Discover Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.20% | Savings | Online Savings 1.20% - Ally Bank Online Savings Account |
| 2.35% | 6+ Year CD | 10 Year CD 1.72% - National Average |
| 2.25% | 5-year CD | 5 Year CD 2.25% - Ally Bank High Yield 5 Year CD |
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
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 - Cashback Checking $300 Bonus - Ends November 15, 2015
6/25 - Rate Increase For Online Savings Accounts
1/16 - Discover Bank's Cashback Checking and Bonus Available to Existing Customers
4/22 - Discover Bank Cash Back Checking Getting Worse
4/9 - Discover Bank Raises Long-Term CD Rates But Beware of Larger Penalties
1/8 - Discover Bank - Savings - Deposit Slips/Envelopes No Longer Available?
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
Discover Online Banking is Awesome
I wasn't specifically looking for a new bank let alone a bank that is strictly an online bank. In fact, I didn't understand how a bank could be a bank and offer a checking account if there wasn't a bricks and mortar location near me that I could use. Honestly, I signed up only to get a cash bonus and assumed I'd never use the account because....who uses online banks? What I didn't understand or know at the time was that this bank has perks my bricks and mortar bank doesn't. They're easy to use. In fact, the process for depositing checks into my account is easier than it is with my bricks and mortar bank! They offer an interest bearing checking account without having a huge balance too. That's something else my bricks and mortar bank does do. So if you're thinking that an online only bank isn't for you, give it a chance. You might be surprised.
Great in Many Ways- OK in Others
I have a local bank, but wanted to use an online bank for convenience sakes. I think my choice of Discover Bank was validated by the fact that I know have had an account there for OVER 6 months and use it as much (if not MORE frequently) as my local bank (Huntington.) I know the people at Huntington, at least at the local office, and you can't beat that personal touch. But, if you just need quick on-the-go online banking services (and that's all I need 80%+ of the time) then Discover Bank was fine. The one down side- they will not reimburse you for ATM fees outside of their network. But, let's be honest. Neither does Huntington. But, so far as making deposits and getting cash transfers go, not a complaint from me!
Meets Expectations
When I signed up with Discover Bank, I did so because of a promotional rate they were offering to open an account. Signing up for the account was easy and seamless. After using the account for a couple months, I was able to learn that I got exactly what I expected from Discover Bank, but nothing more. I did have to contact customer service on one occasion, as an electronic deposit that I was expecting to be deposited was not. The conversation with customer service was great, the woman was extremely helpful and friendly, and solved my problem in a few minutes. It really is too bad that brick and mortar banks often do not have the same level of customer service. All in all, I am very pleased with Discover Bank as it gives me exactly what I need, it is easy to use, and they took care of the one problem I did have.
Beware Of Discover Bank
I had a very negative experience with Discover Bank. I opened a savings account, and the next day received an email message asking me to call the bank. When I did, I was told that my account had been closed "due to human error". I was offered the opportunity to start over and open another account, but I declined. The day after that, I tried to open an account with another bank, but near the end of the process I found out that the funds for my initial deposit for my Discover account were missing. When I called Discover to find out where my money was, they said it would take "up to 5 business days" for my funds to be restored.
Data as of Q2 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 5649 |
| Year Established | 1911 |
| Employees | 12353 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.33% |
| Return on Equity - YTD | 20.42% |
| Annual Interest Income | $4.75B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2017vs Q2 2016 | $92.58B$86.23B |
| Loans | Q2 2017vs Q2 2016 | $75.61B$69.97B |
| Deposits | Q2 2017vs Q2 2016 | $55.20B$50.49B |
| Equity Capital | Q2 2017vs Q2 2016 | $10.60B$10.20B |
| Loan Loss Allowance | Q2 2017vs Q2 2016 | $2.38B$1.93B |
| Unbacked Noncurrent Loans | Q2 2017vs Q2 2016 | $838.5MM$649.9MM |
| Real Estate Owned | Q2 2017vs Q2 2016 | $163.00K$137.00K |
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.
Rate Increases At Discover Bank
Online Savings 1.15% to 1.20%
Money Market 1.01% to 1.05% & 1.05% to 1.10%
12 month CD 1.35% to 1.50%
24 month CD 1.50% to 1.65%
Not a rate leader, but competitive.
Online Savings Account Rate Increase
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 |
|---|---|---|---|---|
| 1.20% | - | - | Online Savings |
Discover Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.10%* | $100k* | - | Money Market | ||
| OTHER TIERS: 1.05% → Up to $100k | |||||
Discover Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.35% | $2,500 | - | 10 Year CD | |
| 2.30% | $2,500 | - | 7 Year CD | |
| 2.25% | $2,500 | - | 5 Year CD | |
| 1.85% | $2,500 | - | 4 Year CD | |
| 1.76% | $2,500 | - | 3 Year CD | |
| 1.70% | $2,500 | - | 30 Month CD | |
| 1.65% | $2,500 | - | 24 Month CD | |
| 1.55% | $2,500 | - | 18 Month CD | |
| 1.50% | $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
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.35% | $2,500 | - | 10 Year IRA | |
| 2.30% | $2,500 | - | 7 Year IRA | |
| 2.25% | $2,500 | - | 5 Year IRA | |
| 1.85% | $2,500 | - | 4 Year IRA | |
| 1.76% | $2,500 | - | 3 Year IRA | |
| 1.70% | $2,500 | - | 30 Month IRA | |
| 1.65% | $2,500 | - | 24 Month IRA | |
| 1.55% | $2,500 | - | 18 Month IRA | |
| 1.50% | $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 |
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