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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 - 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.

Cashback Checking $300 Bonus - Ends November 15, 2015 - 10/21/2015

Discover Bank has $300 bonus promotion for current Discover credit card or deposit customers when they open a new CashBack Checking account.  This is a targeted offer, so check your email and snailmail.   Ken wrote about this promotion in January - it was only $50 at that time. https://www.depositaccounts.com/blog/2015/01/discover-banks-cashback-checking-bonus-existing-customers.html You must have two direct deposits of $250+ within 90 days of opening the account to qualify for the $300 bonus.  The bonus will be credited to your account within 30 days of completing the requirements. I couldn't find anything on Discover Bank's website about it, but Customer Service confirmed the bonus availability when I called. [URL="https://www.discover.com/online-banking/checking-lp-lng-01/?cmpgnid=dm_chk_S00000E47_Bonus4915&src=S00000E47&cde=S00000

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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
12/22/09 - 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
7/1/09 - Discover Bank's New Limited-Penalty-Free CD and its New Online Savings Account
2/12/09 - 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
6/18/08 - 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
2/10/08 - New Account Bonus ($20-$100) at Discover Bank

Discover Helped Me Get Off The Ground

Posted by: qtpie | Jul 7, 2016

I am a very new business owner and I have never been this stressed in my life. I knew coming in that the stress levels would be high but Discover has helped me out so much and has made my journey so much easier. I recently opened a business checking and savings accounts under them and have made everything involved easy. Their web applications are always running smooth and very easy to navigate. Whether it's on the web or my mobile phone the system is always up so I can check on the business whenever I need. And the teller that helped me when I first went in was one of the friendliest people I have ever met and I can even say that they are a friend! Discover is great!

Not Sure Where All The Negative Reviews Come From

Posted by: RJM | Jul 4, 2016

Ive had a discover checking for several years now and unlike others, I have never been hit with a fee. I got my sign up bonus although it was delayed.

They are down more than I would like and I have also noticed their ACH transfers are slow so I don't initiate them from discover.

But overall, I find the cashback I earn far exceeds what interest I might earn elsewhere in a checking account.

I haven't had a savings account with them but I plan on opening one now that I found a sign up bonus for it. Their rate is a little less than I normally get .95% versus 1% at Ally and a local credit union. But the $100 sign up bonus should make up for it.

I don't use their debit card for anything except small purchases because I have a cashback card that pays me 2% on everything so it really only makes sense to use the discover debit card for transactions under $5. And I have a number of them every month both at Aldi and the dollar store.

Overall, I don't see any huge negative with this bank. I don't incur fees anywhere so I tend to think the people that whine about fees just don't know how to handle bank accounts.

I do wish their site wouldn't go down as much as it does in the wee hours seemingly everyday. And they need to fix their ACH issues. But I'm not going to give them 1 or 2 stars for those things.

I give them a 3.5 stars rounded up to 4.

Oh and I don't keep a lot of extra money laying around my discover checking because it doesn't earn interest. But like I mentioned above, the cashback from billpay and debit card transactions exceeds any interest I would be getting if they paid interest.

And I plan to open a savings account which I hope will make transfers to the checking account quicker than their slow as Moses ACH.

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.

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Health
A

Health Grade Components

Overall
FDIC Certificate #5649
Year Established1911
Employees11176
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.6%
Return on Equity - YTD22.48%
Annual Interest Income$2.15B
Assets and Liabilities
AssetsQ1 2016vs Q1 2015$86.81B$82.68B
LoansQ1 2016vs Q1 2015$68.40B$65.68B
DepositsQ1 2016vs Q1 2015$50.55B$48.60B
Equity CapitalQ1 2016vs Q1 2015$10.03B$9.62B
Loan Loss AllowanceQ1 2016vs Q1 2015$1.90B$1.76B
Unbacked Noncurrent LoansQ1 2016vs Q1 2015$694.4MM$648.9MM
Real Estate OwnedQ1 2016vs Q1 2015$137.00K$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
2.30%$2,500-10 Year CD
1.95%$2,500-7 Year CD
1.85%$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
2.30%$2,500-10 Year IRA
1.95%$2,500-7 Year IRA
1.85%$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