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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6/7 - Discover Online Savings And Money Market Account Rate Changes For 6-7-2022
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2/22 - Discover - Savings Rate Increases From .40 To .50%
1/24 - Rate Change For MMA And Savings Accounts
1/12 - Discover Extends Bonuses For New Online Savings Accounts
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3/26 - Review of the Discover Bank Cashback Debit Account
9/18/20 - More Rate Cuts At Discover Bank
9/3/20 - Discover Bank Cuts Savings Account, Money Market And CD Rates
8/14/20 - Discover Savings Dips To .80%
7/25/20 - Discover Online Savings Is Now At 0.95%
6/12/20 - Discover Savings Falls To 1.05%
5/22/20 - Discover Savings Account Rate Falls again
5/14/20 - Rate Plunge At Discover Bank...1.25% Savings
3/18/20 - 2% APY 12 Month CD (rate has fallen)
3/12/20 - Savings, Money Market And CD Rate Cuts At Discover Bank
11/24/19 - Discover Savings Now At 1.70% Was 1.75%.
10/9/19 - Updated, Slightly More Friendly, Terms From Discover
9/5/19 - Discover Bank Cuts Savings & Money Market Account Rates
8/18/19 - Discover Savings Bonus
8/2/19 - Discover Bank Again Cuts Savings And Money Market Rates.
7/18/19 - Savings Rate Going Down?
6/21/19 - Discover Bank Eliminates Fees on Deposit Products
6/14/19 - Received Email Today For 12 Mo 2.5 APY CD Available. $2500 Min.
5/15/19 - Discover Bank’s Latest Online Savings Account Bonuses
1/11/19 - Discover Bank Raises Savings And Money Market Account Rates
1/2/19 - Discover Bank .05% Increase For Savings Account For AAA Members Again
11/15/18 - Discover Bank Online Savings Account Has New APY
11/14/18 - Discover Raises Money Market Rates And Online Savongs Rate
10/14/18 - Discover Now At 1.90%
10/3/18 - Discover Bank Bumps Up Online Savings And Money Market Accounts.
8/31/18 - Small Increase At Discover Bank On Savings Rates.
7/6/18 - Discover Bank Ups Online Savings, Money Market and CD Rates
7/6/18 - Rate Hike At Discover
6/14/18 - Savings Rate Hike At Discover
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5/25/18 - Savings Rate Hike At Discover
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1/17/18 - Discover Bank Increases Rates - Savings Account, Money Market and CDs
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12/7/17 - Discover Bank Raises Online Savings & Money Market Account Rates
11/1/17 - Discover Bank Savings Account $150/$200 Bonus
10/13/17 - Rate Increases At Discover Bank
8/25/17 - Discover Bank Adds New $150 or $200 Savings Bonuses
8/2/17 - Online Savings Account Rate Increase
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6/9/17 - Discover Again Raises Online Savings Account Rate
6/1/17 - Discover Bank Increases CD Rates
4/26/17 - Discover Bank Increases Savings Account Rate To 5-Year High
4/20/17 - Discover Bank Has $100 Bonus On New Online Savings
3/30/17 - Discover Bank Raises Several CD Rates
3/13/17 - Discover Bank Removes Minimum Deposit On Savings Account
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
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12/26/13 - Rate Hike On Savings
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4/5/13 - Discover Bank’s Bonus for BJ’s Members and Other Affinity Group Perks
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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
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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
3/2/11 - 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
9/22/10 - 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
2/12/10 - Discover Bank's New Account Center with Improved Transfers
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
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Snagged A 4.4% APY
Grabbed $250K worth of 4.4% APY 10 year on 1/18/23. Sleep like a baby!
SAVINGS RATE
saving rate =3.90, credit card rate 17.99-26.99, Fed Rate 5-5.25
Locked My Account And It's Impossible To Unlock
Locked my account two weeks ago and I've been trying to contact them these past two weeks. No matter when I call, there is this unreasonable 3 hour long line and my call never went through.
When it finally got answered, I was told I had to wait for another 10 business days to gain back access. Ridiculous policy and horrible customer service.
Consumer BEWARE!!!
I have several CDs with different banks and decided after being pleased with my Discover card to open a 12 month. In late Feb I decided to take an early withdrawal of a portion of the funds to move to another bank and agreed to the early withdrawal penalty and they said they’d send a physical check in the mail. They don’t do electronic transfers between banks unless you have a checking or savings, which is absurd, btw.
Long story short, the check never came. I called five days ago to initiate a stop payment and was told what to do and did exactly what they asked, including signing the Declaration form for the stop payment with an Epen. I submitted the form and was told it would take a day to process.
Fast forward again and here we are five days later, and the stop payment still hasn’t been processed. I’ve been given several reasons - it was because they didn’t receive both pages of the form (which they later said they did), then that the signature needed to be a physical one (which I was told the opposite).
So, went to FedEx to print, fill out, and submit the form AGAIN and called Discover only to be told it the stop payment would not be processed until tomorrow. (The supervisor I spoke with an hour ago said that if I sent it a wet-signed form today, the stop payment would be processed the same day), but now that person isn’t available and they say they can see where I uploaded the forms but won’t process the stop payment until tomorrow/24 hours later.
At this point, my check has been MIA for 3 weeks and the stop payment was requested five days ago. Nothing has been resolved. I’ve jumped through hoops and this has taken HOURS each day to talk to reps at this bank who are mostly antagaonistic. Only a few have been kind and helpful.
IF this gets resolved, I plan to close the entire entire CD and have everything wired to me, mostlikely at greater cost to myself. I am also considering closing my Discover bank card. Never have I encountered such a poor process. The only easy part was opening and funding the CD. Everything else has been an archaic nightmare.
Stay away from the deposit side of Discover Bank and put your funds elsewhere.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 5649 |
| Year Established | 1911 |
| Employees | 14792 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.74% |
| Return on Equity - YTD | 29.87% |
| Annual Interest Income | $4.22B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $130.7B$105.7B |
| Loans | Q1 2023vs Q1 2022 | $105B$86.82B |
| Deposits | Q1 2023vs Q1 2022 | $98.49B$75.62B |
| Equity Capital | Q1 2023vs Q1 2022 | $11.97B$12.12B |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $7.69B$6.65B |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $1.49B$861.5MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |