Discover™


Overview / Commentary
800-347-7000
502 East Market Street
Greenwood, DE 19950

Discover™ 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 CD Rates as of 2-23-2024 - 2/23/2024

Discover lowers the rates of 9 CDs. Discover Bank CD rates (APY) as of 2-23-2024 include: 6-month @ 4.25% (no change) 9-month @ 4.25% (no change) 1-year @ 4.80% (was 4.90%) 18-month @ 4.50% (was 4.60%) 2-year @ 4.00% (was 4.20%) 30-month @ 3.75% (was 4.00%) 3-year @ 3.75% (was 4.00%) 4-year @ 3.75% (was 3.90%) 5-year @ 3.75% (was 3.90%) 7-year @ 3.75% (was 3.80%) 10-year @ 3.75% (was 3.80%) For more information regarding all Discover Bank CDs see: https://www.discover.com/online-banking/cd/

Saving Rate Drop - 2/8/2024

Discover lowered rate on savings to 4.30% was 4.35%. This is a bad sign. I thought higher rates would hold longer based on Fed statement.

Discover Bank CD Rates as of 2-1-2024 - 2/1/2024

Discover lowers the rates of 9 CDs. As Ken mentioned in his 1/24/2024, “Latest Liquid Bank Account Rates” blog, one way to expand net interest margin (NIM) is to lower deposit rates. It appears that Discover is attempting some NIM expansion. Discover Bank CD rates (APY) as of 2-1-2024 include: 6-month @ 4.25% (was 4.35% ) 9-month @ 4.25% (was 4.50%) 1-year @ 4.90% (was 5.00%) 18-month @ 4.60% (was 4.70%) 2-year @ 4.20% (was 4.30%) 30-month @ 4.00% (was 4.10%) 3-year @ 4.00% (was 4.10%) 4-year @ 3.90% (was 4.00%) 5-year @ 3.90% (was 4.00%) 7-year @ 3.80% (no change) 10-year @ 3.80% (no change) For more information regarding all Discover Bank CDs see: https://www.discover.com/online-banking/cd/

View all posts from:

11/19/21 - Discover Bank Increases Rates On Several Cds
10/15/21 - Discover's Latest Bonuses For New Online Savings Accounts
3/26/21 - Review of the Discover Bank Cashback Debit Account
11/11/20 - Discover Savings Falls To 0.55%
9/18/20 - More Rate Cuts At Discover Bank
9/3/20 - Discover Bank Cuts Savings Account, Money Market And CD Rates
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)
3/12/20 - Savings, Money Market And CD Rate Cuts At Discover Bank
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 (282)

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.

Great Bank

Posted by: |

I've been a Discover customer for 5 years with credit cards and banking accounts, and I've always had a great experience. Their customer service is US based and has always been helpful with resolving any questions or concerns.

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.

Open IRS CD’S Somewhere/Anywhere Else

Opened IRA CD account on-line, but was not allowed to fund it with Discover Bank Savings Account funds. Tried for a week to fund it from other sources with no success. Email inquiry response was wrong and a bunch of BS and the same with the secure message inquiry. After a week, called customer service, after 20 minutes of run around, found out all the forms I filled out on line were for naught. Discover is sending a “Welcome Packet” of 20+ pages to be filled out and signed and returned with directions on how to fund. (This would have been nice to know a week ago.) Once received by DB, “someone” is supposed to call me to get further funding instructions. Maybe some of this info I got is true, the last info I got from customer service wasn’t. I’m checking the mail. Not sure about someone calling and saying they are from Discover Bank and wanting my banking information. Good interest rate, but not worth the pain and suffering. I will purchase future IRA CD’s elsewhere.

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Health

Health Grade Components

Overall
FDIC Certificate #5649
Year Established1911
Employees13903
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.31%
Return on Equity - YTD25.58%
Annual Interest Income$13.4B
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$141.2B$120.3B
LoansQ3 2023vs Q3 2022$114B$97.84B
DepositsQ3 2023vs Q3 2022$106.8B$87.17B
Equity CapitalQ3 2023vs Q3 2022$12.36B$11.75B
Loan Loss AllowanceQ3 2023vs Q3 2022$8.67B$7.06B
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$1.83B$1.02B
Real Estate OwnedQ3 2023vs Q3 2022$122K$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
4.30%--Online Savings Account
4.30%--IRA Savings

Discover™ Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.20%*$100k*-Money Market Account
OTHER TIERS: 4.15% $1 - $100k

Discover™ CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.80%$2.5k-12 Month CD
4.50%$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
4.80%$2.5k-12 Month IRA
4.50%$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 East Market Street - 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.