Featured Savings Rates
Featured Accounts

Discover Bank

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
1.75%SavingsOnline Savings
1.65%Money MarketMoney Market
2.95%6+ Year CD10 Year CD

Overview / Commentary
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 Ups Online Savings, Money Market and CD Rates - 7/6/2018

Discover Bank’s Online Savings Account rate increased 10 bps this morning to 1.75% APY. In addition, it raised the rates of its Money Market Account.

Rate Hike At Discover - 7/6/2018

Discover raised savings rate to 1.75% up from 1 65%.

Savings Rate Hike At Discover - 6/14/2018

Discover raised rate on savings to 1.65% was1.60%

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 (200)

Great Place for an Emergency Fund

My family has had our emergency fund at Discover Bank for over five years without a complaint. It is nice to have an emergency savings account in an online bank as it will be there when we need it, but it also is just a little more inconvenient to draw from it for everyday expenses or needs. The account offers competitive rates of return, far outperforming my brick and mortar banks, and allows easy transactions to and from the account though these usually take 1-3 business days to transfer. There online interface is user friendly without too many bells and whistles to confuse the customer. We have also held CDs in the past with Discover Bank without a major issue or incident and are considering utilizing the service again in the near future.

Happy with Discover Savings.

I opened a savings account with Discover a little over a year ago. I was searching for an account that had a comparatively high interest rate to other savings account options. We have an account with Capital One that was initially opened when it was ING. At the time we opened the ING account, their rates were among the highest around for savings accounts but Capital One's rates are not very competitive. Discover's rates were among the highest i could find and since we already had a relationship with the bank with our credit card, I thought this would be a good choice. It was incredibly easy to set up the account and to transfer and withdraw money. Customer service is always pleasant and helpful, but mainly, I'm in it for the interest rates.

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.

They Fail To Honor Their Promotional Offers

Posted by: Bigrob8 | Jun 5, 2018

Discover Bank is clearly not ready for prime time. I opened an online savings account with a promotion offer, but they refused to honor the promotion even though the delays in transaction posting were their fault which they acknowledged. They may very well count on such "failures" to ensure they don't actually have to honor their promotional offers.

Totally disgusted by this corrupt organization and would never consider doing business with them again.

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Health

Health Grade Components

Overall
FDIC Certificate #5649
Year Established1911
Employees12508
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.57%
Return on Equity - YTD24.27%
Annual Interest Income$2.64B
Assets and Liabilities
AssetsQ1 2018vs Q1 2017$100.5B$93.65B
LoansQ1 2018vs Q1 2017$80.00B$73.59B
DepositsQ1 2018vs Q1 2017$62.94B$56.24B
Equity CapitalQ1 2018vs Q1 2017$10.59B$10.56B
Loan Loss AllowanceQ1 2018vs Q1 2017$2.73B$2.26B
Unbacked Noncurrent LoansQ1 2018vs Q1 2017$1.04B$847.4MM
Real Estate OwnedQ1 2018vs Q1 2017$167.00K$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 Hike At Discover

Maecl   |  
Discover raised savings rate to 1.75% up from 1 65%.

Savings Rate Hike At Discover

Maecl   |  
Discover raised rate on savings to 1.65% was1.60%

Savings Rate Hike At Discover

Maecl   |  
Discover made another rate hike shortly after American Express raised theirs. The new rate matches Am Ex at 1.60% up from 1.55%.

Small Rate Increases At Discover Bank

buckeye61   |  
Online Savings: 1.55%(Was 1.50%)
Money Market: 1.40%/1.45%

CD:
12 Month 2.10%(Was 2.00%)
24 Month 2.20%
36 Month 2.35%
48 Month 2.50%
60 Month 2.60%
72 Month 2.65%
120 Month 2.70%

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
1.75%--Online Savings

Discover Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.65%*$100k*-Money Market
OTHER TIERS: 1.60% Up to $100k

Discover Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.95%$2.5k-10 Year CD
2.90%$2.5k-7 Year CD
2.85%$2.5k-5 Year CD
2.60%$2.5k-4 Year CD
2.50%$2.5k-3 Year CD
2.45%$2.5k-24 Month CD
2.45%$2.5k-30 Month CD
2.35%$2.5k-18 Month CD
2.25%$2.5k-12 Month CD
0.70%$2.5k-9 Month CD
0.65%$2.5k-6 Month CD
0.35%$2.5k-3 Month CD

Discover Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.95%$2.5k-10 Year IRA
2.90%$2.5k-7 Year IRA
2.85%$2.5k-5 Year IRA
2.60%$2.5k-4 Year IRA
2.50%$2.5k-3 Year IRA
2.45%$2.5k-24 Month IRA
2.45%$2.5k-30 Month IRA
2.35%$2.5k-18 Month IRA
2.25%$2.5k-12 Month IRA
0.70%$2.5k-9 Month IRA
0.65%$2.5k-6 Month IRA
0.35%$2.5k-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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.