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.
Grabbed $250K worth of 4.4% APY 10 year on 1/18/23. Sleep like a baby!
saving rate =3.90, credit card rate 17.99-26.99, Fed Rate 5-5.25
Locked my account two weeks ago and I've been trying to contact them these past two weeks. No matter when I call, there is this unreasonable 3 hour long line and my call never went through.
When it finally got answered, I was told I had to wait for another 10 business days to gain back access. Ridiculous policy and horrible customer service.
I have several CDs with different banks and decided after being pleased with my Discover card to open a 12 month. In late Feb I decided to take an early withdrawal of a portion of the funds to move to another bank and agreed to the early withdrawal penalty and they said they’d send a physical check in the mail. They don’t do electronic transfers between banks unless you have a checking or savings, which is absurd, btw.
Long story short, the check never came. I called five days ago to initiate a stop payment and was told what to do and did exactly what they asked, including signing the Declaration form for the stop payment with an Epen. I submitted the form and was told it would take a day to process.
Fast forward again and here we are five days later, and the stop payment still hasn’t been processed. I’ve been given several reasons - it was because they didn’t receive both pages of the form (which they later said they did), then that the signature needed to be a physical one (which I was told the opposite).
So, went to FedEx to print, fill out, and submit the form AGAIN and called Discover only to be told it the stop payment would not be processed until tomorrow. (The supervisor I spoke with an hour ago said that if I sent it a wet-signed form today, the stop payment would be processed the same day), but now that person isn’t available and they say they can see where I uploaded the forms but won’t process the stop payment until tomorrow/24 hours later.
At this point, my check has been MIA for 3 weeks and the stop payment was requested five days ago. Nothing has been resolved. I’ve jumped through hoops and this has taken HOURS each day to talk to reps at this bank who are mostly antagaonistic. Only a few have been kind and helpful.
IF this gets resolved, I plan to close the entire entire CD and have everything wired to me, mostlikely at greater cost to myself. I am also considering closing my Discover bank card. Never have I encountered such a poor process. The only easy part was opening and funding the CD. Everything else has been an archaic nightmare.
Stay away from the deposit side of Discover Bank and put your funds elsewhere.
Overall | |
---|---|
FDIC Certificate # | 5649 |
Year Established | 1911 |
Employees | 14792 |
Primary Regulator | FDIC |
Profit Margin | |
---|---|
Return on Assets - YTD | 2.74% |
Return on Equity - YTD | 29.87% |
Annual Interest Income | $4.22B |
Assets and Liabilities | ||
---|---|---|
Assets | Q1 2023vs Q1 2022 | $130.7B$105.7B |
Loans | Q1 2023vs Q1 2022 | $105B$86.82B |
Deposits | Q1 2023vs Q1 2022 | $98.49B$75.62B |
Equity Capital | Q1 2023vs Q1 2022 | $11.97B$12.12B |
Loan Loss Allowance | Q1 2023vs Q1 2022 | $7.69B$6.65B |
Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $1.49B$861.5MM |
Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |
Always verify rates and promotions with the bank or credit union. We are not Discover; 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.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.00% | - | - | Online Savings | |
4.00% | - | - | IRA Savings |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
3.95%* | $100k* | - | Money Market | ||
OTHER TIERS: 3.90% → Up to $100k |
Discover is an Internet only bank and does not have branch locations. Its headquarters is located at 502 East Market Street - Greenwood, DE 19950