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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 - 7/11/2016

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

Discover Bank Boosts Long-Term CD Rates - 12/26/2015

Discover Bank has raised the rates on its 5-year CD (2.20% APY) and 7-year CD (2/25% APY). Minimum deposit is $2.5K, with no balance cap. Also available as IRAs.

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

Online Savings: Was 0.90% Now 0.95%

View all posts from:

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
12/22/09 - 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
12/29/09 - Discover Bank's New Limited-Penalty-Free CD and its New Online Savings Account
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
12/19/09 - 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
3/1/08 - New Account Bonus ($20-$100) at Discover Bank

Discover Bank is awesome

I use the online-only bank of Discover. I have been with them since they were beta testing and have never been happier with a bank of any kind like I am with Discover Bank. Here are a few examples of what they did that I never expected: I had an over draft problem once, and they covered it for me without charging a fee. I also had some problems opening a CD online with them, and the person at Discover Bank stayed with me on the phone until the CD was in the system and looking good. Some other nice things they do for every customer is pay into a rebate account associated with Discover credit card, 10 cents for every online banking transaction. I then convert this rebate into merchant gift cards like for Home Depot but with a 5% bump-up in value. That means a $50 gift card only costs me $45 in rebate points. This is an awesome bank by any measure.

Great website, great interest rates on savings.

Posted by: lakvy2487 | Aug 1, 2016

I'm one person who tries to find the best ways to maximize money. In this day and age of low interest rates, the interest rates on savings accounts form the traditional brick and mortar banks are minuscule. I admit that the only reason why I started banking with Discover bank was because of the interest rate. Traditional banks still pay only 0.01% while Discover currently pays 0.95%.

But as I got used to the online banking only aspect, I grew to love it. However, it's not without its flaws. First the positives: Discover's website is very easy to use. The ability to transfer money from one account to the other is quick and easy. Customer service is top notch. I love their chat function. Help is always quick and they do go the extra mile to answer and fix whatever questions you may have. I also love how simple the website is. No clutter and nothing confusing. It's not overbearing. It's also organized. They group accounts into account types to make finding multiple accounts easier.

Now the negative. Since it's an online only operation, they do not take cash. They're essentially a cashless bank. The only way to deposit money is either direct deposit or mobile check deposit. Mobile check deposit works for the most part but it's very finicky. On multiple occasions I had trouble with the app not accepting pictures of my check despite me very best efforts to follow their directions.

I Really Wanted To Like This Bank

Discover card is top notch so I figured the bank must be the same. I was very wrong. The concept behind it all is great. No fees really, free checks, cash back for using account (checks, bill pay, debit, etc.),
The downsides for me and what finally convinced me that I needed a new primary account was that the website seems to always be down for maintenance, at least whenever i want to log in, also and more importantly the ACH push takes FOREVER! It routinely takes 3 to 4 business days to certain banks, and my last ach to another bank took 5 business days just to show up in the other account.
Also, once you schedule an ACH push you can't cancel after it tells you it will take X business days. How is that possible in this day and age to take so long for an ACH transfer. All my other online banks take a maximum of 2 business days between all my accounts.

Discover Bank Takes Much Too Long To Do ACH Transfer

Posted by: HollyHolly | Jun 3, 2016

On the same day, 15 minutes apart I moved money from my Discover mm acct and from my CapOne30 mm acct. The CapOne money was rec'd by the recipient bank the next morning. It is 2 days later, and I am still waiting for the Discover Bank money. despite their message that they have sent it. Discover is hanging on to the money too long. I am going to cancel that acct.



Health Grade Components

FDIC Certificate #5649
Year Established1911
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.67%
Return on Equity - YTD22.91%
Annual Interest Income$4.30B
Assets and Liabilities
AssetsQ2 2016vs Q2 2015$86.23B$83.41B
LoansQ2 2016vs Q2 2015$69.97B$67.13B
DepositsQ2 2016vs Q2 2015$50.49B$48.37B
Equity CapitalQ2 2016vs Q2 2015$10.20B$9.81B
Loan Loss AllowanceQ2 2016vs Q2 2015$1.93B$1.72B
Unbacked Noncurrent LoansQ2 2016vs Q2 2015$649.9MM$605.9MM
Real Estate OwnedQ2 2016vs Q2 2015$137.00K$60.00K
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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

0.95%$500-Online Savings

Discover Bank Money Market Rates

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

Discover Bank CD Rates

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

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

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