Discover Bank

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Popular Accounts at this Bank

APY	ACCOUNT TYPE	ACCOUNT NAME
1.01%	Savings	Online Savings 1.05% - Ally Bank Online Savings Account
2.20%	6+ Year CD	10 Year CD 1.64% - National Average
2.00%	5-year CD	5 Year CD 2.25% - Ally Bank High Yield 5 Year CD

View all Discover Bank rates »

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.

Discover Bank’s new CD rates are still not that competitive, but it’s nice to see another major internet bank raising deposit rates. The new and old rates are shown below: 1.25% APY 12-month CD (was 1.15%) 1.30% APY 18-month CD (was 1.20%) 1.35% APY 24-month CD (was 1.30%) 1.40% APY 30-month CD (was 1.35%) 2.00% APY 60-month CD (was 1.76%) 2.10% APY 84-month CD (was 1.95%) $2,500 minimum deposit. IRA CDs have the same rates.

View all posts from:

2017
2015
2014
Earlier

4/26 - Discover Bank Increases Savings Account Rate To 5-Year High
4/20 - Discover Bank Has $100 Bonus On New Online Savings
3/30 - Discover Bank Raises Several CD Rates
3/13 - Discover Bank Removes Minimum Deposit On Savings Account

12/26 - Discover Bank Boosts Long-Term CD Rates
10/21 - Cashback Checking $300 Bonus - Ends November 15, 2015
6/25 - Rate Increase For Online Savings Accounts
1/16 - Discover Bank's Cashback Checking and Bonus Available to Existing Customers

11/25 - Discover Bank Raises Rate On Online Savings & Money Market Accounts.
4/22 - Discover Bank Cash Back Checking Getting Worse
4/9 - Discover Bank Raises Long-Term CD Rates But Beware of Larger Penalties
1/8 - Discover Bank - Savings - Deposit Slips/Envelopes No Longer Available?

Reviews (112)

Featured Account Options

awesome bank!

Posted by: fawngamble | Mar 17, 2017

I have been with discover bank since the beta testing phase some years ago. I have not regretted any of this even now. When there were a few problems to work out the help desk both in online chat and over the phone was superior to any bank I have ever dealt with before. I started out with the checking account which must be linked to a brick and mortar bank someplace so you can easily transfer money around, however you can also send a check by mail to them too. After a year or two I added CD's and a savings account. All offer much higher rates than other banks. (eg better than 1% annual return.) You can also link your discover credit card to your discover bank if you want to. This adds even more functionality to your financial doings. Online bill pay works well and you can have as many payees as you wish, all for free! They also pay YOU 10 cents for each online bill pay you do. Also I use the debit card at the dollar stores for little purchases and get what amounts to a 10 percent rebate on a dollar purchase. So many little perks it is hard to recall them all here. Check it out for yourself.

Comment

2

Online Banking not my best choice.

Posted by: delilahkrueger | Apr 11, 2017

I opened a savings account with an online bank back in early 2016. I chose Discover for this account as at the time they were offering a better APY on their savings accounts then I was receiving with my long time bank of choice. I also wanted an online back account where I just deposited my work from home money earned. I am now teaching and tutoring some students with online classes. I wanted this money in a separate account and I thought having it online would be a good option. Setting up the account was fairly easy, but it took them several weeks to verify my information and finally activate my account. I tried to get a hold of them several times via a phone call to find out why it was taking so long and was forwarded to a voice command system. Very frustrating! They did contact me personally and apologize for the delay they said it was a glitch in their system. The other issue I had is I receive payments for my online teaching with pay pal. I linked the pay pal account to this online banking account and again had a long delay in getting money deposited. It was after this last issue that I just transferred the money to my current and old account and closed out this account. I guess my feeling is if I have a banking issue I can get in my car and drive over to talk to a real person. That gives me peace of mind.

Comment

3

I Really Wanted To Like This Bank

Posted by: pulido12345 | Jul 1, 2016

Discover card is top notch so I figured the bank must be the same. I was very wrong. The concept behind it all is great. No fees really, free checks, cash back for using account (checks, bill pay, debit, etc.),
The downsides for me and what finally convinced me that I needed a new primary account was that the website seems to always be down for maintenance, at least whenever i want to log in, also and more importantly the ACH push takes FOREVER! It routinely takes 3 to 4 business days to certain banks, and my last ach to another bank took 5 business days just to show up in the other account.
Also, once you schedule an ACH push you can't cancel after it tells you it will take X business days. How is that possible in this day and age to take so long for an ACH transfer. All my other online banks take a maximum of 2 business days between all my accounts.

Comment

19

Discover Bank Hold Your Money

Posted by: ukinn | May 17, 2017

If there's 0 star, I must give 0. It's so disappointing when you ask Discover bank to solve problem. what you can get is "no solution".
If you just save money in a bank, and never use it, then Discover bank is good choice. If you try to transfer money from/to discover bank, please be careful their policy you never know in advance. Your money could get stuck for some days. You could get a totally wrong ETA when you submit request online. The problem is not in other bank when you transfer money because other bank confirm it's clear in their side. Nothing to do from your side either. The only problem is in discover bank. why do discover bank hold your money for some days without good explanation? and no one in the whole Discover bank can solve the problem. Isn't it strange? When you want to cancel the transfer, you will be told you can not cancel and you can not unlock and you can not do anything except wait.......

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Health

A

Data as of Q1 2017

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	5649
Year Established	1911
Employees	11812
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	2.35%
Return on Equity - YTD	20.65%
Annual Interest Income	$2.35B

Assets and Liabilities
Assets	Q1 2017vs Q1 2016	$93.65B$86.81B
Loans	Q1 2017vs Q1 2016	$73.59B$68.40B
Deposits	Q1 2017vs Q1 2016	$56.24B$50.55B
Equity Capital	Q1 2017vs Q1 2016	$10.56B$10.03B
Loan Loss Allowance	Q1 2017vs Q1 2016	$2.26B$1.90B
Unbacked Noncurrent Loans	Q1 2017vs Q1 2016	$847.4MM$694.4MM
Real Estate Owned	Q1 2017vs Q1 2016	$77.00K$137.00K

User-submitted Promotions & Notices

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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.

Discover Bank Raises Several CD Rates

Ken Tumin | Mar 30, 2017

Discover Bank’s new CD rates are still not that competitive, but it’s nice to see another major internet bank raising deposit rates. The new and old rates are shown below:

1.25% APY 12-month CD (was 1.15%)
1.30% APY 18-month CD (was 1.20%)
1.35% APY 24-month CD (was 1.30%)
1.40% APY 30-month CD (was 1.35%)
2.00% APY 60-month CD (was 1.76%)
2.10% APY 84-month CD (was 1.95%)

$2,500 minimum deposit. IRA CDs have the same rates.

Comment

3

Discover Bank Removes Minimum Deposit On Savings Account

Ken Tumin | Mar 13, 2017

Discover Bank just announced that they have done away with their minimum deposit requirement for opening their savings account. They used to require a $500 minimum initial deposit when you opened a savings account. Now the minimum opening deposit is $0.

This change is not really useful for most of us. It’s a good marketing move on Discover’s part to better compete against the other big internet banks that already have no minimum opening deposit requirements for their savings accounts. These banks include Ally, Capital One, Synchrony and GS Bank.

Hopefully, their next move to be more competitive will be to increase their rates.

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Rates

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Savings
Money Market
CD
IRA

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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

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
1.01%	-	-	Online Savings

Discover Bank Money Market Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.90%^*	$100k^*	-	Money Market
OTHER TIERS: 0.85% → Up to $100k

Discover Bank CD Rates

APY	MIN	MAX	ACCOUNT NAME
2.20%	$2,500	-	10 Year CD
2.10%	$2,500	-	7 Year CD
2.00%	$2,500	-	5 Year CD
1.60%	$2,500	-	4 Year CD
1.50%	$2,500	-	3 Year CD
1.40%	$2,500	-	30 Month CD
1.35%	$2,500	-	24 Month CD
1.30%	$2,500	-	18 Month CD
1.25%	$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

APY	MIN	MAX	ACCOUNT NAME
2.20%	$2,500	-	10 Year IRA
2.10%	$2,500	-	7 Year IRA
2.00%	$2,500	-	5 Year IRA
1.60%	$2,500	-	4 Year IRA
1.50%	$2,500	-	3 Year IRA
1.40%	$2,500	-	30 Month IRA
1.35%	$2,500	-	24 Month IRA
1.30%	$2,500	-	18 Month IRA
1.25%	$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