Overview / Commentary
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 Rate Changes As Of 12-21-2022 - 12/21/2022

Discover Bank rate changes as of 12-21-2022 include: 10-year CD @ 4.40% (was 4.25%) 7-year CD @ 4.40% (was 4.25%) 5-year CD @ 4.40% (was 4.25%) 4-year CD @ 4.35% (was 4.20%) 3-year CD @ 4.35% (was 4.15%) 24-month CD @ 4.30% (was 4.10%) 18-month CD @ 4.25% (was 4.05%) 12-month CD @ 4.15% (was 4.00%) Online Savings Account @ 3.30% (was 3.00%) Money Market Account ($100k min.) @ 3.25% (was 2.95%) To view all Discover Bank rates see:

Discover Bank Rate Changes As Of 11-10-2022 - 11/12/2022

Discover Bank rate changes as of 11-10-2022 include: 10-year CD @ 4.25% (was 4.00%) 7-year CD @ 4.25% (was 4.00%) 5-year CD @ 4.25% (was 4.00%) 4-year CD @ 4.20% (was 3.90%) 3-year CD @ 4.15% (was 3.90%) 24-month CD @ 4.10% (was 3.80%) 18-month CD @ 4.05% (was 3.75%) 12-month CD @ 4.00% (was 3.75%) Online Savings Account @ 3.00% (was 2.75%) Money Market Account ($100k min.) @ 2.95% (was 2.70%) To view all Discover Bank rates see:

Discover Bank Rate Changes As Of 11-3-2022 - 11/3/2022

Discover Bank rate changes as of 11-3-2022 include: 10-year CD @ 4.00% (was 3.50%) 7-year CD @ 4.00% (was 3.50%) 5-year CD @ 4.00% (was 3.50%) 4-year CD @ 3.90% (was 3.40%) 3-year CD @ 3.90% (was 3.40%) 24-month CD @ 3.80% (was 3.30%) 18-month CD @ 3.75% (was 3.25%) 12-month CD @ 3.75% (was 3.25%) Online Savings Account @ 2.75% (was 2.35%) Money Market Account ($100k min.) @ 2.70% (was 2.30%) To view all Discover Bank rates see: (Discover Bank also offers brokered CDs at higher rates. As of 12:30 AM EDT 11-3-2022, these are the Discover Bank new issue, non-callable brokered CDs offered at Fidelity: 3-year @ 4.80%, 2-year @ 4.75%, and 18-month CD @ 4.60%)

View all posts from:

11/24/19 - Discover Savings Now At 1.70% Was 1.75%.
10/9/19 - Updated, Slightly More Friendly, Terms From Discover
9/5/19 - Discover Bank Cuts Savings & Money Market Account Rates
8/18/19 - Discover Savings Bonus
8/2/19 - Discover Bank Again Cuts Savings And Money Market Rates.
7/18/19 - Savings Rate Going Down?
6/21/19 - Discover Bank Eliminates Fees on Deposit Products
6/14/19 - Received Email Today For 12 Mo 2.5 APY CD Available. $2500 Min.
5/15/19 - Discover Bank’s Latest Online Savings Account Bonuses
1/11/19 - Discover Bank Raises Savings And Money Market Account Rates
1/2/19 - Discover Bank .05% Increase For Savings Account For AAA Members Again
11/15/18 - Discover Bank Online Savings Account Has New APY
11/14/18 - Discover Raises Money Market Rates And Online Savongs Rate
10/14/18 - Discover Now At 1.90%
10/3/18 - Discover Bank Bumps Up Online Savings And Money Market Accounts.
8/31/18 - Small Increase At Discover Bank On Savings Rates.
7/6/18 - Discover Bank Ups Online Savings, Money Market and CD Rates
7/6/18 - Rate Hike At Discover
6/14/18 - Savings Rate Hike At Discover
5/31/18 - Discover Bank Ups Online Savings And Money Market Rates
5/25/18 - Savings Rate Hike At Discover
5/17/18 - Small Rate Increases At Discover Bank
2/23/18 - More Discover Bank Rate Hikes - Savings Account, Money Market and CDs
2/23/18 - Rate Increases On Deposit Accounts At Discover Bank
2/22/18 - Discover Changes and Expands Availability of Cashback Checking
1/17/18 - Discover Bank Increases Rates - Savings Account, Money Market and CDs
1/17/18 - Discover Banks Raises Online Savings And Money Market Account Rates
12/7/17 - Discover Bank Increases Savings Account and Money Market Rates
12/7/17 - Discover Bank Raises Online Savings & Money Market Account Rates
11/1/17 - Discover Bank Savings Account $150/$200 Bonus
10/13/17 - Rate Increases At Discover Bank
8/25/17 - Discover Bank Adds New $150 or $200 Savings Bonuses
8/2/17 - Online Savings Account Rate Increase
6/9/17 - Discover Bank Ups Savings and MM Rates: Second Increase in Two Months
6/9/17 - Discover Again Raises Online Savings Account Rate
6/1/17 - Discover Bank Increases CD Rates
4/26/17 - Discover Bank Increases Savings Account Rate To 5-Year High
4/20/17 - Discover Bank Has $100 Bonus On New Online Savings
3/30/17 - Discover Bank Raises Several CD Rates
3/13/17 - Discover Bank Removes Minimum Deposit On Savings Account
12/26/15 - Discover Bank Boosts Long-Term CD Rates
10/21/15 - Cashback Checking $300 Bonus - Ends November 15, 2015
6/25/15 - Rate Increase For Online Savings Accounts
1/16/15 - Discover Bank's Cashback Checking and Bonus Available to Existing Customers
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
3/2/11 - 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
9/22/10 - 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
2/12/10 - Discover Bank's New Account Center with Improved Transfers
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 (267)

I've Seen Nothing But Improvements

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I've had a Discover Cash Back Checking Account for about a year and a half. In that short period of time, I've experienced nothing but improvements to this account. Their debit cards are now contactless and I can use mine on Google Pay. Also, using Google Pay still counts towards your monthly cash back reward. A free service Discover now offers is you can go into any Walmart and add/deposit cash into your account. It takes about 10-15 minutes to post to your account. Their ATM network (Moneypass and Allpoint) is very expansive and there's always a fee-free ATM close by. Their mobile app is excellent and I use their Bill Pay often and have never experienced any issues. Also, my employers direct deposit always posts 2 days early. Once a month, I call Discover to have my ATM withdrawal limit temporarily increased so I can pay my Rent (landlord only accepts cash). You can't beat the cash back perk. I do like that you can speak to a Discover Customer Service Agent 24/7. The only thing I wish Discover would resolve is I currently can't use Zelle.

Discover Has To Keep Up, Else….Money Flows

Posted by: |

Discover now became the lowest apy rate of all the hugh yield savings accounts I owned. From NYCB (2.2%) to AE national savings (1.75%), Discover got to seriously consider hike their savings at least to 1.9-2.1% to be competitive.
So far, their service has been satisfactory but if rates are well below, remember, money flows.

Mystery ACH Speeds And High Ewps

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I haven't seen the 7 day ACH pain yet, but I had back to back ACH transfers to the same destination, 1 took 1 day and the other 4 days. On asking what determines this, I got an email that multiple factors determine the speed. A phone call got the same nonanswer and confirmed that there is no way for a customer to know what speed an ACH will have until they try to program one. Don't have time for games like that, so next transfers are outbound.
Their rates are OK, but no way am I opening a 5yr CD with an 18 month EWP.

7 Days To Receive Money Into An External Account?

Posted by: |

OK, so I am a real estate investor. When I need access to my money, I need it within a couple of days. I parked $200k at Discover to get some yield on my money while I wait for a real estate opportunity. In the meantime, I discovered higher yielding accounts at other banks. I mean, nearly a percent higher. So, I decided to withdraw $100k from my account at Discover. After initiating a transfer, the next day i get an email from Discover telling me my funds will be in my external account 7 days from the date I initiated the transfer. WTF? 7 days? No way Jose! I pulled another $90k out of Discover. I have an account at Marcus. If I initiate an external transfer in the morning, the money is in my external account that day. Live Oak Bank? Its there the next day. 7 days is unacceptable to me. Besides, Discover, your 3.30% is not competitive. I know, neither is Marcus, but at least I get my money pronto, and that has value to me. To anyone reading this review, I encourage you to check out I recently established a banking relationship with 5 of their member banks and credit unions. No limitations whatsoever, and probably the highest rates on HYSA you will find.



Health Grade Components

FDIC Certificate #5649
Year Established1911
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD4.3%
Return on Equity - YTD39.08%
Annual Interest Income$5.87B
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$113B$108.9B
LoansQ2 2022vs Q2 2021$92.54B$80.65B
DepositsQ2 2022vs Q2 2021$79.90B$77.32B
Equity CapitalQ2 2022vs Q2 2021$11.98B$11.71B
Loan Loss AllowanceQ2 2022vs Q2 2021$6.76B$7.03B
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$863.7MM$719.8MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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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.

Discover Savings Account Rates

3.30%--Online Savings
3.30%--IRA Savings
3.30%$15k-Online Savings - Bonus

Discover Money Market Rates

3.25%*$100k*-Money Market
OTHER TIERS: 3.20% Up to $100k

Discover CD Rates

4.40%$2.5k-5 Year CD
4.40%$2.5k-7 Year CD
4.40%$2.5k-10 Year CD
4.35%$2.5k-3 Year CD
4.35%$2.5k-4 Year CD
4.30%$2.5k-24 Month CD
4.30%$2.5k-30 Month CD
4.25%$2.5k-18 Month CD
4.15%$2.5k-12 Month CD
2.85%$2.5k-9 Month CD
2.75%$2.5k-6 Month CD
1.50%$2.5k-3 Month CD

Discover IRA Rates

4.40%$2.5k-5 Year IRA
4.40%$2.5k-7 Year IRA
4.40%$2.5k-10 Year IRA
4.35%$2.5k-3 Year IRA
4.35%$2.5k-4 Year IRA
4.30%$2.5k-24 Month IRA
4.30%$2.5k-30 Month IRA
4.25%$2.5k-18 Month IRA
4.15%$2.5k-12 Month IRA
2.85%$2.5k-9 Month IRA
2.75%$2.5k-6 Month IRA
1.50%$2.5k-3 Month IRA

Discover is an Internet only bank and does not have branch locations. Its headquarters is located at 502 East Market Street - Greenwood, DE 19950

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