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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 Has $100 Bonus On New Online Savings - 7/11/2016

Discover Bank is offering a new Online Savings $100. Only available to customers who have never had a Discover Bank Online Savings or Money Market account.

Discover Bank Boosts Long-Term CD Rates - 12/26/2015

Discover Bank has raised the rates on its 5-year CD (2.20% APY) and 7-year CD (2/25% APY). Minimum deposit is $2.5K, with no balance cap. Also available as IRAs.

Rate Increase For Online Savings Accounts - 7/4/2016

Online Savings: Was 0.90% Now 0.95%

View all posts from:

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
3/8/13 - $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
1/23/13 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties - January 2013
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
9/18/12 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties - September 2012
8/7/12 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties - August 2012
7/26/12 - Discover Offering Some Credit Card Customers Its Premium Savings Account
6/5/12 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties
5/8/12 - 5 Top Long-Term CD Rates After Early Withdrawal Penalties
3/28/12 - BJs Gift Card $75
3/25/12 - Discover Plans To Add Mortgages, Checking Accounts
3/22/12 - Updated Comparison of Top Long-Term CD Rates After Early Withdrawal Penalties
4/5/12 - More Rate Drops At Discover Bank
2/27/12 - Comparing Top Long-Term CD Rates After Early Withdrawal Penalties
1/16/12 - What to Do with Maturing CDs? Choosing the Best New Long-Term CD
10/11/12 - Discover Bank Rate Drop
12/21/11 - Long-Term CD Rates Continue to Decline
12/6/11 - Comparing the Best CD Rates After Early Withdrawal Penalties
9/23/11 - Discover Veers Away From M&A
9/20/11 - Disover Bank Rate Drop
9/15/11 - Best Long-Term CD Rates After Early Withdrawal Penalties
9/8/11 - Comparing Rates of Long-Term CDs After Early Withdrawal Penalties
8/23/11 - Long-Term CD Strategy Review with an Updated Comparison of Ally & Discover Bank
8/2/11 - A Rate Drop At Discover Bank
6/27/11 - Comparing CDs from Ally and Discover Bank
5/31/11 - Tips and Warnings When Closing a Discover Bank CD
4/21/11 - Bjs Member Bonus
4/14/11 - 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
2/7/11 - How Rates Have Held up at the Largest Internet Banks
2/1/11 - Discover Bank Savings Rate Drop (3672)
11/29/10 - Discover Bank Checking
10/29/10 - Comparing the Online Savings Accounts from the Major Credit Card Companies
10/26/10 - Discover Bank Savings Rate Drop
10/15/10 - Update on My Short List of Top Online Savings Accounts
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
8/29/10 - Comparing Long-Term CD Rates at Discover, Ally and PenFed
8/26/10 - Rate Leaders Cutting Long-Term CD Rates
8/15/10 - The Advantages of Discover Bank's Long-Term CDs
11/30/10 - 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
2/25/10 - The Best Savings Account with a History of Top Rates
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
12/22/09 - Update on My Short List of Top Savings Accounts
11/5/09 - $25 Bonus On Discover Bank's CDs - Nationally Available
8/16/09 - $25 Bonus On Discover Bank's 2% 12-Month CD - Nationally Available
8/2/09 - Short List of the Top Online Savings Accounts
7/29/09 - Discover Bank's CD Promotion for Discover Credit Card Customers
12/29/09 - Discover Bank's New Limited-Penalty-Free CD and its New Online Savings Account
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
7/2/08 - Discover Bank Raises CD Rates, 5.17% 60-Month / 4.02% 12-Month CD
12/19/09 - Discover Bank's CD Rates Up To 5.02%
5/29/08 - 4.86% 60-Month / 4.08% 24-Month CD at Discover Bank
2/25/08 - Discover Bank's AAA Affiliated Money Market Account and CDs
3/1/08 - New Account Bonus ($20-$100) at Discover Bank

Very good for deposit and savings accounts

Working with Discover Bank has always been a pleasure. It has among the highest interest rates for CDs and savings that I could find online--far higher than conventional brick and mortar banks. It was convenient for me to start an account at Discover as I already had a credit card with them so all my personal information was with them already without needing to reenter all that information. Their customer service is excellent too. I once had to make an early withdrawal on a CD and their customer service representatives were very knowledgeable and helped guide me through the process without any problems. The only complaint I would have with them is that their fees for certain products such as early withdrawals are not the best in the industry, but even those match most other banks. All in all, Discover Bank is a good company to do your banking with.

Great website, great interest rates on savings.

Posted by: lakvy2487 | Aug 1, 2016

I'm one person who tries to find the best ways to maximize money. In this day and age of low interest rates, the interest rates on savings accounts form the traditional brick and mortar banks are minuscule. I admit that the only reason why I started banking with Discover bank was because of the interest rate. Traditional banks still pay only 0.01% while Discover currently pays 0.95%.

But as I got used to the online banking only aspect, I grew to love it. However, it's not without its flaws. First the positives: Discover's website is very easy to use. The ability to transfer money from one account to the other is quick and easy. Customer service is top notch. I love their chat function. Help is always quick and they do go the extra mile to answer and fix whatever questions you may have. I also love how simple the website is. No clutter and nothing confusing. It's not overbearing. It's also organized. They group accounts into account types to make finding multiple accounts easier.

Now the negative. Since it's an online only operation, they do not take cash. They're essentially a cashless bank. The only way to deposit money is either direct deposit or mobile check deposit. Mobile check deposit works for the most part but it's very finicky. On multiple occasions I had trouble with the app not accepting pictures of my check despite me very best efforts to follow their directions.

Veterans Disability Deposit Delays.

Posted by: jp | Nov 1, 2016

I have a service connected disability and every bank I have ever used except Discover has made funds from the VA available by 1 AM on the date of deposit. I depend on these funds to buy food, pay bills and pay for transportation. Discover may hold these funds until just before the end of the business day on the day of deposit. I talked to customer service and they will only say a deposit is pending. No funds are available at this time. Funds will be available by the end of the business day. Now how will that pay for food this morning? (Now about 9 am) I like their Discover IT credit card but the bank is very slow to post items and funds take longer than my other bank. I am moving my direct deposit out of this bank today and plan on closing this account after drawing it down.

Rotten Service At Maturity

Posted by: amstepe | Nov 23, 2016

I invested in Discover Bank's online CDs when their rates are or were competitive. There is a nasty outgoing stinkbomb that Discover applies when your CDs mature. They will electronically transfer funds at maturity to another bank with a $30 wire fee charge or they will mail you a paper check, which may or may not reach you for 10 days or so after maturity. What stinkers! Stay away from these crooks!

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Health
A

Health Grade Components

Overall
FDIC Certificate #5649
Year Established1911
Employees10904
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.68%
Return on Equity - YTD23.06%
Annual Interest Income$6.55B
Assets and Liabilities
AssetsQ3 2016vs Q3 2015$89.34B$84.28B
LoansQ3 2016vs Q3 2015$71.52B$68.33B
DepositsQ3 2016vs Q3 2015$51.22B$48.68B
Equity CapitalQ3 2016vs Q3 2015$10.31B$9.93B
Loan Loss AllowanceQ3 2016vs Q3 2015$2.01B$1.73B
Unbacked Noncurrent LoansQ3 2016vs Q3 2015$708.1MM$648.3MM
Real Estate OwnedQ3 2016vs Q3 2015$77.00K$60.00K
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
0.95%$500-Online Savings

Discover Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.85%*$100k*-Money Market
OTHER TIERS: 0.80% Up to $100k

Discover Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$2,500-10 Year CD
1.95%$2,500-7 Year CD
1.76%$2,500-5 Year CD
1.60%$2,500-4 Year CD
1.50%$2,500-3 Year CD
1.35%$2,500-30 Month CD
1.30%$2,500-24 Month CD
1.20%$2,500-18 Month CD
1.15%$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

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$2,500-10 Year IRA
1.95%$2,500-7 Year IRA
1.76%$2,500-5 Year IRA
1.60%$2,500-4 Year IRA
1.50%$2,500-3 Year IRA
1.35%$2,500-30 Month IRA
1.30%$2,500-24 Month IRA
1.20%$2,500-18 Month IRA
1.15%$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
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