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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

More Discover Bank Rate Hikes - Savings Account, Money Market and CDs - 2/23/2018

Discover Bank increased the rates today of its Online Savings Account and Money Market Account by 10 bps. The Online Savings Account now earns 1.50% APY on all balances.

Rate Increases On Deposit Accounts At Discover Bank - 2/23/2018

Increases: Online Savings 1.50%(Was 1.40%) Money Market Acct 1.35% Less then 100,000(1.40% 100K+) 12 Month CD 1.90%(Was 1.76%) 24 Month CD 2.00%(Was 1.85%) Other CD rates also increased, but be mindful of their punitive EWP.

Discover Changes and Expands Availability of Cashback Checking - 2/22/2018

Discover announced a new rewards system for its Cashback Checking Account. Customers now earn 1% cash back on up to $3,000 in qualifying debit card purchases each month.

View all posts from:

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

Reviews (177)

Very Useful

I signed up for Discover banking services a few years ago when I came across a bonus for opening a bank account there. They were offering a $50 bonus to anyone who opens the a bank account with $25. So I took the offer. I hadn't planned to use it that much but it turned out to be very useful since they offer an option with no monthly fees, as well as no transfer fees which I find very useful. I often transfer money Discover and other financial institutions and I've always had an easy, quick, pleasant experience using Discover. Despite offering only online banking services, I've had a great experience dealing with them. The customer service is excellent, the website clean, modern and easy to navigate and I've had no issues transferring between Discover and other banks. Overall, I highly recommend Discover bank.

No Preferred Rates For AAA Members On Online Savings

Posted by: hawks | Mar 8, 2018

Contrary to their advertisement that “Preferred rates (+ 5bps) on CD, Online Savings and Money Market Accounts are available to AAA members” is NOT correct for their Online Savings Account.

Not bad for what you get

Posted by: Brantaff | Feb 5, 2018

I recently opened up a new savings account with Discover Bank when I received a promotional email that said you can get $150 for opening a new account with a $15,000 deposit. It was very simple to open the account online. It only took me about 20 minutes from start to end. I gave basic personal info, arranged the account settings and set up the deposit from another account. All in all, very simple. After my funds cleared, the promotional balance was put into my account fairly quickly. Over all, a very easy process to get an extra $150 and the APR was 1.3%, which was very competitive for a basic savings account.

Discover Doesn't Deliver

As a customer of discover.com for a few years I can personally say, don't waste your time or money depositing into accounts here. It is nearly impossible to do any transactions with them. I currently have a cashback checking account and a CD with discover that I have been unable to access for 2 years because they keep giving me the runaround. I have tried to pull the CD and take the fee, and the customer service department told me that they would give me a better rate to keep it with discover. I agreed and then my rate NEVER CHANGED and another year came around. I logged into my online banking and my CD WAS NOT EVEN SHOWING on my account. Another call and the runaround continued. Conveniently as soon as the renewal window for the CD was over, it was again showing on my online account dashboard. The CD is up again for the third time next month. If I can't get access to the money this time I will demand to speak to the highest level person I can. I expected better from this bank.



Health Grade Components

FDIC Certificate #5649
Year Established1911
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.09%
Return on Equity - YTD18.71%
Annual Interest Income$9.92B
Assets and Liabilities
AssetsQ4 2017vs Q4 2016$98.73B$91.15B
LoansQ4 2017vs Q4 2016$81.62B$75.09B
DepositsQ4 2017vs Q4 2016$60.82B$53.90B
Equity CapitalQ4 2017vs Q4 2016$10.54B$10.44B
Loan Loss AllowanceQ4 2017vs Q4 2016$2.61B$2.15B
Unbacked Noncurrent LoansQ4 2017vs Q4 2016$991.3MM$818.1MM
Real Estate OwnedQ4 2017vs Q4 2016$86.00K$77.00K
  User-submitted Promotions & Notices

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 On Deposit Accounts At Discover Bank

buckeye61   |  

Online Savings 1.50%(Was 1.40%)
Money Market Acct 1.35% Less then 100,000(1.40% 100K+)

12 Month CD 1.90%(Was 1.76%)
24 Month CD 2.00%(Was 1.85%)

Other CD rates also increased, but be mindful of their punitive EWP.

Discover Banks Raises Online Savings And Money Market Account Rates

buckeye61   |  
Online Savings up to 1.40%(Was 1.30%) and Money Market to 1.25% for Balances under 100,000, and 1.30% for 100,000+. Also, most CD terms received a small increase. Discover Bank is NOT a rate leader, but has been competitive lately with the other LARGE online Banks.

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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

1.50%--Online Savings

Discover Bank Money Market Rates

1.40%*$100k*-Money Market
OTHER TIERS: 1.35% Up to $100k

Discover Bank CD Rates

2.45%$2,500-5 Year CD
2.45%$2,500-7 Year CD
2.45%$2,500-10 Year CD
2.10%$2,500-4 Year CD
2.05%$2,500-3 Year CD
2.00%$2,500-24 Month CD
2.00%$2,500-30 Month CD
1.95%$2,500-18 Month CD
1.90%$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

2.45%$2,500-5 Year IRA
2.45%$2,500-7 Year IRA
2.45%$2,500-10 Year IRA
2.10%$2,500-4 Year IRA
2.05%$2,500-3 Year IRA
2.00%$2,500-24 Month IRA
2.00%$2,500-30 Month IRA
1.95%$2,500-18 Month IRA
1.90%$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