/26/12 - Discover Offering Some Credit Card Customers Its Premium Savings Account
6/5/12 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties
5/8/12 - 5 Top Long-Term CD Rates After Early Withdrawal Penalties
3/28/12 - BJs Gift Card $75
3/25/12 - Discover Plans To Add Mortgages, Checking Accounts
3/22/12 - Updated Comparison of Top Long-Term CD Rates After Early Withdrawal Penalties
4/5/12 - More Rate Drops At Discover Bank
2/27/12 - Comparing Top Long-Term CD Rates After Early Withdrawal Penalties
1/16/12 - What to Do with Maturing CDs? Choosing the Best New Long-Term CD
10/11/12 - Discover Bank Rate Drop
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
4/14/11 - 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
11/30/10 - 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
12/29/09 - Discover Bank's New Limited-Penalty-Free CD and its New Online Savings Account
12/22/09 - Update on My Short List of Top Savings Accounts
12/19/09 - Discover Bank's CD Rates Up To 5.02%
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
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
7/2/08 - Discover Bank Raises CD Rates, 5.17% 60-Month / 4.02% 12-Month CD
5/29/08 - 4.86% 60-Month / 4.08% 24-Month CD at Discover Bank
3/1/08 - New Account Bonus ($20-$100) at Discover Bank
2/25/08 - Discover Bank's AAA Affiliated Money Market Account and CDs

Rates And Service

Posted by: Rk9977 | Jan 17, 2017

Great rates and customer service.

Savings Account

I think most people who open with this bank do not read the full terms and disclosure packet when it comes in the mail. This is not like a normal bank its a ONLINE ONE.

I can only vouch for the saving account as that is what I have opened. For a discover savings one can only do 6 withdrawals within a MONTH. If you do more they will charge. I don't understand why someone would want to its a SAVINGS. Your suppose to save the MONEY not use it. One can only withdraw 2500 at a time...( limited to the 6 withdrawals). So it takes planning. Deposits have a hold a 5 day hold at that. If you need access to the money immediately do not bank here. They take 5 days to transfer, deposit, or POST. Its your responsibility to remember that. When making a transfer via online the deposit does show in your Discover Savings Account the NEXT DAY but its not available for use till 5 days. ( again this is a disadvantage..)

I have called a couple of times and an actual person does pick up the phone. But people need to realize this is a online service. If you are expecting its going to be like walking into or talking with Wells Fargo its not.

The constant login access number required is annoying but we get what we pay for. I bear it. I am trying to save so this works for me. I cannot speak for the checking, IRA's, or CD's as I do not have it. For my savings account I have been satisfied. I have never been over charged, had money taken out, or any such thing. I always check my account. So far so good.

Growing Unhappiness

I've used Discover Bank since 2013. Its burdensome to open a new cd when you want to ad a co-owner, have to mail you a form! On-line banking indeed!
I take out stair-stepped cd's for various savings goals, so I have 8 accounts including savings. When you click around your accounts to view information on them it gives you mixed account info! Want to see when you opened cd X? it gives you info on random cd Y! Even closed cd info gets in the mix! Scary! Who knows how long this problem has been around - or when or if they will ever fix it! I notified them a week ago and its still messed up. I'm looking for a new on-line bank now.

Lame Account Opening Process

Posted by: mschoenf | Dec 30, 2016

Required me to call up after filling out online app. Then wait 5 minutes while the verified me through public records. Then came back saying I had to upload a photo of my driver's licence. At that point, I was fed up. Wasn't worth the $100 bonus.

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Health
A

Health Grade Components

Overall
FDIC Certificate #5649
Year Established1911
Employees10904
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.68%
Return on Equity - YTD23.06%
Annual Interest Income$6.55B
Assets and Liabilities
AssetsQ3 2016vs Q3 2015$89.34B$84.28B
LoansQ3 2016vs Q3 2015$71.52B$68.33B
DepositsQ3 2016vs Q3 2015$51.22B$48.68B
Equity CapitalQ3 2016vs Q3 2015$10.31B$9.93B
Loan Loss AllowanceQ3 2016vs Q3 2015$2.01B$1.73B
Unbacked Noncurrent LoansQ3 2016vs Q3 2015$708.1MM$648.3MM
Real Estate OwnedQ3 2016vs Q3 2015$77.00K$60.00K
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
0.95%$500-Online Savings

Discover Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.85%*$100k*-Money Market
OTHER TIERS: 0.80% Up to $100k

Discover Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$2,500-10 Year CD
1.95%$2,500-7 Year CD
1.76%$2,500-5 Year CD
1.60%$2,500-4 Year CD
1.50%$2,500-3 Year CD
1.35%$2,500-30 Month CD
1.30%$2,500-24 Month CD
1.20%$2,500-18 Month CD
1.15%$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

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$2,500-10 Year IRA
1.95%$2,500-7 Year IRA
1.76%$2,500-5 Year IRA
1.60%$2,500-4 Year IRA
1.50%$2,500-3 Year IRA
1.35%$2,500-30 Month IRA
1.30%$2,500-24 Month IRA
1.20%$2,500-18 Month IRA
1.15%$2,500-12 Month IRA
0.70%$2,500-9 Month IRA
0.65%$2,500-6 Month IRA
0.35%$2,500-3 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