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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 - 2/15/2017

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.

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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
1/23/13 - 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
2/28/12 - 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
1/11/12 - 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
4/13/11 - 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
2/7/11 - 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
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
2/25/10 - 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

Reviews (104)

No fees and best rates

I have been banking with Discover Online Banking for almost two years. I believe that you must first have a Discover Credit Card before they will allow you to open a checking or savings account with them, but opening the accounts was very simple. I love that the checking account will pay you a small amount every time you write a check, use your debit card or pay a bill through their online bill pay. If I ever need to switch money between accounts it is always instant and very easy. The savings account also has the best interest rate I have seen with no minimum balance required. The app is simple to navigate. The website is also fairly simple to navigate and will show me all my accounts side by side. The only downside is that the service will go down completely with no warning, however, this is very rare and has never been down for a prolonged amount of time. Very glad I chose to bank with Discover and will probably be even closing my other checking account because of how easy Discover is to use.

Discover Bank- Great for savers!

I have been a customer of Discover Bank since the mid 2000s. When I was looking to move some savings from an investment account with Fidelity to a safer environment I went to Bankrate.com to see what interest rates were being offered. From a fairly comprehensive list of banks I found that Discover Bank was among the top institutions offering the best rates for savers. Discover Bank was also given the highest rating for solvency at the time as well. I moved the bulk of my available funds to Discover Bank and began receiving an exceptional interest rate with their Premium Savings account. Of course, in the years since, interest rates across the board have steadily declined. The interest now for the Premium Savings account is .95%, a drop under 1%, but still among the top rates offered by a major bank for a savings account.
With no physical branches, online access is easy. The website is very user friendly. As with the Discover tradition, friendly agents are always available to help with questions or assistance over the phone as well. It should be noted, however, that at the present time, it is not possible to link a Discover credit card account directly to a Discover Bank account.
It is very simple and straightforward, however, to link a Discover Bank account with accounts at other institutions in order to move funds in and out. I have also set up an accompanying Discover Bank checking account, linked to the Premium Savings account, to allow for making direct payments. Moving funds between the Discover Bank accounts takes just a few seconds online. I do not think the checking account pays interest, though, so keeping a minimal amount in the checking account is advisable.
In the years I have been with Discover Bank online it has been a positive experience.

OK, But Cheesy Practice Discovered

Posted by: MAKNYC | Feb 9, 2017

I have had an online savings account with Discover Bank since 2009. The interest rate is fair, but typical for an online bank. I use the account purely as a place to park cash, so I do almost no transacting with this account. However I recently initiated an ACH transfer with Discover Bank out of my account to another bank. There was a 3 BUSINESS DAY LAG (5 calendar days in my case) between when Discover removed the money from my account (and I ceased earning interest) and it was delivered to the receiving bank. Now in fairness they do disclose this fact in their transfer narrative. But this strikes me as an intentional act to maximize their financial benefit. Every other bank I utilize has a maximum GAP of 1 business day where the funds are in no mans land (i.e. out of my sending account and into my receiving account). Many times its zero days. And keep in mind....I am referring to the gap, not the length of time to complete the transfer. For example on the same day I entered this transaction, I also arranged for a transfer from Citi to the same receiving bank. The funds were delivered the following day. My advice....if you do bank with Discover Bank, do not utilize their transfer out services. You would be better served having your receiving bank 'pull' the funds out of Discover. Then they cant do this.

Web Sight Always Down

This would be an awesome Bank that pays you to do transactions if only the web sight would work more. They are constantly doing upgrades and can only get limited information on both the App and the web sight. Because of this I am thinking of closing my account. It is extremely annoying.

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Health

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