Discover Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | HOW THEY COMPARE |
|---|---|---|
| 2.00% | Savings | |
| 1.90% | Money Market | |
| 3.10% | 6+ Year CD | 2.24% - National Average |
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
11/14 - Discover Raises Money Market Rates And Online Savongs Rate
10/14 - Discover Now At 1.90%
10/3 - Discover Bank Bumps Up Online Savings And Money Market Accounts.
8/31 - Small Increase At Discover Bank On Savings Rates.
7/6 - Discover Bank Ups Online Savings, Money Market and CD Rates
7/6 - Rate Hike At Discover
6/14 - Savings Rate Hike At Discover
5/31 - Discover Bank Ups Online Savings And Money Market Rates
5/25 - Savings Rate Hike At Discover
5/17 - Small Rate Increases At Discover Bank
2/23 - More Discover Bank Rate Hikes - Savings Account, Money Market and CDs
2/23 - Rate Increases On Deposit Accounts At Discover Bank
2/22 - Discover Changes and Expands Availability of Cashback Checking
1/17 - Discover Bank Increases Rates - Savings Account, Money Market and CDs
1/17 - Discover Banks Raises Online Savings And Money Market Account Rates
12/7 - Discover Bank Raises Online Savings & Money Market Account Rates
11/1 - Discover Bank Savings Account $150/$200 Bonus
10/13 - Rate Increases At Discover Bank
8/25 - Discover Bank Adds New $150 or $200 Savings Bonuses
8/2 - Online Savings Account Rate Increase
6/9 - Discover Bank Ups Savings and MM Rates: Second Increase in Two Months
6/9 - Discover Again Raises Online Savings Account Rate
6/1 - Discover Bank Increases CD Rates
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
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
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
3/21/11 - The Best CD Rates and the Smallest Early Withdrawal Penalties
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
9/29/10 - 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
8/15/10 - 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
2/24/10 - 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
12/29/09 - 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
Good bank
I am very pleased with Discover Bank online. They have no fees and no deposit minimums as well. They don't charge silly fees for taking money out of the account. They also provide the added benefit of free checks. No other bank I've dealt with for a brick and mortar charges no fees for checks. When I need to call them for help they are always there 24/7 to answer my questions. They are reliable as well as they are well established. I also got an incentive to join the bank when I first opened up my account. They deposited money directly into my account just for opening up an account with them. I haven't had to deposit my check from work into the account just to not be charged fees. My brick and mortar bank does charge fees if you don't make so many deposits. This bank is hassle free and reliable. You can easily transfer money into and out of the account using the online system.
Good bank but there may be better options.
I have been using this bank for the past year and so far am satisfied with their online service and user friendliness of the website, but overall I am not happy. I had an unauthorized purchase that I called in to open a chargeback fraud claim on and it took many more steps and explaining than past experiences with brick and mortar banks. The representative was accusatory and it offended me that they would show the level of incompetence with such a well-known company. I told them repeatedly it's not hard to look at the charge description to see it was accessed by someone in China which then obviously proves it's not me, and this is the job for their investigative team and not the person opening the claim. Based solely on this experience I am looking to change banks.
Discover Doesn't Deliver
As a customer of discover.com for a few years I can personally say, don't waste your time or money depositing into accounts here. It is nearly impossible to do any transactions with them. I currently have a cashback checking account and a CD with discover that I have been unable to access for 2 years because they keep giving me the runaround. I have tried to pull the CD and take the fee, and the customer service department told me that they would give me a better rate to keep it with discover. I agreed and then my rate NEVER CHANGED and another year came around. I logged into my online banking and my CD WAS NOT EVEN SHOWING on my account. Another call and the runaround continued. Conveniently as soon as the renewal window for the CD was over, it was again showing on my online account dashboard. The CD is up again for the third time next month. If I can't get access to the money this time I will demand to speak to the highest level person I can. I expected better from this bank.
What A Horrible Bank!
In the short 3 months of opening a regular checking account and savings, I have had my account frozen until I could prove my identity (understandable at first), a normal payroll check issued from my business was placed on hold for so many days it's crazy after told that no more holds would be placed because the account is established now for over 60 or even 90 days (and again, I understand holding and verifying funds on a check if it was my first one being deposited but this wasn't), my card over the weekend was deactivated and again account frozen because I used the HANDY app (well known and used) and Discover said that Handy's debit card security measures did not meet their security standards so they cut my card and my funds off completely and lastly, I just had to take the entire day off because yesterday at 5:02 p.m. they issued an email advising a hold on my normal bi-weekly paycheck AGAIN which had the same salaried amount as always BUT this time they made a bigger issue. They paid 2 checks (my mechanic and my rent) when the funds were available after the normal 2 day hold at 8:00 yesterday morning to turn around and issue an extended hold on my entire funds for 5 additional days AND the two checks they paid that same morning were retracted, decline as insufficient and charged me NSF fees for both. ALL WITHIN THE SAME DAY!! I called them the minute after I received the email advising of the hold and after looking at my identity verification (previously sent in and resolved) because I didn't send in the back of my Driver's License, the first time they froze my account, they turned around and froze it again. By the time I got home to send them a color copy of my DL and both front and back, which was 2 hours, they for whatever reason closed both my checking and savings and to this hour cannot provide any explanation to any reason why except to say because they realized I didn't send in the back of my DL at the beginning and shouldn't have been approved. I have never bounced a check, never have had a bad rap in any way and have a perfect financial record, so anyone reading this don't think there is more to the story because there isn't at all!!! The only way I could possibly get my funds today (the day after this has all occurred) was to have my employer put a stop payment on the check they are holding and to reissue another check so I am able to turn around and pay the 2 companies that Discover decided to pay and then retract the funds from. I thought I would have a great relationship with a bank that has good benefits but this bank just today has cost me so much money (NSF fees and wages), embarrassment and mental exhaustion that it is not even funny and I hope, hope, hope you do not have this type of experience if you decide to move forward with Discover.
Data as of Q2 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 5649 |
| Year Established | 1911 |
| Employees | 12649 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.53% |
| Return on Equity - YTD | 23.88% |
| Annual Interest Income | $5.35B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2018vs Q2 2017 | $101.3B$92.58B |
| Loans | Q2 2018vs Q2 2017 | $81.95B$75.61B |
| Deposits | Q2 2018vs Q2 2017 | $63.23B$55.20B |
| Equity Capital | Q2 2018vs Q2 2017 | $10.75B$10.60B |
| Loan Loss Allowance | Q2 2018vs Q2 2017 | $2.82B$2.38B |
| Unbacked Noncurrent Loans | Q2 2018vs Q2 2017 | $995.5MM$838.5MM |
| Real Estate Owned | Q2 2018vs Q2 2017 | $213.00K$163.00K |
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 Raises Money Market Rates And Online Savongs Rate
Their money market rates were raised 10 bps to 1.85% APY (Bal. less than $100,000) and 1.90% APY (Bal. more than $100,000) from 1.75 and 1.80 respectively. Their Online Saving Account went to 2.00% APY from 1.90% APY with no minimum balance.
Discover Now At 1.90%
AAII Discover is now at 1.95% for online savings
Discover Bank Bumps Up Online Savings And Money Market Accounts.
Money Market now 1.70% & 1.75%(100k+)
The 5 bps increase does not make them a rate leader, but I do give them credit for offering a more competitive rate on their MMA.... if you can manage the $2500 minimum balance requirement.
Small Increase At Discover Bank On Savings Rates.
Money Market now 1.65%/1.70% for balances over 100K.
And Ally raised its Savings to 1.85% to take a little steam out of Discover's move.
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 |
|---|---|---|---|---|
| 2.00% | - | - | Online Savings |
Discover Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.90%* | $100k* | - | Money Market | ||
| OTHER TIERS: 1.85% → Up to $100k | |||||
Discover Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 3.10% | $2.5k | - | 10 Year CD | |
| 3.05% | $2.5k | - | 7 Year CD | |
| 3.00% | $2.5k | - | 5 Year CD | |
| 2.75% | $2.5k | - | 4 Year CD | |
| 2.70% | $2.5k | - | 3 Year CD | |
| 2.65% | $2.5k | - | 24 Month CD | |
| 2.65% | $2.5k | - | 30 Month CD | |
| 2.60% | $2.5k | - | 12 Month CD | |
| 2.60% | $2.5k | - | 18 Month CD | |
| 0.70% | $2.5k | - | 9 Month CD | |
| 0.65% | $2.5k | - | 6 Month CD | |
| 0.35% | $2.5k | - | 3 Month CD |
Discover Bank IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 3.10% | $2.5k | - | 10 Year IRA | |
| 3.05% | $2.5k | - | 7 Year IRA | |
| 3.00% | $2.5k | - | 5 Year IRA | |
| 2.75% | $2.5k | - | 4 Year IRA | |
| 2.70% | $2.5k | - | 3 Year IRA | |
| 2.65% | $2.5k | - | 24 Month IRA | |
| 2.65% | $2.5k | - | 30 Month IRA | |
| 2.60% | $2.5k | - | 12 Month IRA | |
| 2.60% | $2.5k | - | 18 Month IRA | |
| 0.70% | $2.5k | - | 9 Month IRA | |
| 0.65% | $2.5k | - | 6 Month IRA | |
| 0.35% | $2.5k | - | 3 Month IRA |
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