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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11/14 - Discover Raises Money Market Rates And Online Savongs Rate
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
1/17 - Discover Banks Raises Online Savings And Money Market Account Rates
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
Kept Their Bonus Promise
The $200 bonus posted to my account the next I deposited the required amount. The savings rate is ok.
Good bank but there may be better options.
I have been using this bank for the past year and so far am satisfied with their online service and user friendliness of the website, but overall I am not happy. I had an unauthorized purchase that I called in to open a chargeback fraud claim on and it took many more steps and explaining than past experiences with brick and mortar banks. The representative was accusatory and it offended me that they would show the level of incompetence with such a well-known company. I told them repeatedly it's not hard to look at the charge description to see it was accessed by someone in China which then obviously proves it's not me, and this is the job for their investigative team and not the person opening the claim. Based solely on this experience I am looking to change banks.
Not A Delightful Process Thus Far
I opened a new account and ran into some of the same issue others mentioned on this site.
I first opened the a savings, via their website. No issues, but the transfer has yet to be available and I am going into the 10th day. Discover took five days to update any information concerning the transfer, and at one point the app said it would be available in one month. At this point, it shows the balance, but I am still waiting for it to be available.
When opening the savings, I used an offer code and I did receive the funds from that in a matter of a few days (less than one week).
Second, I opened a debit account. The filled out the application immediately after completing the savings application and it did not appear to complete. After entering all the information, I abruptly received a screen that said something about it being completed, but it eluded to an error and mentioned something about hearing from them (at some point). Several days later, I still had not received any communication so I called their customer service.
Customer service found the application and said I needed to complete the verification (upload my ID). I had previously did this and they stated it was not accepted because it was not in color and all four corners had to be shown - something I do not recall seeing in the instructions on the website. I uploaded new docs (with them on the phone) and they approved them however...when the rep pushed through the application, there was an error and could not be processed. So guess what...I had to start the application process over.
I kept them on the phone and submitted another application which was successful this time. They matched it with my ID submission and the account was finally opened.
Lastly, their bill pay setup does not allow you to enter payees if the account does not have a positive balance. I could understand not allowing any bill pay transactions, but until an account is funded you are unable to get your payees and e-bill accounts prepared for use. With the amount of time it takes for money to be available, this is frustrating.
Overall, I have been unimpressed and have an uneasy feeling about their systems (due to the errors I encountered). I have no complaints about customer service. Although I was not happy about having to sitting on the phone for about one hour with them, they did solve my problem.
I was an Ally customer for many years and had a very positive experience with them. I had change because they cancelled my savings account for excessive transactions (transfers) over multiple statement periods. I didn't want separate checking/savings banks so I am trying Discover.
10 days and my funds are still not available. 10 days and I still do not have a debit card (although its useless until the funds are available). I will see if it gets better once my account is not new, but this will be the reason I will not stay with Discover. Ally was always about three days with a portion available within one business day. Large deposits would take about one week, which is understandable.
In A Hurry? They Will Screw You Over!
I been a long term customer over 15 yrs. I had no problems before and now the quality of services had gone out the window...
1. most important. I open an IRA with them on 4/4/19 and it is for contribution yr 2018. I was on the phone with them. completed the application and account setup. I have the funds available in the saving set to fund the new IRA. all good until 4/16/19 I received a package with forms to sign. I call them up to confirm and send back any form of signature needed. They told me they can not found my account for 2018 with docs but more than happy to fund my 2019 IRA. AND I HAD FILED MY TAX RETURN ALREADY! The guy on the phone 4/4/19 didn't tell me that process.
2. I requested transfer money from my savings account from Discover to my local bank account. I got emails stating they can't process it until 4/22/19. I call them up. The girl on the phone give me an excuse "it has to get federal approval". So, when does "FEDERAL" need approval for me to transfer money between my own accounts.
Please do not bank with Discover especially if you are in a hurry. They will screw you over!
Data as of Q4 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 5649 |
| Year Established | 1911 |
| Employees | 11646 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.61% |
| Return on Equity - YTD | 25.02% |
| Annual Interest Income | $11.20B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2018vs Q4 2017 | $108B$98.73B |
| Loans | Q4 2018vs Q4 2017 | $87.46B$81.62B |
| Deposits | Q4 2018vs Q4 2017 | $69.26B$60.82B |
| Equity Capital | Q4 2018vs Q4 2017 | $10.87B$10.54B |
| Loan Loss Allowance | Q4 2018vs Q4 2017 | $3.04B$2.61B |
| Unbacked Noncurrent Loans | Q4 2018vs Q4 2017 | $1.15B$991.3MM |
| Real Estate Owned | Q4 2018vs Q4 2017 | $142.00K$86.00K |
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 |
|---|---|---|---|---|
| 2.10% | - | - | Online Savings |
Discover Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 2.00%* | $100k* | - | Money Market | ||
| OTHER TIERS: 1.95% → 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