2. Discover Bank

Discover Bank


Overview / Commentary
www.discover.com
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 Savings Now At 1.70% Was 1.75%. - 11/24/2019

All banks are lowering there apy rates, however Discover always seem to lower than say American Express due to there partnership with third party savings that they offer 0.5% more to.

Updated, Slightly More Friendly, Terms From Discover - 10/9/2019

An email message from Discover to customers today includes the following information. My read, possibly faster incoming transfers (but also faster external withdrawals) and faster funds availability. There are also changes to the arbitration provisions but I'm not sure whether those are of wider interest. "We are writing to let you know that beginning November 17, 2019, the following changes will be made to the Discover Deposit Account Agreement: Automated Clearing House ("ACH") withdrawals initiated externally will be posted during the Business Day Availability of funds from certain types of check deposits will be updated for new and existing customers, including making the full deposit available for withdrawal in 5 business days instead of 7 business days for new customers."

Discover Bank Cuts Savings & Money Market Account Rates - 9/5/2019

Both accounts drop 10 basis points. Online Savings 1.90%(Was 2.00%) Money Market 1.75%/1.80%(100K+) CD rates appear to be unchanged for now.

View all posts from:

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 (216)

Good bank

Posted by: selenaburnett2 | May 5, 2018

I am very pleased with Discover Bank online. They have no fees and no deposit minimums as well. They don't charge silly fees for taking money out of the account. They also provide the added benefit of free checks. No other bank I've dealt with for a brick and mortar charges no fees for checks. When I need to call them for help they are always there 24/7 to answer my questions. They are reliable as well as they are well established. I also got an incentive to join the bank when I first opened up my account. They deposited money directly into my account just for opening up an account with them. I haven't had to deposit my check from work into the account just to not be charged fees. My brick and mortar bank does charge fees if you don't make so many deposits. This bank is hassle free and reliable. You can easily transfer money into and out of the account using the online system.

12

Seemed Like A Great Option

Posted by: athomas_91 | Nov 27, 2019

I had a Discover credit card as my first credit card and still have it to this day. Everything about their online checking and savings account seemed appealing but it just isn't working out for me. For someone who lives paycheck to paycheck some weeks, Discover doesn't do a great job of clearing paycheck deposits in a timely manner. I deposit my checks on Thursday morning and it will not clear until Monday morning. Great concept, poor execution for folks like me.

3

They Hold Money Too Long When Transferring Funds.

Posted by: onlinebnkreview | Jul 18, 2019

One thing Discover Bank does when you do a transfer is hold your money for about 5 days. They take it from your account the day you initiate the transfer and then do something with it for 4 or 5 business days before depositing it in the receiving account. American Express savings has it in the receiving account the next day. Every time!

17

Questionable Policies

Posted by: Lee818 | Nov 27, 2019

I recently moved, and realized that discover possibly sent my new debit card to the older address. I updated my address and requested a new one. The agent did not explain to me the current card would be deactivated. I called to speak with a representative and they said it was policy to deactivate the old one. However, the new one is in the mail. I am stuck with no access to my funds. I really need access to it (yesterday). But everyone keeps telling me it is policy. I request to see the policy in writing, they said no because its "internal" policy. I find this policy strange. Usually, the old card gets deactivated when the new card gets activated. Now I am stuck waiting on the mail, which I am told it will take 2-3 days. And I have no access to my own funds.

4
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Health
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Data as of Q3 2019

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #5649
Year Established1911
Employees11564
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.67%
Return on Equity - YTD26.21%
Annual Interest Income$9.20B
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$109.2B$104.3B
LoansQ3 2019vs Q3 2018$89.18B$83.95B
DepositsQ3 2019vs Q3 2018$73.43B$65.36B
Equity CapitalQ3 2019vs Q3 2018$11.28B$10.76B
Loan Loss AllowanceQ3 2019vs Q3 2018$3.30B$2.92B
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$1.18B$1.05B
Real Estate OwnedQ3 2019vs Q3 2018$181.00K$269.00K
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Discover Savings Now At 1.70% Was 1.75%.

acadapter   |  
All banks are lowering there apy rates, however Discover always seem to lower than say American Express due to there partnership with third party savings that they offer 0.5% more to.
6

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
1.70%--Online Savings

Discover Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.60%*$100k*-Money Market
OTHER TIERS: 1.55% → Up to $100k

Discover Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.00%--Discover Cashback Debit

Discover Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$2.5k-10 Year CD
2.15%$2.5k-7 Year CD
2.10%$2.5k-5 Year CD
2.05%$2.5k-24 Month CD
2.05%$2.5k-30 Month CD
2.05%$2.5k-3 Year CD
2.05%$2.5k-4 Year CD
2.00%$2.5k-12 Month CD
2.00%$2.5k-18 Month CD
0.70%$2.5k-9 Month CD
0.65%$2.5k-6 Month CD
0.35%$2.5k-3 Month CD

Discover Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$2.5k-10 Year IRA
2.15%$2.5k-7 Year IRA
2.10%$2.5k-5 Year IRA
2.05%$2.5k-24 Month IRA
2.05%$2.5k-30 Month IRA
2.05%$2.5k-3 Year IRA
2.05%$2.5k-4 Year IRA
2.00%$2.5k-12 Month IRA
2.00%$2.5k-18 Month IRA
0.70%$2.5k-9 Month IRA
0.65%$2.5k-6 Month IRA
0.35%$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.