Discover Bank

Overview / Commentary

www.discover.com

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.

New Rate Changes Posted At Discover For CD, Online Savings, And MM Accounts - 4/29/2022

CD rate changes: 10-yr (2.00%, was 1.30%), 7-yr (2.00%, was 1.30%), 5-yr (2.00%, was 1.30%), 4-yr (1.80%, was 1.20%), 3-yr (1.70%, was 1.10%), 30-mo (1.60%, was 1.00%), 24-mo (1.60%, was 1.00%), 18-mo (1.00%, was 0.90%), 12-mo (1.00%, was 0.80%). Online savings (0.60%, was 0.50%), MM account (0.55%, was 0.45%) https://www.discover.com/online-banking/cd/

Discover - Savings Rate Increases From .40 To .50% - 2/22/2022

Got an email from Discover that they increased their savings rate from .40 to .50%.

Rate Change For MMA And Savings Accounts - 1/24/2022

Hi all — Discover’s Savings Account (https://www.discover.com/online-banking/savings-account/) went up to 0.50% APY from 0.40% APY. In addition, the MMA (https://www.discover.com/online-banking/money-market/) went to 0.40% APY from 0.30% APY for $100,000. I think these changes occurred today. Hope everyone has a great week ahead.

View all posts from:

2022
2021
2020
Earlier

4/29 - New Rate Changes Posted At Discover For CD, Online Savings, And MM Accounts
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

11/19 - Discover Bank Increases Rates On Several Cds
10/15 - Discover's Latest Bonuses For New Online Savings Accounts
3/26 - Review of the Discover Bank Cashback Debit Account

11/11 - Discover Savings Falls To 0.55%
9/18 - More Rate Cuts At Discover Bank
9/3 - Discover Bank Cuts Savings Account, Money Market And CD Rates
8/14 - Discover Savings Dips To .80%
7/25 - Discover Online Savings Is Now At 0.95%
6/12 - Discover Savings Falls To 1.05%
5/22 - Discover Savings Account Rate Falls again
5/14 - Rate Plunge At Discover Bank...1.25% Savings
3/18 - 2% APY 12 Month CD (rate has fallen)
3/12 - Savings, Money Market And CD Rate Cuts At Discover Bank

Reviews (236)

Discover Bank - Great Service

Posted by: pilotranger2374 | Mar 7, 2022

Overall, very pleased with Discover checking (1 % CASHBACK on debit card purchases) and very competitive savings and MMA rates. Customer service is top notch and U.S. based. The user interface on mobile app and website is good and clean. My only complaint is the website is buggy sometimes when I try to log in using Safari. But really like Discover service and their employees are super friendly and helpful.

Comment

ACH Transfer Very Slow

Posted by: 4barry | Mar 24, 2021

An electronic transfer should appear at the receiving bank in one day or at the most two days. I made a transfer and was told the funds were withdrawn on the requested day but not to expect the receiving bank to receive the funds for four days. A phone call was just bank gibberish and never fully explained the delay so where exactly are these funds after they are withdrawn could not be rationally explained? I think I could walk faster and deliver the funds in person and this is called as EFT?
I dislike the trouble in changing banks but it as of this moment I'm considering a change.

Comment

Be Very Careful When Opening Cds With Discover Bank

Posted by: SmartPig | Mar 17, 2020

I have had savings and CD accounts with Discover Bank for more 12 years. I usually didn't check the APY when opening a CD online with Discover Bank. I completely trust the APY shown to me when I selected number of month for CD.

On 3/11/2020, I opened a 24-month CD with Discover Bank. The 2.00% APR was shown to me when I selected 24-month CD from online CD application. 35K was withdrawn from my checking account on 3/12/2020. When I logged in Discover Bank website to verify the money was deposited into the CD, I noticed the APY was reduced to 1.75%. I would not open a 24-month CD with Discover Bank if I saw 1.75% APY at the time I opened the CD since American Express Bank still offered 24-month CD at 2.00% APR. I emailed Discover Bank to tell them about 2.00% APY at the time I submitted my CD application online. I got reply from K, and she told me the APY was changed on 3/10/2020. She also told me I was responsible for checking the APY before opening the CD. I told her it was not a big deal since the account was already opened and funded. I told her that Discover Bank should update APY on online CD application right away every time APY is changed. Otherwise, Discover Bank misleads the customers. It's too bad I have to keep this CD for 2 years, but on 3/15/2020 I opened a 24-month CD at 2.00% APY with American Express Bank. This happened before the Fed lowered the interest rate to 0.00% due to COVID-19 pandemic.

Therefore, if you plan to open a CD with Discover Bank, just double check the APY on Discover website instead of completely relying on APY shown to you on the online CD application. It's also good idea to do a scene capture of APY so you can show Discover Bank. Otherwise, Discover Bank employees will think you just want to make things up in order to get a better rate.

Updated 03/20/2020:
Discover Bank always sent me a letter after the CD was opened. On 03/20/2020 I just received a letter from Discover Bank. I opened the CD on 03/11/2020, but the letter indicated the CD was opened on 03/13/2020. They withdrawn money from my checking account on 03/12/2020, but they didn't open the CD until 03/13/2020. Discover Bank actually lowered the rates on 03/12/2020 according "User-submitted Promotions & Notices" below.

Comment

Hold My Funds For Two Months

Posted by: Jarics2 | seconds ago

So I deposit a check into my savings account, I've deposited much more in the past. $20,00, $18,000, etc... Been with this back for years and then I out $13,000 into my savings and didn't see it pending. So I resubmitted the check into my checking account, then I saw it pending online. The day before the check was suppose to clear I got a message saying call. I called and the bank said my account was closed due to business decision. I called a million times trying to figure out what that decision was and was told they don't know it's just s business decision. So im expressing how important it is I recieve my funds because I have bills to pay. It's a Geico insurance claim check so I know the funds are there, and im told I have to wait 60-90 days before I can get my money. I told them I will probably be homeless by then. The most they could say was I apologize that's our policy. Worst back ever and I've put so much money into this back for years.

Comment

VIEW MORE REVIEWS

Health

A+

Data as of Q4 2021

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	5649
Year Established	1911
Employees	11086
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	4.67%
Return on Equity - YTD	44.83%
Annual Interest Income	$11.00B

Assets and Liabilities
Assets	Q4 2021vs Q4 2020	$108.3B$111.3B
Loans	Q4 2021vs Q4 2020	$86.86B$82.22B
Deposits	Q4 2021vs Q4 2020	$75.53B$79.66B
Equity Capital	Q4 2021vs Q4 2020	$11.89B$10.19B
Loan Loss Allowance	Q4 2021vs Q4 2020	$6.82B$8.23B
Unbacked Noncurrent Loans	Q4 2021vs Q4 2020	$799.7MM$979.7MM
Real Estate Owned	Q4 2021vs Q4 2020	$0$21.00K

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.60%	-	-	Online Savings
0.60%	-	-	IRA Savings

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.55%^*	$100k^*	-	Money Market
OTHER TIERS: 0.50% → Up to $100k

APY	MIN	MAX	ACCOUNT NAME
2.15%	$2.5k	-	5 Year CD
2.15%	$2.5k	-	7 Year CD
2.15%	$2.5k	-	10 Year CD
1.80%	$2.5k	-	4 Year CD
1.70%	$2.5k	-	3 Year CD
1.60%	$2.5k	-	24 Month CD
1.60%	$2.5k	-	30 Month CD
1.50%	$2.5k	-	18 Month CD
1.20%	$2.5k	-	12 Month CD
0.30%	$2.5k	-	9 Month CD
0.25%	$2.5k	-	6 Month CD
0.20%	$2.5k	-	3 Month CD

APY	MIN	MAX	ACCOUNT NAME
2.15%	$2.5k	-	5 Year IRA
2.15%	$2.5k	-	7 Year IRA
2.15%	$2.5k	-	10 Year IRA
1.80%	$2.5k	-	4 Year IRA
1.70%	$2.5k	-	3 Year IRA
1.60%	$2.5k	-	24 Month IRA
1.60%	$2.5k	-	30 Month IRA
1.50%	$2.5k	-	18 Month IRA
1.20%	$2.5k	-	12 Month IRA
0.30%	$2.5k	-	9 Month IRA
0.25%	$2.5k	-	6 Month IRA
0.20%	$2.5k	-	3 Month IRA

Discover Bank

Related Posts

Discover Bank - Great Service

ACH Transfer Very Slow

Be Very Careful When Opening Cds With Discover Bank

Hold My Funds For Two Months

Data as of Q4 2021

Health Grade Components

Discover Bank Savings Account Rates

Discover Bank Money Market Rates

Discover Bank CD Rates

Discover Bank IRA Rates