Discover®


Overview / Commentary
800-347-2683
502 E. Market St.
Greenwood, DE 19950

Written by Ali Cybulski, Published on 6/14/2024

Discover® Bank, a federally insured institution owned and operated by Discover Financial Services, offers online and mobile banking for a suite of deposit products. The bank has a checking account, savings account and money market account as well as a certificate of deposit (CD) and individual retirement accounts (IRAs).

The online bank promotes no monthly fees on any account and no insufficient funds or overdraft fees on checking, savings and money market accounts. In addition, customer service is available 24/7 at 800-347-7000.

A Discover Cashback Debit account earns 1% cash back on up to $3,000 in debit card purchases monthly. The account comes with access to more than 60,000 no-fee ATMs and fee-free overdraft protection. Other perks: You can get your paycheck up to two days early when you enroll in direct deposit, and you won’t pay for check reorders or expedited delivery of a replacement debit card.

The bank’s high-yield Online Savings Account earns an annual percentage yield (APY) of 4.25% as of June 7, 2024, and requires no minimum deposit. You won’t be charged for stop payments, returned items or excessive withdrawals.

A Money Market Account earns 4.00% APY for balances of less than $100,000 and 4.05% APY for balances of $100,000 or more as of June 7, 2024. The account features no minimum opening deposit and no fees for online bill pay or standard checks, returned items, excessive withdrawals and insufficient funds.

CDs come in terms from three months to 10 years, with a minimum initial opening deposit of $2,500. The 12-month CD earns a 4.70% APY as of June 7, 2024. Keep in mind that all CDs have early withdrawal penalties based on term length if you need to access your cash early.

Discover Bank also offers IRA CDs with terms from three months to 10 years and a minimum initial deposit of $2,500. Choose from traditional or Roth IRAs, or you can have both. Early withdrawal penalties apply, and the penalty depends on your CD’s term.

Discover Bank pros and cons

Pros:
• Cash back on debit card purchases
• Competitive rates
• No fees on deposit products

Cons:
• Steep $2,500 minimum to open CDs
• No branches for in-person service
• Limited account options

Related Posts

Discover Bank Has Offerings Back At Fidelity - 5/16/2024

After many months of not seeing any Discover Bank brokered CD's at Fidelity I saw they had 2 as of this morning 5-16-24 albeit very short term offerings. 3 month at 5.35% 6 month at 5.3% Not bad for a mid/large sized bank and better than their direct CD's listed on their website.

Discover Savings Account Bonus $100/200 - 4/4/2024

Got email today, may be a targeted offer: : Reach your savings goals sooner—keep a minimum of your Account balance as of 4/2/24, plus $15,000 or $25,000 in New Funds (Hold Amount) from 4/26/24 to 6/25/24. We have $2.99 in the account.

Discover Bank Rates as of 3-14-2024 - 3/14/2024

Discover Bank rates (APY) as of 3-14-2024 include: Savings @ 4.25% (was 4.30%) Money Market @ 4.05% (was 4.20%) Money Market @ 4.00% (was 4.15%) 6-month CD @ 4.25% (no change) 9-month CD @ 4.25% (no change) 1-year CD @ 4.70% (was 4.80%) 18-month CD @ 4.40% (was 4.50%) 2-year CD @ 4.00% (no change) 30-month CD @ 3.75% (no change) 3-year CD @ 3.75% (no change) 4-year CD @ 3.75% (no change) 5-year CD @ 3.75% (no change) 7-year CD @ 3.75% (no change) 10-year CD @ 3.75% (no change) For more information regarding Discover Bank products see: https://www.discover.com/online-banking/savings-account/ https://www.discover.com/online-banking/money-market/ https://www.discover.com/online-banking/cd/

View all posts from:

11/19/21 - Discover Bank Increases Rates On Several Cds
11/11/20 - Discover Savings Falls To 0.55%
8/14/20 - Discover Savings Dips To .80%
7/25/20 - Discover Online Savings Is Now At 0.95%
6/12/20 - Discover Savings Falls To 1.05%
5/22/20 - Discover Savings Account Rate Falls again
5/14/20 - Rate Plunge At Discover Bank...1.25% Savings
3/18/20 - 2% APY 12 Month CD (rate has fallen)
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?
6/14/19 - Received Email Today For 12 Mo 2.5 APY CD Available. $2500 Min.
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
11/14/18 - 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 - Rate Hike At Discover
6/14/18 - Savings Rate Hike At Discover
5/25/18 - Savings Rate Hike At Discover
5/17/18 - Small Rate Increases At Discover Bank
2/23/18 - Rate Increases On Deposit Accounts At Discover Bank
1/17/18 - Discover Banks Raises Online Savings And Money Market Account 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
8/2/17 - Online Savings Account Rate Increase
10/21/15 - Cashback Checking $300 Bonus - Ends November 15, 2015
6/25/15 - Rate Increase For Online Savings Accounts
11/25/14 - Discover Bank Raises Rate On Online Savings & Money Market Accounts.
4/22/14 - Discover Bank Cash Back Checking Getting Worse
1/8/14 - Discover Bank - Savings - Deposit Slips/Envelopes No Longer Available?
12/26/13 - Rate Hike On Savings
10/8/13 - Discover Has Increased CD Rates
2/27/13 - $25 Bonus For Opening New Discover Bank Online Savings
3/28/12 - BJs Gift Card $75
2/28/12 - More Rate Drops At Discover Bank
1/11/12 - Discover Bank Rate Drop
9/20/11 - Disover Bank Rate Drop
8/2/11 - A Rate Drop At Discover Bank
4/12/11 - Another Rate Drop At Discover
2/1/11 - Discover Bank Savings Rate Drop (3672)
11/29/10 - Discover Bank Checking
10/26/10 - Discover Bank Savings Rate Drop

Reviews (283)

Good Place For IRA CD's

Posted by: |

I called Customer service and opened an IRA CD funded by my Discover Savings Account in one phone call.
Then I logged into my account and signed all the documents same time. IRA CD was funded within 1 hour of the first and only call. Love Discover Bank. Concerned about the talk of buyout by Citi Bank.

Snagged A 4.4% APY

Posted by: |

Grabbed $250K worth of 4.4% APY 10 year on 1/18/23. Sleep like a baby!

Nasty Change To Bill Pay

Posted by: |

Discover Bank just made a nasty change to their Bill Pay. A new rule prohibits scheduling a payment for more than the current balance in my checking account. I have always entered bill payments as soon as I get a bill, scheduling them for the due date, and transferred money out of savings a day or 2 before to cover them. Now I have to either transfer the funds into checking when I get the bills (losing interest), or wait until a couple of days before the due date and hope that I remember to schedule the payment and that nothing prevents me from accessing my account. I've been happy with Discover for 3 years, but this bone-headed change cramps my style & really irritates me.

Account Closer

they had closed my account for no reason without any warnings

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Health

Health Grade Components

Overall
FDIC Certificate #5649
Year Established1911
Employees14218
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.11%
Return on Equity - YTD12.9%
Annual Interest Income$5.1B
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$150.3B$130.8B
LoansQ1 2024vs Q1 2023$117.3B$105B
DepositsQ1 2024vs Q1 2023$113.9B$98.49B
Equity CapitalQ1 2024vs Q1 2023$13B$11.72B
Loan Loss AllowanceQ1 2024vs Q1 2023$9.26B$7.69B
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$2.29B$1.49B
Real Estate OwnedQ1 2024vs Q1 2023$403K$0
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.25%$0-Online Savings Account
4.25%$0-IRA Savings

Discover® Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.05%*$100k*-Money Market Account
OTHER TIERS: 4.00% $1 - $100k

Discover® CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.70%$2.5k-12 Month CD
4.40%$2.5k-18 Month CD
4.25%$2.5k-6 Month CD
4.25%$2.5k-9 Month CD
4.00%$2.5k-24 Month CD
3.75%$2.5k-30 Month CD
3.75%$2.5k-3 Year CD
3.75%$2.5k-4 Year CD
3.75%$2.5k-5 Year CD
3.75%$2.5k-7 Year CD
3.75%$2.5k-10 Year CD
2.00%$2.5k-3 Month CD

Discover® IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.70%$2.5k-12 Month IRA
4.40%$2.5k-18 Month IRA
4.25%$2.5k-6 Month IRA
4.25%$2.5k-9 Month IRA
4.00%$2.5k-24 Month IRA
3.75%$2.5k-30 Month IRA
3.75%$2.5k-3 Year IRA
3.75%$2.5k-4 Year IRA
3.75%$2.5k-5 Year IRA
3.75%$2.5k-7 Year IRA
3.75%$2.5k-10 Year IRA
2.00%$2.5k-3 Month IRA
Locations

Discover® is an Internet only bank and does not have branch locations. Its headquarters is located at 502 E. Market St. - 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 [email protected] 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.