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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.

Related Posts

Savings Rate Hike At Discover - 5/25/2018

Discover made another rate hike shortly after American Express raised theirs. The new rate matches Am Ex at 1.60% up from 1.55%.

Small Rate Increases At Discover Bank - 5/17/2018

Online Savings: 1.55%(Was 1.50%) Money Market: 1.40%/1.45% CD: 12 Month 2.10%(Was 2.00%) 24 Month 2.20% 36 Month 2.35% 48 Month 2.50% 60 Month 2.60% 72 Month 2.65% 120 Month 2.70%

More Discover Bank Rate Hikes - Savings Account, Money Market and CDs - 2/23/2018

Discover Bank increased the rates today of its Online Savings Account and Money Market Account by 10 bps. The Online Savings Account now earns 1.50% APY on all balances.

View all posts from:

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
3/21/11 - 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

Reviews (196)

Great Rates

Discover Bank is a premium online banking option. They have outstanding competitive rates for all of their banking products, including CDs IRSs, savings, checking, and money market accounts. The website provides online tools to check their rates against the most popular online banking alternatives. I compared CD rates from Discover Bank against Wells Fargo, Bank of America, and Chase. Additionally, there is an option to compare rates from US Bank, Citibank, and Capital One. Discover offered far better rates than each of the alternative online banking options. I was also able to enter an initial deposit amount, view interest rates, and see the amount of earned interest for terms from 10 years to 3 months. The website is clean and easy to navigate. Discover customer service is outstanding. I have reached out to them on several occasions with questions about their products and was very impressed. No long wait times and minimal automated interactions. The customer service reps were knowledgeable and friendly. I highly recommend Discover Bank for online banking.

Great online bank!

I have had a checking account and cd account from Discover Bank online. I had no issues opening either bank and the process was fairly painless. When I had my checking account, I had it set up so I could transfer money to an external bank as well as an auto pay come out. I received rewards for writing checks. When I went to close the account, they did not try and persuade me to stay, simply said we are sorry to see you go and will mail you a check with your balance. I have had a cd for a few years now. I can look online and see how much money is in it. Also they send out quarterly statements so I know when I check the mail. I got a very good rate from Discover CD.

Happy with the decision

Posted by: Crazynser | May 19, 2018

I have an emergency savings (money market) account for emergencies, looking for the best interest rate, I turned to online banks. First I was with Synchrony Bank for several years, and they were fine, but then I saw that Discover Bank was among several that offered much higher interest rates - 1.50% to be exact. The most difficult part of the experience is the initial setting up of the account and transfer of money into that new account, but after that, everything's fine. I'm very happy with the website, it's easy to navigate and user-friendly. I was even able to combine online my Discover card credit account with this new savings account, so I can see everything together at once. All in all I'm very happy with Discover Bank!

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.

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Health

Health Grade Components

Overall
FDIC Certificate #5649
Year Established1911
Employees11834
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.09%
Return on Equity - YTD18.71%
Annual Interest Income$9.92B
Assets and Liabilities
AssetsQ4 2017vs Q4 2016$98.73B$91.15B
LoansQ4 2017vs Q4 2016$81.62B$75.09B
DepositsQ4 2017vs Q4 2016$60.82B$53.90B
Equity CapitalQ4 2017vs Q4 2016$10.54B$10.44B
Loan Loss AllowanceQ4 2017vs Q4 2016$2.61B$2.15B
Unbacked Noncurrent LoansQ4 2017vs Q4 2016$991.3MM$818.1MM
Real Estate OwnedQ4 2017vs Q4 2016$86.00K$77.00K
  User-submitted Promotions & Notices

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.

Savings Rate Hike At Discover

Maecl   |  
Discover made another rate hike shortly after American Express raised theirs. The new rate matches Am Ex at 1.60% up from 1.55%.

Small Rate Increases At Discover Bank

buckeye61   |  
Online Savings: 1.55%(Was 1.50%)
Money Market: 1.40%/1.45%

CD:
12 Month 2.10%(Was 2.00%)
24 Month 2.20%
36 Month 2.35%
48 Month 2.50%
60 Month 2.60%
72 Month 2.65%
120 Month 2.70%

Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.60%--Online Savings

Discover Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%*$100k*-Money Market
OTHER TIERS: 1.45% Up to $100k

Discover Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.70%$2,500-10 Year CD
2.65%$2,500-7 Year CD
2.60%$2,500-5 Year CD
2.50%$2,500-4 Year CD
2.35%$2,500-3 Year CD
2.20%$2,500-24 Month CD
2.20%$2,500-30 Month CD
2.15%$2,500-18 Month CD
2.10%$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

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.70%$2,500-10 Year IRA
2.65%$2,500-7 Year IRA
2.60%$2,500-5 Year IRA
2.50%$2,500-4 Year IRA
2.35%$2,500-3 Year IRA
2.20%$2,500-24 Month IRA
2.20%$2,500-30 Month IRA
2.15%$2,500-18 Month IRA
2.10%$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

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 feedback@depositaccounts.com 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.