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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 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

Rate Increase For Online Savings Accounts - 6/25/2015

Online Savings: Was 0.90% Now 0.95%

View all posts from:

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

Great Customer Service

I have both savings and checking accounts at Discover. Also I had an IRA, which is now closed. The interest rate on savings, currently 0.95%, is very competitive. Customer service is excellent. Over three years, I had to call them several times. Every time the bank representative was extremely helpful. The website is a little difficult to navigate. I had trouble finding the forms I was looking for until I got directions from customer service. My savings account is linked to my local bank. I can transfer money back and forth very easily. I also have automatic mortgage payments out of my savings account at Discover. The checking account I use occasionally to pay bills. It was easy to open an IRA at Discover and when I took a distribution, that too was easy. I am very satisfied with Discover Bank and would highly recommend it.

Putting The Free Back Into "Free" Checking

Posted by: Hilltop | Apr 5, 2016

Discover banking stands apart based on it's low cost fees and no account minimums for checking accounts. Unlike other banks that require direct deposit, or a certain level of activity (debit card transactions per month) or an average minimum balance, Discover does not require anything.

Opening the account if quick and simple. ACH transfers in and out our fast , free, and painless. Customer service is friendly, competent and get's things done quickly. Even without an introductory bonus offer or compensation, I found Discover online banking to be compelling service and product offering just based what it does and how well it does it. All in all, I am a very happy customer, having dealt for years with all the other major brand name banks, its nice to see someone putting the free back into "free" checking.

Discover Banking Sucks

Posted by: cjenkins | Sep 6, 2015

I've only had this account for about a month but I'm finding that it is not convenient for me.
I can't make cash deposits at the ATMs, if I make a transfer from another checking account it takes 5 days to credit, when I make check deposits on the mobile app it doesn't show pending activity so I have to wait 1 to 3 days to see it show up in my account, when I do make a mobile deposit I have to take the check photos about 5 times...very frustrating.
I'll never be able to close out my other checking account with my local bank with this type of service so why have 2 accounts. It just doesn't make sense to me.

Discover Checking Account

Posted by: Nunu72 | Feb 17, 2016

I had a bad experience with discover bank , I transferred funds to my discover checking account from another bank account , money was withdrawn and received by discover , as per there way of doing business they held the money for 4 days and within the 4 days a check got posted to my account and returned for insufficient amount while they had the funds on hold ,.. I spoke to a supervisor called Jesse and he explained even thou they got the funds but they have a legal right to return any payment posted to the account while they have funds on hold and cause customer extreme embarrassment and frustration .
Now that's not a friendly banking , that's a bad banking .

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Health
A

Health Grade Components

Overall
FDIC Certificate #5649
Year Established1911
Employees10475
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.69%
Return on Equity - YTD23.03%
Annual Interest Income$8.20B
Assets and Liabilities
AssetsQ4 2015vs Q4 2014$85.75B$81.66B
LoansQ4 2015vs Q4 2014$70.51B$68.08B
DepositsQ4 2015vs Q4 2014$49.75B$46.10B
Equity CapitalQ4 2015vs Q4 2014$9.92B$9.49B
Loan Loss AllowanceQ4 2015vs Q4 2014$1.85B$1.73B
Unbacked Noncurrent LoansQ4 2015vs Q4 2014$692.3MM$667.6MM
Real Estate OwnedQ4 2015vs Q4 2014$60.00K$103.00K
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
2.10%$2,500-7 Year CD
1.85%$2,500-5 Year CD
1.76%$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
2.10%$2,500-7 Year IRA
1.85%$2,500-5 Year IRA
1.76%$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