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.
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10/14 - Discover Now At 1.90%
10/3 - Discover Bank Bumps Up Online Savings And Money Market Accounts.
8/31 - Small Increase At Discover Bank On Savings Rates.
7/6 - Discover Bank Ups Online Savings, Money Market and CD Rates
7/6 - Rate Hike At Discover
6/14 - Savings Rate Hike At Discover
5/31 - Discover Bank Ups Online Savings And Money Market Rates
5/25 - Savings Rate Hike At Discover
5/17 - Small Rate Increases At Discover Bank
2/23 - More Discover Bank Rate Hikes - Savings Account, Money Market and CDs
2/23 - Rate Increases On Deposit Accounts At Discover Bank
2/22 - Discover Changes and Expands Availability of Cashback Checking
1/17 - Discover Bank Increases Rates - Savings Account, Money Market and CDs
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12/7 - Discover Bank Raises Online Savings & Money Market Account Rates
11/1 - Discover Bank Savings Account $150/$200 Bonus
10/13 - Rate Increases At Discover Bank
8/25 - Discover Bank Adds New $150 or $200 Savings Bonuses
8/2 - Online Savings Account Rate Increase
6/9 - Discover Bank Ups Savings and MM Rates: Second Increase in Two Months
6/9 - Discover Again Raises Online Savings Account Rate
6/1 - Discover Bank Increases CD Rates
4/26 - Discover Bank Increases Savings Account Rate To 5-Year High
4/20 - Discover Bank Has $100 Bonus On New Online Savings
3/30 - Discover Bank Raises Several CD Rates
3/13 - Discover Bank Removes Minimum Deposit On Savings Account
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
Good bank
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.
They Hold Money Too Long When Transferring Funds.
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!
Not Impressed
We signed up for a Discover Bank cash back checking account after reading NerdWallet's great reviews. The cash back option is great, but what they don't tell you -and this is also nowhere in the small print, despite my multiple requests to Discover to provide it in writing- is that they do not pay cash back on bill payments. We opened the account strictly to pay bills, so that one great feature doesn't apply to us. Transactions take an abnormally long time to clear (several DAYS longer than all our other accounts). Additionally, the website is constantly either down or times out or gives you errors when you try to make transactions. The customer service is laughable at best. Not to mention my biggest peeve, you can't even export a transaction history report that includes all information (only dates and amounts, no descriptions). I have to manually fill in information when balancing our accounts in Excel or Quickbooks; although every other bank or credit agency we use has a simple export option that gives us what we need. So basically this account is a complete waste for us. If you want a cash back option for every day purchases, don't care about getting useful reports for your account, and don't mind waiting an ungodly amount of time for transactions to clear, go for it.
Transfer Duplicated
As others have experienced, we had a duplicate transfer. Requested a large transfer from another bank, and it was duplicated. Resulted in an overdrawn account, and luckily the overdrawn bank refused the transfer, but did charge us an overdraft fee. We likely would not immediately have known but for the alerts we have set up from the overdrawn bank. Discover was slow to acknowledge a problem, but after complaining did cover the overdraft fee. Worried what that will do to our reputation at the overdrawn bank, and long term to our credit rating.
Data as of Q2 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 5649 |
| Year Established | 1911 |
| Employees | 12404 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.63% |
| Return on Equity - YTD | 25.94% |
| Annual Interest Income | $6.07B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $109B$101.3B |
| Loans | Q2 2019vs Q2 2018 | $87.02B$81.95B |
| Deposits | Q2 2019vs Q2 2018 | $71.99B$63.23B |
| Equity Capital | Q2 2019vs Q2 2018 | $11.16B$10.75B |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $3.20B$2.82B |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $1.11B$995.5MM |
| Real Estate Owned | Q2 2019vs Q2 2018 | $157.00K$213.00K |
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.
Updated, Slightly More Friendly, Terms From Discover
"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
Online Savings 1.90%(Was 2.00%)
Money Market 1.75%/1.80%(100K+)
CD rates appear to be unchanged for now.
Discover Savings Bonus
To get your $150 or $200 bonus offer:
What to do: Apply for your first Discover Online Savings Account by 9/9/19, 11:59 PM ET, online or by phone. Enter Offer Code OBE819 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted by 9/23/19, 11:59 PM ET. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover. Account must be open when bonus is credited. Bonus will be credited to the account by 10/7/19. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice.
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
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.80% | - | - | Online Savings |
Discover Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.70%* | $100k* | - | Money Market | ||
| OTHER TIERS: 1.65% → Up to $100k | |||||
Discover Bank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.00% | - | - | Discover Cashback Debit |
Discover Bank CD Rates
Discover Bank IRA Rates
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